<SUBMISSION>
<ACCESSION-NUMBER>0001104659-04-029712
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20041005
<DATE-OF-FILING-DATE-CHANGE>20041005
<EFFECTIVENESS-DATE>20041005
<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>S-8
<ACT>33
<FILE-NUMBER>333-119538
<FILM-NUMBER>041066161
</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>S-8
<SEQUENCE>1
<FILENAME>a04-11139_1s8.htm
<DESCRIPTION>S-8
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the
Securities and Exchange Commission on October 5, 2004.</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;">Registration No.
333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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

<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;"><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;">SECURITIES
AND EXCHANGE COMMISSION</font></b></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>

<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="1" width="25%" noshade color="black" align="center">

</font></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;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
S-8</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;">REGISTRATION
STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</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>

<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="1" width="25%" noshade color="black" align="center">

</font></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;"><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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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 of<br>
  Incorporation or Organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer<br>
  Identification Number)</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">220 South King Street</font></b></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;">Honolulu, Hawaii 96813</font></b></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;">(Address, including zip
code, and telephone number, including<br>
area code, of registrant&#146;s principal executive offices)</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="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CB Bancshares, Inc. Stock
Compensation Plan</font></b></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;">CB Bancshares, Inc. Director
Stock Option Plan</font></b></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;">Central Pacific Financial Corp.
2004 Stock Compensation Plan</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;">(Full Title of Plan)</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="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neal K.
Kanda</font></b></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;">President</font></b></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;">220
South King Street</font></b></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;">Honolulu,
Hawaii 96813</font></b></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;">(Name, address, including
zip code, and telephone number,<br>
including area code, of agent for service)</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="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">with a copy to:</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;">Alison
S. Ressler, Esq.<br>
Sullivan &amp; Cromwell<br>
1888 Century Park East<br>
Los Angeles, California 90067<br>
(310) 712-6600</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>

<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="1" width="25%" noshade color="black" align="center">

</font></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;">CALCULATION OF
REGISTRATION FEE</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 align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:31.52%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title
  of securities<br>
  to be registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.62%;">
  <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;">Amount<br>
  to be<br>
  registered(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.46%;">
  <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;">Proposed maximum<br>
  offering price<br>
  per unit(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.28%;">
  <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;">Proposed maximum<br>
  aggregate<br>
  offering price(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.52%;">
  <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;">Amount of<br>
  registration<br>
  fee</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="31%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:31.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, no par value</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:13.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,989,218</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.60</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,902,416.80</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:12.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,956.14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="236" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="102" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="113" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="91" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
 </tr>
</table>

</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>

<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="1" width="25%" noshade color="black" align="center">

</font></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>

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

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(1)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amount to be
registered includes an aggregate of </b><b><font style="font-weight:bold;">489,218 shares reserved for issuance in connection
with the CB Bancshares,&nbsp;Inc. Stock Compensation Plan and CB Bancshares,
Inc. Director Stock Option Plan and 1,500,000 reserved for issuance in
connection with the Central Pacific Financial Corp. 2004 Stock Compensation
Plan.&#160; In addition, pursuant to Rule
416(c) under the Securities Act of 1933, this registration statement also
covers an indeterminate amount of interests to be offered or sold pursuant to
the employee benefit plan(s) described herein.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(2)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated solely for
the purpose of calculating the registration fee in accordance with Rule 457(h)
and 457(c) under the Securities Act of 1933, as amended, based on the average
of the high and low prices of the common stock, no par value, of Central
Pacific Financial Corp. (&#147;CPF&#148;) as reported on the New York Stock Exchange on
September 30, 2004.</b></p>

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

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><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>

<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>


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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;">PART I</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;">INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All information
required by Part I to be contained in the Section 10(a) prospectus is omitted
from this Registration Statement in accordance with Rule 428 under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and the Note to Part
I of Form S-8.</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;">PART II</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;">INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporation of
Documents by Reference.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The documents listed below have been filed with the
Securities and Exchange Commission by CPF (the &#147;Registrant&#148;) (File&nbsp;No.
000-12396) and are incorporated herein by reference to the extent not
superseded by reports or other information subsequently filed:</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;Registrant&#146;s Annual Report on Form 10-K for
the fiscal year ended December&nbsp;31, 2003;</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;Registrant&#146;s Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2004 and June&nbsp;30, 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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;Registrant&#146;s Current Reports on Form 8-K
filed on February 4, 2004, April 23, 2004, August 31, 2004, September 14, 2004,
September 17, 2004, and September 21, 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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;The description of the Registrant&#146;s common
stock contained in the Registrant&#146;s registration statement filed by the
Registrant pursuant to Section&nbsp;12(b) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), and any amendment or reports filed that
update the description.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please note that all other documents and reports filed
by the Registrant under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
following the date of this Prospectus and prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remain unsold of this offering
will be deemed to be incorporated herein by reference and to be part hereof
from the date of filing of such documents with the Securities and Exchange
Commission.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a
statement contained herein, or in any subsequently filed document which also is
deemed to be incorporated by reference herein, modifies or supersedes such
statement. Any such statement shall not be deemed to constitute a part of this
registration statement except as so modified or superseded.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Description of
Securities.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant&#146;s common stock to be offered under this
Registration Statement is registered under Section&nbsp;12 of the Exchange Act.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Interests of Named
Experts and Counsel.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification of
Directors and Officers.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 414-242 of the Hawaii Business Corporation Act
provides that a corporation may indemnify an individual who is a party to a
proceeding because the individual is a director against liability incurred in
the proceeding if:</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>


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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 style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>the
individual conducted himself or herself in good faith and the individual
reasonably believed: (i) in the case of conduct in the individual&#146;s official
capacity, that the individual&#146;s conduct was in the best interests of the
corporation; and (ii) in all other cases, that the individual&#146;s conduct was at
least not opposed to the best interests of the corporation; and</p>

<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;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>in
the case of any criminal proceeding, the individual had no reasonable cause to
believe the individual&#146;s conduct was unlawful; or</p>

<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;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>the
individual engaged in conduct for which broader indemnification has been made
permissible or obligatory under a provision of the articles of incorporation.</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>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that a director is wholly successful in
the defense of any proceeding to which the director was a party because the
director was a director of the corporation, the corporation is required by
Section 414-243 of the Hawaii Business Corporation Act to indemnify such
director for reasonable expenses incurred thereby.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Section 414-244 of the Hawaii Business
Corporation Act, a corporation, before final disposition of a proceeding, may
advance funds to pay for or reimburse the reasonable expenses incurred by a
director who is a party to a proceeding because the director is a director of
the corporation if the director delivers certain written affirmations and
certain undertakings.&#160; Under certain
circumstances, under Section 414-245 of the Hawaii Business Corporation Act, a
director may apply for and obtain indemnification or an advance for expenses to
the court conducting the proceeding or to another court of competent jurisdiction.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, under Section 414-246 of the Hawaii Business
Corporation Act, indemnification may be made only as authorized in a specific
case upon a determination that indemnification is proper in the circumstances
because a director has met the applicable standard, with such determination to
be 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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>by
the board of directors by a majority vote of a quorum consisting of directors
who were not parties to the proceeding or who do not have a familial,
financial, professional or employment relationship with the director whose
indemnification is the subject of the decision being made, which relationship
would reasonably be expected to influence the director&#146;s judgment when voting
on the decision being made;</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>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>by
special legal counsel; or</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>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>by
a majority vote of the shareholders.</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>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Section 414-247 of the Hawaii Business
Corporation Act, a corporation may indemnify and advance expenses to an officer
who is a party to a proceeding because the officer is an officer of the
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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>to
the same extent as a director; and</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>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</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;&#160;&#160;&#160; </font>if
the person is an officer but not a director, to such further extent as may be
provided by the articles of incorporation, the bylaws, a resolution of the
board of directors, or contract except for liability in connection with a
proceeding by or in the right of the corporation other than for reasonable
expenses incurred in connection with the proceeding, or liability arising out
of conduct that constitutes: (i) receipt by the officer of a financial benefit
to which the officer is not entitled; (ii) an intentional infliction of harm on
the corporation or the shareholders; or (iii) an intentional violation of
criminal law.</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>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above-described provision applies to an officer
who is also a director if the basis on which officer is made a party to the
proceeding is an act or omission solely as an officer.&#160; Further, an officer of a corporation who is
not a director is entitled to mandatory indemnification under Section 414-243
of the Hawaii Business Corporation Act and may apply to a court under Section
414-245 of the Hawaii Business Corporation Act for indemnification or an
advance for expenses, in each case to the same extent to which a director may
be entitled to indemnification or advance for expenses.</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>


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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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Hawaii Business Corporation Act also provides that
a corporation may include indemnification provisions in its articles of
incorporation that are broader than the foregoing provisions.&#160; The restated articles of incorporation of Central
Pacific, as amended, do not address the matter of indemnification of directors
and officers; however, the provisions of the amended bylaws of Central Pacific
relating to indemnification of directors and officers are substantially the
same as the provisions of the Hawaii Business Corporation Act described above
as related to the corporations obligations and authority to indemnify its
directors and officers.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific has purchased insurance on behalf of
any person who is or was a director, officer, employee or agent of Central
Pacific, or is or was serving at the request of Central Pacific as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against him or her and
incurred by him in any such capacity, or arising out of his or her status as
such, whether or not Central Pacific would have the power to indemnify him or
her against such liability under the provisions of the Amended Bylaws of
Central Pacific.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exemption From
Registration Claimed.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibits are filed as part of this
Registration Statement:</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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.64%;">
  <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 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.86%;">
  <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>
 </tr>
 <tr>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="padding:0in 0in 0in 0in;width:88.86%;">
  <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;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated Articles of Incorporation of Registrant.
  (1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Articles of Incorporation of
  Registrant, dated April 22, 2003. (2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Articles of Incorporation of
  Registrant, dated September 15, 2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended Bylaws of Registrant. (3)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Bylaws of Registrant, dated September
  15, 2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB Bancshares, Inc. Stock Compensation Plan.(4)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB Bancshares, Inc. Director Stock Option Plan.(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp. 2004 Stock
  Compensation Plan.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of McCorriston Miller Mukai MacKinnon LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of KPMG LLP, Independent Registered Public
  Accounting Firm.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of McCorriston Miller Mukai MacKinnon LLP
  (included in Exhibit 5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney.</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>

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

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by reference
to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-K for the fiscal
year ended December&nbsp;31, 1997, filed with the Securities Exchange
Commission on March 30, 1998.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by
reference to Exhibit 3.3 to Form S-4 Registration No. 333-104783, filed with
the Securities and Exchange Commission on April 28, 2003.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by
reference to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-Q for the
quarter ended March 31, 2002, filed with the Securities Exchange Commission on
May 7, 2004.</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>


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<br clear="all" style="page-break-before:always;">


<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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to Exhibit A and B to CB Bancshares, Inc.&#146;s Proxy Statement for the
January 25, 1995 Special Meeting of Shareholders, filed with the Securities and
Exchange Commission on December 9, 1995.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to Exhibit 99.1 on CB Bancshares, Inc.&#146;s Registration Statement on
Form S-8, Registration No. 333-81279, filed with the Securities and Exchange
Commission on June 22, 1999.</p>

<p style="margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Included in signature page.</font></p>

