<SUBMISSION>
<ACCESSION-NUMBER>0001104659-04-011141
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20040422
<ITEMS>5
<ITEMS>7
<FILING-DATE>20040423
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CENTRAL PACIFIC FINANCIAL CORP
<CIK>0000701347
<ASSIGNED-SIC>6022
<IRS-NUMBER>990212597
<STATE-OF-INCORPORATION>HI
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31567
<FILM-NUMBER>04752021
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>220 S KING ST
<CITY>HONOLULU
<STATE>HI
<ZIP>96813
<PHONE>8085440500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>P O BOX 3590
<CITY>HONOLULU
<STATE>HI
<ZIP>96811
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CPB INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a04-4805_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>



</head>

<body>

<div style="font-family:'Times New Roman';">

<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C.&#160; 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of
earliest event reported):</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">April
22, 2003</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Central Pacific Financial Corp.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Hawaii</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:23.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-10777</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99-0212597</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction<br>
  of incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:23.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission<br>
  File Number)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.5%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:23.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.94%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">220
  South King Street, Honolulu, Hawaii</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">96813</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="241" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="140" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="201" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(808)
544-0500</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OTHER EVENTS AND REQUIRED FD
DISCLOSURE</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; On April 23, 2004, Central Pacific
Financial Corp., a Hawaii corporation, and CB Bancshares, Inc., a Hawaii
corporation, announced that they had entered into an Agreement and Plan of
Merger dated April 22, 2004 (the &#147;Merger Agreement&#148;).&#160; Pursuant to the Merger Agreement, CB Bancshares will merge with
and into Central Pacific, with Central Pacific as the surviving corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; The press release announcing the merger
is attached hereto as Exhibit 99.1 and a copy of the Merger Agreement is
attached hereto as Exhibit 99.2, and each is incorporated into this Item 5 by
reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; FINANCIAL STATEMENTS, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.45in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Exhibits</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1&#160; -&#160;
Press release dated April 23, 2004</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2&#160; -&#160;
Agreement and Plan of Merger dated April 23, 2004 between Central
Pacific Financial Corp. and CB Bancshares, Inc.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly
authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific
  Financial Corp.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:43.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.2%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:38.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; April 23, 2003</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:38.2%;">
  <p style="margin:0in 0in .0001pt;text-indent:41.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Clint
  Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:38.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman,
  President and</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.96%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.86%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="14%" valign="top" style="padding:0in .7pt 0in .7pt;width:14.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:12.74%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:12.74%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release dated
  April 23, 2004</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.74%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.32%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement and Plan of
  Merger dated April 22, 2004 between Central Pacific Financial Corp. and CB
  Bancshares, Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 3.0in;text-indent:-3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a04-4805_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>

<head>



</head>

<body link="blue" vlink="purple">

<div style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Arial;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="left" style="font-size:12.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="left" style="font-size:12.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font style="height:50px;margin-left:304px;margin-top:0px;position:absolute;width:298px;z-index:-2;"><img width="298" height="50" src="g48051mmimage002.jpg"></font><b><font size="2" face="Times New Roman"><img width="293" height="74" src="g48051mmimage004.gif"></font></b></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="right" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
  99.1</font></b></p>
  </td>
 </tr>
</table>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Arial;width:100.0%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Investor
  Contact:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Media
  Contact:</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Neal
  Kanda</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Ann
  Takiguchi</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">VP
  &amp; Treasurer</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">PR/Communications
  Officer</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(808)
  544-0622</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(808)
  544-0685</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">neal.kanda@centralpacificbank.com</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.98%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ann.takiguchi@centralpacificbank.com</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.44%;">
  <p align="left" style="font-size:1.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;font-weight:bold;">NEWS
RELEASE</font></b></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" align="center">

</font></div>


<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC AND CITY
BANK AGREE TO MERGE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Combination to Create Stronger Local Bank for Hawaii</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:.5pt 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">April
23, 2004 &#151; Honolulu, HI</font></b><font size="2" style="font-size:10.0pt;"> &#151; Central Pacific Financial Corp. (&#147;Central Pacific&#148;) (NYSE: CPF) and
CB Bancshares, Inc. (&#147;City Bank&#148;) (NASDAQ: CBBI) today announced that their
boards of directors have approved a definitive merger agreement under which
Central Pacific will acquire all of City Bank&#146;s outstanding shares for cash and
stock with a value of $91.83 per share based on the closing price of Central
Pacific common stock on April 22, 2004.&#160;&#160;&#160;
The merger will create a $4 billion bank focused on bringing a broader
range of products and services and better service to small and mid-sized
businesses and retail customers in communities across Hawaii.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;We are extremely pleased that we have reached this friendly,
negotiated merger agreement with CB Bancshares, Inc., which will create a
stronger local bank for Hawaii,&#148; said Clint Arnoldus, CEO of Central
Pacific.&#160; &#147;This is an important
milestone, which will enable us to combine the best of both our banks to
deliver results to shareholders, opportunity for employees, enhanced service
for customers and an even stronger commitment to the communities we serve for
years to come.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Today&#146;s announcement ushers in a new and exciting chapter for both of
our banks, which share a common history and heritage.&#160; Central Pacific&#146;s commitment to maintain a strong presence in </font></p>

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the communities we serve and not lay off employees involuntarily as a
result of the merger will ensure that the economic impact of our merger is a
positive one. Going forward, we expect this combination to create many concrete
benefits for City Bank customers and employees as we begin to realize the full
potential of our combined capabilities,&#148; said Ronald K. Migita, President and
Chief Executive Officer of CB Bancshares, Inc. &#147;The substantial improvement in
Central Pacific&#146;s merger offer represents an attractive premium for CB
Bancshares, Inc. shareholders and reflects our recent record performance as well
as the future value of the Company&#146;s franchise. We look forward to joining
forces with Central Pacific and moving ahead with this powerful combination.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the terms of the agreement, the aggregate per share consideration
is equal to $20 in cash and 2.6752 shares of CPF common stock for each CBBI
share, for a total equity consideration of $420 million.&#160; CBBI shareholders can elect to be paid in
cash or shares of CPF common stock, with pro-rata allocation to apportion
consideration among CBBI shareholders to the extent the total elections for
cash or stock differ from the aggregate amounts of cash and stock to be paid by
CPF.&#160;&#160; The offer represents a premium of
26 percent over the price of CBBI shares on April 22, 2004.&#160; The combination &#151; which will create a bank
with a market capitalization of over $700 million, based on the closing price
of CPF common stock on April 22, 2004 &#151; is expected to be significantly
accretive to earnings in the first full year of combined operations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The company said
Clint Arnoldus (CEO of CPF) will continue as CEO of the combined company, and
Ronald K. Migita (President and CEO of CBBI) will become non-executive chairman
of the board.&#160; Neal Kanda (CFO of
Central Pacific) will assume the position of President and Chief Operating
Officer of the combined company, and Dean Hirata (CFO of CBBI) will be CFO of
the combined company. The holding company and bank subsidiary will maintain the
names of Central Pacific Financial Corp. and Central Pacific Bank,
respectively. Central Pacific&#146;s Board will be increased to fifteen members,
with the addition of six current members of the CB Bancshares, Inc. Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;We are ready to roll up our sleeves and work side by side with City
Bank and its employees to ensure that the customers of both banks receive the
same level of superior, personalized customer service they expect from our two
banks&#151;along with a broader line of products and </font></p>

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">services,&#148; added Arnoldus.&#160; &#147;Our
common cultures, common market, and common technologies will help ensure a smooth
transition and a seamless integration of the two banks.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific reiterated its commitment to no involuntarily lay-offs
as a result of the merger, as it pledged last December.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As previously announced, the company noted that it plans to enhance
service to Hawaii by opening a new branch for every overlapping branch that may
be consolidated as a result of the merger, subject to securing adequate
locations.&#160;&#160; In addition, CPF renewed
its pledge to set aside an additional one-time sum of $1 million for special
community needs.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Everyone at Central Pacific welcomes the City Bank team and looks
forward to building the future of this bank together,&#148; Arnoldus said. &#147;As we
look to the future, we will focus our energies on serving our customers and
Hawaii well.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The company
indicated that dedicated teams would be established to facilitate a smooth
integration and transition of operating systems, customers and employees.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The merger is
conditioned, among other factors, upon shareholder and regulatory approvals,
and other customary conditions. The company said it expects the transaction to
close in the third quarter of 2004.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bear, Stearns &amp; Co. Inc. acted as financial advisor, and Sullivan
&amp; Cromwell LLP acted as legal counsel, to CPF.&#160; Sandler O&#146;Neill &amp; Partners, L.P. acted as financial advisor,
and Skadden, Arps, Slate, Meagher &amp; Flom LLP, and Kobayashi, Sugita &amp;
Goda, Attorneys at Law, acted as legal counsel to CBBI.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp. and CB Bancshares, Inc. will conduct a
joint conference call at 10:00am Eastern Time (4:00 am Hawaii Time) to discuss
the acquisition of CBBI.&#160; To participate
in the call, please call 1-800-901-5218 and enter passcode 79798395, or visit
the Company&#146;s website at http://investor.centralpacificbank.com.&#160; An investor presentation on the acquisition
will also be posted on the Company&#146;s website.&#160;
A playback of the call will be </font></p>

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<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">available by dialing 1-888-286-8018 and entering the passcode
59322641.&#160; Additionally, a replay will
be available on the Company&#146;s website.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp. is a Hawaii-based bank holding company
with $2.2 billion in assets.&#160; Central
Pacific Bank, its subsidiary, is Hawaii&#146;s third largest commercial bank with 24
branches statewide and more that 70 ATM&#146;s.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:5.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB
Bancshares, Inc. is a bank holding company, which provides a full range of
banking products and services for small-and-medium-sized businesses and retail
customers through its principal subsidiary, City Bank. City Bank maintains 22
branches on the islands of Oahu, Hawaii, Maui and Kauai.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**********</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This document contains forward-looking statements.&#160; Such statements include, but are not limited
to, (i) statements about the benefits of a merger between Central Pacific
Financial Corp. (&#147;CPF&#148;) and CB Bancshares, Inc. (&#147;CBBI&#148;), including future
financial and operating results, costs savings and accretion to reported and
cash earnings that may be realized from such merger; (ii) statements with
respect to CPF&#146;s plans, objectives, expectations and intentions and other
statements that are not historical facts; and (iii) other statements identified
by words such as &#147;believes&#148;, &#147;expects&#148;, &#147;anticipates&#148;, &#147;estimates&#148;, &#147;intends&#148;,
&#147;plans&#148;, &#147;targets&#148;, &#147;projects&#148; and other similar expressions.&#160; These statements are based upon the current
beliefs and expectations of management and are subject to significant risks and
uncertainties.&#160; Actual results may
differ from those set forth in the forward-looking statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following factors, among others, could cause actual results to
differ materially from the anticipated results or other expectations expressed
in the forward-looking statements:&#160; (1)
the business of CPF and CBBI may not be integrated successfully or such
integration may be more difficult, time-consuming or costly than expected; (2)
expected revenue synergies and cost savings from the merger may not be fully
realized or realized within the expected time frame; (3) revenues following the
merger may be lower than expected; (4) deposit attrition, operating costs,
customer loss and business disruption, including, without limitation,
difficulties in maintaining relationships with employees, customers, clients or
suppliers, may be greater than expected following the merger; (5) any necessary
approvals for the merger may not be obtained on the proposed terms; (6) the
failure of CPF&#146;s and CBBI&#146;s shareholders to approve the merger; (7) competitive
pressures among depository and other financial institutions may increase
significantly and may have an effect on pricing, spending, third-party relationships
and revenues; (8) the strength of the United States economy in general and the
strength of the Hawaii economy may be different than expected, resulting in,
among other things, a deterioration in credit quality or a reduced demand for
credit, including the resultant effect on the combined company&#146;s loan portfolio
and allowance for loan losses; (9) changes in the U.S. legal and regulatory
framework; and (10) adverse conditions in the stock market, the public debt
market and other capital markets (including changes in interest rate
conditions) and the impact of such conditions on the combined company&#146;s
activities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional factors that could cause actual results to differ materially
from those described in the forward-looking statements can be found in CPF&#146;s
and CBBI&#146;s reports (such as Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K) filed with the Securities and
Exchange Commission (&#147;SEC&#148;) and available at the SEC&#146;s Internet web site
(www.sec.gov). All subsequent written and oral forward-looking statements
concerning the proposed transaction or other matters attributable to CPF or
CBBI or any person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above.&#160;
CPF and CBBI do not </font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">undertake any obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date the forward-looking
statement is made.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CPF will amend its registration statement on Form S-4 to register shares
of CPF common stock to be issued in this transaction.&#160; The registration statement is not final and will be further
amended.&#160; The registration statement
will include a joint proxy statement/prospectus for solicitation of proxies
from CPF and CBBI shareholders, in connection with meetings of such
shareholders at a date or dates subsequent hereto.&#160; Investors and security holders are urged to read the registration
statement and joint proxy statement and any other relevant documents (when
available) filed with the SEC, as well as any amendments or supplements to
those documents, because they will contain important information.&#160; Investors and security holders may obtain a
free copy of documents filed with the SEC at the SEC&#146;s Internet web site at
(www.sec.gov).&#160; Such documents may also
be obtained free of charge from CPF by directing such request to: Central
Pacific Financial Corp., 220 South King Street, Honolulu, Hawaii 96813,
Attention: David Morimoto, (808) 544-0627; or from CBBI by directing such
request to: CB Bancshares, Inc., 201 Merchant Street, Honolulu, Hawaii 96813,
Attention: Investor Relations, (808) 535-2518.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CPF and CBBI, and
their respective directors and executive officers and certain other persons may
be deemed to be participants in the solicitation of proxies from the
shareholders of CBBI and CPF in connection with the merger.&#160; Information about the directors and
executive officers of CPF and their ownership of and interests in CPF stock is
set forth in the proxy statement for CPF&#146;s 2004 Annual Meeting of
Shareholders.&#160; Information about the
directors and executive officers of CBBI and their ownership of and interests
in CBBI stock is set forth in the proxy statement for CBBI&#146;s 2004 Annual
Meeting of Shareholders.&#160; Additional
information regarding the interests of those participants may be obtained by
reading the joint proxy statement/prospectus regarding the proposed transaction
when it becomes available.</font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:solid windowtext 3.0pt;padding:31.0pt 0in 0in 0in;">

<p style="border:none;margin:0in 0in 1.5in;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGREEMENT AND PLAN OF
MERGER</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dated April 22, 2004</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">between</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC FINANCIAL CORP.</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<div style="border:none;border-bottom:solid windowtext 3.0pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in 1.5in;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB BANCSHARES,
INC.</font></p>

