Hope Cannot Walk Away if Board Allows Investors to Perform Due Diligence

Hope Can Only Walk Away if Board Changes Recommendation or Breaches Merger Agreement

Calls on Board to Exercise Risk-Free Option to Explore Potentially Superior Offer

Encourages Territorial Shareholders to Force Another Postponement by Voting AGAINST Hope Sale Again at the Adjourned Special Meeting of Stockholders on November 6, 2024

Responds to Illogical Board Excuses for not Engaging with Investors

HONOLULU, Oct. 29, 2024 /PRNewswire/ -- Blue Hill Advisors today issued the following open letter to shareholders of Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK).

Board of Directors Continues its Refusal to Consider a Superior Offer from Blue Hill Advisors, Potentially Breaching their Fiduciary Duty

WESTPORT, Conn., Oct. 24, 2024 /PRNewswire/ -- Yakira Capital Management, an investment manager based in Westport, CT, has been compelled to issue an additional public response regarding Territorial Bancorp's (NASDAQ: TBNK) Board of Directors' rejection to consider a superior acquisition offer from the Blue Hill Advisors consortium, in favor of a merger with Hope Bancorp "Hope" (NASDAQ: HOPE). With 111,247 shares (approximately 1.23%), Yakira is one of the largest shareholders of Territorial, and has urged the Board of Directors to at least examine an acquisition offer by Blue Hill.

Reiterate Desire to Engage Directly with the Board, Not in a Public Fight

Commit to Completing Transaction on the Same Proposed Terms if Sale to Hope Terminates

Urge Territorial Shareholders to Vote AGAINST Hope Sale Again at the Adjourned Special Meeting of Stockholders on November 6, 2024

HONOLULU, Oct. 17, 2024 /PRNewswire/ -- Former Hawaii banking executive Allan Landon, Blue Hill Advisors and other leading bank investors today reaffirmed their commitment to successfully completing a transaction with Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) and clarified their intent to stand by their offer if shareholders vote down the proposed sale to Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE) at the adjourned Special Meeting of Stockholders on November 6.

Reaffirm Commitment to Superior $12.50 Per Share Cash Offer for Territorial

Correct the Record on Board's Misleading Claims About the Hope Merger and Investor Proposal

Call on Shareholders to Remain Opposed to Merger with Hope as Board Refuses to Engage Toward Better Offer

Provide Updated Shareholder Presentation

HONOLULU, Oct. 9, 2024 /PRNewswire/ -- Blue Hill Advisors and former Hawaii banking executive Allan Landon today reiterated their previously announced superior $12.50 per share cash offer for Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) and corrected the record on Territorial's numerous assertions regarding the proposed merger with Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE) and the investor proposal. They also provided an updated presentation urging Territorial shareholders to remain unreservedly opposed to the "merger" between Territorial and Hope, a transaction which carries the second lowest valuation of an announced bank merger since 1983 and came after Territorial shareholders bore a nearly 70% decrease in value over five years.

Concludes that Proposed Merger with Hope "Does Not Appear to Maximize Value for Shareholders"

Competing Offer "Appears Sufficiently Credible to Mitigate the Downside Risk of Rejecting the Proposed Merger"

Recommends Territorial Shareholders Vote Against All Proposals at the Upcoming Special Meeting

HONOLULU, Oct. 1, 2024 /PRNewswire/ -- Blue Hill Advisors LLC ("Blue Hill") and former Hawaii banking executive Allan Landon today announced that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended that shareholders of Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) vote AGAINST the proposed merger between Territorial and Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE) at the Company's Special Meeting of Stockholders on October 10, 2024.

Raises Cash Offer from $12.00 to $12.50, a 27% Premium to the Value of the Hope Takeover

Releases Presentation: "A Better Deal for Territorial"

Launches www.NewTerritorial.com to Keep Stakeholders Informed of the Latest Developments

HONOLULU, Sept. 26, 2024 /PRNewswire/ -- Blue Hill Advisors LLC ("Blue Hill") and former Hawaii banking executive Allan Landon today announced an increased cash offer for Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) from $12.00 per share to $12.50 per share. The increased offer represents a 27% premium over Territorial's proposed takeover by Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE) based on Hope's closing stock price on the Nasdaq on September 25.

Territorial Shareholders Would Receive $12.00 Per Share in Cash, a 29% Premium1

Strong Capital Support from Veteran Bank Funds Exceeds Required Capital

Territorial Would Remain a Hawaii Institution Under Local Hawaii Leadership

HONOLULU, Sept. 17, 2024 /PRNewswire/ -- Blue Hill Advisors LLC and other leading bank investors today reiterated their commitment to a $12.00 per share cash offer for Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) which also allows for up to 30% of existing holders to continue as shareholders and participate in the bank's recovery under new leadership. The proposal, which was delivered on August 26, 2024 by former Hawaii banking executive Allan Landon as an alternative to Territorial's planned merger with Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE), values Territorial at a 29% premium to Territorial's closing price on the Nasdaq on September 12, 20241 and at a 70% premium to Territorial's closing price on the Nasdaq one day prior to the Hope merger announcement.