<p style="margin:0in 0in .0001pt 15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Undertakings.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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>The
Registrant hereby undertakes:</p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;To file, during any period in which offers or
sales are being made, a post-effective amendment to this Registration
Statement:</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) To include any prospectus required by section
10(a)(3) of the Securities Act;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii) To reflect in the prospectus any facts or events
arising after the effective date of this Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective Registration Statement;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii) To include any material information with respect
to the plan of distribution not previously disclosed in this Registration
Statement or any material change to such information in this Registration
Statement.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provided, however, that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;do not apply if the registration statement is on Form S-3, Form
S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the registrant pursuant to
Section&nbsp;13 or Section 15(d) of the Exchange Act of 1934 that are
incorporated by reference in the registration statement.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.</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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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; </font>The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement shall be deemed
to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</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;">5</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>


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<br clear="all" style="page-break-before:always;">


<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="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</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; </font>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act of
1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer, or controlling
person of the registrant in the successful defense of any action, suit, or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.</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;">6</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>


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<br clear="all" style="page-break-before:always;">


<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;">Signatures</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of
Honolulu, state of Hawaii, on October 4, 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;">&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 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CENTRAL PACIFIC FINANCIAL CORP.,</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Hawaii corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; /S/ CLINT
  ARNOLDUS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Clint
  Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: 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 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;">Power Of
Attorney</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW ALL PERSONS
BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Clint Arnoldus and Neal K. Kanda, with full power to act alone, as
his or her true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this registration statement, and to file the
same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done, as
fully for all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
their substitutes, may lawfully do or cause to be done by virtue thereof.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.02%;">
  <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;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.98%;">
  <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;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ CLINT
  ARNOLDUS</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer (Principal Executive
  Officer) and Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ RONALD K.
  MIGITA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald K. Migita</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ DEAN K.
  HIRATA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dean K. Hirata</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ RICHARD
  J. BLANGIARDI</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard J. Blangiardi</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;">7</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>


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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%;">
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christine Camp Friedman</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ B.
  JEANNIE HEDBERG</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B. Jeannie Hedberg</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dennis I. Hirota, Ph.D.</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ CLAYTON
  K. HONBO</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clayton K. Honbo</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ NEAL K.
  KANDA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neal K. Kanda</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ PAUL
  KOSASA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul Kosasa</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duane K. Kurisu</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colbert M. Matsumoto</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ GILBERT
  J. MATSUMOTO</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gilbert J. Matsumoto</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ MIKE K.
  SAYAMA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike K. Sayama</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maurice H. Yamasato</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ DWIGHT L.
  YOSHIMURA</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dwight L. Yoshimura</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;">8</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>


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<br clear="all" style="page-break-before:always;">


<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;">EXHIBIT
INDEX</font></b></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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <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 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.9%;">
  <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>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated Articles of Incorporation of Registrant.
  (1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Articles of Incorporation of
  Registrant, dated April 22, 2003. (2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Articles of Incorporation of
  Registrant, dated September 15, 2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended Bylaws of Registrant. (3)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment to Bylaws of Registrant, dated September
  15, 2004.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB Bancshares, Inc. Stock Compensation Plan.(4)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CB Bancshares, Inc. Director Stock Option Plan.(5)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp. 2004 Stock
  Compensation Plan.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of McCorriston Miller Mukai MacKinnon LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of KPMG LLP, Independent Registered Public
  Accounting Firm.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of McCorriston Miller Mukai MacKinnon LLP
  (included in Exhibit 5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney.</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>

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

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by
reference to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-K for the
fiscal year ended December&nbsp;31, 1997, filed with the Securities Exchange
Commission on March 30, 1998.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by
reference to Exhibit 3.3 to Form S-4 Registration No. 333-104783, filed with
the Securities and Exchange Commission on April 28, 2003.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><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; </font>Incorporated by
reference to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-Q for the
quarter ended March 31, 2002, filed with the Securities Exchange Commission on
May 7, 2004.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to Exhibit A and B to CB Bancshares, Inc.&#146;s Proxy Statement for the
January 25, 1995 Special Meeting of Shareholders, filed on December 9, 1995.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to Exhibit 99.1 on CB Bancshares, Inc.&#146;s Registration Statement on
Form S-8, Registration No. 333-81279, filed on June 22, 1999.</p>

<p style="margin:0in 0in .0001pt 15.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Included in 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="2" face="Times New Roman" style="font-size:10.0pt;">9</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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<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>a04-11139_1ex4d3.htm
<DESCRIPTION>EX-4.3
<TEXT>
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<head>





</head>

<body lang="EN-US">

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

<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;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:.7pt;width:100.0%;">
 <tr>
  <td width="181" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <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 4.3</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">STATE
  OF HAWAII</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form DC - 3</font></p>
  </td>
 </tr>
 <tr>
  <td width="48" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.5in;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FILED </font></b></p>
  </td>
  <td width="133" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:99.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">09/13/2004 12:09 PM</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">DEPARTMENT
  OF COMMERCE AND</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7/2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Business Registration Division</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">CONSUMER
  AFFAIRS</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEPT. OF COMMERCE AND CONSUMER AFFAIRS</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">Business
  Registration Division</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">335
  Merchant Street</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="181" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:135.45pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">State of Hawaii</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in .7pt;width:4.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="312" valign="top" style="padding:0in .7pt 0in .7pt;width:3.25in;">
  <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;">Mailing
  Address: P.O. Box 40, Honolulu, Hawaii 96810</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in .7pt 0in .7pt;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="48" style="border:none;"></td>
  <td width="133" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="312" style="border:none;"></td>
  <td width="79" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="color:windowtext;font-size:12.0pt;">&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;">ARTICLES OF AMENDMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Section 414-286, Hawaii
Revised Statutes)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 17.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE TYPE OR PRINT
LEGIBLY IN BLACK INK </font></p>

<p style="margin:0in 0in 5.0pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned, duly authorized officer of the
corporation submitting these Articles of Amendment, certifies as follows: </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:46.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. </font></p>
  </td>
  <td width="46%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:46.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the corporation is:</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:46.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.52%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:95.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:53.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. </font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amendment(s) adopted is attached.</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. </font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The total number of shares outstanding is:</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:53.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,141,443 common (as of September 13, 2004); 0 Preferred;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0 Junior Participating
  Preferred, Series A</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. </font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amendment(s) was adopted (check one):</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#253;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">at a meeting of the shareholders held on </font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:53.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September 13, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.84%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:42.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:53.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Month Day Year)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="36" style="border:none;"></td>
  <td width="315" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="363" style="border:none;"></td>
 </tr>
</table>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" width="576" style="border:none;border-collapse:collapse;width:6.0in;">
 <tr height="38" style="height:28.25pt;">
  <td width="144" height="38" style="border:solid black 1.0pt;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:107.7pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">Class/Series</font></p>
  </td>
  <td width="162" height="38" style="border:solid black 1.0pt;border-left:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:121.5pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -5.1pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">Total Number of Votes Entitled to be Cast</font></p>
  </td>
  <td width="156" height="38" style="border:solid black 1.0pt;border-left:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:117.0pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -6.6pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">Number of Votes Cast For Amendment</font></p>
  </td>
  <td width="114" height="38" style="border:solid black 1.0pt;border-left:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:85.8pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -.05in;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">Number of Votes Cast Against Amendment</font></p>
  </td>
 </tr>
 <tr height="38" style="height:28.25pt;">
  <td width="144" height="38" style="border:solid black 1.0pt;border-top:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:107.7pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">Common</font></p>
  </td>
  <td width="162" height="38" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:121.5pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -5.1pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">16,109,107</font></p>
  </td>
  <td width="156" height="38" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:117.0pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -6.6pt;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">13,314,106</font></p>
  </td>
  <td width="114" height="38" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:28.25pt;padding:0in 5.4pt 0in 5.4pt;width:85.8pt;">
  <p align="center" style="color:black;margin:0in 0in .0001pt -.05in;text-align:center;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="font-size:8.0pt;">1,062,031</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&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;">OR</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="99%" style="border-collapse:collapse;width:99.84%;">
 <tr>
  <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.1%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by written
  consent dated </font></p>
  </td>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:34.64%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.66%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which</font><font size="2" style="font-size:10.0pt;"> all of the shareholders signed.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.1%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.6%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:34.64%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Month Day Year)</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.66%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:9.0pt;">5. If
the amendment(s) provides for an exchange, reclassification, or cancellation of
issued shares, provisions necessary to effect the
exchange, reclassification, or cancellation, if any, have been made. </font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:9.0pt;">The
undersigned certifies under the penalties of Section 414-20, Hawaii Revised
Statutes, that the undersigned has read the above statements and that the same
are true and correct. </font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.84%;">
 <tr>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.64%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signed this</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:8.3%;">
  <p align="center" style="line-height:10.4pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14th</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.96%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">day of </font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:26.34%;">
  <p align="center" style="line-height:10.4pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.18%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">,</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.58%;">
  <p align="center" style="line-height:10.4pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in .7pt 0in .7pt;width:12.64%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:8.3%;">
  <p align="center" style="line-height:10.4pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.96%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:30.52%;">
  <p align="center" style="line-height:10.4pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:41.58%;">
  <p style="line-height:10.4pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:54.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glenn K.C. Ching, Vice
  President &amp; Secretary</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.58%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Glenn K.C. Ching</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="4" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:54.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Type/Print Name &amp;
  Title)</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in .7pt 0in .7pt;width:41.58%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Signature of Officer)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">SEE INSTRUCTIONS ON
REVERSE SIDE. The articles must be signed by at least one officer of the
corporation. </font></p>

<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="3" color="black" face="Times New Roman" style="color:windowtext;font-size:12.0pt;">&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>

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

<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;">ATTACHMENT
TO THE ARTICLES OF AMENDMENT</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;">OF CENTRAL PACIFIC FINANCIAL CORP.</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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article IV. Section 1, of the Articles of
Incorporation of Central Pacific Financial Corp., as amended, is amended to
read as follows:</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 .5in;text-indent:-.5in;"><font size="1" face="Times New Roman" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The amount of authorized capital stock of the Corporation
shall be ONE HUNDRED MILLION (100,000,000) shares of common stock, no par value
per share, and ONE MILLION (1,000,000) shares of preferred stock, no par value
per share.&#160; The Corporation shall have
the privilege of subsequent extensions of its capital stock from time to time
in the manner provided by law.&quot;</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>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>3
<FILENAME>a04-11139_1ex4d5.htm
<DESCRIPTION>EX-4.5
<TEXT>
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<head>





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<body lang="EN-US" link="blue" vlink="purple">