<p style="border:none;margin:0in 0in 1.5in;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
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  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
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  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
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  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
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  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:10.76%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Page</font></b></p>
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  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleI" title="Click to goto ARTICLE I ">ARTICLE I</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleI" title="Click to goto ARTICLE I ">DEFINITIONS;
  INTERPRETATION; CONSTRUCTION</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma101definitions" title="Click to goto 1.01 Definitions">1.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma101definitions" title="Click to goto 1.01 Definitions">Definitions</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">1</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma102interpretation" title="Click to goto 1.02  Interpretation.">1.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma102interpretation" title="Click to goto 1.02  Interpretation.">Interpretation</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">8</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIi" title="Click to goto ARTICLE II">ARTICLE II</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIi" title="Click to goto ARTICLE II">THE MERGER</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma201themerger" title="Click to goto 2.01 The Merger">2.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma201themerger" title="Click to goto 2.01 The Merger">The Merger</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma202closing" title="Click to goto 2.02 Closing">2.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma202closing" title="Click to goto 2.02 Closing">Closing</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">9</font></p>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma203effectivetime" title="Click to goto 2.03 Effective Time">2.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma203effectivetime" title="Click to goto 2.03 Effective Time">Effective Time</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">9</font></p>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma204effectsofthemerger" title="Click to goto 2.04 Effects of the Merger">2.04</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma204effectsofthemerger" title="Click to goto 2.04 Effects of the Merger">Effects of the Merger</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma205articlesofincorporationandbyla" title="Click to goto 2.05 Articles of Incorporation and By-laws">2.05</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma205articlesofincorporationandbyla" title="Click to goto 2.05 Articles of Incorporation and By-laws">Articles of
  Incorporation and By-laws</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma206corporategovernance" title="Click to goto 2.06 Corporate Governance">2.06</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma206corporategovernance" title="Click to goto 2.06 Corporate Governance">Corporate Governance.</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIii" title="Click to goto ARTICLE III ">ARTICLE III</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIii" title="Click to goto ARTICLE III ">CONSIDERATION; EXCHANGE
  PROCEDURES</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma301effectoncapitalstock" title="Click to goto 3.01 Effect on Capital Stock">3.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma301effectoncapitalstock" title="Click to goto 3.01 Effect on Capital Stock">Effect on Capital Stock</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma302rightsasshareholdersstocktrans" title="Click to goto 3.02 Rights as Shareholders; Stock Transfers">3.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma302rightsasshareholdersstocktrans" title="Click to goto 3.02 Rights as Shareholders; Stock Transfers">Rights as
  Shareholders; Stock Transfers</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma303allocationofmergerconsideration" title="Click to goto 3.03 Allocation of Merger Consideration; Election Procedures">3.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma303allocationofmergerconsideration" title="Click to goto 3.03 Allocation of Merger Consideration; Election Procedures">Allocation
  of Merger Consideration; Election Procedures</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma304distributionswithrespecttounexc" title="Click to goto 3.04 Distributions with Respect to Unexchanged CB Shares; Voting">3.04</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma304distributionswithrespecttounexc" title="Click to goto 3.04 Distributions with Respect to Unexchanged CB Shares; Voting">Distributions
  with Respect to Unexchanged CB Shares; Voting</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma305antidilutionadjustments" title="Click to goto 3.05 Anti-Dilution Adjustments">3.05</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma305antidilutionadjustments" title="Click to goto 3.05 Anti-Dilution Adjustments">Anti-Dilution
  Adjustments</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma306stockoptions" title="Click to goto 3.06 Stock Options">3.06</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma306stockoptions" title="Click to goto 3.06 Stock Options">Stock Options</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIv" title="Click to goto ARTICLE IV ">ARTICLE IV</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleIv" title="Click to goto ARTICLE IV ">CONDUCT OF BUSINESS
  PENDING MERGER</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma401forebearances" title="Click to goto 4.01 Forebearances">4.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma401forebearances" title="Click to goto 4.01 Forebearances">Forebearances</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma402coordinationofdividend" title="Click to goto 4.02 Coordination of Dividend">4.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma402coordinationofdividend" title="Click to goto 4.02 Coordination of Dividend">Coordination of Dividends</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleV" title="Click to goto ARTICLE V ">ARTICLE V</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="#ArticleV" title="Click to goto ARTICLE V ">REPRESENTATIONS AND
  WARRANTIES</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma501disclosureschedules" title="Click to goto 5.01 Disclosure Schedules">5.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma501disclosureschedules" title="Click to goto 5.01 Disclosure Schedules">Disclosure Schedules</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma502standard" title="Click to goto 5.02 Standard">5.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="#Ma502standard" title="Click to goto 5.02 Standard">Standard</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#RepresentationsAndWarranties" title="Click to goto Representations and Warranties">5.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#RepresentationsAndWarranties" title="Click to goto Representations and Warranties">Representations and
  Warranties</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleVi" title="Click to goto ARTICLE VI">ARTICLE VI</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleVi" title="Click to goto ARTICLE VI">COVENANTS</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ReasonableBestEfforts" title="Click to goto Reasonable Best Efforts">6.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ReasonableBestEfforts" title="Click to goto Reasonable Best Efforts">Reasonable Best Efforts</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">30</font></p>
  </td>
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 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ShareholderApprovals" title="Click to goto Shareholder Approvals">6.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ShareholderApprovals" title="Click to goto Shareholder Approvals">Shareholder Approvals</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#SecFilings" title="Click to goto SEC Filings">6.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#SecFilings" title="Click to goto SEC Filings">SEC Filings</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">31</font></p>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#PressReleases" title="Click to goto Press Releases">6.04</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#PressReleases" title="Click to goto Press Releases">Press Releases</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">32</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Access" title="Click to goto Access">6.05</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Access" title="Click to goto Access">Access; Information</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">32</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#AcquisitionProposals" title="Click to goto Acquisition Proposals">6.06</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#AcquisitionProposals" title="Click to goto Acquisition Proposals">Acquisition Proposals</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">33</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#AffiliatesAffiliateLetters" title="Click to goto Affiliates; Affiliate Letters">6.07</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#AffiliatesAffiliateLetters" title="Click to goto Affiliates; Affiliate Letters">Affiliates; Affiliate
  Letters</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">33</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-i-</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#TakeoverLawsAndProvisions" title="Click to goto Takeover Laws and Provisions">6.08</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
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  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#TakeoverLawsAndProvisions" title="Click to goto Takeover Laws and Provisions">Takeover Laws and Provisions</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">34</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#NyseListing" title="Click to goto NYSE Listing">6.09</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#NyseListing" title="Click to goto NYSE Listing">NYSE Listing; NASDAQ De-listing</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">34</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#RegulatoryApplications" title="Click to goto Regulatory Applications">6.10</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#RegulatoryApplications" title="Click to goto Regulatory Applications">Regulatory Applications</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">34</font></p>
  </td>
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  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Indemnification" title="Click to goto Indemnification">6.11</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Indemnification" title="Click to goto Indemnification">Indemnification</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#BenefitPlans" title="Click to goto Benefit Plans">6.12</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#BenefitPlans" title="Click to goto Benefit Plans">Benefit Plans</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Taxation" title="Click to goto Taxation">6.13</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Taxation" title="Click to goto Taxation">Taxation</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#NotificationOfCertainMatters" title="Click to goto Notification of Certain Matters">6.14</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#NotificationOfCertainMatters" title="Click to goto Notification of Certain Matters">Notification of Certain
  Matters</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ExemptionFromLiabilityUnderSection1" title="Click to goto Exemption from Liability Under Section 16">6.15</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ExemptionFromLiabilityUnderSection1" title="Click to goto Exemption from Liability Under Section 16">Exemption
  from Liability Under Section 16(b)</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#OtherBenefitMatters" title="Click to goto Other Benefit Matters">6.16</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#OtherBenefitMatters" title="Click to goto Other Benefit Matters">Other Benefit Matters</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#PendingLitigation" title="Click to goto Pending Litigation">6.17</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#PendingLitigation" title="Click to goto Pending Litigation">Pending Litigation</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#TransitionTeam" title="Click to goto Transition Team">6.18 </a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#TransitionTeam" title="Click to goto Transition Team">Transition Team</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleVii" title="Click to goto ARTICLE VII">ARTICLE VII</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleVii" title="Click to goto ARTICLE VII">CONDITIONS
  TO THE MERGER</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToEachPartysObligationTo" title="Click to goto Conditions to Each Party&#146;s Obligation to Effect the Merger">7.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToEachPartysObligationTo" title="Click to goto Conditions to Each Party&#146;s Obligation to Effect the Merger">Conditions
  to Each Party&#146;s Obligation to Effect the Merger</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToCbBancshares" title="Click to goto Conditions to CB Bancshares&#146; ">7.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToCbBancshares" title="Click to goto Conditions to CB Bancshares&#146; ">Conditions to CB
  Bancshares&#146; Obligation</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToCentralPacifics" title="Click to goto Conditions to Central Pacific&#146;s ">7.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#ConditionsToCentralPacifics" title="Click to goto Conditions to Central Pacific&#146;s ">Conditions to Central
  Pacific&#146;s Obligation</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleViii" title="Click to goto ARTICLE VIII">ARTICLE
  VIII</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleViii" title="Click to goto ARTICLE VIII">TERMINATION</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Termination" title="Click to goto Termination">8.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Termination" title="Click to goto Termination">Termination</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#EffectOfTerminationAndAbandonment" title="Click to goto Effect of Termination and Abandonment">8.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#EffectOfTerminationAndAbandonment" title="Click to goto Effect of Termination and Abandonment">Effect of Termination
  and Abandonment</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleIx" title="Click to goto ARTICLE IX">ARTICLE IX</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;"><a href="a04-4805_1ex99d2.htm#ArticleIx" title="Click to goto ARTICLE IX">MISCELLANEOUS</a></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Survival" title="Click to goto Survival">9.01</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Survival" title="Click to goto Survival">Survival</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#WaiverAmendment" title="Click to goto Waiver; Amendment">9.02</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#WaiverAmendment" title="Click to goto Waiver; Amendment">Waiver; Amendment</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Counterparts" title="Click to goto Counterparts">9.03</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Counterparts" title="Click to goto Counterparts">Counterparts</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#GoverningLaw" title="Click to goto Governing Law">9.04</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#GoverningLaw" title="Click to goto Governing Law">Governing Law</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Expenses" title="Click to goto Expenses">9.05</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Expenses" title="Click to goto Expenses">Expenses</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Notices" title="Click to goto Notices">9.06</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Notices" title="Click to goto Notices">Notices</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#EntireUnderstandingNoThirdPartyBen" title="Click to goto Entire Understanding; No Third Party Beneficiaries">9.07</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#EntireUnderstandingNoThirdPartyBen" title="Click to goto Entire Understanding; No Third Party Beneficiaries">Entire
  Understanding; No Third Party Beneficiaries</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Severability" title="Click to goto Severability">9.08</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;"><a href="a04-4805_1ex99d2.htm#Severability" title="Click to goto Severability">Severability</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;font-variant:normal;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="font-variant:small-caps;margin:0in 27.0pt .0001pt 0in;text-align:right;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;font-variant:normal;text-transform:uppercase;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a04-4805_1ex99d2.htm#ExhibitA1" title="Click to goto Exhibit A-1">Exhibit A-1</a></font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a04-4805_1ex99d2.htm#ExhibitA1" title="Click to goto Exhibit A-1">Form of Affiliates
  Letter</a></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Amendment to
  Articles of Incorporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Amendments to
  By-laws</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former CB Bancshares
  Directors</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pro Rata Selection
  Process</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB Bancshares
  Affiliates</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.76%;">
  <p align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex 7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.88%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending Litigation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-ii-</font></p>


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</font></div>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGREEMENT AND PLAN OF MERGER</font></b><font size="2" style="font-size:10.0pt;">, dated April 22, 2004 (this&#160; &#147;<i><font style="font-style:italic;">Agreement</font></i>&#148;), between Central Pacific
Financial Corp., a Hawaii corporation (&#147;<i><font style="font-style:italic;">Central Pacific</font></i>&#148;), and CB Bancshares,
Inc., a Hawaii corporation (&#147;<i><font style="font-style:italic;">CB Bancshares</font></i>&#148;).</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; <i><font style="font-style:italic;">The Proposed
Transaction</font></i>.&#160; The parties
intend to effect a strategic business combination through the merger of CB
Bancshares with and into Central Pacific (the &#147;<i><font style="font-style:italic;">Merger</font></i>&#148;), with Central
Pacific the surviving corporation (the &#147;<i><font style="font-style:italic;">Surviving Corporation&#148;</font></i>).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; <i><font style="font-style:italic;">Board
Determinations</font></i>.&#160; The
respective boards of directors of Central Pacific and CB Bancshares have each
determined that the Merger and the other transactions contemplated hereby are
in the best interests of their respective shareholders and, therefore, have
approved the Merger, this Agreement and the plan of merger contained in this
Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160; <i><font style="font-style:italic;">Intended Tax
Treatment</font></i>.&#160; The parties
intend the Merger to be treated as a reorganization under Section 368(a) of the
Internal Revenue Code of 1986 (the &#147;<i><font style="font-style:italic;">Code</font></i>&#148;).</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Now, Therefore</font><font size="2" style="font-size:10.0pt;">, in consideration of the premises, and
of the mutual representations, warranties, covenants and agreements contained
in this Agreement, Central Pacific and CB Bancshares agree as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ArticleI"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions;
Interpretation; Construction</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma101definitions">1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Definitions</font></i></a>.&#160; This Agreement uses the following
definitions:</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Acquisition Proposal</font></i>&#148; means, with respect
to either Central Pacific or CB Bancshares, (x) a tender or exchange offer that
if consummated would result in any person beneficially owning 15% or more of
the voting power in Central Pacific or CB Bancshares, as the case may be, (y)
any proposal or offer for a merger, consolidation or other business combination
involving Central Pacific or CB Bancshares, as the case may be, or any of their
respective Significant Subsidiaries, or (z) any proposal or offer to acquire in
any manner more than 15% of the voting power in, or more than 15% of the
business, assets or deposits of, Central Pacific or CB Bancshares, as the case
may be, or any of their respective Significant Subsidiaries, other than the
transactions contemplated by this Agreement.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Acquisition Transaction</font></i>&#148; has the meaning
assigned in Section 8.02(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Affiliates Letter</font></i>&#148; has the meaning
assigned in Section 6.07.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Aggregate Cash Number</font></i>&#148; has the meaning
assigned in Section 3.03(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Aggregate Stock Number</font></i>&#148; has the meaning
assigned in Section 3.03(a).</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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</font></div>

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<p align="center" style="margin:12.0pt 0in;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Agreement</font></i>&#148; means this Agreement, as
amended or modified from time to time in accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Articles of Merger</font></i>&#148; has the meaning
assigned in Section 2.03.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Benefit Plans</font></i>&#148; has the meaning assigned in
Section 5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Cash Consideration</font></i>&#148; has the meaning
assigned in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Cash Designated Shares</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Cash Election</font></i>&#148; has the meaning assigned in
Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Cash Election Shares</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares</font></i>&#148; has the meaning assigned in
the Preamble.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Affiliate</font></i>&#148; has the meaning
assigned in Section 6.07.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Benefit Plans</font></i>&#148; means the
Benefit Plans of CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Board</font></i>&#148; means the board of
directors of CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Common Stock</font></i>&#148; means the
common stock, par value $1.00 per share, of CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Insiders</font></i>&#148; means those
officers and directors of CB Bancshares subject to the reporting requirements
of Section 16(a) of the Exchange Act and who are listed in the Section 16
Information.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Meeting</font></i>&#148; has the meaning
assigned in Section 6.02(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Preferred Stock</font></i>&#148; means the
preferred stock, par value $1.00 per share, of CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Rights</font></i>&#148; means the rights
issued under the CB Bancshares Rights Agreements.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Rights Agreements</font></i>&#148; means the
Rights Agreement, dated as of July 23, 2003, between CB Bancshares and City
Bank, as Rights Agent, and the Rights Agreement, dated as of March 16, 1989,
between CB Bancshares and City Bank, as Rights Agent, as amended.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Stock</font></i>&#148; means, collectively,
the CB Bancshares Common Stock and the CB Bancshares Preferred Stock.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Stock Option</font></i>&#148; has the
meaning assigned in Section 3.06.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Bancshares Stock Plans</font></i>&#148; has the meaning
assigned in Section&nbsp;4.01(c).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">CB Shares</font></i>&#148; means shares of CB Bancshares
Common Stock.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific</font></i>&#148; has the meaning assigned
in the Preamble.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Articles</font></i>&#148; means the
Restated Articles of Incorporation of Central Pacific, as amended, as in effect
on the date hereof or as amended as provided herein, as the context requires.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Board</font></i>&#148; means the board of
directors of Central Pacific.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific By-Laws</font></i>&#148; means the Amended
By-laws of Central Pacific, as in effect on the date hereof or as amended as
provided herein, as the context requires.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Common Stock</font></i>&#148; means the
common stock, no par value per share, of Central Pacific.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Meeting</font></i>&#148; has the meaning
assigned in Section 6.02(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Preferred Stock</font></i>&#148; means the
preferred stock, no par value per share, of Central Pacific.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Rights</font></i>&#148; means rights to
purchase shares of Central Pacific Preferred Stock issued under the Central
Pacific Rights Agreement.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Rights Agreement</font></i>&#148; means the
Rights Agreement, dated as of August 26, 1998, between Central Pacific
(formerly CPB Inc.) and Mellon Investor Services LLC (formerly ChaseMellon
Shareholder Services, L.L.C.), as Rights Agent.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Stock</font></i>&#148; means,
collectively, the Central Pacific Common Stock and the Central Pacific
Preferred Stock.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Stock Option</font></i>&#148; has the
meaning assigned in Section 3.06.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Central Pacific Stock Plan</font></i>&#148; means the
Central Pacific 1997 Stock Option Plan.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Certificate&#148; </font></i>means a certificate representing
shares of Central Pacific Stock or CB Bancshares Stock, as the case may be.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Change of Control Payments</font></i>&#148; has the
meaning assigned in Section 6.16(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Closing</font></i>&#148; has the meaning assigned in
Section 2.02.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Closing Date</font></i>&#148; has the meaning assigned in
Section 2.02.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Code</font></i>&#148; has the meaning assigned in the
Recitals.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Commissioner</font></i>&#148; means the Commissioner of
the Hawaii Division of Financial Institutions.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Company Reports</font></i>&#148; has the meaning assigned
in Section 5.03(i).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Confidentiality Agreement</font></i>&#148; has the meaning
assigned in Section&nbsp;6.05(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Constituent Documents</font></i>&#148; means the articles
or certificate of incorporation and by-laws of a corporation or banking
organization, the certificate of partnership and partnership agreement of a
general or limited partnership, the certificate of formation and limited
liability company agreement of a limited liability company, the trust agreement
of a trust and the comparable documents of other entities.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Department Director</font></i>&#148; means the Director of
Commerce and Consumer Affairs of the State of Hawaii.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Disclosure Schedule</font></i>&#148; has the meaning
assigned in Section 5.01.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Dissenting Shareholder</font></i>&#148; has the meaning
assigned in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Dissenting Shares</font></i>&#148; has the meaning
assigned in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Effective Time</font></i>&#148; has the meaning assigned
in Section 2.03.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Election Deadline</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Employees</font></i>&#148; has the meaning assigned in
Section 5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">ERISA</font></i>&#148; means the Employee Retirement
Income Security Act of 1974, as amended.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">ERISA Affiliate</font></i>&#148; has the meaning assigned
in Section 5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Exchange Act</font></i>&#148; means the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Exchange Agent</font></i>&#148; has the meaning assigned
in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Exchange Fund</font></i>&#148; has the meaning assigned in
Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Excluded Shares</font></i>&#148; has the meaning assigned
in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Form of Election</font></i>&#148; has the meaning assigned
in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Former CB Bancshares Directors&#148;</font></i> has the
meaning assigned in Section 2.06(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Former Central Pacific Directors&#148;</font></i> has the
meaning assigned in Section 2.06(b).</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">GAAP</font></i>&#148; means United States generally
accepted accounting principles.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Governmental Authority</font></i>&#148; means any court,
administrative agency or commission or other governmental authority or
instrumentality, domestic or foreign, or any industry self-regulatory
authority.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">HBCA</font></i>&#148; means the Hawaii Business
Corporation Act, as amended.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">HCSAS</font></i>&#148; means the Hawaii Control Share
Acquisitions Statute as set forth in Chapter 414E of the Hawaii Revised
Statutes.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Indemnified Party</font></i>&#148; has the meaning
assigned in Section 6.11(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Insurance Amount</font></i>&#148; has the meaning assigned
in Section 6.11(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Joint Proxy Statement</font></i>&#148; has the meaning
assigned in Section 6.03(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Lapse Date</font></i>&#148; has the meaning assigned in
Section 2.06(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Lien</font></i>&#148; means any charge, mortgage, pledge,
security interest, restriction, claim, lien, or encumbrance.</font></p>

<p style="margin:0in 0in 12.0pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Material Adverse Effect</font></i>&#148;
means, with respect to Central Pacific or CB Bancshares, any effect that</font></p>

<p style="margin:0in 0in 12.0pt 49.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a) is material and
adverse to the financial condition, results of operations or business of
Central Pacific and its Subsidiaries, taken as a whole, or CB Bancshares and
its Subsidiaries, taken as a whole, respectively, excluding (with respect to
each of clause (1), (2) or (3), however, only if the effect of a change on it
is not materially different from the effect on comparable U.S. banking or
financial services organizations) the impact of (1) changes in banking and
other laws of general applicability or changes in the interpretation thereof by
Governmental Authorities, (2) changes in GAAP or regulatory accounting
requirements applicable to U.S. banks and bank holding companies generally, (3)
changes in prevailing interest rates or other general economic conditions
affecting U.S. banks and bank holding companies generally, (4) this Agreement
and the transactions contemplated hereby or the announcement thereof, (5)
actions or omissions of a party to this Agreement taken with the prior written
consent of the other party to this Agreement or otherwise pursuant to its
covenants set forth herein, in contemplation of the transactions contemplated
hereby, (6) to the extent consistent with GAAP, any modifications or changes to
valuation policies or practices, or restructuring charges, in each case taken
with the prior approval of the other party to this Agreement, in connection
with the Merger and (7) changes in national or international political or
social conditions, including the engagement by the United States in
hostilities, whether or not pursuant to the declaration of a national emergency
or war, or the occurrence of any military or terrorist attack upon or within
the United States, or any of its territories, possessions or</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 49.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">diplomatic or consular offices or upon any military installation,
equipment or personnel of the United States; or</font></p>

<p style="margin:0in 0in 12.0pt 49.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) would materially
impair the ability of Central Pacific or CB Bancshares, respectively, to
perform its obligations under this Agreement or to consummate the transactions
contemplated hereby.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Measuring Price</font></i>&#148; means the average of the
closing prices of Central Pacific Common Stock on the NYSE over the 10
consecutive trading day period ending on the trading day immediately prior to
the Closing Date.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Merger</font></i>&#148; has the meaning assigned in the
Recitals.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Merger Consideration</font></i>&#148; has the meaning
assigned in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">NASDAQ</font></i>&#148; means the NASDAQ Stock Market.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Non-Election</font></i>&#148; has the meaning assigned in
Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Non-Election Shares</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">NYSE</font></i>&#148; means the New York Stock Exchange,
Inc.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">party</font></i>&#148; means Central Pacific or CB
Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">PBGC</font></i>&#148; has the meaning assigned in Section
5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Pension Plan</font></i>&#148; has the meaning assigned in
Section 5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">person</font></i>&#148; is to be interpreted broadly to
include any individual, savings association, bank, trust company, corporation,
limited liability company, partnership, association, joint-stock company,
business trust or unincorporated organization.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Plans</font></i>&#148; has the meaning assigned in Section
5.03(n).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Previously Disclosed</font></i>&#148; means information
set forth by a party in the applicable paragraph of its Disclosure Schedule, or
any other paragraph of its Disclosure Schedule (so long as it is reasonably
clear from the context that the disclosure in such other paragraph of its
Disclosure Schedule is also applicable to the section of this Agreement in
question).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Registration Statement</font></i>&#148; has the meaning
assigned in Section 6.03(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Regulatory Authorities</font></i>&#148; has the meaning
assigned in Section 5.03(k).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Representatives</font></i>&#148; means, with respect to
any person, such person&#146;s directors, officers, employees, legal or financial
advisors or any representatives of such legal or financial advisors.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Requisite Regulatory Approvals</font></i>&#148; has the
meaning assigned in Section 6.10(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Rights</font></i>&#148; means, with respect to any person,
securities or obligations convertible into or exercisable or exchangeable for,
or giving any other person any right to subscribe for or acquire, or any
options, calls or commitments relating to, or any stock appreciation right or
other instrument the value of which is determined in whole or in part by
reference to the market price or value of, shares of capital stock of such
first person.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Sarbanes-Oxley Act</font></i>&#148; has the meaning set
forth in Section 5.03(i).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">SEC</font></i>&#148; means the United States Securities
and Exchange Commission.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Section 16 Information</font></i>&#148; means information
regarding the CB Bancshares Insiders, the number of shares of CB Bancshares
Common Stock held or to be held by each such CB Bancshares Insider expected to
be exchanged for Central Pacific Common Stock in the Merger, and the number and
description of the options to purchase shares of CB Bancshares Common Stock
held by each such CB Bancshares Insider and expected to be converted into
options to purchase shares of Central Pacific Common Stock in connection with
the Merger.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Securities Act</font></i>&#148; means the Securities Act
of 1933, as amended, and the rules and regulations thereunder.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Stock Consideration</font></i>&#148; has the meaning
assigned in Section 3.01(a).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Stock Designated Shares</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Stock Election</font></i>&#148; has the meaning assigned
in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Stock Election Shares</font></i>&#148; has the meaning
assigned in Section 3.03(b).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Subsidiary</font></i>&#148; and &#147;<i><font style="font-style:italic;">Significant Subsidiary</font></i>&#148; have
the meanings ascribed to those terms in Rule 1-02 of Regulation S-X promulgated
by the SEC.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Superior Proposal</font></i>&#148; means a <i><font style="font-style:italic;">bona fide</font></i>
written Acquisition Proposal which the CB Bancshares Board concludes in good
faith to be more favorable from a financial point of view to its shareholders
than the Merger and the other transactions contemplated hereby, (1)&nbsp;after
receiving the advice of its financial advisors (who shall be a nationally
recognized investment banking firm), (2)&nbsp;after taking into account the
likelihood of consummation of such transaction on the terms set forth therein
(as compared to, and with due regard for, the terms herein) and (3)&nbsp;after
taking into account all legal (with the advice of outside counsel), financial
(including the financing terms of any such proposal), regulatory and other
aspects of such proposal and any other relevant factors permitted under
applicable law; <i><font style="font-style:italic;">provided </font></i>that for purposes of the definition of &#147;Superior
Proposal&#148;, the references to &#147;more than 15%&#148; in the definition of Acquisition
Proposal shall be deemed to be references to &#147;a majority&#148; and the definition of
Acquisition Proposal shall only refer to a transaction involving CB Bancshares
or City Bank (with or without any other Significant Subsidiaries).</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Surviving Corporation</font></i>&#148; has the meaning
assigned in the Recitals.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Takeover Laws</font></i>&#148; has the meaning assigned in
Section 5.03(t).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Takeover Provisions</font></i>&#148; has the meaning
assigned in Section 5.03(t).</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Tax</font></i>&#148; and &#147;<i><font style="font-style:italic;">Taxes</font></i>&#148; means all federal,
state, local or foreign taxes, charges, fees, levies or other assessments,
however denominated, including, without limitation, all net income, gross
income, gains, gross receipts, sales, use, ad valorem, goods and services,
capital, production, transfer, franchise, windfall profits, license,
withholding, payroll, employment, disability, employer health, excise,
estimated, severance, stamp, occupation, property, environmental, unemployment
or other taxes, custom duties, fees, assessments or similar charges, together
with any interest and any penalties, additions to tax or additional amounts
imposed by any taxing authority whether arising before, on or after the Effective
Time.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Tax Returns</font></i>&#148; means any return, amended
return or other report (including elections, declarations, disclosures,
schedules, estimates and information returns) required to be filed with respect
to any Tax.</font></p>

