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    Central Pacific Financial Corp. Announces Fourth Quarter Earnings Conference Call

    Company Release - 1/15/2004 8:00 AM ET

    HONOLULU--(BUSINESS WIRE)--Jan. 15, 2004--Central Pacific Financial Corp. (NYSE:CPF) will conduct a conference call with analysts and investors on Tuesday, January 27, 2004 at 3 p.m. ET (10 a.m. HST). The call will be simultaneously webcast and can be accessed at Central Pacific Corp.'s Investor Relations web site at http://investor.centralpacificbank.com.

    Hosting the call will be Clint Arnoldus, Chairman, President, and CEO; and Neal Kanda, Vice President and Treasurer. The call will feature a brief discussion on the Company's earnings, followed by a question and answer session.

    To participate in the live conference call, please dial 1-800-915-4836. The call can also be accessed (listen mode only) via the Company's website at http://investor.centralpacificbank.com. A playback of the call will be available after 5 p.m. ET on January 27, 2004 by dialing 1-800-428-0651 and entering the passcode 329315. The playback will be available through Tuesday, February 5, 2004.

    About Central Pacific Financial Corp./Central Pacific Bank

    Central Pacific Financial Corp. is a Hawaii-based bank holding company with $2.1 billion in assets and whose stock is traded under the symbol "CPF". Central Pacific Bank, its wholly owned subsidiary, is Hawaii's third largest commercial bank with 24 branches statewide, including five supermarket branches and more than 70 ATMs.

        CONTACT: Investor Relations Contact:
                 Central Pacific Financial Corp.Neal Kanda, 808-544-0622
                 neal.kanda@centralpacificbank.com
                 Or
                 Media Contact:
                 Central Pacific Financial Corp.Ann Takiguchi, 808-544-0685
                 ann.takiguchi@centralpacificbank.com
    
        SOURCE: Central Pacific Financial Corp.