<div>

<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
4.5</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 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;">CERTIFICATE
OF AMENDMENT OF<br>
BYLAWS OF<br>
CENTRAL PACIFIC FINANCIAL CORP.<br>
(A Hawaii Corporation)</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following amendments
to the Bylaws of Central Pacific Financial Corp. (the &#147;Company&#148;) were approved
by the Company&#146;s Board of Directors (the &#147;Board&#148;) as of September&nbsp;14,
2004.&#160; The Effective Date (as defined
below) was September 15, 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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company
entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;), dated
April&nbsp;22, 2004, with CB Bancshares, Inc. (&#147;CBBI&#148;), contemplating the
merger of CBBI with and into the Company (the &#147;Merger&#148;); and</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, pursuant to
Section&nbsp;7.02(d) of the Merger Agreement and as a condition to CBBI&#146;s
obligation to consummate the Merger, the Company agreed to adopt certain
amendments to the Company&#146;s Bylaws as set forth in Annex 2 of the Merger
Agreement no later than the time the Merger becomes effective (the &#147;Effective
Time&#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-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE BE IT
RESOLVED, that the Board hereby amends, with such amendment to take effect at
the Effective Time, the first five sentences of Section&nbsp;1 of
Article&nbsp;III of the Company&#146;s Bylaws to read as follows:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;The business of
the Corporation shall be managed by a Board of Directors which shall be fifteen
(15) in number. The directors shall be divided into three classes, designated
Class I, Class II and Class III, with the terms of office of one class expiring
each year.&#160; Each class shall consist of
five directors. The term of the initial Class I directors shall terminate on
the date of the 2007 Annual Meeting; the term of the initial Class II directors
shall terminate on the date of the 2005 Annual Meeting; and the term of the
initial Class III directors shall terminate on the date of the 2006 Annual
Meeting or, in each case, upon such director&#146;s earlier death, resignation or
removal.&#160; At each succeeding Annual
Meeting of Stockholders beginning in 2005, successors to the class of directors
whose term expires at that Annual Meeting shall be elected for a three-year
term and hold office until their successors are duly elected and qualified.&#148;;
and be it</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESOLVED FURTHER, that
the Board hereby amends, with such amendment to take effect at the Effective
Time, Article&nbsp;III of the Bylaws of the Company to include the following
new Section&nbsp;14:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Section&nbsp;3.14</u>.
BOARD COMPOSITION. &#160;Until the third
anniversary of the effective time of the merger between the 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>

<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>


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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 style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and CB Bancshares, Inc.,
(i) the ratio of Continuing Central Pacific Directors to Continuing CB
Bancshares Directors shall be maintained at 9 to 6 and all vacancies on the
Board of Directors created by the cessation of service of a Continuing CB
Bancshares Director shall be filled by a nominee selected by a majority of the
Continuing CB Bancshares Directors and all vacancies on the Board created by
the cessation of service of a Continuing Central Pacific Director shall be
filled by a nominee selected by a majority of the Continuing Central Pacific
Directors and (ii) the Continuing CB Bancshares Directors and the Continuing
Central Pacific Directors shall be apportioned among the three classes of the
Board of Directors such that the ratio of Continuing CB Bancshares Directors to
Continuing Central Pacific Directors is 2 to 3 in each class. The provisions of
this Section&nbsp;3.14 and the first paragraph of Section&nbsp;3.1 may be
modified, amended or repealed, and any Bylaw provision inconsistent with the
provisions of the first paragraph of Section&nbsp;3.1 and this
Section&nbsp;3.14 may only be adopted by an affirmative vote of at least 80
percent of the entire Board of Directors. In the event of any inconsistency
between any other provision of these By-laws and any provision of this
Section&nbsp;3.14, the provisions of this Section&nbsp;3.14 shall control.
Until the second anniversary of the effective time of the merger between the Corporation
and CB Bancshares, Inc., the removal of Ronald K. Migita from the position of
Chairman of the Board shall require the affirmative vote of at least 80% of the
entire Board of Directors.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#145;Continuing
Central Pacific Directors&#146; shall mean the directors of Central Pacific as of
the effective time of the merger between the Corporation and CB Bancshares,
Inc. who were directors of Central Pacific immediately prior to the effective
time of the merger between the Corporation and CB Bancshares, Inc. and any
additional directors of the Corporation who take office after the effective
time of the merger between the Corporation and CB Bancshares, Inc. who are
nominated by a majority of the Continuing Central Pacific Directors.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#145;Continuing CB
Bancshares Directors&#146; shall mean the directors of CB Bancshares as of the
effective time of the merger between the Corporation and CB Bancshares, Inc.
who were directors of CB Bancshares immediately prior to the effective time of
the merger between the Corporation and CB Bancshares, Inc. and any additional
directors of the Corporation who take office after the effective time of the
merger between the Corporation and CB Bancshares, Inc. who are nominated by a
majority of the Continuing CB Bancshares Directors.&#148;</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="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>

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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>4
<FILENAME>a04-11139_1ex4d8.htm
<DESCRIPTION>EX-4.8
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<div style="font-family:'Times New Roman';">

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 4.8</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 align="center" 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 Financial Corp.<br>
2004 Stock Compensation Plan</font></b></p>

<p align="center" 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>


<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:15.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

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

<p align="center" 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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article1_" title="Click to goto Article 1.">Article 1.&#160; Establishment, Purpose, and Duration</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article2_" title="Click to goto Article 2.">Article 2.&#160; Definitions</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article3_" title="Click to goto Article 3.">Article 3.&#160; Administration</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article4_" title="Click to goto Article 4.">Article 4.&#160; Shares Subject to the Plan and Maximum
  Awards</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article5_" title="Click to goto Article 5.">Article 5.&#160; Eligibility and Participation</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article6_" title="Click to goto Article 6.">Article 6.&#160; Stock Options</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article7_" title="Click to goto Article 7.">Article 7.&#160; Stock Appreciation Rights</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article8_" title="Click to goto Article 8.">Article 8.&#160; Restricted Stock and Restricted Stock
  Units</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article9_" title="Click to goto Article 9.">Article 9.&#160; Performance Shares and Performance Units</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article10_" title="Click to goto Article 10.">Article 10.&#160; Stock-Based Awards</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article11_" title="Click to goto Article 11.">Article 11.&#160; Performance Measures</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.88%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article12_" title="Click to goto Article 12.">Article 12.&#160; Beneficiary Designation</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article13_" title="Click to goto Article 13.">Article 13.&#160; Deferrals and Share Settlements</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article14_" title="Click to goto Article 14.">Article 14.&#160; Rights of Employees and Independent
  Contractors</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
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  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article15_" title="Click to goto Article 15.">Article 15.&#160; Change in Control</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article16_" title="Click to goto Article 16.">Article 16.&#160; Amendment, Modification, Suspension, and
  Termination</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article17_" title="Click to goto Article 17.">Article 17.&#160; Withholding</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article18_" title="Click to goto Article 18.">Article 18.&#160; Successors</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article19_" title="Click to goto Article 19.">Article 19.&#160; General Provisions</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="font-size:12.5pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
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  <p align="right" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Article20_" title="Click to goto Article 20.">Article 20.&#160; Legal Construction</a></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.12%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-indent:0in;">&nbsp;</p>
  </td>
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</table>

<p style="margin:0in 0in .0001pt 31.7pt;text-indent:-31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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

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

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.5pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h1 align="center" 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
Financial Corp.<br>
2004 Stock Compensation Plan</font></b></h1>

<h1 align="center" 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></h1>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article1_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 1.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Establishment, Purpose, and Duration</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Establishment
of the Plan.</b> Central Pacific Financial Corp., a Hawaii corporation
(hereinafter referred to as the &#147;Company&#148;), establishes an incentive
compensation plan to be known as the Central Pacific Financial Corp. 2004 Stock
Compensation Plan (hereinafter referred to as the &#147;Plan&#148;), as set forth in this
document.</p>

<p style="margin:0in 0in .0001pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan permits the
grant of Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights (&#147;SARs&#148;), Restricted Stock, Restricted Stock Units,
Performance Shares, Performance Units, and Stock-Based Awards.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall become
effective upon shareholder approval of the Plan (the &#147;Effective Date&#148;) and
shall remain in effect as provided in Section 1.3 hereof.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Purpose
of the Plan.</b> The purpose of the Plan is to promote the success and enhance
the value of the Company by linking the personal interests of the Participants
to those of the Company&#146;s shareholders, and by providing Participants with an
incentive for outstanding performance.</p>

<p style="margin:0in 0in .0001pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan is further
intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of Participants upon whose judgment, interest,
and special effort the successful conduct of its operation largely is
dependent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Duration
of the Plan</b>. Unless sooner terminated as provided herein, the Plan shall
terminate ten (10) years from the Effective Date. After the Plan is terminated,
no future Awards may be granted, but Awards previously granted shall remain
outstanding in accordance with their applicable terms and conditions and the
Plan&#146;s terms and conditions. Notwithstanding the foregoing, no Incentive Stock
Options may be granted more than ten (10) years after the earlier of (a) the
adoption of the Plan by the Board, and (b) the Effective Date.</p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Awards
under Prior Option Plans</b>.&#160; From and
after the Effective Date, the Company will make new Awards only under this
Plan.&#160; For the avoidance of doubt, all
awards granted before the Effective Date under any prior plan shall remain in
full force and effect and shall continue to be governed by the terms of the
applicable plan and related award agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article2_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 2.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Definitions</font></h2>

<h2 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></h2>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever used in the
Plan, the following terms shall have the meaning set forth below, and when the
meaning is intended, the initial letter of the word shall be capitalized.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Affiliate&#148;</b>
shall have the meaning ascribed to such term in Rule&nbsp;12b-2 of the General
Rules and Regulations of the Exchange Act.</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>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Award&#148;</b>
means, individually or collectively, a grant under this Plan of NQSOs, ISOs,
SARs, Restricted Stock, Restricted Stock Units, Performance Shares, Performance
Units, or Stock-Based Awards.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Award
Agreement&#148;</b> means either (i) an agreement entered into by the Company and
each Participant setting forth the terms and provisions applicable to Awards
granted under this Plan; or (ii) a statement issued by the Company to a
Participant describing the terms and provisions of such Award.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Beneficial
Owner or Beneficial Ownership&#148;</b> shall have the meaning ascribed to such term
in rule 13d-3 of the General Rules and Regulations under the Exchange Act.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Board&#148;
or &#147;Board of Directors&#148;</b> means the Board of Directors of the Company.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Cause&#148;</b>
means:</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Gross negligence or gross
neglect of duties;</p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Commission of a felony or of a
gross misdemeanor involving moral turpitude; or</p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Fraud, disloyalty, dishonesty
or willful violation of any law or significant Company policy committed in
connection with the person&#146;s employment in service and resulting in an adverse
effect on the Company.</p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Change in Control&#148;</b>
shall mean any of the following:</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Individuals who, on the date of
adoption of this Plan, constitute the Board (the &#147;Incumbent Directors&#148;) cease
for any reason to constitute at least a majority of the Board, provided that
any person becoming a director subsequent to such date, whose election or
nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a
nominee for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual initially elected or
nominated as a director of the Company as a result of an actual or threatened
election contest with respect to directors or as a result of any other actual
or threatened solicitation of proxies or consents by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;</p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Any &#147;person&#148; (as such term is
defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3)
and 14(d)(2) of the Exchange Act) is or becomes a &#147;beneficial owner&#148; (as
defined in Rule 13d 3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 25% or more of the combined voting power
of the Company&#146;s then outstanding securities eligible to vote for the election
of the Board (the &#147;Company Voting Securities&#148;); provided, however, that the
event described in this paragraph (ii) shall not be deemed to be a Change in
Control by virtue of any of the following acquisitions:&#160; (A) by the Company or any</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="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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