<p style="margin:0in 0in 12.0pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Termination Fee</font></i>&#148; has the meaning assigned
in Section 8.02(b).</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma102interpretation">1.02 &#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Interpretation</font></i>.</a>&#160; (a) In this Agreement, except as context may
otherwise require, references:</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the Preamble, Recitals, Sections,
Exhibits, Annexes or Schedules are to the Preamble to, a Recital or Section of,
or Exhibit, Annex or Schedule to, this Agreement;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to this Agreement are to this
Agreement, and the Annexes and Schedules to it, taken as a whole;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to any agreement (including this
Agreement), contract, statute or regulation are to the agreement, contract,
statute or regulation as amended, modified, supplemented or replaced from time
to time (in the case of an agreement or contract, to the extent permitted by
the terms hereof); and to any section of any statute or regulation are to any
successor to the section;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to any Governmental Authority include
any successor to that Government Authority.</font></h4>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The table of contents and article and
section headings are for reference purposes only and do not limit or otherwise
affect any of the substance of this Agreement.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The words &#147;include,&#148; &#147;includes&#148; or
&#147;including&#148; are to be deemed followed by the words &#147;without limitation.&#148;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></h3>


<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The words &#147;herein&#148;, &#147;hereof&#148; or
&#147;hereunder&#148;, and similar terms are to be deemed to refer to this Agreement as a
whole and not to any specific Section.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement is the product of
negotiation by the parties, having the assistance of counsel and other
advisors.&#160; The parties intend that this
Agreement not be construed more strictly with regard to one party than with
regard to the other.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No provision of this Agreement is to be
construed to require, directly or indirectly, any person to take any action, or
omit to take any action, which action or omission would violate applicable law (whether
statutory or common law), rule or regulation.</font></h3>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleIi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Merger</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma201themerger">2.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">The Merger</font></i></a>.&#160; Upon the terms and subject to the conditions
set forth in this Agreement, CB Bancshares will merge with and into Central
Pacific at the Effective Time.&#160; At the
Effective Time, the separate corporate existence of CB Bancshares will
terminate.&#160; Central Pacific will be the
Surviving Corporation and will continue its corporate existence under the laws
of the State of Hawaii.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma202closing">2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Closing</font></i></a>.&#160; The closing of the Merger (the &#147;<i><font style="font-style:italic;">Closing</font></i>&#148;)
will take place in the offices of Sullivan &amp; Cromwell LLP, 1888 Century
Park East, Los Angeles, California, at 12:00 p.m. on the third business day
(unless the parties agree to another time or date) after satisfaction or waiver
of the conditions set forth in Article VII, other than those conditions that by
their nature are to be satisfied at the Closing, but subject to the fulfillment
or waiver of those conditions (the &#147;<i><font style="font-style:italic;">Closing Date</font></i>&#148;).</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma203effectivetime">2.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Effective
Time</font></i></a>.&#160; Subject to the
provisions of this Agreement, in connection with the Closing, Central Pacific
will duly execute and deliver articles of merger (the &#147;<i><font style="font-style:italic;">Articles of Merger</font></i>&#148;) to the
Department Director for filing under &#167; 414-315 of the HBCA.&#160; The parties will make all other filings or
recordings required under the HBCA and the Merger will become effective when
the Articles of Merger are filed in the office of the Department Director, or
at such later date or time as Central Pacific and CB Bancshares agree and
specify in the Articles of Merger (the time the Merger becomes effective being
the &#147;<i><font style="font-style:italic;">Effective
Time</font></i>&#148;).</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma204effectsofthemerger">2.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Effects
of the Merger</font></i></a>.&#160; The
Merger will have the effects prescribed by the HBCA and this Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma205articlesofincorporationandbyla">2.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Articles
of Incorporation and By-laws</font></i></a>.&#160;
(a) The Central Pacific Articles, as in effect immediately before the
Effective Time and amended as specified in <i><font style="font-style:italic;">Annex 1</font></i>, will be the articles of
incorporation of the Surviving Corporation as of the Effective Time.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Central Pacific By-Laws, as in
effect immediately before the Effective Time and amended as specified in <i><font style="font-style:italic;">Annex 2</font></i>,
will be the by-laws of the Surviving Corporation as of the Effective Time.</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></h3>


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</font></h3>

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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma206corporategovernance">2.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Corporate
Governance</font></i></a>.&#160; (a)&#160; <i><font style="font-style:italic;">Survival of Section 2.06</font></i>.&#160; Notwithstanding any other provision in this
Agreement, the provisions of this Section 2.06 are intended to survive the
Effective Time and remain continuously in effect for a period of three years
from the Effective Time (the &#147;<i><font style="font-style:italic;">Lapse Date</font></i>&#148;), at which time the provisions
of this Section 2.06 terminate.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)<i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Board
of Directors of the Surviving Corporation</font></i>.&#160; Prior to the Effective Time, Central Pacific shall take all
actions necessary to adopt the amendment to the Central Pacific By-laws set
forth in <i><font style="font-style:italic;">Annex
2</font></i> hereof.&#160; At the Effective Time,
the Surviving Corporation&#146;s board of directors will be expanded to comprise 15
directors, to consist of (x) the 9 directors of the Central Pacific Board (&#147;<i><font style="font-style:italic;">Former
Central Pacific Directors</font></i>&#148;) and (y) any 6 current members of the CB
Bancshares Board set forth on <i><font style="font-style:italic;">Annex 3</font></i> hereto (&#147;<i><font style="font-style:italic;">Former CB Bancshares Directors</font></i>&#148;).&#160; Unless he earlier resigns or retires, the
current President and Chief Executive Officer of CB Bancshares, Mr. Ronald
Migita will be the non-executive Chairman of the Surviving Corporation&#146;s board
of directors for a period of not less than two years from the Effective
Time.&#160; At the Effective Time, each of
the three classes of directors of the Surviving Corporation will be comprised
of three Former Central Pacific Directors and two Former CB Bancshares
Directors.&#160; Mr. Migita will be a member
of Class I.&#160; The members of the
Surviving Corporation&#146;s board of directors as of the Effective Time will serve
as directors until their respective successors are duly elected and qualified
in accordance with the articles of incorporation of the Surviving Corporation,
the by-laws of the Surviving Corporation and applicable law.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Officers</font></i>.&#160;
The Central Pacific Board will adopt resolutions prior to the Effective
Time electing those persons set forth in <i><font style="font-style:italic;">Annex 4</font></i> to the positions described in <i><font style="font-style:italic;">Annex 4</font></i>
as of the Effective Time.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Headquarters</font></i>.&#160; The headquarters of the Surviving Corporation will be located at
220 South King Street, Honolulu, Hawaii.</font></h3>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleIii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consideration;
Exchange Procedures</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma301effectoncapitalstock">3.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Effect
on Capital Stock</font></i></a>.&#160; At the
Effective Time, by virtue of the Merger and without any action on the part of
the holder of any shares of CB Bancshares Stock or Central Pacific Stock:</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)<i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Merger Consideration</font></i>.&#160; Subject to the allocation and election
procedures in Section 3.03, each CB Share issued and outstanding immediately
prior to the Effective Time, together with the related CB Bancshares Right
attached thereto, will be converted into the right to receive, at the election
of the holder thereof as provided in Section 3.03, either (i) cash (the &#147;<i><font style="font-style:italic;">Cash Consideration</font></i>&#148;) in an amount equal to
(x) 2.6752 <i><font style="font-style:italic;">multiplied
by </font></i>the Measuring Price <i><font style="font-style:italic;">plus</font></i> (y) $20.00, or (ii) a number of fully
paid and nonassessable shares of Central Pacific Common Stock (the &#147;<i><font style="font-style:italic;">Stock
Consideration</font></i>&#148; and together with the Cash Consideration, the &#147;<i><font style="font-style:italic;">Merger
Consideration</font></i>&#148;) equal to the amount of the Cash Consideration <i><font style="font-style:italic;">divided by </font></i>the
Measuring Price, that number rounded to the fourth decimal place.&#160; All references in this Agreement to Central</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></h3>


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</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pacific
Common Stock to be issued pursuant to the Merger shall be deemed to include
Central Pacific Rights pursuant to the Central Pacific Rights Agreement, except
where the context requires otherwise.&#160;
Certificates that represented CB Shares before the Effective Time will
be deemed for all purposes to represent the right to receive the Merger
Consideration and any dividends or other distributions pursuant to this Article
III.&#160; Notwithstanding anything in this
Section&nbsp;3.01(a) to the contrary:</font></h3>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each CB Share owned by Central
Pacific (other than in a fiduciary or agency capacity or as a result of debts
previously contracted) or held in CB Bancshares&#146; treasury (the &#147;<i><font style="font-style:italic;">Excluded
Shares</font></i>&#148;) will be cancelled and no consideration will be issued or
paid in exchange therefor, and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any holder of CB Shares may elect to
be paid the &#147;fair value&#148; of his or her CB Shares pursuant to the procedure set
forth in Part XIV of the HBCA (such holder, a &#147;<i><font style="font-style:italic;">Dissenting Shareholder</font></i>&#148;, and
the CB Shares held by such Dissenting Shareholder, the &#147;<i><font style="font-style:italic;">Dissenting Shares</font></i>&#148;); <i><font style="font-style:italic;">provided</font></i>
that such Dissenting Shareholder follows the procedures and takes action in
accordance with such Part of the HBCA.&#160;
If any Dissenting<i><font style="font-style:italic;">  </font></i>Shareholder<i><font style="font-style:italic;">  </font></i>gives notice of intent to
demand payment to CB Bancshares, CB Bancshares will promptly give Central
Pacific notice thereof, and Central Pacific will have the right to direct all
negotiations and proceedings with respect to any such demands.&#160; Neither CB Bancshares nor the Surviving
Corporation will, except with the prior written consent of Central Pacific as
to the determination of fair value, make any payment pursuant to &#167; 414-356 of
the HBCA or offer pursuant to &#167; 414-358 of the HBCA.&#160; No Dissenting Shareholder shall be entitled to the Merger
Consideration or any dividends or other distributions pursuant to this Article
III.&#160; If any Dissenting Shareholder
fails to perfect or effectively withdraws or loses the right to dissent, the CB
Shares held by such Dissenting Shareholder will thereupon be treated as though
such shares had been converted into CB Shares in respect of which a
Non-Election is made.</font></h4>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)<i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Central Pacific Stock</font></i>.&#160; Each share of Central Pacific Stock
outstanding immediately prior to the Effective Time will remain outstanding.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma302rightsasshareholdersstocktrans">3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Rights
as Shareholders; Stock Transfers</font></i></a>.&#160; At the Effective Time, holders of CB Shares will cease to be, and
will have no rights as, shareholders of CB Bancshares, other than rights to (a)
receive any then unpaid dividend or other distribution with respect to such CB
Shares having a record date before the Effective Time and (b)&nbsp;receive the
Merger Consideration provided under this Article III.&#160; After the Effective Time, there will be no transfers of CB Shares
on the stock transfer books of CB Bancshares or the Surviving Corporation, and
CB Shares presented to the Surviving Corporation for any reason will be
cancelled and exchanged in accordance with this Article III.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma303allocationofmergerconsideration">3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Allocation
of Merger Consideration; Election Procedures</font></i></a><i><font style="font-style:italic;">.</font></i>&#160;
(a) <i><font style="font-style:italic;">Allocation</font></i>.&#160; Notwithstanding anything in this Agreement
to the contrary, the aggregate amount of cash that Central Pacific will pay as
Merger Consideration (the &#147;<i><font style="font-style:italic;">Aggregate Cash Number</font></i>&#148;) other than cash in
lieu of fractional shares shall be equal to (w)&nbsp;the number of CB Shares
issued and</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outstanding immediately prior to the Effective Time of
the Merger multiplied by (x) $20.00.&#160;
The aggregate number of shares of Central Pacific Common Stock that
Central Pacific will issue as Merger Consideration (the &#147;<i><font style="font-style:italic;">Aggregate Stock Number</font></i>&#148;) shall be equal to (y) the number of CB
Shares issued and outstanding immediately prior to the Effective Time of the
Merger multiplied by (z) 2.6752.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Election Procedures</font></i>.&#160; (i)&#160;&#160;&#160; At
or prior to the Effective Time, Central Pacific shall deposit, or shall cause
to be deposited, with an exchange agent selected by Central Pacific, with CB
Bancshares&#146; prior approval, which shall not be unreasonably withheld (the &#147;<i><font style="font-style:italic;">Exchange Agent</font></i>&#148;), for the benefit of the
holders of certificates formerly representing CB Shares, certificates
representing shares of Central Pacific Common Stock and any cash and any
dividends or other distributions with respect to the Central Pacific Common
Stock to be issued or paid pursuant to Sections&nbsp;3.01(a) and 3.04 in
exchange for outstanding CB Shares upon due surrender of the Certificates
pursuant to the provisions of this Article&nbsp;III (such cash and certificates
for shares of Central Pacific Common Stock, together with the amount of any
dividends or other distributions payable with respect thereto, being
hereinafter referred to as the &#147;<i><font style="font-style:italic;">Exchange
Fund</font></i>&#148;).</font></h3>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to allocation and proration
in accordance with the provisions of this Section&nbsp;3.03, each record holder
of CB Shares (other than Excluded Shares) issued and outstanding immediately
prior to the Election Deadline (as defined below) shall be entitled (A)&nbsp;to
elect to receive in respect of each such Share (x)&nbsp;Cash Consideration (a &#147;<i><font style="font-style:italic;">Cash Election</font></i>&#148;) or (y)&nbsp;Stock
Consideration (a &#147;<i><font style="font-style:italic;">Stock Election</font></i>&#148;),
or (B)&nbsp;to indicate that such record holder has no preference as to the
receipt of Cash Consideration or Stock Consideration for such CB Shares (a &#147;<i><font style="font-style:italic;">Non-Election</font></i>&#148;).</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elections pursuant to
Section&nbsp;3.03(b)(ii) shall be made on a form and with such other provisions
to be reasonably agreed upon by CB Bancshares and Central Pacific (a &#147;<i><font style="font-style:italic;">Form of Election</font></i>&#148;) to be provided by the
Exchange Agent for that purpose to holders of record of CB Shares (other than
holders of Excluded Shares), together with appropriate transmittal materials,
at the time of mailing to holders of record of CB Shares of the Joint Proxy
Statement (as defined in Section&nbsp;6.03) in connection with the shareholders
meetings referred to in Section&nbsp;6.02.&#160;
Elections shall be made by mailing to the Exchange Agent a duly
completed Form of Election.&#160; To be
effective, a Form of Election must be (x)&nbsp;properly completed, signed and
submitted to the Exchange Agent at its designated office by 5:00 p.m. on the
business day that is two trading days prior to the Closing Date (which date
shall be publicly announced by Central Pacific as soon as practicable but in no
event fewer than 14 days prior to the Closing Date) (the &#147;<i><font style="font-style:italic;">Election Deadline</font></i>&#148;) and (y) accompanied by
the Certificate(s) representing the CB Shares as to which the election is being
made (or by an appropriate guarantee of delivery of such Certificate(s) by a
commercial bank or trust company in the United States or a member of a
registered national security exchange or of the National Association of Securities
Dealers, Inc., <i><font style="font-style:italic;">provided</font></i> that such Certificates are in fact delivered to the
Exchange Agent within three trading days after the date of execution of such
guarantee of delivery).&#160; Central Pacific
shall use its reasonable best efforts, and CB Bancshares shall cooperate</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></h4>


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</font></h4>

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<h4 align="center" style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-align:center;">&nbsp;</h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with Central Pacific, to make a Form of Election
available to all persons who become holders of record of CB Shares (other than
Excluded Shares) between the date of the mailing described in the first
sentence of this Section&nbsp;3.03(b)(iii) and the Election Deadline.&#160; Central Pacific shall determine, which
authority it may delegate in whole or in part to the Exchange Agent, whether
Forms of Election have been properly completed, signed and submitted or
revoked.&#160; The decision of Central
Pacific (or the Exchange Agent, as the case may be) in such matters shall be
conclusive and binding unless manifestly unreasonable.&#160; Neither Central Pacific nor the Exchange
Agent will be under any obligation to notify any person of any defect in a Form
of Election submitted to the Exchange Agent.&#160;
A holder of CB Shares that does not submit an effective Form of Election
prior to the Election Deadline shall be deemed to have made a Non-Election.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An election may be revoked, but only
by written notice received by the Exchange Agent prior to the Election
Deadline.&#160; Any Certificate(s)
representing CB Shares that have been submitted to the Exchange Agent in
connection with an election shall be returned without charge to the holder
thereof in the event such election is revoked as aforesaid and such holder
requests in writing the return of such Certificate(s).&#160; Upon any such revocation, unless a duly
completed Form of Election is thereafter submitted in accordance with paragraph
(b)(iii) of this Section 3.03, such holder shall be deemed to have made a
Non-Election as to those shares.&#160; In the
event that this Agreement is terminated pursuant to the provisions hereof and
any CB Shares have been transmitted to the Exchange Agent pursuant to the
provisions hereof, such CB Shares shall promptly be returned without charge to
the person submitting the same.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that the aggregate
amount of cash to be paid in respect of CB Shares for which a Cash Election is
made (the &#147;<i><font style="font-style:italic;">Cash
Election Shares</font></i>&#148;) exceeds the Aggregate Cash Number, (A) all shares
in respect of which Stock Elections have been made (the &#147;<i><font style="font-style:italic;">Stock Election Shares</font></i>&#148;) and all shares in
respect of which Non-Elections have been made or are deemed to have been made
pursuant to Section 3.01(a)(ii) and this Section 3.03 (&#147;<i><font style="font-style:italic;">Non-Election Shares</font></i>&#148;) shall
be converted into the right to receive Stock Consideration, and (B) all Cash
Election Shares shall be converted into the right to receive Stock
Consideration or Cash Consideration in the following manner:</font></h4>

