Blue Hill Advisors and Investors Reiterate Superior Proposal for Territorial Bancorp and Refute Territorial's Assertions

Blue Hill Advisors and its investor group have once again emphasized the superiority of their proposal for Territorial Bancorp, refuting the latter's recent assertions. In a letter to shareholders, Blue Hill reiterated its commitment to a higher cash premium and a more certain transaction, while dismissing Territorial's claims about the illusory nature of their proposal.

Blue Hill's proposal offers a 100% tax-free, cash premium of $16.50 per share, compared to Hope Bancorp's $12.80 per share. This significant difference provides Territorial shareholders with immediate liquidity and a more attractive exit option. Furthermore, Blue Hill's proposal includes a 30% rollover component, allowing shareholders to maintain exposure to the combined entity's upside potential.

Territorial has attempted to discredit Blue Hill's proposal by questioning its financing and regulatory approval prospects. However, Blue Hill has consistently maintained that it has committed financing and is confident in its ability to secure regulatory approvals. In contrast, Territorial's merger with Hope Bancorp faces regulatory hurdles and potential job cuts, which could have detrimental effects on Hawai'i's economy and communities.

Blue Hill's proposal also emphasizes its commitment to local management and preserving Territorial's branch network. By maintaining local management and job opportunities, Blue Hill aims to support Hawai'i's economy and communities, unlike Hope Bancorp's potential cost-cutting measures.

In conclusion, Blue Hill Advisors and its investor group have once again demonstrated the superiority of their proposal for Territorial Bancorp. With a higher cash premium, a more certain transaction, and a commitment to local management and job preservation, Blue Hill's offer is more attractive and beneficial for Territorial shareholders, customers, employees, and communities.