</font></div>

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

<p style="margin:0in 0in .0001pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary, (B) by
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Subsidiary, (C) by any underwriter temporarily holding
securities pursuant to an offering of such securities or (D) pursuant to a
Non-Qualifying Transaction (as defined in paragraph (c)); or</font></p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>The consummation of a merger,
consolidation, statutory share exchange, sale of all or substantially all of
the Company&#146;s assets, a plan of liquidation or dissolution of the Company or
similar form of corporate transaction involving the Company or any of its
Subsidiaries that requires the approval of the Company&#146;s shareholders, whether
for such transaction or the issuance of securities in the transaction (a
&#147;Business Transaction&#148;), unless immediately following such Business Transaction:&#160; (A) more than 50% of the total voting power
of (x) the corporation resulting from such Business Transaction (the &#147;Surviving
Corporation&#148;), or (y) if applicable, the ultimate parent corporation that directly
or indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the &#147;Parent
Corporation&#148;), is represented by Company Voting Securities that were
outstanding immediately prior to such Business Transaction (or, if applicable,
is represented by shares into which such Company Voting Securities were
converted pursuant to such Business Transaction), and such voting power among
the holders thereof is in substantially the same proportion as the voting power
of such Company Voting Securities among the holders thereof immediately prior
to the Business Transaction, (B) no person (other than any employee benefit
plan (or related trust) sponsored or maintained by the Surviving Corporation or
the Parent Corporation), is or becomes the beneficial owner, directly or
indirectly, of 25% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there
is no Parent Corporation, the Surviving Corporation) and (C) at least a
majority of the members of the board of directors of the Parent Corporation
(or, if there is no Parent Corporation, the Surviving Corporation) following
the consummation of the Business Transaction were Incumbent Directors at the
time of the Board&#146;s approval of the execution of the initial agreement
providing for such Business Transaction (any Business Transaction which
satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a &#147;Non-Qualifying Transaction&#148;).</p>

<p style="margin:0in 0in .0001pt 71.8pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 53.8pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur
solely because any person acquires beneficial ownership of more than 25% of the
Company Voting Securities as a result of the acquisition of Company Voting
Securities by the Company which reduces the number of Company Voting Securities
outstanding; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">that</font></i> if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the
Company shall then occur.</font></p>

<p style="margin:0in 0in .0001pt 53.8pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.8</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Code&#148;
</b>means the U.S. Internal Revenue Code of 1986, as amended from time to time,
or any successor thereto.</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="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.9</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>&#147;Committee&#148;</b> means the
Compensation Committee of the Board.&#160;
However, if a member of the Compensation Committee is not an &#147;outside
director&#148; within the meaning of Section 162(m) of the Code or is not a
&#147;non-employee director&#148; within the meaning of Rule 16b-3 under the Exchange
Act, the Compensation Committee may from time to time delegate some or all of
its functions under the Plan to a committee or subcommittee composed of members
that meet the relevant requirements.&#160;
The term &#147;Committee&#148; includes any such committee or subcommittee, to the
extent of the Compensation Committee&#146;s delegation.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.10</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Company&#148;</b> means Central Pacific Financial Corp., a Hawaii
corporation, and any successor thereto as provided in Article 18 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.11</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Covered Employee&#148;</b> means a
Participant who is a &#147;covered employee,&#148; as defined in Section 162(m) of the
Code and the regulations promulgated under Section 162(m) of the Code, or any
successor statute.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.12</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Director&#148;</b> means any
individual who is a member of the Board of Directors of the Company and/or its
Subsidiaries.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.13</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Employee&#148;</b> means any
employee of the Company, its Affiliates, and/or its Subsidiaries. Directors who
are not otherwise employed by the Company, its Affiliates, and/or its
Subsidiaries shall not be considered Employees under this Plan.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Individuals described in
the first sentence of this definition who are foreign nationals or are employed
outside of the United States, or both, are considered to be Employees and may
be granted Awards on the terms and conditions set forth in the Plan, or on such
other terms and conditions as may, in the judgment of the Committee, be
necessary or desirable to further the purpose of the Plan</font></p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.14</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Exchange Act&#148;</b> means the
Securities Exchange Act of 1934, as amended from time to time, or any successor
act thereto.</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="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.15</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Fair Market Value&#148;</b> or <b><font style="font-weight:bold;">&#147;FMV&#148;</font></b>
means a price that is based on the opening, closing, actual, high, low, or
average selling prices of a Share on the New York Stock Exchange (&#147;NYSE&#148;) or
other established stock exchange (or exchanges) on the applicable date, the
preceding trading day, the next succeeding trading day, or an average of
trading days, as determined by the Committee in its discretion. Such definition
of FMV shall be specified in the Award Agreement and may differ depending on
whether FMV is in reference to the grant, exercise, vesting, or settlement or
payout of an Award. If, however, the accounting standards used to account for
equity awards granted to Participants are substantially modified subsequent to
the Effective Date of the Plan, the Committee shall have the ability to
determine an Award&#146;s FMV based on the relevant facts and circumstances. If
Shares are not traded on an established stock exchange, FMV shall be determined
by the Committee based on objective criteria.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.16</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Fiscal Year&#148; </b>means the
year commencing on January 1 and ending December 31 or other time period as
approved by the Board.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.17</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Freestanding SAR&#148; </b>means an
SAR that is granted independently of any Options, as&nbsp;described in Article
7 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.18</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Full Value Award&#148; </b>means an
Award other than in the form of an ISO, NQSO, or SAR and which is settled by
the issuance of Shares.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.19</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Grant Price&#148; </b>means the
price at which a SAR may be exercised by a Participant, as determined by the
Committee and set forth in Section 7.1 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.20</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Incentive Stock Option&#148;</b> or
<b><font style="font-weight:bold;">&#147;ISO&#148;</font></b>
means an Option to purchase Shares granted under Article 6 herein and that is
designated as an Incentive Stock Option and is intended to meet the
requirements of Section 422 of the Code, or any successor provision.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.21</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Independent Contractor&#148;</b>
means an individual providing services to the Company, its Affiliates, and/or
its Subsidiaries, other than a Director who is not also an Employee of the
Company, its Affiliates, and/or its Subsidiaries. Such Independent Contractor
shall be eligible to participate in the Plan as selected by the Committee in
accordance with Article&nbsp;5. Notwithstanding any other provision in the Plan
to the contrary, the following shall apply in the case of an Independent
Contractor who is allowed to participate in the Plan: (a) with respect to any
reference in this Plan to the working relationship between such Independent
Contractor and the Company, its Affiliates, and/or its Subsidiaries, the term
&#147;service&#148; shall apply as may be appropriate in lieu of the term &#147;employment&#148; or
&#147;employ&#148;; (b) no such Independent Contractor shall be eligible for a grant of
an ISO; and (c) the exercise period and vesting of an Award following such
Independent Contractor&#146;s termination from service shall be specified and
governed under the terms and conditions of the Award as may be determined by
the Committee and set forth in the Independent Contractor&#146;s Award Agreement
related to such Award.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.22</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Insider&#148;</b> shall mean an
individual who is, on the relevant date, an officer, Director, or more than
ten&nbsp;percent (10%) Beneficial Owner of any class of the Company&#146;s equity</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="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


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<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:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">securities that is registered pursuant to
Section&nbsp;12 of the Exchange Act, as determined by the Board in accordance
with Section&nbsp;16 of the Exchange Act.</font></p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.23</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Nonqualified Stock Option&#148;</b>
or <b><font style="font-weight:bold;">&#147;NQSO&#148;
</font></b>means an Option to purchase Shares, granted under Article 6 herein,
which is not intended to be an Incentive Stock Option or that otherwise does
not meet such requirements.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.24</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Option&#148;</b> means an Incentive
Stock Option or a Nonqualified Stock Option, as described in Article 6 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.25</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Option Price&#148;</b> means the
price at which a Share may be purchased by a Participant pursuant to an Option,
as determined by the Committee.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.26</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Participant&#148;</b> means an
Employee, Director or Independent Contractor who has been selected to receive
an Award or who has an outstanding Award granted under the Plan.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.27</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Performance-Based
Compensation&#148;</b> means compensation under an Award that satisfies the
requirements of Section 162(m) of the Code for deductibility of remuneration
paid to Covered Employees.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.28</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Performance Measures&#148;</b>
means measures as described in Article 11 on which the performance goals are
based and which are approved by the Company&#146;s shareholders pursuant to this
Plan in order to qualify Awards as Performance-Based Compensation.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.29</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Performance Period&#148;</b> means the
period of time during which the performance goals must be met in order to
determine the degree of payout and/or vesting with respect to an&nbsp;Award.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.30</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Performance
Share&#148;</b> means an Award granted to a Participant, as described in
Article&nbsp;9 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.31</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Performance Unit&#148;</b> means an
Award granted to a Participant, as described in Article&nbsp;9&nbsp;herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.32</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Period of Restriction&#148;</b>
means the period when Awards are subject to forfeiture based on the passage of
time, the achievement of performance goals, and/or upon the occurrence of other
events as determined by the Committee, at its discretion.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.33</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Person&#148;</b> shall have the
meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used
in Sections&nbsp;13(d) and 14(d) thereof, including a &#147;group&#148; as defined in
Section 13(d) thereof.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.34</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Restricted
Stock&#148;</b> means an Award of Shares granted to a Participant pursuant to
Article 8 herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.35</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Restricted
Stock Unit&#148;</b> means an Award granted to a Participant pursuant to
Article&nbsp;8&nbsp;herein.</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;">6</font></p>


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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.36</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Shares&#148;
or &#147;Stock&#148;</b> means the Shares of common stock of the Company.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.37</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Stock Appreciation Right&#148;</b>
or <b><font style="font-weight:bold;">&#147;SAR&#148;</font></b>
means an Award, designated as an SAR, pursuant to the terms of Article 7
herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.38</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Stock-Based
Award&#148; </b>means an Award granted pursuant to the terms of Section
10.2&nbsp;herein.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.39</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Subsidiary&#148;</b> means any
corporation, partnership, joint venture, limited liability company, or other
entity (other than the Company) in an unbroken chain of entities beginning with
the Company if each of the entities other than the last entity in the unbroken
chain owns at least fifty percent (50%) of the total combined voting power in
one of the other entities in such chain.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.35in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.40</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>&#147;Tandem SAR&#148;</b> means an SAR
that is granted in connection with a related Option pursuant to Article 7
herein, the exercise of which shall require forfeiture of the right to purchase
a Share under the related Option (and when a Share is purchased under the
Option, the Tandem SAR shall similarly be cancelled) or an SAR that is granted
in tandem with an Option but the exercise of such Option does not cancel the
SAR, but rather results in the exercise of the related SAR.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article3_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 3.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Administration</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>General</b>.
The Committee shall be responsible for administering the Plan. The Committee
may employ attorneys, consultants, accountants, and other persons, and the
Committee, the Company, and its officers and Directors shall be entitled to
rely upon the advice, opinions, or valuations of any such persons. All actions
taken and all interpretations and determinations made by the Committee shall be
final, conclusive, and binding upon the Participants, the Company, and all
other interested parties.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Authority
of the Committee</b>. The Committee shall have full and exclusive discretionary
power and authority to interpret the terms and the intent of the Plan and to
determine eligibility for Awards and to adopt such rules, regulations, and
guidelines for administering the Plan as the Committee may deem necessary or
proper. Such authority shall include, but not be limited to, selecting Award
recipients, establishing all Award terms and conditions and, subject to Article
16, adopting modifications and amendments, or subplans to the Plan or any Award
Agreement, including without limitation, any that are necessary to comply with
the laws of the countries in which the Company, its Affiliates, and/or its
Subsidiaries operate.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Delegation.
</b>The Committee may delegate to one or more of its members or to one or more
officers of the Company, its Affiliates and/or its Subsidiaries, or to one or
more agents or advisors such administrative duties as it may deem advisable,
and the Committee or any person to whom it has delegated duties as aforesaid
may employ one or more persons to render advice with respect to any
responsibility the Committee or such person may have under the Plan. Except
with respect to Awards to Insiders, the Committee may (to the extent permitted
by applicable law), by resolution, authorize one or more officers of the Company
to do one or both of the following: (a)</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="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