<h5 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Exchange Agent shall select from
among the Cash Election Shares, by a pro rata selection process as described in
<i><font style="font-style:italic;">Annex 5</font></i>,
a sufficient number of shares (&#147;<i><font style="font-style:italic;">Stock Designated Shares</font></i>&#148;) such that the
aggregate cash amount that will be paid in the Merger equals as closely as
practicable the Aggregate Cash Number, and all Stock Designated Shares shall be
converted into the right to receive Stock Consideration (and cash in lieu of
fractional interests); and</font></h5>

<h5 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Cash Election Shares that are not
Stock Designated Shares shall be converted into the right to receive Cash
Consideration.</font></h5>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that the aggregate number
of shares of Central Pacific Common Stock to be issued in respect of Stock
Election Shares exceeds the Aggregate</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></h4>


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</font></h4>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h4 align="center" style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-align:center;">&nbsp;</h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Number, (A) all Cash Election Shares and all
Non-Election Shares shall be converted into the right to receive Cash
Consideration, and (B) all Stock Election Shares shall be converted into the
right to receive Stock Consideration or Cash Consideration in the following
manner:</font></h4>

<h5 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Exchange Agent shall select from
among the Stock Election Shares, by a pro rata selection process as described
in <i><font style="font-style:italic;">Annex
5</font></i>, a sufficient number of shares (&#147;<i><font style="font-style:italic;">Cash Designated Shares</font></i>&#148;)
such that the aggregate number of shares of Central Pacific Common Stock to be
issued in the Merger equals as closely as practicable the Aggregate Stock
Number, and all Cash Designated Shares shall be converted into the right to receive
Cash Consideration; and</font></h5>

<h5 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Stock Election Shares that are
not Cash Designated Shares shall be converted into the right to receive Stock
Consideration (and cash in lieu of fractional interests).</font></h5>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii) In the event that
both (A) the aggregate number of shares of Central Pacific Common Stock to be
issued in respect of Stock Election Shares is lower than the Aggregate Stock
Number and (B) the aggregate cash to be paid in respect of Cash Election Shares
is lower than the Aggregate Cash Number, then (1) all Stock Election Shares
shall be converted into the right to receive Stock Consideration, (2) all Cash
Election Shares shall be converted into the right to receive Cash Consideration
and (3) Non-Election Shares shall be converted into the right to receive either
Cash Consideration or Stock Consideration (using such equitable proration
process as shall be mutually determined by Central Pacific and CB Bancshares)
such that the aggregate cash amount that will be paid in the Merger equals as
closely as practicable the Aggregate Cash Number.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160; The Exchange Agent, in consultation with
Central Pacific and CB Bancshares, shall make all computations to give effect
to this Section&nbsp;3.03(b).</font></h4>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; As soon as practicable after the Effective
Time, and in no event more than five business days thereafter, the Exchange
Agent shall mail to each holder of record of CB Shares who theretofore has not
submitted such holder&#146;s Certificate or Certificates with a Form of Election, a
form letter of transmittal (which shall specify that delivery shall be
effected, and risk of loss and title to the Certificates shall pass, only upon
delivery of the Certificates to the Exchange Agent) and instructions for use in
effecting the surrender of the Certificates in exchange for the Merger
Consideration.&#160; CB Bancshares shall have
the right to review both the letter of transmittal and the instructions prior
to the Effective Time and provide reasonable comments thereon.&#160; After completion of the allocation procedure
set forth in Section 3.03(b) and upon surrender of a Certificate or
Certificates for exchange and cancellation to the Exchange Agent, together with
a properly executed letter of transmittal or Form of Election, as the case may
be, the holder of such Certificate or Certificates shall be entitled to receive
in exchange therefor (x) a certificate representing that number of whole shares
of Central Pacific Common Stock which such holder of CB Shares became entitled
to receive pursuant to the</font></h3>

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</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provisions hereof and/or (y)
a check representing the aggregate Cash Consideration and/or the amount of cash
in lieu of fractional shares, if any, which such holder became entitled to
receive pursuant to the provisions hereof, and the Certificate or Certificates
so surrendered shall forthwith be cancelled.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; No interest will be paid or accrued on the
Cash Consideration, the cash in lieu of fractional shares or the unpaid
dividends and distributions, if any, payable to holders of Certificates.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; Any portion of the Exchange Fund (including
the proceeds of any investments thereof and any Central Pacific Common Stock)
that remains unclaimed by the former shareholders of CB Bancshares for 180 days
after the Effective Time shall be delivered to Central Pacific.&#160; Any former shareholders of CB Bancshares who
have not theretofore complied with this Article III shall thereafter look only
to Central Pacific for delivery of any certificates for shares of Central Pacific
Common Stock of such shareholders and payment of any cash, dividends and other
distributions in respect thereof payable and/or issuable pursuant to
Section&nbsp;3.01(a) and Section&nbsp;3.04 upon due surrender of their
Certificates (or affidavits of loss in lieu thereof), in each case, without any
interest thereon.&#160; Notwithstanding the
foregoing, none of Central Pacific, CB Bancshares or the Exchange Agent will be
liable to any former holder of CB Bancshares Common Stock for any amount
properly delivered to a public official pursuant to applicable abandoned
property, escheat or similar laws.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event any Certificate shall have
been lost, stolen or destroyed, upon the making of an affidavit of that fact by
the person claiming such Certificate to be lost, stolen or destroyed and, if
required by Central Pacific, the posting by such person of a bond in customary
amount as indemnity against any claim that may be made against it with respect
to such Certificate, the Exchange Agent will issue in exchange for such lost,
stolen or destroyed Certificate the shares of Central Pacific Common Stock and
any cash, unpaid dividends or other distributions that would be payable or
deliverable in respect thereof pursuant to this Agreement had such lost, stolen
or destroyed Certificate been surrendered.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any other provision
hereof, no fractional shares of Central Pacific Common Stock and no
certificates or scrip therefor, or other evidence of ownership thereof, will be
issued in the Merger; instead, Central Pacific will pay to each holder of CB Bancshares
Common Stock who would otherwise be entitled to a fractional share of Central
Pacific Common Stock (after taking into account all Certificates delivered by
such holder) an amount in cash (without interest) determined by multiplying
such fraction by the Measuring Price.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything herein to the
contrary, Certificates surrendered for exchange by any &#147;affiliate&#148; (as
determined pursuant to Section&nbsp;6.07) of CB Bancshares shall not be
exchanged until Central Pacific has received a written agreement from such
person as provided in Section&nbsp;6.07 hereof.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma304distributionswithrespecttounexc">3.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Distributions with Respect to Unexchanged CB Shares;
Voting</font></i></a>.&#160; (a)&nbsp;All
shares of Central Pacific Common Stock to be issued pursuant to the Merger
shall be deemed issued and</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></h3>


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</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outstanding as of the Effective Time and whenever a
dividend or other distribution is declared by Central Pacific in respect of
Central Pacific Common Stock, the record date for which is at or after the
Effective Time, that declaration shall include dividends or other distributions
in respect of all shares issuable pursuant to this Agreement.&#160; No dividends or other distributions in
respect of Central Pacific Common Stock shall be paid to any holder of any
unsurrendered Certificate until such Certificate is surrendered for exchange in
accordance with this Article&nbsp;III.&#160;
Subject to the effect of applicable laws, following surrender of any
such Certificate, there shall be issued and/or paid to the holder of the
certificates representing whole shares of Central Pacific Common Stock issued
in exchange therefor, without interest, (A)&nbsp;at the time of such surrender,
the dividends or other distributions with a record date after the Effective
Time theretofore payable with respect to such whole shares of Central Pacific
Common Stock and not paid and (B)&nbsp;at the appropriate payment date, the
dividends or other distributions payable with respect to such whole shares of
Central Pacific Common Stock with a record date after the Effective Time but
with a payment date subsequent to surrender.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Holders of unsurrendered Certificates
shall be entitled to vote after the Effective Time at any meeting of Central
Pacific shareholders the number of whole shares of Central Pacific Common Stock
represented by such Certificates, regardless of whether such holders have
exchanged their Certificates.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma305antidilutionadjustments">3.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Anti-Dilution
Adjustments</font></i></a>.&#160; In the
event that CB Bancshares changes the number of CB Shares or securities
convertible or exchangeable into or exercisable for CB Shares, or Central
Pacific changes the number of shares of Central Pacific Common Stock or
securities convertible or exchangeable into or exercisable for shares of
Central Pacific Common Stock, issued and outstanding prior to the Effective
Time as a result of a reclassification, stock split (including a reverse stock
split), stock dividend or distribution, recapitalization, merger, subdivision,
issuer tender or exchange offer, or other similar transaction, the Merger
Consideration shall be proportionately and equitably adjusted to account for
such change.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma306stockoptions">3.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Stock Options</font></i></a>.&#160; Subject to any contrary provision in a
Change of Control Agreement or other individual agreement with an optionholder,
at the Effective Time, all outstanding and unexercised employee and director
options to purchase shares of CB Bancshares Common Stock (each, a &#147;<i><font style="font-style:italic;">CB
Bancshares Stock Option</font></i>&#148;) will cease to represent options to
purchase CB Bancshares Common Stock and will be converted automatically into
options to purchase Central Pacific Common Stock (each, a &#147;<i><font style="font-style:italic;">Central Pacific Stock Option</font></i>&#148;),
and Central Pacific will assume each CB Bancshares Stock Option subject to its
terms, including any acceleration in vesting that will occur as a consequence
of the Merger according to the instruments governing the CB Bancshares Stock
Option and including any action to accelerate vesting taken prior to the
Effective Time by the CB Bancshares Board (or committee duly authorized by the
governing instruments); <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that after the
Effective Time:</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the number of shares of Central
Pacific Common Stock purchasable upon exercise of each CB Bancshares Stock
Option will be an amount, rounded to the nearest whole share, equal to the
product of (1) the number of shares of CB Bancshares Common</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></h4>


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</font></h4>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock that were purchasable under the CB Bancshares
Stock Option immediately before the Effective Time and (2) the Stock
Consideration; and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the per share exercise price for each
CB Bancshares Stock Option will be an amount, rounded to the nearest cent,
equal to (1) the per share exercise price of the CB Bancshares Stock Option in
effect immediately before the Effective Time divided by (2) the Stock
Consideration.</font></h4>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, each CB Bancshares
Stock Option that is intended to be an &#147;incentive stock option&#148; (as defined in
Section 422 of the Code) will be adjusted in accordance with the requirements
of Section 424 of the Code.&#160; Accordingly,
with respect to any incentive stock options, fractional shares will be rounded
down to the nearest whole number of shares and, where necessary, the per share
exercise price will be rounded up to the nearest cent.&#160; Before the Effective Time, Central Pacific
will take all corporate action necessary to reserve for issuance a sufficient
number of shares of Central Pacific Common Stock for delivery upon exercise of
Central Pacific Stock Options in accordance with this Section 3.06.&#160; No later than 15 business days after the
Effective Time, Central Pacific will file one or more appropriate registration
statements (on Form S-3 or Form S-8 or any successor or other appropriate
forms) with respect to the Central Pacific Common Stock underlying the Central
Pacific Stock Options described in this Section&nbsp;3.06.</font></p>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleIv"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conduct
of Business Pending Merger</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma401forebearances">4.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Forebearances</font></i></a>.&#160; Central Pacific and CB Bancshares each
agrees that from the date hereof until the Effective Time, except as expressly
contemplated by this Agreement or as Previously Disclosed, without the prior
written consent of the other party (which consent will not be unreasonably
withheld or delayed), it will not, and will cause each of its Subsidiaries not
to:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Ordinary Course</font></i>.&#160; Conduct its business and the business of its Subsidiaries other
than in the ordinary and usual course or fail to use reasonable best efforts to
preserve intact their business organizations and assets and maintain their
rights, franchises and authorizations and their existing relations with
customers, suppliers, employees and business associates, or take any action
reasonably likely to materially impair its ability to perform its obligations
under this Agreement or to consummate the transactions contemplated hereby.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Operations</font></i>.&#160; Enter into any new material line of business or change its
material lending, investment, underwriting, risk and asset liability management
and other material banking, financial and operating policies, except as
required by applicable law, regulation or policies imposed by any Governmental
Authority.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Capital Stock</font></i>.&#160; Other than pursuant to Rights Previously Disclosed and
outstanding on the date hereof, issue, sell or otherwise permit to become
outstanding, or dispose of or encumber or pledge, or authorize or propose the
creation of, any additional shares of its stock or Rights, including issuances
of new shares of CB Bancshares Common Stock under CB</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></h3>


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</font></h3>

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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bancshares&#146; Stock
Compensation Plan and Director Stock Option Plan (&#147;<i><font style="font-style:italic;">CB Bancshares Stock Plans</font></i>&#148;).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Dividends, Distributions and Repurchases</font></i>.&#160; (1) Make, declare, pay or set aside for
payment any dividend on or in respect of, or declare or make any distribution
on any shares of its stock (<i><font style="font-style:italic;">other than</font></i> (A) dividends from its wholly
owned Subsidiaries to it or another of its wholly owned Subsidiaries and (B)
regular quarterly dividends on its common stock at a rate equal to the rate
paid by it during the fiscal quarter immediately preceding the date hereof and,
subject to Section 4.02, at the times consistent with past practice) or
(2)&nbsp;directly or indirectly adjust, split, combine, redeem, reclassify,
purchase or otherwise acquire, any shares of its stock (other than repurchases
of common shares in the ordinary course of business to satisfy obligations
under dividend reinvestment or employee benefit plans).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Dispositions</font></i>.&#160; Sell, transfer, mortgage, encumber or otherwise dispose of or
discontinue any of its assets, deposits, business or properties, except for
sales, transfers, mortgages, encumbrances or other dispositions or
discontinuances in the ordinary course of business consistent with past
practice and in a transaction that, together with other such transactions, is
not material to it and its Subsidiaries, taken as a whole.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Acquisitions</font></i>.&#160; Acquire (other than by way of foreclosures or acquisitions of
control in a fiduciary or similar capacity or in satisfaction of debts
previously contracted in good faith, in each case in the ordinary and usual course
of business consistent with past practice) all or any portion of the assets,
business, deposits or properties of any other entity except in the ordinary
course of business consistent with past practice and in a transaction that,
together with other such transactions, is not material to it and its
Subsidiaries, taken as a whole, and does not present a material risk that the
Closing Date will be delayed or that the Requisite Regulatory Approvals will be
more difficult to obtain.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Constituent Documents</font></i>.&#160; Amend its Constituent Documents or the
Constituent Documents (or similar governing documents) of any of its
Significant Subsidiaries.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Accounting Methods</font></i>.&#160; Implement or adopt any change in its
accounting principles, practices or methods, other than as may be required by
GAAP or applicable regulatory accounting requirements.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Adverse Actions</font></i>.&#160; (1) Take or cause to be taken, or omit to take or cause to be
taken, any action that would, or is reasonably likely to, prevent or impede the
Merger from qualifying as a reorganization within the meaning of Section 368(a)
of the Code or (2) take or cause to be taken, or omit to take or cause to be
taken, any action that is reasonably likely to result in any of the conditions
to the Merger set forth in Article VII not being satisfied promptly, except as
may be required by applicable law or regulation.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Indebtedness</font></i>.&#160; Incur or guarantee any indebtedness for borrowed money or modify
any material indebtedness or other liability, in each case other than in the
ordinary course of business consistent with past practice.</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></h3>


<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Insurance</font></i>.&#160; Fail to maintain insurance coverage in substantially the same
amounts and types as currently maintained on the date hereof.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Litigation</font></i>.&#160; Except in the ordinary course of business consistent with past
practice, settle or compromise any claims or litigation which are material in
terms of amount or precedent.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Benefit Plans</font></i>.&#160; Except as Previously Disclosed, terminate, establish, adopt,
enter into, amend or otherwise modify any Benefit Plan, or increase the salary,
wage, bonus or other compensation of any employees except new grants and awards
and increases occurring in the ordinary and usual course of business (which
shall include normal periodic performance review and related compensation and
benefit increases).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Commitments</font></i>.&#160; Enter into any contract with respect to, or otherwise agree or
commit to do, any of the foregoing.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma402coordinationofdividend">4.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Coordination
of Dividend</font></i></a><i><font style="font-style:italic;">s</font></i>.&#160; Until the Effective Time, Central Pacific
and CB Bancshares will coordinate on the declaration of any dividends or other
distributions with respect to Central Pacific Common Stock and CB Bancshares
Common Stock and the related record dates and payment dates, it being intended
that Central Pacific and CB Bancshares shareholders will not receive more than
one dividend, or fail to receive one dividend, for any single calendar quarter
on their shares of Central Pacific Common Stock or CB Bancshares Common Stock
(including any shares of Central Pacific Common Stock received in exchange
therefor in the Merger), as the case may be.</font></p>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleV"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations
and Warranties</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma501disclosureschedules">5.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Disclosure
Schedules</font></i></a>.&#160; On or before
entry into this Agreement, each of Central Pacific and CB Bancshares delivered
to the other party a schedule (respectively, each schedule a &#147;<i><font style="font-style:italic;">Disclosure
Schedule</font></i>&#148;), setting forth, among other things, items the disclosure
of which is necessary or appropriate either in response to an express
disclosure requirement contained in a provision hereof or as an exception to
one or more representations or warranties contained in Section 5.03 or to one
or more of its covenants contained in Article IV or VI;&#160; <i><font style="font-style:italic;">provided</font></i>, that the mere inclusion of an
item in a Disclosure Schedule as an exception to a representation or warranty
will not be deemed an admission by a party that such item is material or was
required to be disclosed therein.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Ma502standard">5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Standard</font></i></a>.&#160; For all purposes of this Agreement, no
representation or warranty of CB Bancshares or Central Pacific contained in
Section 5.03 (other than the representations and warranties contained in
Section 5.03(b) and 5.03(c), which shall be true in all material respects) will
be deemed untrue, and no party will be deemed to have breached a representation
or warranty, as a consequence of the existence of any fact, event or
circumstance unless such fact, circumstance or event, individually or taken
together with all other facts, events or circumstances inconsistent with any
representation or warranty contained in Section 5.03 (read for this purpose</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">without regard to any individual reference to
&#147;materiality&#148; or &#147;material adverse effect&#148;) has had or is reasonably likely to
have a Material Adverse Effect with respect to CB Bancshares or Central
Pacific, as the case may be.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5.03&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RepresentationsAndWarranties">Representations and Warranties</a></font></i><font size="2" style="font-size:10.0pt;">.&#160; Except as
Previously Disclosed, CB Bancshares hereby represents and warrants to Central
Pacific, and Central Pacific hereby represents and warrants to CB Bancshares,
to the extent applicable, and on behalf of each of its Significant
Subsidiaries, as follows:</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Organization, Standing and Authority</font></i>.&#160; It is a corporation duly organized, validly
existing and in good standing under the laws </font><font size="2" style="font-size:10.0pt;">of</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">the jurisdiction of its incorporation.&#160;
It is duly qualified to do business and is in good standing in all jurisdictions
where its ownership or leasing of property or assets or its conduct of business
requires it to be so qualified.&#160; It has
made available to the other party hereto a complete and correct copy of its
articles of incorporation and bylaws, each as amended to the date hereof and as
in full force and effect as of the date hereof.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><i><font size="2" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CB
Bancshares Stock</font></i><font size="2" style="font-size:10.0pt;">.&#160; In the
case of CB Bancshares:</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The authorized
capital stock of CB Bancshares consists of 50,000,000 shares of CB Bancshares
Common Stock and 25,000,000 shares of CB Bancshares Preferred Stock.&#160; As of the date of this Agreement, no more
than 4,395,096 shares of CB Bancshares Common Stock and no shares of CB
Bancshares Preferred Stock were outstanding.&#160;
The outstanding shares of CB Bancshares Common Stock have been duly
authorized and are validly issued and outstanding, fully paid and
nonassessable, and subject to no preemptive rights (and were not issued in
violation of any preemptive rights).&#160; As
of the date of this Agreement, no more than 309,510 shares of CB Bancshares
Common Stock were subject to CB Bancshares Stock Options granted under CB
Bancshares Stock Plans.&#160; As of the date
of this Agreement, no more than 879,450&nbsp;shares of CB Bancshares Common
Stock were reserved for issuance under the CB Bancshares Stock Plans.&#160; Other than pursuant to the CB Bancshares
Rights Agreements, there are no shares of CB Bancshares Preferred Stock
reserved for issuance.&#160; Except as set
forth above and pursuant to this Agreement, outstanding CB Bancshares Stock
Options, the CB Bancshares Stock Plans and the CB Bancshares Rights Agreements,
as of the date of this Agreement, there are no preemptive or other outstanding
rights, options, warrants, conversion rights, stock appreciation rights,
redemption rights, repurchase rights, agreements, arrangements, calls,
commitments or rights of any kind that obligate CB Bancshares to issue or sell
any shares of capital stock or other securities of CB Bancshares or any
securities or obligations convertible or exchangeable into or exercisable for,
or giving any person a right to subscribe for or acquire, any securities of CB
Bancshares, and no securities or obligations evidencing such rights are
authorized, issued or outstanding.&#160;
Except as Previously Disclosed there are no agreements or understandings
to which it is a party with respect to the voting (including voting </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">20</font></font></p>


