"We are proud to become part of a long standing, community banking focused organization. The combination provides strong value and potential upside for our shareholders going forward," said Ms. DeFerie, "The combination also provides valuable additional products and services for our customers, an expanded branch network, and new opportunities for our employees as part of a larger organization." RBC Capital Markets, LLC served as exclusive financial advisor to First Bancorp and Brooks Pierce McLendon Humphrey & Leonard LLP provided legal counsel. Keefe, Bruyette & Woods, Inc. served as exclusive financial advisor to ASB Bancorp and Nelson Mullins Riley & Scarborough, LLP served as legal counsel. INVESTOR PRESENTATION Further information on the terms of this transaction will be included in Form 8-Ks to be filed by First Bancorp and ASB Bancorp with the Securities and Exchange Commission (the "SEC").