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</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">designate
officers, Employees, or Independent Contractors of the Company, its Affiliates,
and/or its Subsidiaries to be recipients of Awards; and (b) determine the size
of the Award; provided, however, that the resolution providing such
authorization sets forth the total number of Awards such officer or officers
may grant.</font></p>

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

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article4_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 4.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Shares Subject to the Plan and Maximum Awards</font></h2>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Number
of Shares Available for Awards</b>. Subject to adjustment as provided in this
Article 4, the number of Shares which may be delivered pursuant to Awards
granted under the Plan (the&nbsp;&#148;Share Authorization&#148;) shall be 1,500,000
Shares.&#160; The maximum aggregate number of
Shares that may be granted pursuant to any Award granted in any one Fiscal Year
to any one&nbsp;Participant shall be 200,000 Shares.&#160; The&nbsp;maximum number of Shares that may be issued for Full
Value Awards shall be limited to 50% of the Share Authorization.&#160; Any Shares related to Awards which terminate
by expiration, forfeiture, cancellation, or otherwise without the issuance of
such Shares, are settled in cash in lieu of Shares, or are exchanged with the
Committee&#146;s permission for Awards not involving Shares, shall be available
again for grant under the Plan. Moreover, if the Option Price of any Option
granted under the Plan or the tax withholding requirements with respect to any
Award granted under the Plan are satisfied by tendering Shares to the Company
(by either actual delivery or by attestation), or if an SAR is exercised, only
the number of Shares issued, net of the Shares tendered, if any, will be deemed
delivered for purposes of determining the maximum number of Shares available
for delivery under the Plan.&#160; The
maximum number of Shares available for issuance under the Plan shall not be
reduced to reflect any dividends or dividend equivalents that are reinvested
into additional Shares or credited as additional Restricted Stock, Restricted
Stock Units, Performance Shares, or Stock-Based Awards. The Shares available
for issuance under the Plan may be authorized and unissued Shares or
treasury&nbsp;Shares.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Adjustments
in Authorized Shares</b>. In the event of any corporate event or transaction
(including, but not limited to, a change in the Shares of the Company or the
capitalization of the Company) such as a merger, consolidation, reorganization,
recapitalization, separation, Stock dividend, Stock split, reverse Stock split,
split up, spin-off, or other distribution of Stock or property of the Company,
combination of securities, exchange of securities, dividend in kind, or other
like change in capital structure or distribution (other than normal cash
dividends) to shareholders of the Company, or any similar corporate event or transaction,
the Committee, in its sole discretion, in order to prevent dilution or
enlargement of Participants&#146; rights under the Plan, shall substitute or adjust,
in an equitable manner, as applicable, the number and kind of Shares that may
be issued under the Plan, the number and kind of Shares subject to outstanding
Awards, the Option Price or Grant Price applicable to outstanding Awards, the
Award Limits, and other value determinations applicable to outstanding Awards.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appropriate adjustments may also be made by the
Committee in the terms of any Awards under the Plan to reflect such changes or
distributions and to modify any other terms of outstanding Awards on an
equitable basis, including modifications of performance goals and changes in
the length of Performance Periods. The determination of the Committee as to the
foregoing adjustments, if any, shall be conclusive and binding on Participants
under the Plan.</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="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><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:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the provisions of Article 15 and any
applicable law or regulatory requirement, without affecting the number of
Shares reserved or available hereunder, the Committee may authorize the
issuance, assumption, substitution, conversion or termination of Awards under
this Plan in connection with any merger, consolidation, acquisition of property
or Stock, or reorganization, upon such terms and conditions as it may deem
appropriate. Additionally, the Committee may amend the Plan, or adopt
supplements to the Plan, in such manner as it deems appropriate to provide for
such issuance, assumption, substitution, conversion or termination, all without
further action by the Company&#146;s shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article5_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 5.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Eligibility and Participation</font></h2>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Eligibility</b>.
Individuals eligible to participate in the Plan include all Employees,
Directors, and Independent Contractors.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Actual
Participation</b>. Subject to the provisions of the Plan, the Committee may
from time to time, select from all eligible Employees, Directors, and
Independent Contractors, those to whom Awards shall be granted and shall
determine the nature and amount of each Award.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article6_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 6.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Stock Options</font></h2>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Grant
of Options</b>. Subject to the terms and provisions of the Plan, Options may be
granted to Participants in such number, and upon such terms, and at&nbsp;any
time and from time to time as shall be determined by the Committee, provided
that ISOs shall not be granted to Non-Employee Directors and Independent
Contractors.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Award
Agreement</b>. Each Option grant shall be evidenced by an Award Agreement that
shall specify the Option Price, the duration of the Option, the number of
Shares to which the Option pertains, the conditions upon which an Option shall
become vested and exercisable, and such other provisions as the Committee shall
determine which are not inconsistent with the terms of the Plan. The Award
Agreement also shall specify whether the Option is intended to be an ISO or a
NQSO.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Option
Price</b>. The Option Price for each grant of an Option under this Plan shall
be determined by the Committee and shall be specified in the Award Agreement.
The Option Price shall be at least one hundred percent (100%) of the FMV of the
Shares on the date of grant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Duration
of Options</b>. Each Option granted to a Participant shall expire at such time
as the Committee shall determine at the time of grant; provided, however, no
Option shall be exercisable later than the tenth (10<sup>th</sup>) anniversary
date of its&nbsp;grant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Exercise
of Options</b>. Options granted under this Article 6&nbsp;shall be exercisable
at such times and be subject to such restrictions and conditions as the
Committee shall in each instance approve, which need not be the same for each
grant or for each Participant.</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="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


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

</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Payment</b>.
Options granted under this Article 6 shall be exercised by the delivery of a
written notice of exercise to the Company, setting forth the number of Shares
with respect to which the Option is to be exercised, accompanied by full
payment for the Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Option Price upon
exercise of any Option shall be payable to the Company in full either:
(a)&nbsp;in cash or its equivalent; (b) by tendering (either by actual delivery
or attestation) previously acquired Shares having an aggregate FMV at the time
of exercise equal to the total Option Price (provided, if required to maintain
favorable accounting treatment for the Options granted, the Shares that are
tendered must have been held by the Participant for at least six (6) months
prior to their tender to satisfy the Option Price or have been purchased on the
open market); (c) by a combination of (a)&nbsp;and (b); or (d) any other method
approved by the Committee in its sole discretion at the time of grant and as
set forth in the Award Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee also may
allow cashless exercise as permitted under the Federal Reserve Board&#146;s
Regulation T, subject to&nbsp;applicable securities law restrictions, or by any
other means which the Committee determines to be consistent with the Plan&#146;s
purpose and applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Section 6.7
and any governing rules or regulations, as soon as practicable after receipt of
a written notification of exercise and full payment, the Company shall deliver
to the Participant, Share certificates or evidence of book entry Shares, in an
appropriate amount based upon the number of Shares purchased under the
Option(s).</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
determined by the Committee, all payments under all of the methods indicated
above shall be paid in United States dollars.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Restrictions
on Share Transferability</b>. The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted under this
Article 6 as it may deem advisable, including, without limitation, requiring
the Participant to hold the Shares acquired pursuant to exercise for a specified
period of time, restrictions under applicable federal securities laws, under
the requirements of any stock exchange or market upon which such Shares are
then listed and/or&nbsp;traded, and under any blue sky or state securities laws
applicable to such Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.8</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Termination
of Employment</b>.<b><font style="font-weight:bold;">  </font></b>Each Participant&#146;s Award Agreement shall
set forth the extent to which the Participant shall have the right to exercise
the Option following termination of the Participant&#146;s employment with the
Company, its Affiliates, and/or its Subsidiaries. Such provisions shall be
determined in the sole discretion of the Committee, shall be included in the
Award Agreement entered into with each Participant, need not be uniform among
all Options issued pursuant to this Article 6, and may reflect distinctions
based on the reasons for termination.</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="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


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</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.9</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Transferability
of Options</b>.</p>