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<p style="margin:0in 0in .0001pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">trusts
and proxies) or sale or transfer (including agreements imposing transfer
restrictions) of any shares of capital stock of CB Bancshares.&#160; As of the date of this Agreement, CB
Bancshares has no contractual obligations to redeem, repurchase or otherwise
acquire, or to register with the SEC, any shares of CB Bancshares Stock.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Central Pacific Stock</font></i>.&#160; In the case of Central Pacific:</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The authorized capital stock of Central Pacific consists of 50,000,000
shares of Central Pacific Common Stock and 1,000,000 shares of Central Pacific
Preferred Stock.&#160; As of the date of this
Agreement, no more than 16,096,607 shares of Central Pacific Common Stock and
no shares of Central Pacific Preferred Stock were outstanding.&#160; The outstanding shares of Central Pacific
Common Stock have been duly authorized and are validly issued and outstanding,
fully paid and nonassessable, and subject to no preemptive rights (and were not
issued in violation of any preemptive rights).&#160;
As of the date of this Agreement, no more than 779,264 shares of Central
Pacific Common Stock were subject to Central Pacific Stock Options granted
under the Central Pacific Stock Plan.&#160;
As of the date of this Agreement, there were no more than
1,010,543&nbsp;shares of Central Pacific Common Stock reserved for issuance
under the Central Pacific Stock Plan.&#160;
Other than pursuant to the Central Pacific Rights Agreement, there are
no shares of CB Bancshares Preferred Stock reserved for issuance.&#160; Except as set forth above and pursuant to
this Agreement, outstanding Central Pacific Stock Options, the Central Pacific
Stock Plan and the Central Pacific Rights Agreement, as of the date of this
Agreement, there are no preemptive or other outstanding rights, options,
warrants, conversion rights, stock appreciation rights, redemption rights,
repurchase rights, agreements, arrangements, calls, commitments or rights of
any kind that obligate Central Pacific to issue or sell any shares of capital
stock or other securities of Central Pacific or any securities or obligations
convertible or exchangeable into or exercisable for, or giving any person a
right to subscribe for or acquire, any securities of Central Pacific, and no
securities or obligations evidencing such rights are authorized, issued or
outstanding.&#160; Except as Previously
Disclosed there are no agreements or understandings to which it is a party with
respect to the voting (including voting trusts and proxies) or sale or transfer
(including agreements imposing transfer restrictions) of any shares of capital
stock of Central Pacific.&#160; As of the
date of this Agreement, Central Pacific has no contractual obligations to
redeem, repurchase or otherwise acquire, or to register with the SEC, any
shares of Central Pacific Stock.&#160; The
shares of Central Pacific Common Stock to be issued in the Merger, when so
issued in accordance with this Agreement, will have been duly authorized and
validly issued and will be fully paid and nonassessable and not subject to any,
and not issued in violation of, preemptive rights.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Significant
Subsidiaries</font></i>.&#160; (1) (A)&#160;&#160;&#160;&#160;&#160; It owns, directly or indirectly, all the
outstanding equity securities of each of its Significant Subsidiaries free and
clear of any Liens, </font></h3>

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<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B) no equity securities of any of its Significant Subsidiaries are or
may become required to be issued (other than to it or its wholly owned
Subsidiaries) by reason of any Right or otherwise, (C) there are no contracts,
commitments, understandings or arrangements by which any of such Significant
Subsidiaries is or may be bound to sell or otherwise transfer any equity
securities of any such Significant Subsidiaries (other than to it or its
wholly-owned Subsidiaries), (D) there are no contracts, commitments,
understandings, or arrangements relating to its rights to vote or to dispose of
such securities and (E) all the equity securities of each Significant Subsidiary
held by it or its Subsidiaries have been duly authorized and are validly issued
and outstanding, fully paid and nonassessable (except as provided in state laws
relating to deficiency in capital stock of bank Subsidiaries).&#160; A true and complete list of its Significant
Subsidiaries as of the date hereof is set forth in Section 5.03(d) of its
Disclosure Schedule.</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of its Significant Subsidiaries
has been duly organized and is validly existing in good standing under the laws
of the jurisdiction of its organization, and is duly qualified to do business
and in good standing in all jurisdictions where its ownership or leasing of
property or its conduct of business requires it to be so qualified.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Power</font></i>.&#160;
It and each of its Subsidiaries has the corporate (or comparable) power
and authority to carry on its business as it is now being conducted and to own
all its properties and assets; and it has the corporate (or comparable) power
and authority to execute, deliver and perform its obligations under this
Agreement and to consummate the transactions contemplated hereby.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Authority</font></i>.&#160; Subject only to receipt of the affirmative vote of the holders of
three-fourths of the outstanding shares of Central Pacific Common Stock or CB
Bancshares Common Stock, as the case may be, to approve the plan of merger
contained in this Agreement, this Agreement and the transactions contemplated
hereby have been authorized by all necessary corporate action on its part.&#160; This Agreement is its valid and legally
binding obligation, enforceable in accordance with its terms (except as
enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and similar laws of general
applicability relating to or affecting creditors&#146; rights or by general equity
principles).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Adoption and Approval</font></i>.&#160; Its board of directors adopted this
Agreement and the plan of merger it contains and adopted resolutions
recommending as of the date hereof to its shareholders approval of the plan of
merger contained in this Agreement and any other matters required to be
approved or adopted in order to effect the Merger and other transactions
contemplated by this Agreement.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Regulatory
Approvals; No Defaults</font></i>.&#160; (1)
No consents or approvals of, or filings or registrations with, any Governmental
Authority or with any third party are required to be made or obtained by it or
any of its Subsidiaries in connection with the execution, delivery or
performance by it of this Agreement or to consummate the Merger except for (A)
filings of applications and notices with, receipt of approvals or nonobjections
from, and expiration of the related waiting period required by foreign, federal
and state banking authorities, including</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">22</font></font></h3>


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<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applications and notices under the Bank Holding Company Act of 1956 and
an application to the Commissioner, (B) filing of the Registration Statement
and Joint Proxy Statement with the SEC, and declaration by the SEC of the
Registration Statement&#146;s effectiveness under the Securities Act, (C) receipt of
the applicable shareholder approvals described in Section 5.03(f), (D) filing
of the Articles of Merger and (E) such filings with applicable securities
exchanges to obtain the authorizations for listing contemplated by this
Agreement.</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to receipt
of the regulatory consents and approvals referred to in the preceding
paragraph, and the expiration of related waiting periods, and required filings
under federal and state securities laws, the execution, delivery and
performance of this Agreement and the consummation of the transactions
contemplated hereby do not and will not (A) constitute a breach or violation
of, or a default under, or give rise to any Lien or any acceleration of
remedies, penalty, increase in material benefit payable or right of termination
under, any law, rule or regulation or any judgment, decree, order, governmental
permit or license, or agreement, indenture or instrument of it or of any of its
Subsidiaries or to which it or any of its Subsidiaries or properties is subject
or bound, (B) constitute a breach or violation of, or a default under, its
Constituent Documents or (C) require any consent or approval under any such
law, rule, regulation, judgment, decree, order, governmental permit or license,
agreement, indenture or instrument.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Financial
Reports and Regulatory Documents; Material Adverse Effect</font></i>.&#160; (1) Its Annual Reports on Form 10-K for the
fiscal years ended December 31, 2002 and 2003, and all other reports,
registration statements, definitive proxy statements or information statements
filed by it or any of its Subsidiaries subsequent to December 31, 2001 under
the Securities Act, or under Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act, in the form filed (collectively, its &#147;<i><font style="font-style:italic;">Company Reports</font></i>&#148;) with the SEC as of the
date filed, (A) complied in all material respects as to form with the
applicable requirements under the Securities Act or the Exchange Act, as the
case may be, and (B) did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; and each of the statements of financial position contained
in or incorporated by reference into any such Company Report (including the
related notes and schedules) fairly presented in all material respects its
financial position and that of its Subsidiaries as of the date of such
statement, and each of the statements of income and changes in shareholders&#146;
equity and cash flows or equivalent statements in such Company Reports
(including any related notes and schedules thereto) fairly presented in all
material respects, the results of operations, changes in shareholders&#146; equity
and changes in cash flows, as the case may be, of it and its Subsidiaries for
the periods to which those statements relate, in each case in accordance with
GAAP consistently applied during the periods involved, except in each case as may
be noted therein, and subject to normal year-end audit adjustments and as
permitted by Form 10-Q in the case of unaudited statements.</font></h3>

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<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">23</font></font></h3>


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<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth
in the Company Reports filed prior to the date hereof, since December 31, 2003,
it and its Subsidiaries have not incurred any liability other than in the
ordinary course of business consistent with past practice.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth
in the Company Reports filed prior to the date hereof, since December 31, 2003,
(A) it and its Subsidiaries have conducted their respective businesses in the
ordinary and usual course consistent with past practice (excluding the
incurrence of expenses related to this Agreement and the transactions
contemplated hereby) and (B) no event has occurred or circumstance arisen that,
individually or taken together with all other facts, circumstances and events
(described in any paragraph of Section 5.03 or otherwise), has had or is
reasonably likely to have a Material Adverse Effect with respect to it.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is in compliance
in all material respects with (A) the applicable provisions of the
Sarbanes-Oxley Act of 2002 (the &#147;<i><font style="font-style:italic;">Sarbanes-Oxley Act</font></i>&#148;) and (B) the
applicable listing and corporate governance rules and regulations of the NYSE
or NASDAQ, as the case may be.&#160; Except
as permitted by the Exchange Act, including, without limitation, Sections
13(k)(2) and (3), since the enactment of the Sarbanes-Oxley Act, neither it nor
any of its Subsidiaries has made, arranged or modified (in any material way)
personal loans to any executive officer or director of it or its Subsidiaries.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It (A) has designed
disclosure controls and procedures or caused such disclosure controls and
procedures to be designed to ensure that material information relating to it,
including its consolidated Subsidiaries, is made known to the management of it
by others within those entities, and (B) has disclosed, based on its most
recent evaluation prior to the date hereof, to its auditors and the audit
committee of its board of directors (1) any significant deficiencies in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect in any material respect its ability to
record, process, summarize and report financial information and (2) any fraud
known to it, whether or not material, that involves management or other
employees who have a significant role in its internal control over financial
reporting.&#160; It has made available to the
other party a summary of any such disclosure made to its auditors and audit
committee since January&nbsp;1, 2002.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Litigation</font></i>.
Except as Previously Disclosed or set forth in its Company Reports filed prior
to the date hereof, there is no suit, action, investigation or proceeding pending
or, to its knowledge, threatened against or affecting it or any of its
Subsidiaries (and it is not aware of any basis for any such suit, action or
proceeding) that, individually or in the aggregate, is (1) material to it and
its Subsidiaries, taken as a whole, or (2) that is reasonably likely to prevent
or delay it in any material respect from performing its obligations under, or
consummating the transactions contemplated by, this Agreement.</font></h3>

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<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Regulatory Matters</font></i>.&#160; It is a bank holding company, as defined in
Section 2(a) of the Bank Holding Company Act of 1956, as amended.&#160; Neither it nor any of its Subsidiaries is
subject to, or has been advised that it is reasonably likely to become subject
to, any written order, decree, agreement, memorandum of understanding or
similar arrangement with, or a commitment letter or similar submission to, or
extraordinary supervisory letter from, or adopted any extraordinary board
resolutions at the request of, any Governmental Authority charged with the
supervision or regulation of financial institutions or issuers of securities or
engaged in the insurance of deposits or the supervision or regulation of it or
any of its Subsidiaries (collectively, the &#147;<i><font style="font-style:italic;">Regulatory Authorities</font></i>&#148;).&#160; It knows of no reason relating to it that is
reasonably likely to prevent or delay the parties from obtaining all Requisite
Regulatory Approvals, or result in the imposition of a condition or conditions
on such approval, or otherwise prevent or delay it in any material respect from
performing its obligations under, or consummating the transactions contemplated
by, this Agreement.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Compliance with Laws</font></i>.&#160; It and each of its Subsidiaries:</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; conducts its
business in compliance with all applicable federal, state, local and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders or decrees
applicable thereto or to the employees conducting such businesses, including,
without limitation, the Equal Credit Opportunity Act, the Fair Housing Act, the
Community Reinvestment Act, the Home Mortgage Disclosure Act and all other
applicable fair lending laws and other laws relating to discriminatory business
practices, and the Bank Secrecy Act;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has all permits,
licenses, authorizations, orders and approvals of, and has made all filings,
applications and registrations with, all Governmental Authorities that are
required in order to permit them to own or lease their properties and to
conduct their businesses as presently conducted; all such permits, licenses,
certificates of authority, orders and approvals are in full force and effect
and, to its knowledge, no suspension or cancellation of any of them is
threatened; and</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has received, since
December 31, 2001, no written notification from any Governmental Authority (A)
asserting that it or any of its Subsidiaries is not in compliance with any of
the statutes, regulations or ordinances which such Governmental Authority
enforces or (B) threatening to revoke any license, franchise, permit or governmental
authorization.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Material
Contracts; Defaults</font></i>.&#160; (1)
Except for those agreements and other documents filed as exhibits to its
Company Reports, neither it nor any of its Subsidiaries is a party to, bound by
or subject to any agreement, contract, arrangement, commitment or understanding
(whether written or oral) (A) that is a &#147;material contract&#148; within the meaning
of Item 601(b)(10) of the SEC&#146;s Regulation S-K, (B) that restricts the conduct
of business by it or any of its Subsidiaries or its or their ability to compete
in any line of business or its ability to </font></h3>

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<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consummate the transactions
contemplated hereby on a timely basis or (C) with respect to employment of an
officer, director or consultant.</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither it nor any
of its Subsidiaries is in default under any material contract, agreement,
commitment, arrangement, lease, insurance policy or other instrument to which
it is a party, by which its respective assets, business, or operations may be
bound or affected, or under which it or its respective assets, business, or
operations receives benefits, and there has not occurred any event that, with
the lapse of time or the giving of notice or both, would constitute such a
default.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Employee Benefit Plans</font></i>.&#160; (1)&#160;
All material benefit and compensation plans, contracts, policies or
arrangements covering its current employees or former employees and those of
its Subsidiaries (its &#147;<i><font style="font-style:italic;">Employees</font></i>&#148;) and its current or former
directors, including, but not limited to, &#147;employee benefit plans&#148; within the
meaning of Section 3(3) of ERISA, and deferred compensation, stock option,
stock purchase, stock appreciation rights, stock based, incentive and bonus
plans (its &#147;<i><font style="font-style:italic;">Benefit
Plans</font></i>&#148;), are Previously Disclosed.&#160;
True and complete copies of all Benefit Plans, including, but not
limited to, any trust instruments and insurance contracts and, with respect to
any employee stock ownership plan, loan agreements forming a part of any
Benefit Plans, and all amendments thereto, have been made available to the
other party.</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All Benefit Plans, other than
&#147;multiemployer plans&#148; within the meaning of Section 3(37) of ERISA, covering
its Employees (its &#147;<i><font style="font-style:italic;">Plans</font></i>&#148;), are in substantial compliance
with ERISA, the Code and other applicable laws.&#160; Each of its Plans which is an &#147;employee pension benefit plan&#148;
within the meaning of Section 3(2) of ERISA (&#147;<i><font style="font-style:italic;">Pension Plan</font></i>&#148;), and which is
intended to be qualified under Section 401(a) of the Code has received a
favorable determination letter from the Internal Revenue Service covering all
tax law changes prior to the Economic Growth and Tax Relief Reconciliation Act
of 2001, and it is not aware of any circumstances reasonably likely to result
in the loss of the qualification of such Plan under Section&nbsp;401(a) of the
Code.&#160; Each voluntary employees&#146;
beneficiary association within the meaning of Section 501(c)(9) of the Code has
(i)&nbsp;received an opinion letter from the Internal Revenue Service
recognizing its exempt status under Section 501(c)(9) of the Code and
(ii)&nbsp;filed a timely notice with the Internal Revenue Service pursuant to
Section 505(c) of the Code, and it is not aware of circumstances likely to
result in the loss of the exempt status of such Plan under Section 501(c)(9) of
the Code.&#160; There is no material pending
or, to the knowledge of CB Bancshares or Central Pacific, as the case may be,
threatened litigation relating to its Plans.&#160;
Neither it nor any of its Subsidiaries has engaged in a transaction with
respect to any of its Plans that, assuming the taxable period of such
transaction expired as of the date hereof, could subject it or any of its
Subsidiaries to a tax or penalty imposed by either Section 4975 of the Code or
Section 502(i) of ERISA in an amount which would be material.&#160; Neither it nor its Subsidiaries has incurred
or reasonably expects to incur a material tax or penalty imposed by Section
4980F of the Code or Section 502 of ERISA.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">26</font></font></p>


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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No liability under
Subtitle C or D of Title IV of ERISA has been or is reasonably expected to be
incurred by it or any of its Subsidiaries with respect to any ongoing, frozen
or terminated &#147;single-employer plan&#148;, within the meaning of Section 4001(a)(15)
of ERISA, currently or formerly maintained by any of them, or the
single-employer plan of any entity which is considered one employer with it
under Section 4001 of ERISA or Section 414 of the Code (an &#147;<i><font style="font-style:italic;">ERISA
Affiliate</font></i>&#148;).&#160; None of it, any
of its Subsidiaries or any of its ERISA Affiliates has contributed to a
&#147;multiemployer plan&#148;, within the meaning of Section 3(37) of ERISA, at any time
during the six years immediately preceding the date hereof.&#160; No notice of a &#147;reportable event&#148;, within
the meaning of Section 4043 of ERISA for which the 30-day reporting requirement
has not been waived or extended, other than pursuant to Pension Benefit
Guaranty Corporation (&#147;<i><font style="font-style:italic;">PBGC</font></i>&#148;) Reg. Section 4043.66, has been
required to be filed for any of its Pension Plans or by any of its ERISA
Affiliates within the 12-month period ending on the date hereof or will be
required to be filed solely as a result of the transactions contemplated by
this Agreement.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All contributions
required to be made under the terms of any of its Benefit Plans have been
timely made and all obligations in respect of any of its Plans have been
properly accrued and reflected in the most recent consolidated balance sheet
filed or incorporated by reference in the Company Reports prior to the date
hereof.&#160; None of its Pension Plans or
any single-employer plan of any of its ERISA Affiliates has an &#147;accumulated
funding deficiency&#148; (whether or not waived) within the meaning of Section 412
of the Code or Section 302 of ERISA and none of its ERISA Affiliates has an
outstanding funding waiver.&#160; It is not
reasonably anticipated that required minimum contributions to any Pension Plan
under Section&nbsp;412 of the Code will be materially increased by application
of Section&nbsp;412(l) of the Code.&#160;
Neither it nor any of its Subsidiaries has provided, or is required to
provide, security to any of its Pension Plans or to any single-employer plan of
any of its ERISA Affiliates pursuant to Section 401(a)(29) of the Code.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under each of its
Pension Plans which is a single-employer plan, as of the last day of the most
recent plan year ended prior to the date hereof, the actuarially determined
present value of all &#147;benefit liabilities&#148;, within the meaning of Section
4001(a)(16) of ERISA (as determined on the basis of the actuarial assumptions
contained in such Plan&#146;s most recent actuarial valuation), did not exceed the
then current value of the assets of such Plan, and there has been no material
change in the financial condition of such Plan since the last day of the most
recent plan year.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the date hereof, there is no material
pending or, to its knowledge threatened, litigation relating to its Benefit
Plans.&#160; Neither it nor any of its
Subsidiaries has any obligations for retiree health and life benefits under any
Benefit Plan or collective bargaining agreement.&#160; It or its Subsidiaries may amend</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">27</font></font></p>