<p style="margin:0in 0in .0001pt 53.8pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">Incentive Stock Options</font></b>. No
ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and
distribution. Further, all ISOs granted to a Participant under this Article 6
shall be exercisable during his or her lifetime only by such Participant.</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">Nonqualified Stock Options</font></b>.
Except as otherwise provided in a Participant&#146;s Award Agreement or otherwise at
any time by the Committee, no NQSO granted under this Article&nbsp;6 may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution; provided that
the Board or Committee may permit further transferability, on a general or a
specific basis, and may impose conditions and limitations on any permitted
transferability. Further, except as otherwise provided in a Participant&#146;s Award
Agreement or otherwise at any time by the Committee, or unless the Board or the
Committee decides to permit further transferability, all NQSOs granted to a
Participant under this Article 6 shall be exercisable during his or her
lifetime only by such Participant.</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.10</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Notification of Disqualifying Disposition</b>. The Participant will notify the Company upon
the disposition of Shares issued pursuant to the exercise of an ISO. The
Company will use such information to determine whether a disqualifying
disposition as described in Section 421(b) of the Code has occurred.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article7_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 7.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Stock Appreciation Rights</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font style="font-weight:bold;">7.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Grant
of SARs</b>. Subject to the terms and conditions of the Plan, SARs may be
granted to Participants at any time and from time to time as shall be
determined by the Committee. The&nbsp;Committee may grant Freestanding SARs,
Tandem SARs, or any combination of these forms of&nbsp;SARs.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms and
conditions of the Plan, the Committee shall have complete discretion in
determining the number of SARs granted to each Participant and, consistent with
the provisions of the Plan, in determining the terms and conditions pertaining
to such SARs.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SAR Grant Price for
each grant of a Freestanding SAR shall be determined by the Committee and shall
be specified in the Award Agreement. The SAR Grant Price must be at least one
hundred percent (100%) of the FMV of the Shares on the date of grant. The Grant
Price of Tandem SARs shall be equal to the Option Price of the related Option.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>SAR
Agreement</b>. Each SAR Award shall be evidenced by an Award Agreement that
shall specify the Grant Price, the term of the SAR, and such other provisions
as the Committee shall determine.</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="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Term
of SAR</b>. The term of an SAR granted under the Plan shall be determined by
the Committee, in its sole discretion, and except as determined otherwise by
the Committee and specified in the SAR Award Agreement, no SAR shall be
exercisable later than the tenth (10<sup>th</sup>) anniversary date of its
grant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Exercise
of Freestanding SARs</b>. Freestanding SARs may be exercised upon whatever
terms and conditions the Committee, in its sole discretion, imposes upon them.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.5.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font>Exercise
of Tandem SARs</b>. Tandem SARs may be exercised for all or part of the Shares
subject to the related Option upon the surrender of the right to exercise the
equivalent portion of the related Option. A Tandem SAR may be exercised only
with respect to the Shares for which its related Option is then exercisable.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other
provision of this Plan to the contrary, with respect to a Tandem SAR granted in
connection with an ISO: (a) the Tandem SAR will expire no later than the
expiration of the underlying ISO; (b) the value of the payout with respect to
the Tandem SAR may be for no more than&nbsp;one hundred percent (100%) of the
difference between the Option Price of the underlying ISO and the FMV of the
Shares subject to the underlying ISO at the time the Tandem SAR is exercised;
and (c) the Tandem SAR may be exercised only when the FMV of the Shares subject
to the ISO exceeds the Option Price of the ISO.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Payment
of SAR Amount</b>. Upon the exercise of an SAR, a Participant shall be entitled
to receive payment from the Company in an amount determined by multiplying:</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
difference between the FMV of a Share on the date of exercise over the Grant
Price; by</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
number of Shares with respect to which the SAR is exercised.</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the discretion of the
Committee, the payment upon SAR exercise may be in cash, in Shares of
equivalent value, in some combination thereof, or in any other manner approved
by the Committee at its sole discretion. The Committee&#146;s determination
regarding the form of SAR payout shall be set forth or reserved for later
determination in the Award Agreement pertaining to the grant of the SAR.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Termination
of Employment</b>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to exercise the SAR following termination of
the Participant&#146;s employment with the Company, its Affiliates, and/or its
Subsidiaries. Such provisions shall be determined in the sole discretion of the
Committee, shall be included in the Award Agreement entered into with
Participants, need not be uniform among all SARs issued pursuant to the Plan,
and may reflect distinctions based on the reasons for termination.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.8</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Nontransferability
of SARs</b>. Except as otherwise provided in a Participant&#146;s Award Agreement,
no SAR granted under the&nbsp;Plan may be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution; provided that the Board or Committee may permit
further transferability, on a general or a specific basis, and may impose
conditions and limitations on any permitted transferability. Further, except as
otherwise provided in a Participant&#146;s Award Agreement or otherwise unless the
Board or the Committee</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="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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<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:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">decides to permit
further transferability, all SARs granted to a Participant under this Article 7
shall be exercisable during his or her lifetime only by such Participant.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.9</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Other
Restrictions</b>.<b><font style="font-weight:bold;">  </font></b>The Committee shall
impose such other conditions and/or restrictions on any Shares received upon
exercise of a SAR granted pursuant to the Plan as it may deem advisable. This
includes, but is not limited to, requiring the Participant to hold the Shares
received upon exercise of an SAR for a specified period of time.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article8_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 8.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Restricted Stock and Restricted Stock Units</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font style="font-weight:bold;">8.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Grant of Restricted Stock or Restricted Stock
Units</b>. Subject to the terms and
provisions of the Plan, the Committee, at any time and from time to time, may
grant Shares of Restricted Stock and/or Restricted Stock Units to Participants
in such amounts, as the Committee shall determine. Restricted Stock Units shall
be similar to Restricted Stock except that no Shares are actually awarded to
the Participant on the date of grant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Restricted
Stock or Restricted Stock Unit Agreement</b>. Each Restricted Stock and/or
Restricted Stock Unit grant shall be evidenced by an Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of Restricted Stock
or the number of Restricted Stock Units granted, and such other provisions as
the Committee shall determine.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Transferability</b>.
Except as provided in this Article&nbsp;8, the Shares of Restricted Stock
and/or Restricted Stock Units granted herein may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the
applicable Period of Restriction established by the Committee and specified in
the Award Agreement (and in the case of Restricted Stock Units until the date
of delivery or other payment), or upon earlier satisfaction of any other
conditions, as specified by the Committee, in its sole discretion, and set
forth in the Award Agreement. All rights with respect to the Restricted Stock
and/or Restricted Stock Units granted to a Participant under the Plan shall be
available during his or her lifetime only to such Participant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Other Restrictions</b>. The Committee shall impose such other
conditions and/or restrictions on any Shares of Restricted Stock or Restricted
Stock Units granted pursuant to the Plan as it may deem advisable including,
without limitation, a requirement that Participants pay a stipulated purchase
price for each Share of Restricted Stock or each Restricted Stock Unit,
restrictions based upon the achievement of specific performance goals,
time-based restrictions on vesting following the attainment of the performance
goals, time-based restrictions, restrictions under applicable federal or state
securities laws, or any holding requirements or sale restrictions placed on the
Shares by the Company upon vesting of such Restricted Stock or Restricted Stock
Units.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent deemed appropriate
by the Committee, the Company may retain the certificates representing Shares
of Restricted Stock in the Company&#146;s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied or
lapse.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided in
this Article 8, Shares of Restricted Stock covered by each Restricted Stock
Award shall become freely transferable by the Participant after all conditions
and restrictions applicable to such Shares have been satisfied or lapse, and
Restricted Stock Units shall be</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 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;">paid
in cash, Shares, or a combination of cash and Shares as the Committee, in its
sole discretion shall determine.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Certificate
Legend</b>. In addition to any legends placed on certificates pursuant to
Section&nbsp;8.4 herein, each certificate representing Shares of Restricted
Stock granted pursuant to the Plan may bear a legend such as the following:</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;The sale or other
transfer of the Shares of Stock represented by this certificate, whether
voluntary, involuntary, or by operation of law, is subject to certain
restrictions on transfer as set forth in the Central Pacific Financial Corp.&#146;s
2004 Stock Compensation Plan, and in the associated Restricted Stock Award
Agreement. A copy of the Plan and such Restricted Stock Award Agreement may be
obtained from the Central Pacific Financial Corp.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Voting Rights</b>. To the extent permitted or required by law, as determined by the
Committee, Participants holding Shares of Restricted Stock granted hereunder
may be granted the right to exercise full voting rights with respect to those
Shares during the Period of Restriction. A&nbsp;Participant shall have no
voting rights with respect to any Restricted Stock Units granted hereunder.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Dividends and Dividend Equivalents</b>. During the Period of Restriction, Participants
holding Shares of Restricted Stock or Restricted Stock Units granted hereunder
may, if the Committee so determines, be credited with dividends paid with
respect to Restricted Stock or dividend equivalents with respect to Restricted
Stock Units while they are so held in a manner determined by the Committee in
its sole discretion. The Committee may apply any restrictions to the dividends
or dividend equivalents that the Committee deems appropriate. The Committee, in
its sole discretion, may determine the form of payment of dividends or dividend
equivalents, including cash, Shares, Restricted Stock, or Restricted Stock
Units and such dividends or dividend equivalents may be subject to accrual,
forfeiture, or payout restrictions as determined by the Committee.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.8</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Termination
of Employment</b>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Restricted Stock and/or Restricted
Stock Units following termination of the Participant&#146;s employment with the
Company, its Affiliates, and/or its Subsidiaries. Such provisions shall be
determined in the sole discretion of the Committee, shall be included in the
Award Agreement entered into with each Participant, need not be uniform among
all Shares of Restricted Stock or Restricted Stock Units issued pursuant to the
Plan, and may reflect distinctions based on the reasons for termination.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.9</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;">Section 83(b) Election</font></b>. The
Committee may provide in an Award Agreement that the Award of Restricted Stock
is conditioned upon the Participant making or refraining from making an
election with respect to the Award under Section 83(b) of the Code. If a
Participant makes an election pursuant to Section 83(b) of the Code concerning
a Restricted Stock Award, the Participant shall be required to file promptly a
copy of such election with the Company.</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="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


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

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article9_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 9.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Performance Shares and Performance Units</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Grant
of Performance Shares and Performance Units</b>. Subject to the terms of
the&nbsp;Plan, Performance Shares and/or Performance Units may be granted to
Participants in such amounts and upon such terms, and at any time and from time
to time, as shall be determined by the&nbsp;Committee.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Value
of Performance Shares and Performance Units</b>. Each Performance Share shall
have an initial value equal to the FMV of a Share on the date of grant. Each
Performance Unit shall have&nbsp;an initial value that is established by the
Committee at the time of grant. The Committee shall set performance goals in
its discretion which, depending on the extent to which they are met, will determine
the value and/or number of Performance Shares/Performance Units that will be
paid out to the Participant.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Earning
of Performance Shares and Performance Units</b>. Subject to the terms of
this&nbsp;Plan, after the applicable Performance Period has ended, the holder
of Performance Shares/Performance Units shall be entitled to receive payout on
the value and number of Performance Shares/Performance Units earned by the
Participant over the Performance Period, to be determined as a function of the
extent to which the&nbsp;corresponding performance goals have been achieved.
Notwithstanding the foregoing, the Company has the ability to require the
Participant to hold the Shares received pursuant to such Award for a specified
period of time.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Form
and Timing of Payment of Performance Shares and Performance Units</b>. Payment
of earned Performance Shares/Performance Units shall be as determined by the
Committee and as evidenced in the Award Agreement. Subject
to&nbsp;the&nbsp;terms of the Plan, the Committee, in its sole discretion, may
pay earned&nbsp;Performance Shares/Performance Units in the form of cash or in
Shares (or in a combination thereof) equal to the value of the earned
Performance Shares/Performance Units as soon as practicable after the end of
the applicable Performance Period. Any Shares may be granted subject to any
restrictions deemed appropriate by the Committee. The determination of the
Committee with respect to the form of payout of such Awards shall be set forth
in the Award Agreement pertaining to the grant of the Award.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Dividend
Equivalents</b>.<b><font style="font-weight:bold;">  </font></b>At the discretion of the Committee, Participants holding
Performance Shares may be entitled to receive dividend equivalents with respect
to dividends declared with respect to the Shares. Such dividends may be subject
to accrual, forfeiture, or payout restrictions as determined by the Committee
in its sole discretion.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Termination
of Employment</b>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to retain Performance Shares and/or Performance
Units following termination of the Participant&#146;s employment with the Company,
its Affiliates, and/or its Subsidiaries. Such provisions shall be determined in
the sole discretion of the Committee, shall be included in the Award Agreement
entered into with each Participant, need not be uniform among all Awards of
Performance Shares or Performance Units issued pursuant to the Plan, and may
reflect distinctions based on the reasons for termination.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>Nontransferability</b>.
Except as otherwise provided in a Participant&#146;s Award Agreement, Performance
Shares/Performance Units may not be sold, transferred, pledged, assigned, or
otherwise</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="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


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<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:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement, a
Participant&#146;s rights under the Plan shall be exercisable during his or her
lifetime only by such Participant.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article10_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 10.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Stock-Based Awards</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Stock-Based
Awards. </b>The Committee may grant other
types of equity-based or equity-related Awards (including the grant or offer
for sale of unrestricted Shares) in such amounts and subject to such terms and
conditions, as the Committee shall determine. Such Awards may entail the
transfer of actual Shares to Participants, or payment in cash or otherwise of
amounts based on the value of Shares and may include, without limitation,
Awards designed to comply with or take advantage of the applicable local laws
of jurisdictions other than the United States.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Value
of Stock-Based Awards</b>.&#160; Each
Stock-Based Award shall have a value based on the value of a Share, as
determined by the Committee. The Committee may establish performance goals in
its discretion. If the Committee exercises its discretion to establish
performance goals, the number and/or value of Stock-Based Awards that will be
paid out to the Participant will depend on the extent to which the performance
goals are met.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Earning
of Stock-Based Awards</b>. Subject to the terms of this&nbsp;Plan, the holder
of Stock-Based Awards shall be entitled to receive payout on the number and
value of Stock-Based Awards earned by the Participant, to be determined as a
function of the extent to which applicable performance goals, if any, have been
achieved.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Form
and Timing of Payment of Stock-Based Awards</b>. Payment of earned Stock-Based
Awards shall be as determined by the Committee and as evidenced in the Award
Agreement. Subject to&nbsp;the&nbsp;terms of the Plan, the Committee, in its sole
discretion, may pay earned Stock-Based Awards in the form of cash or in Shares
(or in a combination thereof) that have an aggregate FMV equal to the value of
the earned Stock-Based Awards. Such Shares may be granted subject to any
restrictions deemed appropriate by the Committee. The determination of the
Committee with respect to the form of payout of such Awards shall be set forth
in the Award Agreement pertaining to the grant of the Award.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Termination
of Employment</b>. Each Award Agreement shall set forth the extent to which the
Participant shall have the right to receive Stock-Based Awards following
termination of the Participant&#146;s employment with the Company, its Affiliates,
and/or its Subsidiaries. Such provisions shall be determined in the sole discretion
of the Committee, shall be included in the Award Agreement entered into with
each Participant, need not be uniform among all Awards of Stock-Based Awards
issued pursuant to the Plan, and may reflect distinctions based on the reasons
for termination.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Nontransferability</b>.
Except as otherwise provided in a Participant&#146;s Award Agreement, Stock-Based
Awards may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant&#146;s Award Agreement, a
Participant&#146;s rights under the Plan shall be exercisable during the
Participant&#146;s lifetime only by the Participant.</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="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


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</font></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Dividend
Equivalents. </b>At the discretion of the Committee, Participants holding
Stock-Based Awards may be entitled to receive dividend equivalents with respect
to dividends declared with respect to the Shares. Such dividends may be subject
to accrual, forfeiture, or payout restrictions as determined by the Committee
in its sole discretion.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article11_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 11.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Performance Measures</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"> Unless and until the
Committee proposes for shareholder vote and the shareholders approve a change
in the general Performance Measures set forth in this Article 11, the
performance goals upon which the payment or vesting of an Award to a Covered
Employee that is intended to qualify as Performance-Based Compensation shall be
limited to the following Performance Measures:</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Earnings per share (actual
or targeted growth);</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Net income after capital
costs;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Net income (before or
after taxes);</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Return measures
(including, but not limited to, return on assets, risk-adjusted return on
capital, or return on equity);</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Efficiency ratio;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Full-time equivalency
control;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Stock price (including,
but not limited to, growth measures and total shareholder return);</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Noninterest income
compared to net interest income ratio;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Expense targets;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Margins;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Operating efficiency;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>EVA<sup>&#174;</sup>;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Credit quality measures;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Customer satisfaction;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Loan growth;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Deposit growth;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Net interest margin;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fee income;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Operating expense; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Credit quality.</p>

<p style="margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the
foregoing, the Committee may consider the following individual unit/production
Performance Measures: cost per dollar loan growth; cost per dollar deposit
growth; revenue per personnel; operating expense to group budget; service
levels (group); and personal performance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Performance Measure(s) may be used to measure the performance of the
Company as a whole or any business unit of the Company or any combination
thereof, as the Committee may deem appropriate, or any of the above Performance
Measures as compared to the performance of a group of comparator companies, or
published or special index that the Committee, in its sole discretion, deems
appropriate. The Committee also has the authority to provide for accelerated
vesting of any Award based on the achievement of performance goals pursuant to
the Performance Measures specified in this Article 11.</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="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


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</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Committee may provide in any such Award that any evaluation of performance may
include or exclude any of the following events that occurs during a Performance
Period: (a) asset write-downs; (b) litigation or claim judgments or
settlements; (c) the effect of changes in tax laws, accounting principles, or
other laws or provisions affecting reported results; (d) reorganization or restructuring
programs; (e) extraordinary or nonrecurring items as described in Accounting
Principles Board Opinion No. 30 and/or in management&#146;s discussion and analysis
of financial condition and results of operations appearing in the Company&#146;s
annual report to shareholders for the applicable year; (f) acquisitions or
divestitures; and (g) foreign exchange gains and losses. To the extent such
inclusions or exclusions affect Awards to Covered Employees, they shall be
prescribed in a form that meets the requirements of Code Section 162(m) for
deductibility.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Awards that are designed
to qualify as Performance-Based Compensation, and that are held by Covered
Employees, may not be adjusted upward. The Committee shall retain the
discretion to adjust such Awards downward.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that
applicable tax and/or securities laws change to permit Committee discretion to
alter the governing Performance Measures without obtaining shareholder approval
of such changes, the Committee shall have sole discretion to make such changes
without obtaining shareholder approval. In addition, in the event that the
Committee determines that it is advisable to grant Awards that shall not
qualify as Performance-Based Compensation, the Committee may make such grants
without satisfying the requirements of Code Section 162(m).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article12_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 12.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Beneficiary Designation</font></h2>

<h2 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></h2>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Participant&#146;s
&#147;beneficiary&#148; is the person or persons entitled to receive payments or other
benefits or exercise rights that are available under the Plan in the event of
the Participant&#146;s death. A&nbsp;Participant may designate a beneficiary or
change a previous beneficiary designation at any time by using forms and
following procedures approved by the Committee for that purpose.
If&nbsp;no&nbsp;beneficiary designated by the Participant is eligible to
receive payments or other benefits or exercise rights that are available under
the Plan at the Participant&#146;s death the beneficiary shall be the Participant&#146;s
estate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
provisions above, the Committee may in its discretion, after notifying the
affected Participants, modify the foregoing requirements, institute additional
requirements for beneficiary designations, or suspend the existing beneficiary
designations of living Participants or the process of determining beneficiaries
under this Article 12, or both. If the Committee suspends the process of
designating beneficiaries on forms and in accordance with procedures it has
approved pursuant to this Article 12, the determination of who is a
Participant&#146;s beneficiary shall be made under the Participant&#146;s will and
applicable state law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article13_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 13.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Deferrals and Share Settlements</font></h2>

<h2 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></h2>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other
provision under the Plan, the Committee may permit or require a Participant to
defer such Participant&#146;s receipt of the payment of cash or the delivery of
Shares that would otherwise be due to such Participant by virtue of the
exercise of an Option or SAR, or with</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="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;text-indent:0in;"><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:10.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">respect to the lapse or waiver of restrictions with respect to Restricted
Stock or Restricted Stock Units or the satisfaction of any requirements or
performance goals with respect to Performance Shares, Performance Units, or
Stock-Based Awards. If any such deferral election is required or permitted, the
Committee shall, in its sole discretion, establish rules and procedures for
such payment&nbsp;deferrals.</font></p>

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

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article14_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 14.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Rights of Employees and Independent Contractors</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Employment</b>.
Nothing in the Plan or an Award Agreement shall interfere with or limit in any
way the right of the Company, its Affiliates, and/or its Subsidiaries to
terminate any Participant&#146;s employment or other service relationship at any
time, nor confer upon any Participant any right to continue in the capacity in
which he or she is employed or otherwise serves the Company, its Affiliates,
and/or its Subsidiaries.</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:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither an Award nor any
benefits arising under this Plan shall constitute part of an employment
contract with the Company, its Affiliates, and/or its Subsidiaries and,
accordingly, subject to Articles&nbsp;3 and 16, this Plan and the benefits
hereunder may be terminated at any time in the sole and exclusive discretion of
the Committee without giving rise to liability on the part of the Company, its
Affiliates, and/or its Subsidiaries for severance payments.</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:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of the Plan,
transfer of employment of a Participant between the Company, its Affiliates,
and/or its Subsidiaries shall not be deemed a termination of employment.
Additionally, the Committee shall have the ability to stipulate in a Participant&#146;s
Award Agreement that a transfer to a company that is spun-off from the Company
shall not be deemed a termination of employment with the Company for purposes
of the Plan until the Participant&#146;s employment is terminated with the spun-off
company.</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="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Participation</b>.
No Employee or Independent Contractor shall have the right to be selected to
receive an Award under this Plan, or, having been so selected, to be selected
to receive a future Award.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Rights
as a Shareholder</b>. A Participant shall have none of the rights of a
shareholder with respect to Shares covered by any Award until the Participant
becomes the record holder of such&nbsp;Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article15_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 15.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Change in Control</font></h2>

<h2 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></h2>

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of a
Change in Control, unless otherwise specifically prohibited under applicable
laws, or by the rules and regulations of any governing governmental agencies or
national securities exchanges, or unless the Committee shall determine
otherwise in the Award Agreement (which may include a modification to the
definition of a Change in Control as determined by the&nbsp;Committee):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any and all Options and
SARs granted hereunder shall become immediately exercisable; additionally, if a
Participant&#146;s employment is terminated for any other reason except</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="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


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</font></div>

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

<p style="margin:0in 0in .0001pt .8in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cause within
twelve (12) months of such Change in Control, the Participant shall have until
the earlier of: (i) twelve (12) months following such termination date; or (ii)
the expiration of the Option or SAR term, to exercise any such Option or SAR;</font></p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Period of Restriction
for Restricted Stock and Restricted Stock Units granted hereunder that have not
previously vested shall end, and such Restricted Stock and Restricted Stock
Units shall become fully vested;</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The target payout
opportunities attainable under all outstanding Awards under the Plan which are
subject to achievement of any of the Performance Measures specified in Article
11, or any other performance conditions or restrictions that the Committee has
made the Award contingent upon, shall be deemed to have been fully earned as of
the effective date of the Change in Control.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The vesting of all Awards
denominated in Shares shall be accelerated as of the effective date of the
Change in Control, and there shall be paid out to Participants a pro rata
number of Shares based upon an assumed achievement of all relevant targeted
performance goals and upon the length of time within the Performance Period, if
any, that has elapsed prior to the Change in Control. The Committee has the
authority to pay all or any portion of the value of the Shares in cash.</p>

<p style="margin:0in 0in .0001pt 139.5pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Awards denominated in cash
shall be paid pro rata to Participants with the proration determined as a
function of the length of time within the Performance Period, if any, that has
elapsed prior to the Change in Control, and based on an assumed achievement of
all relevant targeted performance goals.</p>

<p style="margin:0in 0in .0001pt 139.5pt;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .8in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to Article 16,
herein, the Committee shall have the authority to make any modifications to the
Awards as determined by the Committee to be appropriate before the effective
date of the Change in Control.</p>

<p style="margin:0in 0in .0001pt 54.2pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article16_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 16.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Amendment, Modification, Suspension, and Termination</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Amendment,
Modification, Suspension, and Termination</b>. The Committee or Board may, at
any&nbsp;time and from time to time, alter, amend, modify, suspend, or
terminate the Plan in&nbsp;whole or in part. Notwithstanding anything herein to
the contrary, without the prior approval of the Company&#146;s shareholders, Options
issued under the Plan will not be repriced, replaced, or regranted through
cancellation, or by lowering the exercise price of a previously granted Option.
No&nbsp;amendment of the Plan shall be made without shareholder approval if
shareholder approval is required by law, regulation, or stock exchange rule.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Adjustment
of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events</b>.
The Committee may make adjustments in the terms and conditions of, and the
criteria included in, Awards in recognition of unusual or nonrecurring events
(including, without limitation, the events described in Section 4.2 hereof)
affecting the Company or the financial statements of the</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="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