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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or terminate any such Benefit Plan at any time without
incurring any liability thereunder other than in respect of claims incurred
prior to such amendment or termination.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There has been no
amendment to, announcement by it or any of its subsidiaries relating to, or
change in employee participation or coverage under, any Benefit Plan which
would increase materially the expense of maintaining such Plan above the level
of the expense incurred therefor for the most recent fiscal year.&#160; Neither its execution of this Agreement, the
performance of its obligations hereunder, the consummation of the transactions
contemplated by this Agreement, the termination of the employment of any of its
employees within a specified time of the Effective Time nor shareholder
approval of the transactions covered by this Agreement, will (x)&nbsp;limit its
right (or the Surviving Corporation&#146;s right), in its sole discretion, to
administer or amend in any respect or terminate any of its Benefit Plans or any
related trust, (y)&nbsp;entitle any of its employees or any employees of its
Subsidiaries to severance pay or any increase in severance pay, or
(z)&nbsp;accelerate the time of payment or vesting or trigger any payment or
funding (through a grantor trust or otherwise) of compensation or benefits
under, increase the amount payable or trigger any other material obligation
pursuant to, any of its Benefit Plans.&#160;
To the best of CB Bancshares&#146; knowledge, the documents previously
provided to Central Pacific setting forth the &#147;parachute payments&#148; to
&#147;disqualified individuals&#148; (as those terms are defined in Section 280G of the
Code) accurately identify the individuals who would be considered disqualified
individuals receiving parachute payments and accurately quantify the total
amount of the parachute payments such individuals would receive.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Environmental Matters</font></i>.&#160; To its knowledge, except as disclosed in its
Company Reports filed prior to the date hereof or Previously Disclosed, any
property currently owned or operated by it or any of its Subsidiaries
(including in a fiduciary capacity):&#160;
(i)&nbsp;is in substantial compliance with all applicable Environmental
Laws; (ii)&nbsp;is not the subject of any pending written notice from any Governmental
Authority alleging the violation of any applicable Environmental Law; (iii) is
not currently subject to any court order, administrative order or decree
arising under any Environmental Law; (iv)&nbsp;has not been used for the
disposal of Hazardous Substances; and (v) has not had any emissions or
discharges of Hazardous Substances except as permitted under applicable
Environmental Law.</font></h3>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein, the term &#147;Environmental Law&#148; means any
applicable law, regulation, code, license, judgment, order, decree, permit, or
injunction from any Governmental Authority relating to:&#160; (A) the protection of the environment
(including air, water, soil and natural resources) or (B) the handling, use,
disposal, release or storage of any Hazardous Substance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein,
the term &#147;Hazardous Substance&#148; means any substance that is listed, defined,
designated or classified as hazardous, toxic or radioactive under any
applicable Environmental Law including petroleum and any derivative or
by-products thereof.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">28</font></font></p>


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<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Taxes</font></i>.&#160; (1) All material Tax Returns that are
required to be filed (taking into account any extensions of time within which
to file) by or with respect to it and its Subsidiaries have been duly and
timely filed, and all such Tax Returns are complete and accurate in all
material respects, (2)&nbsp;all material Taxes shown to be due on the Tax
Returns referred to in clause (1) or that are otherwise due and payable have
been paid in full, (3)&nbsp;all material Taxes that it or any of its
Subsidiaries is obligated to withhold from amounts owing to any employee,
creditor or third party have been paid over to the proper Governmental
Authority in a timely manner, to the extent due and payable, and (4)&nbsp;no
extensions or waivers of statutes of limitation have been given by or requested
with respect to any of its U.S. federal income taxes or those of its
Subsidiaries that have not since been paid.&#160;
It has made provision in accordance with GAAP, in the financial
statements included in the Company Reports filed before the date hereof, for
all Taxes not yet due that accrued on or before the end of the most recent
period covered by its Company Reports filed before the date hereof.&#160; Neither it nor any of its Subsidiaries is a
party to any Tax allocation or sharing agreement or is or has been a member of
an affiliated group filing consolidated or combined Tax Returns (other than a
group over which it is or was the common parent).&#160; As of the date hereof, neither it nor any of its Subsidiaries has
any reason to believe that any conditions exist that could reasonably be
expected to prevent or impede the Merger from qualifying as a reorganization
within the meaning of Section 368(a) of the Code.&#160; No Liens for Taxes exist with respect to any of its assets or
properties or those of its Subsidiaries, except for statutory Liens for Taxes
not yet due and payable or that are being contested in good faith and reserved
for in accordance with GAAP.&#160; Neither it
nor any of its Subsidiaries has been a party to any distribution occurring
during the last three years in which the parties to such distribution treated
the distribution as one to which Section 355 of the Code applied.&#160; It has made available to the other party
true and correct copies of the U.S. federal income Tax Returns filed by it and
its Subsidiaries for each of the three most recent fiscal years ended on or
before December 31, 2003.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Labor Matters</font></i>.&#160; Neither it nor any of its Subsidiaries is a party to or otherwise
bound by any collective bargaining agreement, contract or other agreement or
understanding with a labor union or labor organization, nor, as of the date
hereof, is it or any of its Subsidiaries the subject of any material proceeding
asserting that it or any of its Subsidiaries has committed an unfair labor
practice or is seeking to compel it to bargain with any labor union or labor
organization nor is there pending or, to the knowledge of its executive
officers, threatened, nor has there been for the past five years, any labor
strike, dispute, walk-out, work stoppage, organizational effort, slow-down or
lockout involving it or any of its Subsidiaries.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Books and Records</font></i>.&#160; Its books and records and those of its
Subsidiaries have been fully, properly and accurately maintained in all material
respects, and there are no material inaccuracies or discrepancies of any kind
contained or reflected therein.</font></h3>

<h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Financial
Advisors, Etc</font></i>.&#160; None of it,
its Subsidiaries or any of their officers, directors or employees has employed
any broker or finder or incurred any liability for any brokerage fees,
commissions or finder&#146;s fees in connection with the transactions contemplated
herein, except that, in connection with this Agreement, Central Pacific has
retained Bear, Stearns&nbsp;&amp; Co. Inc.,</font>  <font size="2" style="font-size:10.0pt;">as its financial advisor and
CB Bancshares has retained Sandler O&#146;Neill &amp; Partners, L.P.,</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">29</font></font></h3>


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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as its financial advisor,
the respective engagement letters with which have been provided to the other
party prior to the date hereof.&#160; As of
the date hereof:</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CB Bancshares has
received a written opinion of Sandler O&#146;Neill &amp; Partners, L.P., to the
effect that the Merger Consideration is fair from a financial point of view to
holders of CB Bancshares Common Stock.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Central Pacific has
received a written opinion of Bear, Stearns &amp; Co. Inc., to the effect that
the Merger Consideration is fair from a financial point of view to Central
Pacific and holders of Central Pacific Common Stock.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Takeover Laws and Provisions</font></i>.&#160; It has taken all action required to be taken
by it in order to exempt this Agreement and the transactions contemplated
hereby from, and this Agreement and the transactions contemplated hereby are
exempt from, the requirements of any &#147;moratorium&#148;, &#147;control share&#148;, &#147;fair
price&#148;, &#147;affiliate transaction&#148;, &#147;business combination&#148; or other antitakeover
laws and regulations of any state (collectively, &#147;<i><font style="font-style:italic;">Takeover Laws</font></i>&#148;), including
the HCSAS and Chapter 417E of the Hawaii Revised Statutes.&#160; It has taken all action required to be taken
by it in order to make this Agreement and the transactions contemplated hereby
comply with, and this Agreement and the transactions contemplated hereby do
comply with, the requirements of any Articles, Sections or provisions of its
Constituent Documents concerning &#147;business combination&#148;, &#147;fair price&#148;, &#147;voting
requirement&#148;, &#147;constituency requirement&#148; or other related provisions
(collectively, &#147;<i><font style="font-style:italic;">Takeover Provisions</font></i>&#148;).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Rights Agreements</font></i>.&#160; As to CB Bancshares only, the CB Bancshares
Rights will not separate from the CB Shares or become exercisable solely as a
result of entering into this Agreement or consummation of the Merger and the
other transactions contemplated hereby.&#160;
As of the Effective Time, neither CB Bancshares nor Central Pacific will
have any obligations under the Rights or the Rights Agreements solely as a
result of consummation of the Merger in accordance with the terms set forth
herein.</font></h3>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleVi"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covenants</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ReasonableBestEfforts"><i><font style="font-style:italic;">Reasonable Best
Efforts</font></i></a>.&#160; Subject to the
terms and conditions of this Agreement, Central Pacific and CB Bancshares will
use all reasonable best efforts to take, or cause to be taken, in good faith,
all actions, and to do, or cause to be done, all things necessary, proper or
desirable, or advisable under applicable laws, so as to permit consummation of
the Merger as promptly as practicable and otherwise to enable consummation of
the transactions contemplated hereby, and each will cooperate fully with, and
furnish information to, the other party to that end.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ShareholderApprovals"><i><font style="font-style:italic;">Shareholder Approvals</font></i></a>. (a) Each of Central Pacific and
CB Bancshares will take, subject to and in accordance with applicable law and
its respective Constituent Documents, all action necessary to convene a meeting
of its shareholders (including any adjournment or postponement, the &#147;<i><font style="font-style:italic;">Central
Pacific Meeting</font></i>&#148; and the &#147;<i><font style="font-style:italic;">CB Bancshares Meeting</font></i>&#148;, respectively), as
promptly as practicable, to consider and vote upon the plan of merger contained
in this </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">30</font></font></p>


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</font></div>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement as well
as any other matters required to be approved by such party&#146;s shareholders for
consummation of the Merger.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the Central Pacific Board and the CB Bancshares
Board shall recommend approval of the plan of merger contained in this
Agreement&#160; and shall take all lawful
action to solicit such approval; <i><font style="font-style:italic;">provided, however</font></i>, if either the CB
Bancshares Board or the Central Pacific Board, after consultation with (and
based on the advice of) counsel, determines in good faith that it would result
in a violation of its fiduciary duties under applicable law to continue to
recommend the plan of merger set forth in this Agreement, then in submitting
the plan of merger to its shareholders, such board of directors may, to the
extent permitted by applicable Hawaii law, submit the plan of merger to its
shareholders without recommendation (although the resolutions adopting this
Agreement as of the date hereof, described in Section 6.02(a) may not be
rescinded or amended), in which event such board of directors may communicate the
basis for its lack of recommendation to the shareholders of Central Pacific or
CB Bancshares, as the case may be, in the Joint Proxy Statement or an
appropriate amendment or supplement thereto to the extent required by law; <i><font style="font-style:italic;">provided</font></i>
that if the CB Bancshares Board has determined not to recommend approval of the
plan of merger contained in this Agreement because it has received an
Acquisition Proposal that it concludes in good faith constitutes a Superior
Proposal and that continuing to recommend the plan of merger set forth in this
Agreement would result in a violation of its fiduciary duties, the CB
Bancshares Board may not take any actions under this sentence until after
giving Central Pacific at least five business days to respond to such
Acquisition Proposal (and after giving Central Pacific notice of the latest
material terms, conditions and third party in the Acquisition Proposal) and
then taking into account any amendment or modification to this Agreement
proposed by Central Pacific within such five business day period.</font></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="SecFilings"><i><font style="font-style:italic;">SEC
Filings</font></i></a>.&#160; (a) Central
Pacific and CB Bancshares will cooperate in ensuring that all filings required
under SEC Rules 165, 425 and 14a-12 are timely and properly made.&#160; Central Pacific also will prepare an
amendment to its registration statement on Form S-4 or other applicable form
(the &#147;<i><font style="font-style:italic;">Registration
Statement</font></i>&#148;) to be promptly filed by Central Pacific with the SEC in
connection with the issuance of Central Pacific Common Stock in the Merger, and
the parties will jointly prepare the joint proxy statement and prospectus and
other proxy solicitation materials of Central Pacific and CB Bancshares
constituting a part thereof (the &#147;<i><font style="font-style:italic;">Joint Proxy Statement</font></i>&#148;) and all related
documents.&#160; The parties agree to
cooperate, and to cause their Subsidiaries to cooperate, with the other party,
its counsel and its accountants, in the preparation of the Registration
Statement and the Joint Proxy Statement; and <i><font style="font-style:italic;">provided</font></i> that both parties
and their respective Subsidiaries have cooperated as required above, Central
Pacific and CB Bancshares agree to file the Registration Statement, including
the Joint Proxy Statement in preliminary form, with the SEC as promptly as
reasonably practicable.&#160; Each of Central
Pacific and CB Bancshares will use all reasonable best efforts to cause the
Registration Statement to be declared effective under the Securities Act as
promptly as reasonably practicable after filing thereof.&#160; Central Pacific also agrees to use all
reasonable best efforts to obtain all necessary state securities law or &#147;Blue
Sky&#148; permits and approvals required to carry out the transactions contemplated
by this Agreement.&#160; CB Bancshares agrees
to furnish to Central Pacific all </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">31</font></font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">information concerning CB Bancshares, its
Subsidiaries, officers, directors and shareholders as may be reasonably
requested in connection with the foregoing.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Central Pacific and CB Bancshares
each agrees, as to itself and its Subsidiaries, that none of the information
supplied or to be supplied by it for inclusion or incorporation by reference in
(1) the Registration Statement will, at the time the Registration Statement and
each amendment or supplement thereto, if any, becomes effective under the
Securities Act, contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading and (2) the Joint Proxy Statement and any
amendment or supplement thereto will, at the date of mailing to shareholders
and at the time of the Central Pacific Meeting or the CB Bancshares Meeting, as
the case may be, contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which such statement was made,
not misleading.&#160; Central Pacific and CB
Bancshares each further agrees that if it becomes aware that any information
furnished by it would cause any of the statements in the Joint Proxy Statement
or the Registration Statement to be false or misleading with respect to any
material fact, or to omit to state any material fact necessary to make the
statements therein not false or misleading, to promptly inform the other party
thereof and to take appropriate steps to correct the Joint Proxy Statement or
the Registration Statement.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Central Pacific will advise CB
Bancshares, promptly after Central Pacific receives notice thereof, of the time
when the Registration Statement has become effective or any supplement or
amendment has been filed, of the issuance of any stop order or the suspension
of the qualification of Central Pacific Common Stock for offering or sale in
any jurisdiction, of the initiation or threat of any proceeding for any such
purpose, or of any request by the SEC for the amendment or supplement of the
Registration Statement or for additional information.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="PressReleases"><i><font style="font-style:italic;">Press Releases</font></i></a>.&#160; Central Pacific and CB Bancshares will
consult with each other before issuing any press release or written shareholder
communication with respect to the Merger or this Agreement and will not issue
any such communication or make any such public statement without the prior
consent of the other party, which will not be unreasonably withheld or delayed;
<i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>,
that a party may, without the prior consent of the other party (but after prior
consultation, to the extent practicable in the circumstances), issue such
communication or make such public statement as may be required by applicable
law or securities exchange or NASDAQ rules.&#160;
Central Pacific and CB Bancshares will cooperate to develop all public
communications and make appropriate members of management available at
presentations related to the transactions contemplated by this Agreement as
reasonably requested by the other party.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Access"><i><font style="font-style:italic;">Access</font></i></a><i><font style="font-style:italic;">; Information</font></i>.&#160; (a)&#160; Each of Central
Pacific and CB Bancshares agrees that upon reasonable notice and subject to
applicable laws relating to the exchange of information, it will (and will
cause its Subsidiaries to) afford the other party, and the other party&#146;s
officers, employees, counsel, accountants and other authorized Representatives,
such access during normal business hours throughout the period before the
Effective Time to the books, records (including, without limitation, Tax
Returns and work papers of independent auditors), properties,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">32</font></font></p>


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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">personnel and such other information as such other
party may reasonably request and, during such period, it will furnish promptly
to such other party (1) a copy of each report, schedule and other document
filed by it pursuant to the requirements of federal or state securities or
banking laws, and (2) all other information concerning the business, properties
and personnel of it as the other may reasonably request.&#160; Neither party nor any of its Subsidiaries
will be required to afford access or disclose information that would jeopardize
attorney-client privilege, contravene any binding agreement with any third
party or violate any law or regulation.&#160;
The parties will make appropriate substitute arrangements in
circumstances where the previous sentence applies.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each party agrees that it will hold
any information furnished to it pursuant to this Section 6.05 in accordance
with the Confidentiality Agreement dated April&nbsp;14, 2004 between Central
Pacific and CB Bancshares (the &#147;<i><font style="font-style:italic;">Confidentiality Agreement</font></i>&#148;).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No investigation by either party of
the business and affairs of the other party, pursuant to this Section 6.05 or
otherwise, will affect or be deemed to modify or waive any representation,
warranty, covenant or agreement in this Agreement, or the conditions to either
party&#146;s obligation to consummate the transactions contemplated by this
Agreement.</font></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="AcquisitionProposals"><i><font style="font-style:italic;">Acquisition Proposals</font></i></a>.&#160;
(a)&#160; CB Bancshares agrees that it
will not, and will cause its Subsidiaries and its and its Subsidiaries&#146;
officers, directors, agents, advisors and affiliates not to, initiate, solicit,
encourage or knowingly facilitate inquiries or proposals with respect to, or
engage in any negotiations concerning, or provide any confidential or nonpublic
information or data to, or have any discussions with, any person relating to,
any Acquisition Proposal or waive any provision of or amend the terms of the CB
Bancshares Rights Agreements, in respect of an Acquisition Proposal; <i><font style="font-style:italic;">provided</font></i>
that in the event CB Bancshares receives an unsolicited bona fide written
Acquisition Proposal and the CB Bancshares Board concludes in good faith that
there is a reasonable likelihood that such Acquisition Proposal constitutes or
is reasonably likely to result in a Superior Proposal, CB Bancshares may, and
may permit its Subsidiaries and its Subsidiaries&#146; officers, directors, agents,
advisors and affiliates to, furnish or cause to be furnished confidential or
nonpublic information or data and participate in such negotiations or
discussions to the extent that the CB Bancshares Board concludes in good faith <font style="letter-spacing:-.2pt;">(and based on the advice of its outside counsel)</font>
that failure to take such actions would result in a violation of its fiduciary
duties under applicable law; provided that prior to providing any confidential
or nonpublic information permitted to be provided pursuant to the foregoing
proviso, it shall have entered into a confidentiality agreement with such third
party on terms no less favorable to it than the Confidentiality Agreement.&#160; CB Bancshares will immediately cease and
cause to be terminated any activities, discussions or negotiations conducted
before the date of this Agreement with any persons other than Central Pacific
with respect to any Acquisition Proposal and will use its reasonable best
efforts to enforce any confidentiality or similar agreement relating to an
Acquisition Proposal.&#160; CB Bancshares
will promptly (within one business day) advise Central Pacific following
receipt of any Acquisition Proposal and the substance thereof (including the
identity of the person making such Acquisition Proposal), and will keep Central
Pacific apprised of any related developments, discussions and negotiations
(including the terms and conditions of the Acquisition Transaction) on a
current basis.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">33</font></font></p>