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</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company or of
changes in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent
unintended dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan. The&nbsp;determination of the
Committee as to the foregoing adjustments, if any, shall be conclusive and
binding on Participants under the Plan.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Awards
Previously Granted</b>. Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, suspension, or modification of the Plan
shall adversely affect in&nbsp;any material way any Award previously granted
under the Plan, without the written consent of the Participant holding such
Award.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article17_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 17.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Withholding</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">17.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Tax
Withholding</b>. The Company shall have the power and the right to deduct or
withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy federal, state, and local taxes, domestic or foreign
(including the Participant&#146;s FICA obligation), required by law or regulation to
be withheld with respect to any taxable event arising or as a result of this
Plan.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">17.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Share
Withholding</b>. With respect to withholding required upon the exercise of
Options or SARs, upon the lapse of restrictions on Restricted Stock or
Restricted Stock Units, or upon the achievement of performance goals related to
Performance Shares, or any other taxable event arising as a result of Awards
granted hereunder, the Company may require or Participants may elect, subject
to the approval of the Committee, to satisfy the withholding requirement, in
whole or in part, by having the Company withhold Shares having a FMV of a Share
on the date the tax is to be determined equal to the tax that could be imposed
on the transaction, provided that if required by the accounting rules and
regulations to maintain favorable accounting treatment for the Awards, the tax
is to be determined equal to the minimum statutory total tax that could be
imposed on the transaction. All elections shall be irrevocable, made in
writing, and signed by the Participant, and shall be subject to any
restrictions or limitations that the Committee, in its sole discretion, deems
appropriate.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article18_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 18.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Successors</font></h2>

<h2 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></h2>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All obligations of the Company under the Plan with
respect to Awards granted hereunder, shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article19_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 19.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
General Provisions</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Forfeiture
Events</b>.&#160; The Committee may specify
in an Award Agreement that the Participant&#146;s rights, payments, and benefits
with respect to an Award shall be subject to reduction, cancellation,
forfeiture, or recoupment upon the occurrence of certain specified events, in
addition to any otherwise applicable vesting or performance conditions of an
Award. Such events shall include, but shall not be limited to, termination of
employment for Cause, violation of material Company,</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="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


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</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affiliate, and/or Subsidiary policies, breach of noncompetition,
confidentiality, or other restrictive covenants that may apply to the
Participant, or other conduct by the Participant that is detrimental to the
business or reputation of the Company, its Affiliates, and/or its Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Legend</b>.
The certificates for Shares may include any legend that the Committee deems
appropriate to reflect any restrictions on transfer of such Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Delivery
of Title</b>. The Company shall have no obligation to issue or deliver evidence
of title for Shares issued under the Plan prior to:</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Obtaining any approvals
from governmental agencies that the Company determines are necessary or
advisable; and</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Completion of any
registration or other qualification of the Shares under any applicable national
or foreign law or ruling of any governmental body that the Company determines
to be necessary or advisable.</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Investment
Representations</b>.<b><font style="font-weight:bold;">  </font></b>The Committee may require each Participant
receiving Shares pursuant to an Award under this Plan to represent and warrant
in writing that the Participant is acquiring the Shares for investment and
without any present intention to sell or distribute such&nbsp;Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Employees
Based Outside of the United States</b>. Notwithstanding any provision of the
Plan to the contrary, in order to comply with the laws in other countries in
which the Company, its Affiliates, and/or its Subsidiaries operate or have
Employees or Independent Contractors, the Committee, in its sole discretion,
shall have the power and authority to:</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Determine which Affiliates
and Subsidiaries shall be covered by the Plan;</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Determine which Employees
and Independent Contractors outside the United&nbsp;States are eligible to
participate in the Plan;</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Modify the terms and
conditions of any Award granted to Employees or Independent Contractors outside
the United States to comply with applicable foreign laws;</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Establish subplans and
modify exercise procedures and other terms and procedures, to the extent such
actions may be necessary or advisable. Any&nbsp;subplans and modifications to
Plan terms and procedures established under this Section 19.5 by the Committee
shall be attached to this Plan document as appendices; and</p>

<p style="margin:0in 0in .0001pt 85.5pt;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.15in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Take any action, before or
after an Award is made that it deems advisable to obtain approval or comply
with any necessary local government regulatory exemptions or approvals.</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="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


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

</font></div>

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

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
above, the Committee may not take any actions hereunder, and no Awards shall be
granted, that would violate the Exchange Act, the Code, any securities law, or
governing statute or any other applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Uncertificated
Shares</b>. To the extent that the Plan provides for issuance of certificates
to reflect the transfer of Shares, the transfer of such Shares may be effected
on a noncertificated basis, to the extent not prohibited by applicable law or
the rules of any stock exchange.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Unfunded
Plan</b>. Participants shall have no right, title, or interest whatsoever in or
to any investments that the Company, its Affiliates, and/or its Subsidiaries
may make to aid it in meeting its obligations under the Plan. Nothing contained
in the Plan, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary relationship between
the Company, its Affiliates, and/or its Subsidiaries and any Participant,
beneficiary, legal representative, or any other person. To the extent that any
person acquires a right to receive payments from the Company, its Affiliates,
and/or its Subsidiaries under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Company. All payments to be made
hereunder shall be paid from the general funds of the Company and no special or
separate fund shall be established and no segregation of assets shall be made
to assure payment of such amounts except as expressly set forth in the Plan.
The Plan is not intended to be subject to ERISA.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.8</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>No
Fractional Shares</b>. No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award. The Committee shall determine whether cash,
Awards, or other property shall be issued or paid in lieu of fractional Shares
or whether such fractional Shares or any rights thereto shall be forfeited or
otherwise eliminated.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.9</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Retirement
and Welfare Plans. </b>The Awards under this Plans will not be included as
&#147;compensation&#148; for purposes of computing benefits payable to any Participant
under the Company&#146;s retirement plans (both qualified and nonqualified) or
welfare benefit plans unless such other plan expressly provides that such
compensation shall be taken into account in computing a
Participant&#146;s&nbsp;benefit.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="Article20_"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article 20.</font></b></a><font size="2" style="font-size:10.0pt;">&#160;
Legal Construction</font></h2>

<h2 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></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Gender
and Number</b>. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine, the plural shall include the
singular, and the singular shall include the plural.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Severability</b>.
In the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of
the Plan, and the Plan shall be construed and enforced as if the illegal or
invalid provision had not been included.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Requirements
of Law</b>. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required. The Company shall receive the consideration required by law for
the issuance of Awards under the Plan.</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="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


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

<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The inability of the
Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company&#146;s counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which
such requisite authority shall not have been obtained.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Securities
Law Compliance</b>. The Company may use reasonable endeavors to register Shares
allotted pursuant to the exercise of an Award with the United States Securities
and Exchange Commission or to effect compliance with the registration,
qualification, and listing requirements of any national or foreign securities
laws, stock exchange, or automated quotation system. With respect to Insiders,
transactions under this Plan are intended to comply with all applicable
conditions of Rule 16b-3 or its successors under the Exchange Act. To the
extent any provision of the Plan or action by the Committee fails to so comply,
it shall be deemed null and void, to the extent permitted by law and deemed advisable
by the Committee.</p>

<p style="margin:0in 0in .0001pt;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font>Governing
Law</b>. The Plan and each Award Agreement shall be governed by the laws of the
State of Hawaii, excluding any conflicts or choice of law rule or principle
that might otherwise refer construction or interpretation of the Plan to the
substantive law of another jurisdiction. Unless otherwise provided in the Award
Agreement, recipients of an Award under the Plan are deemed to submit to the
exclusive jurisdiction and venue of the federal or state courts of Hawaii, to
resolve any and all issues that may arise out of or relate to the Plan or any
related Award Agreement.</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="2" face="Times New Roman" style="font-size:10.0pt;">24</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 5.1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">[Letterhead of McCorriston Miller Mukai
MacKinnon LLP]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">October&nbsp;5, 2004</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">220 South King Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, HI 96813</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At your request, we have examined the Registration Statement on Form
S-8 (the &#147;Registration Statement&#148;) to be filed by Central Pacific Financial
Corp., a Hawaii corporation (the &#147;Company&#148;), with the Securities and Exchange
Commission on or about October&nbsp;1, 2004 in connection with the registration
under the Securities Act of 1933, as amended (the &#147;Act&#148;), of an aggregate of
1,989,218 shares of the Company&#146;s common stock, no par value (the &#147;Shares&#148;),
subject to issuance by the Company upon the exercise of purchase rights (i)
previously granted by CB Bancshares, Inc., a Hawaii corporation (&#147;CBBI&#148;), under
the CBBI Stock Compensation Plan and CBBI Director Stock Option Plan, which
purchase rights were assumed by the Company pursuant to the Agreement and Plan
of Merger, dated as of April&nbsp;22, 2004, between the Company and CBBI (the
&#147;Merger Agreement&#148;), and (ii) to be granted by the Company under its 2004 Stock
Compensation Plan.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also have examined the Merger Agreement, a form of the stock
certificate to represent the Shares, and the originals, or duplicates or
certified or conformed copies, of such corporate records, agreements, documents
and other instruments and have made such other investigations as we have deemed
relevant and necessary in connection with the opinions hereinafter set
forth.&#160; As to questions of fact material
to this opinion, we have relied upon certificates or comparable documents of
public officials and of officers and representatives of the Company.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering the opinion set forth below, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the
authenticity of all documents submitted to us as originals, the conformity to
original documents of all documents submitted to us as duplicates or certified
or conformed copies, and the authenticity of the originals of such latter documents.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the foregoing, and subject to the qualifications and
limitations stated herein, we are of the opinion that the 1,989,218 Shares that
may be issued and sold by the Company upon the exercise of purchase rights
granted or to be granted under the Plans, when issued, sold and delivered in
accordance with the Plans and the purchase agreements entered or to be entered
into thereunder and in the manner and for the consideration stated in the
Registration Statement</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the prospectus constituting a part thereof, will be validly issued,
fully paid and nonassessable.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are admitted to practice law in the State of Hawaii, and we express no opinion herein with respect to the application or effect of the laws of any jurisdiction other than the existing laws of the United States of America and the State of Hawaii, as such laws presently exist.&#160; We assume no obligation to revise or supplement this opinion letter should the laws of such jurisdiction be changed after the date hereof by legislative action, judicial decision or otherwise.</font></p><p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the use of this opinion as an exhibit to the Registration
Statement and further consent to all references to us, if any, in the
Registration Statement, the prospectus constituting a part thereof and any amendments
thereto.&#160; In giving such consent, we do
not thereby admit that we are in the category of persons whose consent is
required under Section&nbsp;7 of the Act.&#160;
This opinion is intended solely for use in connection with the issuance
and sale of the Shares subject to the Registration Statement and is not to be
relied upon for any other purpose.&#160; We
assume no obligation to advise you of any fact, circumstance, event or change
in the law or the facts that may hereafter be brought to our attention whether
or not such occurrence would affect or modify the opinions expressed herein.</font></p>

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

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
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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>
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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>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ McCorriston Miller Mukai MacKinnon LLP</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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>

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<SEQUENCE>6
<FILENAME>a04-11139_1ex23d1.htm
<DESCRIPTION>EX-23.1
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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
23.1</font></b></p>

<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;">&nbsp;</font></b></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;">Consent
of Independent Registered Public Accounting Firm</font></b></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;">&nbsp;</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp.:</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;">We consent to the use of our report dated
January 30, 2004, with respect to the consolidated balance sheets of Central
Pacific Financial Corp. (formerly CPB Inc.) and subsidiaries as of December 31,
2003 and 2002, and the related consolidated statements of income, changes in
shareholders' equity and comprehensive income (loss), and cash flows for each
of the years in the three-year period ended December 31, 2003, incorporated by
reference in the Registration Statement on Form S-8 of Central Pacific
Financial Corp. (formerly CPB Inc.).</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>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ KPMG LLP</font></p>
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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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Honolulu, Hawaii</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September 30, 2004</font></p>

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

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