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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nothing contained in this Agreement
shall prevent CB Bancshares or the CB Bancshares Board from complying with Rule
14d-9 and Rule 14e-2 under the Exchange Act with respect to an Acquisition
Proposal, <i><font style="font-style:italic;">provided</font></i>
that such Rules will in no way eliminate or modify the effect that any action
pursuant to such Rules would otherwise have under this Agreement.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="AffiliatesAffiliateLetters"><i><font style="font-style:italic;">Affiliates;
Affiliate Letters</font></i></a>.&#160; CB
Bancshares shall exercise its best efforts to deliver or cause to be delivered
to Central Pacific, prior to the date of the CB Bancshares Meeting, from each
person who may be deemed to be an &#147;affiliate&#148; of CB Bancshares within the
meaning of Rule 145 under the Securities Act and whose name is set forth on <i><font style="font-style:italic;">Annex 6</font></i>
hereto (each, a &#147;<i><font style="font-style:italic;">CB Bancshares Affiliate</font></i>&#148;), a letter substantially in the
form attached as Exhibit&nbsp;A-1 (the &#147;<i><font style="font-style:italic;">Affiliates
Letter</font></i>&#148;).&#160; Central Pacific
shall not be required to maintain the effectiveness of the Registration
Statement or any other registration statement under the Securities Act for the
purposes of resale of Central Pacific Common Stock by such affiliates received
in the Merger and Central Pacific may direct the Exchange Agent not to issue
certificates representing Central Pacific Common Stock received by any such
affiliate until Central Pacific has received from such person an Affiliates
Letter.&#160; Central Pacific may issue
certificates representing Central Pacific Common Stock received by such
affiliates bearing the legend set forth in the Affiliate Letter.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="TakeoverLawsAndProvisions"><i><font style="font-style:italic;">Takeover Laws
and Provisions</font></i></a>.&#160; No party
will take any action that would cause the transactions contemplated by this
Agreement to be subject to requirements imposed by any Takeover Law and each of
them will take all necessary steps within its control to exempt (or ensure the
continued exemption of) those transactions from, or if necessary challenge the
validity or applicability of, any applicable Takeover Law, as now or hereafter
in effect.&#160; No party will take any
action that would cause the transactions contemplated by this Agreement not to
comply with any Takeover Provisions and each of them will take all necessary
steps within its control to make those transactions comply with (or continue to
comply with) the Takeover Provisions.</font></p>

<p style="margin:0in 0in 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">6.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="NyseListing"><i><font style="font-style:italic;">NYSE Listing</font></i></a><i><font style="font-style:italic;">; NASDAQ De-listing</font></i></font><font size="2" style="font-size:10.0pt;">.&#160; Central
Pacific will use all reasonable best efforts to cause the shares of Central
Pacific Common Stock to be issued in the Merger to be approved for listing on
the NYSE, subject to official notice of issuance, as promptly as practicable,
and in any event before the Effective Time.&#160;
The Surviving Corporation shall use its best efforts to cause the CB
Bancshares Common Stock to be no longer quoted on the NASDAQ and de-registered
under the Exchange Act as soon as practicable following the Effective Time.</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">6.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="RegulatoryApplications"><i><font style="font-style:italic;">Regulatory Applications</font></i></a></font><font size="2" style="font-size:10.0pt;">.&#160; (a)&#160; Central Pacific and CB Bancshares and their
respective Subsidiaries will cooperate and use all reasonable best efforts to
prepare as promptly as possible all documentation, to effect all filings and to
obtain all permits, consents, approvals and authorizations, or extensions
thereof, of all third parties and Governmental Authorities necessary to
consummate the Merger (the &#147;<i><font style="font-style:italic;">Requisite Regulatory Approvals</font></i>&#148;) and will
make all necessary filings in respect of those Requisite Regulatory Approvals
as soon as practicable.&#160; Each of Central
Pacific and CB Bancshares will have the right to review in advance, and to the
extent practicable each will consult with the other, in each case subject to
applicable laws relating to the exchange of information, with respect to all
material written information submitted to any third party or any Governmental
Authority in connection with the Requisite </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">34</font></font></p>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regulatory
Approvals.&#160; In exercising the foregoing
right, each of the parties will act reasonably and as promptly as
practicable.&#160; Each party agrees that it
shall use its reasonable best efforts to consult with the other party with
respect to obtaining all material permits, consents, approvals and
authorizations of all third parties and Governmental Authorities necessary or
advisable to consummate the transactions contemplated by this Agreement and
each party will keep the other party appraised of the status of material
matters relating to completion of the transactions contemplated hereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Central Pacific and CB Bancshares
will, upon request, furnish the other party with all information concerning
itself, its Subsidiaries, directors, officers and shareholders and such other
matters as may be reasonably necessary or advisable in connection with any
filing, notice or application made by or on behalf of such other party or any
of its Subsidiaries with or to any third party or Governmental Authority in
connection with the transaction contemplated by this Agreement.</font></h3>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">6.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Indemnification"><i><font style="font-style:italic;">Indemnification</font></i></a></font><font size="2" style="font-size:10.0pt;">.&#160; (a)&#160; In the event of any threatened or actual
claim, action, suit, proceeding or investigation, whether civil, criminal or
administrative, including any such claim, action, suit, proceeding or
investigation in which any person who is now, or has been at any time prior to
the date of this Agreement, or who becomes prior to the Effective Time, a
director or officer of CB Bancshares or any of its subsidiaries (the &#147;<i><font style="font-style:italic;">Indemnified
Parties</font></i>&#148;) is, or is threatened to be, made a party based in whole or
in part on, or arising in whole or in part out of, or pertaining to (i) the
fact that he is or was a director or officer of the CB Bancshares or any of its
subsidiaries or (ii) this Agreement or any of the transactions contemplated
hereby, whether in any case asserted or arising before or after the Effective
Time, the parties hereto agree to cooperate and use their reasonable best
efforts to defend against and respond thereto.&#160;
It is understood and agreed that after the Effective Time, the Surviving
Corporation shall indemnify and hold harmless, to the fullest extent permitted
by law, each such Indemnified Party against any losses, claims, damages,
liabilities, costs, expenses (including reasonable attorney&#146;s fees and expenses
in advance of the final disposition of any claim, suit, proceeding or
investigation to each Indemnified Party to the fullest extent permitted by law
upon receipt of any undertaking required by applicable law), judgments, fines
and amounts paid in settlement in connection with any such threatened or actual
claim, action, suit, proceeding or investigation, and in the event of any such
threatened or actual claim, action, suit, proceeding or investigation (whether
asserted or arising before or after the Effective Time), the Indemnified
Parties may retain counsel reasonably satisfactory to them after consultation
with Central Pacific; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that (1) the
Surviving Corporation shall have the right to assume the defense thereof and
upon such assumption the Surviving Corporation shall not be liable to any
Indemnified Party for any legal expenses of other counsel or any other expenses
subsequently incurred by any Indemnified Party in connection with the defense
thereof, except that if the Surviving Corporation elects not to assume such
defense or counsel for the Indemnified Parties reasonably advises that there
are issues which raise conflicts of interest between the Surviving Corporation
and the Indemnified Parties, the Indemnified Parties may retain counsel
reasonably satisfactory to them after consultation with the Surviving
Corporation, and the Surviving Corporation shall pay the reasonable fees and
expenses of such counsel for the Indemnified Parties, (2) the Surviving
Corporation shall in all cases be obligated pursuant to this paragraph to pay
for only one firm of </font></p>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">counsel and any necessary local counsel for all
Indemnified Parties, (3) the Surviving Corporation shall not be liable for any
settlement effected without its prior written consent (which consent shall not
be unreasonably withheld or delayed) and (4) the Surviving Corporation shall
have no obligation hereunder to any Indemnified Party when and if a court of
competent jurisdiction shall ultimately determine, and such determination shall
have become final and nonappealable, that indemnification of such Indemnified
Party in the manner contemplated hereby is prohibited by applicable law.</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Surviving Corporation shall cause
the persons serving as officers and directors of CB Bancshares or its
subsidiaries immediately prior to the Effective Time to be covered for a period
of six years from the Effective Time by the directors&#146; and officers&#146; liability
insurance policy maintained by CB Bancshares (provided that the Surviving
Corporation may substitute therefor policies of at least the same coverage and
amounts containing terms and conditions which are not less advantageous than
such policy) with respect to acts or omissions occurring prior to the Effective
Time which were committed by such officers and directors in their capacity as
such; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>,
that in no event shall the Surviving Corporation be required to expend on an
annual basis more than 250% of the current amount expended by CB Bancshares on
an annual basis (the &#147;<i><font style="font-style:italic;">Insurance Amount</font></i>&#148;) to maintain or procure
such insurance coverage, and further provided that if the Surviving Corporation
is unable to maintain or obtain the insurance called for by this Section
6.11(b), the Surviving Corporation shall use all reasonable efforts to obtain
as much comparable insurance as is available for the Insurance Amount.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Indemnified Party wishing to
claim indemnification under Section 6.11(a), upon learning of any claim,
action, suit, proceeding or investigation described above, will promptly notify
Central Pacific; <i><font style="font-style:italic;">provided</font></i> that failure so to notify will not affect the
obligations of Central Pacific under Section 6.11(a) unless and to the extent
that Central Pacific is actually and materially prejudiced as a consequence.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Central Pacific or any of its
successors or assigns consolidates with or merges into any other entity and is
not the continuing or surviving entity of such consolidation or merger or
transfers all or substantially all of its assets to any other entity, then and
in each case, Central Pacific will cause proper provision to be made so that
the successors and assigns of Central Pacific will assume the obligations set
forth in this Section 6.11.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provisions of this Section 6.11
are intended to be for the benefit of, and will be enforceable by, each
Indemnified Party and his or her heirs and Representatives.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="BenefitPlans"><i><font style="font-style:italic;">Benefit
Plans</font></i></a><i><font style="font-style:italic;">.</font></i>&#160; Except as otherwise provided in Section 6.16
hereof, following the Effective Time, the employees of CB Bancshares and its
Subsidiaries will be eligible to participate in the employee benefit plans of
the Surviving Corporation on substantially the same terms and conditions of
similarly situated employees of the Surviving Corporation.&#160; The Surviving Corporation will cause such
employee benefit plans to take into account for purposes of eligibility and
vesting (but not for purposes of benefit accrual), service by employees of CB </font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">36</font></font></h3>


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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bancshares and its Subsidiaries as if such service
were with the Surviving Corporation, to the same extent such service was
credited under a comparable plan of CB Bancshares.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Taxation"><i><font style="font-style:italic;">Taxation</font></i></a>.&#160; Neither party shall take or cause to be
taken, or omit to take or cause to be taken, any action, whether before or
after the Effective Time, that would or is reasonably likely to disqualify the
Merger as a<b><font style="font-weight:bold;">  </font></b>&#147;reorganization&#148;
within the meaning of Section&nbsp;368(a) of the Code.&#160; The parties shall use reasonable best
efforts to cause the Merger to qualify as a reorganization within the meaning
of Section 368(a) of the Code.&#160; Officers
of Central Pacific and CB Bancshares shall execute and deliver to Skadden,
Arps, Slate, Meagher &amp; Flom LLP, counsel to CB Bancshares, and Sullivan
&amp; Cromwell LLP, counsel to Central Pacific, certificates containing
appropriate representations and covenants at such time or times as may be
reasonably requested by such law firms, including the effective date of the
Registration Statement and the Closing Date, in connection with their
respective deliveries of opinions with respect to the Tax treatment of the Merger.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="NotificationOfCertainMatters"><i><font style="font-style:italic;">Notification
of Certain Matters</font></i></a>.&#160;
Central Pacific and CB Bancshares will give prompt notice to the other
of any fact, event or circumstance known to it that (1) is reasonably likely,
individually or taken together with all other facts, events and circumstances
known to it, to result in any Material Adverse Effect with respect to it or (2)
would cause or constitute a material breach of any of its representations,
warranties, covenants or agreements contained herein that reasonably could be
expected to give rise, individually or in the aggregate, to the failure of a
condition in Article VII.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ExemptionFromLiabilityUnderSection1"><i><font style="font-style:italic;">Exemption
from Liability Under Section 16</font></i></a><i><font style="font-style:italic;">(b).&#160; </font></i>Assuming that CB Bancshares
delivers to Central Pacific the Section 16 Information in a timely and accurate
manner before the Effective Time, the Central Pacific Board, or a committee of
&#147;non-employee directors&#148; thereof (as such term is defined for purposes of Rule
16b-3(d) under the Exchange Act), will reasonably promptly thereafter and in
any event before the Effective Time adopt a resolution providing that the
receipt by the CB Bancshares Insiders who may become an officer or director of
the Surviving Corporation of Central Pacific Common Stock in exchange for
shares of CB Bancshares Common Stock, and of options to purchase shares of
Central Pacific Common Stock upon conversion of options to purchase shares of
CB Bancshares Common Stock, in each case pursuant to the transactions
contemplated hereby and to the extent such securities are listed in the Section
16 Information, are approved by the Central Pacific Board or by such committee
thereof, and are intended to be exempt from liability pursuant to Section 16(b)
under the Exchange Act, such that any such receipt will be so exempt.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="OtherBenefitMatters"><i><font style="font-style:italic;">Other
Benefit Matters</font></i></a>. (a)&#160; The
parties agree that, before the Effective Time, the CB Bancshares Board shall
adopt the proposed CB Bancshares, Inc. Severance Pay Plan substantially in the
form Previously Disclosed.&#160; Upon and
after the Effective Time, Central Pacific shall assume and honor the Severance
Pay Plan for a period of at least two years in accordance with its terms as
they exist immediately prior to the Effective Time.&#160; During such two-year period, the employees of CB Bancshares and
its Subsidiaries shall not participate in any severance plan of the Surviving
Corporation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">37</font></font></p>


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<h3 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties agree that, at or immediately before the
Effective Time, CB Bancshares shall have paid to the individuals Previously
Disclosed the amounts Previously Disclosed as a cash settlement of the
respective individuals&#146; claims under their Change of Control Agreements and
Supplemental Executive Retirement Agreements, as applicable, with the
assumption for this purpose that qualifications for such payments have been met
at the Effective Time (the &#147;<i><font style="font-style:italic;">Change of Control Payments</font></i>&#148;); <i><font style="font-style:italic;">provided, however, </font></i>that such payments
shall be made subject to receipt by CB Bancshares of written acknowledgements
(in form and substance reasonably satisfactory to CB Bancshares and Central
Pacific) by such individuals of the full satisfaction of their rights under
such agreements, other than any rights to a gross-up payment calculated in
accordance with the final determination of any excise tax which may be imposed
with respect to such amounts and any rights which one or more individuals may
have effectively waived in writing before the Effective Time (for example, a
right to an option cash-out).</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties agree that, before the
Effective Time, CB Bancshares and Central Pacific shall have offered to enter
into the proposed employment agreements Previously Disclosed with the
individuals Previously Disclosed.&#160; For
the avoidance of doubt, upon entry into such employment agreement by Central
Pacific and the Previously Disclosed individual, the individual&#146;s Change of
Control Agreement shall immediately terminate and be of no further force or
effect (except to the extent otherwise provided in the applicable employment
agreement).&#160; If any such Previously
Disclosed individual does not enter into an employment agreement with Central
Pacific, such individual&#146;s Change of Control Agreement and Supplemental
Executive Retirement Agreement shall remain in full force and effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties agree that, before the
Effective Time, the CB Bancshares Board (or a committee duly authorized by the
relevant governing instruments) may, in its discretion, take action to
accelerate the vesting of CB Bancshares Options.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="PendingLitigation"><i><font style="font-style:italic;">Pending Litigation</font></i></a>.&#160; Central Pacific and CB Bancshares shall take
all steps necessary to cause the lawsuits set forth in <i><font style="font-style:italic;">Annex 7</font></i> to be dismissed with
prejudice without cost imposed on the other party as soon as reasonably
practicable following the date hereof.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="TransitionTeam"><i><font style="font-style:italic;">Transition Team</font></i></a>.&#160; Promptly following
the execution of this Agreement, Central Pacific and CB Bancshares shall work
together to form a transition team consisting of an equal number of members of
the senior management of each of Central Pacific and CB Bancshares.&#160; Prior to the Effective Time, such transition
team shall oversee matters relating to the integration of the businesses and
operations of the two companies in connection with the Merger.</font></p>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleVii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conditions to the Merger</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ConditionsToEachPartysObligationTo"><i><font style="font-style:italic;">Conditions to Each Party&#146;s Obligation to Effect the
Merger</font></i></a>.&#160; The respective obligation
of each of Central Pacific and CB Bancshares to consummate the Merger is
subject to the fulfillment or written waiver by Central Pacific and CB
Bancshares before the Effective Time of each of the following conditions:</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">38</font></font></p>


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<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Shareholder Approvals</font></i>.&#160; The plan of merger contained in this
Agreement shall have been duly approved by the requisite vote of the
shareholders of Central Pacific and CB Bancshares.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Regulatory Approvals</font></i>.&#160; All Requisite Regulatory Approvals shall
have been obtained and shall remain in full force and effect and all statutory
waiting periods in respect thereof shall have expired.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">No Injunction</font></i>.&#160; No Governmental Authority of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary,
preliminary or permanent) which is in effect and prohibits consummation of the
Merger.&#160; No statute, rule, regulation,
order, injunction or decree shall have been enacted, entered, promulgated or
enforced by any Governmental Authority which prohibits or makes illegal the
consummation of the Merger.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Registration Statement</font></i>.&#160; The Registration Statement shall have become
effective under the Securities Act and no stop order suspending the
effectiveness of the Registration Statement shall have been issued and be in
effect and no proceedings for that purpose shall have been initiated by the SEC
and not withdrawn.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Listing</font></i>.&#160;
The shares of Central Pacific Common Stock to be issued in the Merger
shall have been approved for listing on the NYSE, subject to official notice of
issuance.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ConditionsToCbBancshares"><i><font style="font-style:italic;">Conditions to
CB Bancshares&#146; </font></i></a><i><font style="font-style:italic;">Obligation</font></i>.&#160; CB Bancshares&#146; obligation to consummate the
Merger is also subject to the fulfillment or written waiver by CB Bancshares
before the Effective Time of each of the following conditions:</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Central Pacific&#146;s Representations and Warranties</font></i>.&#160; Subject to Section 5.02, the representations
and warranties of Central Pacific in this Agreement shall be true and correct
as of the date of this Agreement and (except to the extent such representations
and warranties speak as of an earlier date in which case such representations
and warranties will be true and correct as of such earlier date) as of the
Closing Date as though made on and as of the Closing Date; and CB Bancshares
shall have received a certificate, dated the Closing Date, signed on behalf of
Central Pacific by the Chief Executive Officer and the Chief Financial Officer
of Central Pacific to that effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Performance of Central Pacific&#146;s Obligations</font></i>.&#160; Central Pacific shall have performed in all
material respects all obligations required to be performed by it under this
Agreement at or before the Effective Time; and CB Bancshares shall have
received a certificate, dated the Closing Date, signed on behalf of Central
Pacific by the Chief Executive Officer and the Chief Financial Officer of
Central Pacific to that effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Opinion of Tax Counsel</font></i>.&#160; CB Bancshares shall have received an opinion
of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, dated the Closing Date
and based on facts, representations and assumptions described in such opinion
that are consistent with the state of facts existing at such time, substantially
to the effect that the Merger will be treated as a </font></h3>

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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reorganization within the meaning of Section 368(a)
of the Code.&#160; In rendering such opinion,
Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP may require and rely upon
representations and covenants, including those contained in certificates of
officers of Central Pacific and CB Bancshares or others, reasonably
satisfactory in form and substance to such counsel.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">By-law Amendment</font></i>.&#160; Central Pacific shall have taken all action
necessary so that the amendment to the Central Pacific By-laws set forth in <i><font style="font-style:italic;">Annex 2</font></i>
shall have been duly adopted by the Central Pacific Board no later than the
Effective Time, which amendment shall remain in full force and effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">(e)<i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CIC
Payments</font></i>.&#160; Either CB
Bancshares or Central Pacific (if CB Bancshares shall not have made such
payment) shall have paid the Change of Control Payments to the individuals
Previously Disclosed.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Appointment
of Directors and Officers.&#160; </font></i>The
Central Pacific Board shall have adopted resolutions, which resolutions shall
remain in full force and effect, electing the Former CB Bancshares Directors to
the Board of Directors in accordance with Section 2.06 and appointing those
persons set forth in <i><font style="font-style:italic;">Annex 4</font></i> to the positions described in <i><font style="font-style:italic;">Annex 4</font></i>,
each as of the Effective Time.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font size="2" style="font-size:10.0pt;">(g)<i><font style="font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Employment
Agreements</font></i>.&#160; Central Pacific shall have offered to the
individuals Previously Disclosed employment agreements containing the terms
Previously Disclosed.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="ConditionsToCentralPacifics"><i><font style="font-style:italic;">Conditions
to Central Pacific&#146;s </font></i></a><i><font style="font-style:italic;">Obligation</font></i>.&#160; Central Pacific&#146;s obligation to consummate
the Merger is also subject to the fulfillment, or written waiver by Central
Pacific, before the Effective Time of each of the following conditions:</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">CB Bancshares&#146; Representations and Warranties</font></i>.&#160; Subject to Section 5.02, the representations
and warranties of CB Bancshares in this Agreement shall be true and correct as
of the date of this Agreement and (except to the extent such representations
and warranties speak as of an earlier date in which case such representations
and warranties will be true and correct as of such earlier date) as of the
Closing Date as though made on and as of the Closing Date; and Central Pacific
shall have received a certificate, dated the Closing Date, signed on behalf of
CB Bancshares by the Chief Executive Officer and the Chief Financial Officer of
CB Bancshares to that effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Performance of CB Bancshares&#146; Obligations</font></i>.&#160; CB Bancshares shall have performed in all
material respects all obligations required to be performed by it under this
Agreement at or before the Effective Time; and Central Pacific shall have
received a certificate, dated the Closing Date, signed on behalf of CB
Bancshares by the Chief Executive Officer and the Chief Financial Officer of CB
Bancshares to that effect.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Opinion of Tax Counsel</font></i>.&#160; Central Pacific shall have received an
opinion of Sullivan&nbsp;&amp; Cromwell LLP, dated the Closing Date and based
on facts, representations and assumptions described in such opinion that are consistent
with the state of facts existing at such time, substantially to the effect that
the Merger will be treated as a reorganization within the </font></h3>

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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meaning of Section 368(a) of the Code.&#160; In rendering such opinion,
Sullivan&nbsp;&amp; Cromwell LLP may require and rely upon representations and
covenants, including those contained in certificates of officers of Central
Pacific and CB Bancshares or others, reasonably satisfactory in form and
substance to such counsel.</font></h3>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleViii"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Termination"><i><font style="font-style:italic;">Termination</font></i></a>.&#160; This Agreement may be terminated, and the
Merger may be abandoned, at any time before the Effective Time, by Central
Pacific or CB Bancshares:</font></p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Mutual Agreement</font></i>.&#160; With the mutual agreement of the other party.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Breach</font></i>.&#160;
If there has been a breach of any representation, warranty, covenant or
agreement made by a party in this Agreement, or any such representation and
warranty shall have become untrue, subject to the standard set forth in Section
5.02, after the date of this Agreement, and such breach or condition is not
curable or, if curable, is not cured within 30&nbsp;days after written notice
thereof is given by the other party to the breaching party; <i><font style="font-style:italic;">provided</font></i>
that (i) such breach would entitle the non-breaching party not to consummate
the Merger under Article&nbsp;VII and (ii) the terminating party is not then in
material breach of any representation, warranty, covenant or other agreement
contained herein.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Failure to Obtain Shareholder Approval</font></i>.&#160; If the approval of CB Bancshares&#146;
shareholders required by Section&nbsp;7.01(a) shall not have been obtained at a
meeting duly convened therefor or at any adjournment or postponement thereof or
the approval of Central Pacific&#146;s shareholders required by Section&nbsp;7.01(a)
shall not have been obtained at a meeting duly convened therefor or at any
adjournment or postponement thereof, <i><font style="font-style:italic;">provided</font></i> that the terminating party shall
not be in material breach of its obligations under Section 6.02.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Adverse Action</font></i>.&#160; If the other party&#146;s board of directors submits this Agreement
(or the plan of merger contained herein) to its shareholders without a
recommendation for approval or with special and materially adverse conditions
on such approval; or such board of directors otherwise withdraws or materially
and adversely modifies (or discloses its intention to withdraw or materially
and adversely modify) its recommendation referred to in Section 6.02; or such
board of directors recommends to its shareholders an Acquisition Proposal other
than the Merger; or such board of directors negotiates or authorizes the
conduct of negotiations (and five business days have elapsed without such
negotiations being discontinued) with a third party (it being understood and
agreed that &#147;negotiate&#148; shall not be deemed to include the provision of
information to, or the request and receipt of information from, any person that
submits an Acquisition Proposal or discussions regarding such information for
the sole purpose of ascertaining the terms of such Acquisition Proposal and
determining whether the board of directors will in fact engage in, or
authorize, negotiations) regarding an Acquisition Proposal other than the
Merger.</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">41</font></font></h3>


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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Delay</font></i>.&#160;
If the Effective Time has not occurred by the close of business on
September&nbsp;30, 2004; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that the right to
terminate this Agreement under this Section 8.01(e) shall not be available to
any party whose failure to comply with any provision of this Agreement has been
the cause of, or materially contributed to, the failure of the Effective Time
to occur on or before such date.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Denial of Regulatory Approval</font></i>.&#160; If the approval of any Governmental
Authority required for consummation of the Merger and the other transactions
contemplated by this Agreement is denied by final, nonappealable action of such
Governmental Authority; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that the right to
terminate this Agreement under this Section 8.01(f) shall not be available to
any party whose failure to comply with any provision of this Agreement has been
the cause of, or materially contributed to, such action.</font></h3>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="EffectOfTerminationAndAbandonment"><i><font style="font-style:italic;">Effect
of Termination and Abandonment</font></i></a>.&#160;
(a)&#160; If this Agreement is
terminated and the Merger is abandoned, neither party will have any liability
or further obligation under this Agreement, except that termination will not
relieve a party from liability for any willful or deliberate breach by it of
this Agreement and except that Section 6.05(b), this Section 8.02 and Article
IX will survive termination of this Agreement.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event that (i) an Acquisition Proposal shall have
been made to CB Bancshares or any of its shareholders or any person shall have
publicly announced an intention (whether or not conditional) to make an
Acquisition Proposal with respect to CB Bancshares and thereafter this
Agreement is terminated by either party pursuant to (x)&nbsp;Section 8.01(e)
for failure of the Merger to be consummated by the date specified therein and
such failure is the result of the knowing action or inaction of the
non-terminating party or (y)&nbsp;Section 8.01(c) for failure to obtain CB
Bancshares&#146; shareholder approval or (ii) this Agreement is terminated by
Central Pacific pursuant to Section&nbsp;8.01(d), then CB Bancshares shall
promptly, but in no event later than 2 business days after the date of such
termination, pay a termination fee, representing liquidated damages, of
$12,520,000 (the &#147;<i><font style="font-style:italic;">Termination Fee</font></i>&#148;), by wire transfer of immediately available
funds to an account specified by Central Pacific; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that no Termination Fee shall be payable to Central Pacific pursuant to
clause&nbsp;(i)&nbsp;or (ii) of this paragraph (b) unless and until within
18&nbsp;months following the termination of this Agreement, a transaction
constituting an Acquisition Transaction is consummated or CB Bancshares enters
into an agreement providing for an Acquisition Transaction.&#160; For purposes of this Agreement, the term &#147;<i><font style="font-style:italic;">Acquisition
Transaction</font></i>&#148; shall mean (i) the direct or indirect acquisition,
purchase or assumption of all or a substantial portion of the assets or
deposits of CB Bancshares, (ii) the acquisition by any person of direct or
indirect beneficial ownership (including by way of merger, consolidation, share
exchange or otherwise) of 25% or more of the outstanding shares of voting stock
of CB Bancshares, or (iii) a merger, consolidation, business combination,
liquidation, dissolution or similar transaction of or involving CB Bancshares,
other than a merger, business combination or similar transaction if (x) the
shareholders of CB Bancshares immediately before any such transaction own at
least 60% of the voting stock of the entity surviving such transaction (or the
parent thereof) immediately following such transaction, and (y) as a result of
such transaction no person or group shall own or control 25% or more of the
voting stock of the surviving entity (or parent thereof) immediately following
the transaction.</font></h3>

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<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">42</font></font></h3>


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<h3 align="center" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties acknowledge that the
agreements contained in paragraph (b) above are an integral part of the
transactions contemplated by this Agreement, and that without such agreements
the parties would not have entered into this Agreement, and that such amounts
do not constitute a penalty.&#160; If CB
Bancshares fails to promptly pay Central Pacific the amounts due under
paragraph (b) above within the time period specified therein, CB Bancshares
shall pay all costs and expenses (including attorneys&#146; fees) incurred by
Central Pacific in connection with any action, including the filing of any
lawsuit, taken to collect payment of such amounts, together with interest on
the amount of any such unpaid amounts at the publicly announced prime rate of
JPMorgan Chase from the date such amounts were required to be paid.</font></h3>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><a name="ArticleIx"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX</font></a></h1>

<h1 style="font-weight:normal;margin:12.0pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></h1>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Survival"><i><font style="font-style:italic;">Survival</font></i></a>.&#160; The representations, warranties, agreements
and covenants contained in this Agreement will not survive the Effective Time,
except for those agreements and covenants which by their terms apply in whole
or in part after the Effective Time, including Section 2.06 (Corporate
Governance), Article III (Consideration; Exchange Procedures), Sections 6.05(b)
(Confidentiality Agreement), 6.11 (Indemnification), 6.16 (Other Benefit
Matters) and this Article IX.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="WaiverAmendment"><i><font style="font-style:italic;">Waiver; Amendment</font></i></a>.&#160; Before the Effective Time, any provision of
this Agreement may be (a) waived by the party benefited by the provision, but
only in writing, or (b) amended or modified at any time, but only by a written
agreement executed in the same manner as this Agreement, except to the extent
that any such amendment would violate Hawaii law or require resubmission of
this Agreement or the plan of merger contained herein to the shareholders of
Central Pacific or CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Counterparts"><i><font style="font-style:italic;">Counterparts</font></i></a>.&#160; This Agreement may be executed in one or
more counterparts, each of which will be deemed to constitute an original.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="GoverningLaw"><i><font style="font-style:italic;">Governing Law</font></i></a>.&#160; This Agreement is governed by, and will be
interpreted in accordance with, the laws of the State of Hawaii applicable to
contracts made and to be performed entirely within that State.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Expenses"><i><font style="font-style:italic;">Expenses</font></i></a>.&#160; Each party will bear all expenses incurred
by it in connection with this Agreement and the transactions contemplated
hereby, except that Central Pacific and CB Bancshares will each bear and pay one-half
of the following expenses:&#160; (a) the
costs (excluding the fees and disbursements of counsel, financial advisors and
accountants) incurred in connection with the preparation (including copying and
printing and distributing) of the Registration Statement, the Joint Proxy
Statement and applications to Governmental Authorities for the approval of the
Merger and (b) all listing, filing or registration fees, including, without
limitation, fees paid for filing the Registration Statement with the SEC and any
other fees paid for filings with Governmental Authorities.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">43</font></font></p>


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</font></div>

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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Notices"><i><font style="font-style:italic;">Notices</font></i></a>.&#160; All notices, requests and other
communications given or made under this Agreement must be in writing and will
be deemed given when personally delivered, facsimile transmitted (with
confirmation) or mailed by registered or certified mail (return receipt
requested) to the persons and addresses set forth below or such other place as
such party may specify by notice.</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">If to Central Pacific, to:</font></i></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp.<br>
220 South King Street<br>
Honolulu, Hawaii&#160; 96813<br>
Attention:&#160; Glenn K.C. Ching<br>
Facsimile:&#160; (808) 544-6835</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">with a
copy to:</font></i></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Cromwell LLP<br>
1888 Century Park East<br>
Los Angeles, California&#160; 90067<br>
Attention:&#160; Alison S. Ressler, Esq.<br>
Facsimile: (310) 712-8800</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">If to CB Bancshares, to:</font></i></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB
Bancshares, Inc.<br>
201 Merchant Street<br>
Honolulu, Hawaii&#160; 96813<br>
Attention:&#160; Ronald K. Migita<br>
Facsimile:&#160; (808) 535-2518</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">with a copy to:</font></i></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Skadden,
Arps, Slate, Meagher &amp; Flom LLP<br>
4 Times Square<br>
New York, New York 10036<br>
Attention:&#160; Fred B. White, III Esq. <br>
Facsimile:&#160; (212) 735-2000</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="EntireUnderstandingNoThirdPartyBen"><i><font style="font-style:italic;">Entire Understanding; No Third Party Beneficiaries</font></i></a>.&#160; This Agreement represents the entire
understanding of Central Pacific and CB Bancshares regarding the transactions
contemplated hereby and supersede any and all other oral or written agreements
previously made or purported to be made, other than the Confidentiality
Agreement, which will survive the execution and delivery of this Agreement.&#160; No representation, warranty, inducement,
promise, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">44</font></font></p>


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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">understanding or condition not set forth in this
Agreement has been made or relied on by any party in entering into this
Agreement.&#160; Except for Section 6.11, which
is intended to benefit the Indemnified Parties to the extent stated, and except
for Section 6.16, nothing expressed or implied in this Agreement is intended to
confer any rights, remedies, obligations or liabilities upon any person other
than Central Pacific and CB Bancshares.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="Severability"><i><font style="font-style:italic;">Severability</font></i></a>.&#160; If any provision of this Agreement or the
application thereof to any person (including, without limitation, the officers
and directors of Central Pacific or CB Bancshares) or circumstance is
determined by a court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions, or the application of such provision
to persons or circumstances other than those as to which it has been held
invalid or unenforceable, will remain in full force and effect and will in no
way be affected, impaired or invalidated thereby, so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party.&#160;
Upon such determination, the parties will negotiate in good faith in an
effort to agree upon a suitable and equitable substitute provision to effect
the original intent of the parties.&#160;&#160;&#160;
If any provision of this Agreement is so broad as to be unenforceable,
the provision shall be interpreted to be only so broad as is enforceable.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[THE NEXT PAGE IS A
SIGNATURE PAGE]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">45</font></font></p>


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</font></div>

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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed by their duly authorized officers as of the day and
year first above written.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="47%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">Central Pacific Financial Corp.</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.78%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; Clint Arnoldus</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&#160; </font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:36.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&#160; </font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:36.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman,
  President and <br>
  Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="47%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">CB Bancshares, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.78%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&#160; Ronald K. Migita</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:36.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald K. Migita</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:36.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and
  Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="320" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="154" style="border:none;"></td>
  <td width="70" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">46</font></font></p>


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</font></div>

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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:6.0pt 0in .25in;text-align:center;text-decoration:underline;"><a name="ExhibitA1"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit A-1</font></u></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific
Financial Corp.<br>
220 South King Street<br>
Honolulu, HI&#160; 96813</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I have been advised that I may be deemed to be an
&#147;affiliate&#148; of CB Bancshares, Inc. (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;), as that term is defined for
purposes of Rule 145 promulgated by the Securities and Exchange Commission (the
&#147;<i><font style="font-style:italic;">SEC</font></i>&#148;)
under the Securities Act of 1933, as amended (the &#147;<i><font style="font-style:italic;">Securities</font></i>  <i><font style="font-style:italic;">Act</font></i>&#148;).&#160; I understand that pursuant to the terms of
the Agreement and Plan of Merger, dated April 22, 2004 (as amended from time to
time, the &#147;<i><font style="font-style:italic;">Agreement</font></i>&#148;),
between the Company and Central Pacific Financial Corp. (&#147;<i><font style="font-style:italic;">Central Pacific</font></i>&#148;), the
Company plans to merge with and into Central Pacific (the &#147;<i><font style="font-style:italic;">Merger</font></i>&#148;).&#160; Capitalized terms used herein and not
otherwise defined shall have the meanings assigned to them in the Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I further understand that as a result of the Merger, I
may receive shares of common stock of Central Pacific (&#147;<i><font style="font-style:italic;">Central Pacific Common Stock</font></i>&#148;)
in exchange for shares of common stock of the Company (&#147;<i><font style="font-style:italic;">Company Common Stock</font></i>&#148;) or as
a result of the exercise of CB Bancshares Stock Options or similar Rights (as
each term is defined in the Agreement).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I have carefully read this letter and reviewed the
Agreement and discussed their requirements and other applicable limitations
upon my ability to sell, transfer, or otherwise dispose of Central Pacific
Common Stock and Company Common Stock, to the extent I felt necessary, with my
counsel or counsel for the Company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I represent, warrant and covenant with and to Central
Pacific that in the event I receive any Central Pacific Common Stock as a
result of the Merger:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I will not make any sale, transfer, or
other disposition of such Central Pacific Common Stock unless (a) such sale,
transfer or other disposition has been registered under the Securities Act, (b)
such sale, transfer or other disposition is made in conformity with the
provisions of Rule 145 under the Securities Act, or (c) in the opinion of
counsel in form and substance reasonably satisfactory to Central Pacific, or
under a &#147;no-action&#148; letter obtained by me from the staff of the SEC, such sale,
transfer or other disposition will not violate or is otherwise exempt from
registration under the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I understand that, except as provided in
Section&nbsp;3.06 of the Agreement, Central Pacific is under no obligation to
register the sale, transfer or other disposition of shares of Central Pacific
Common Stock by me or on my behalf under the Securities Act or to take any
other action necessary in order to make compliance with an exemption from such
registration available, except the obligation to file reports pursuant to
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, as amended, as
more fully described below.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\jheys\04-4805-1\task113429\4805-1-mc.htm',USER='jheys',CD='Apr 23 15:50 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I understand that stop transfer
instructions will be given to Central Pacific&#146;s transfer agent with respect to
the shares of Central Pacific Common Stock issued to me as a result of the
Merger and that there will be placed on the certificates for such shares, or
any substitutions therefor, a legend stating in substance:</font></p>

<p style="margin:0in .5in 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;The shares represented by
this certificate were issued in a transaction to which Rule 145 under the
Securities Act of 1933 applies.&#160; The
shares represented by this certificate may be transferred only in accordance
with the terms of a letter agreement between the registered holder hereof and
Central Pacific Financial Corp., a copy of which agreement is on file at the principal
offices of Central Pacific Financial Corp.&#148;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is understood and agreed that this letter agreement
shall terminate and be of no further force and effect if the Agreement is
terminated in accordance with its terms.&#160;
I understand and agree that the legend set forth in paragraph (3) above
will be removed by delivery of substitute certificates without such legend and
all stop transfer instructions shall be lifted if I deliver to Central Pacific
(a) a copy of a &#147;no action&#148; letter from the staff of the SEC, or an opinion of
counsel in form and substance reasonably satisfactory to Central Pacific, to
the effect that such legend is not required for purposes of the Securities Act,
or (b) evidence or representations reasonably satisfactory to Central Pacific that
Central Pacific Common Stock represented by such certificates is being or has
been sold in conformity with the provisions of Rule 145(d).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By its acceptance hereof, Central Pacific agrees, for
a period of two years after the Effective Time (as defined in the Agreement),
that it, as the Surviving Corporation, will file on a timely basis all reports
required to be filed by it pursuant to Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934, as amended, so that the public information
provisions of Rule&nbsp;144(c) promulgated under the Securities Act are
satisfied and the resale provisions of Rule&nbsp;145(d)(1) and (2) promulgated
under the Securities Act are therefore available to me in the event
I&nbsp;desire to transfer any Central Pacific Common Stock issued to me in the
Merger.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By signing this letter agreement, without limiting or
abrogating the agreements that I&nbsp;have made as set forth above, I do not
admit that I&nbsp;am an &#147;affiliate&#148; of the Company within the meaning of the
Securities Act or the rules and regulations promulgated thereunder, and I do
not waive any right that I&nbsp;may have to object to any assertion that I am
an affiliate.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter agreement shall be governed by and
construed in accordance with the laws of the State of Hawaii.&#160; This letter agreement shall terminate if and
when the Agreement is terminated according to its terms.</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.48%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.52%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.48%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;width:33.06%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.46%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">2</font></font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='2',FILE='C:\jms\jheys\04-4805-1\task113429\4805-1-mc.htm',USER='jheys',CD='Apr 23 15:50 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted this
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC FINANCIAL
  CORP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="95%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:95.72%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="63%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:63.9%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="57%" valign="top" style="padding:0in .7pt 0in .7pt;width:57.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:31.88%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="57%" valign="top" style="padding:0in .7pt 0in .7pt;width:57.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="26" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="154" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="350" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman"><font size="2" style="font-size:10.0pt;">3</font></font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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