FIRST BANCORP Clause Samples

FIRST BANCORP. By: /s/ Jame▇ ▇. ▇▇▇▇▇▇ ---------------------------- Name: Jame▇ ▇. ▇▇▇▇▇▇ Title: President and CEO

FIRST BANCORP. By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Title: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ General Counsel, EVP

FIRST BANCORP. By: -------------------------------------- Name: Anni▇ ▇▇▇▇▇ ▇▇ C▇▇▇▇▇▇▇▇ Title: Senior Executive Vice President and Chief Financial Officer Confirmed as of the date first above mentioned: UBS PAINEWEBBER INCORPORATED OF PUERTO RICO By: ------------------------------------ Name: Carl▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇le: Executive Vice President By: ------------------------------------ Name: Jose ▇. ▇▇▇▇▇ ▇▇▇le: First Vice President Acting on its behalf and as lead underwriter of the several Underwriters named in Schedule 1 hereof. SCHEDULE 1 UNDERWRITERS

FIRST BANCORP. Name of Employer By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ Authorized Person Date: 2/26/2018

FIRST BANCORP. By: /s/ ▇▇▇▇▇▇▇▇ O’Dell Title: Executive Vice President, General Counsel OAKTREE PRINCIPAL FUND V (DELAWARE), L.P. By: Oaktree Fund GP, LLC, its general partner By: Oaktree Fund GP I, L.P., its managing member By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Managing Director By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Title: Vice President Name Form of entity Jurisdiction of formation Taxpayer Identification No. Name in which securities should be registered Total Purchase Price $ Shares already owned by Investor or affiliates 0 OAKTREE FF INVESTMENT FUND AIF (DELAWARE), L.P. By: Oaktree Fund AIF Series, L.P. — Series I, its general partner By: Oaktree Fund GP AIF, LLC, its general partner By: Oaktree Fund GP III, L.P., its managing member By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Managing Director By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Title: Vice President Name Form of entity Jurisdiction of formation Taxpayer Identification No. Name in which securities should be registered Total Purchase Price $ Shares already owned by Investor or affiliates 0 “If issuance price of new common shares is less than 90% of Market Price on Trading Day Immediately preceding the pricing of the equity offering, then the following factor must be multiplied against the Series G Conversion Price as agreed to in the exchange agreement which increases the shares to Treasury”

FIRST BANCORP. By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Title: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ General Counsel, EVP ▇▇▇▇▇▇ ▇. ▇▇▇ (ALTERNATIVE FUND VI, L.P. By: THL Advisors (Alternative) VI, L.P., its general partner By: ▇▇▇▇▇▇ ▇. ▇▇▇ Advisors (Alternative) VI, Ltd., its general partner By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Director Name ▇▇▇▇▇▇ ▇. ▇▇▇ (Alternative) Fund VI, L.P. Form of entity Exempted limited partnership Jurisdiction of formation Cayman Islands Taxpayer Identification No. ▇▇-▇▇▇▇▇▇▇ Number of shares being acquired Name in which securities should be registered Total Purchase Price $ Shares already owned by Investor or affiliates 0

FIRST BANCORP. By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ --------------------- ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Its: Pres. CEO

FIRST BANCORP. By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Title: General Counsel, EVP Ithan Creek Master Investment Partnership (Cayman) II, L.P. By: Wellington Management Company, LLP As investment adviser By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Vice President & Counsel Name Ithan Creek Master Investment Partnership (Cayman) II, L.P. Form of entity Limited Partnership Jurisdiction of formation See Attached Spreadsheet Taxpayer Identification No. See Attached Spreadsheet Name in which securities should be registered See Attached Spreadsheet Number of Shares 482,000 Total Purchase Price $1,687,000.00 Shares already owned by Investor or Affiliates 0 Bay Pond Partners, L.P. By: Wellington Management Company, LLP As investment adviser By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Vice President & Counsel Name Bay Pond Partners, L.P. Form of entity Limited Partnership Jurisdiction of formation See Attached Spreadsheet Taxpayer Identification No. See Attached Spreadsheet Name in which securities should be registered See Attached Spreadsheet Number of Shares 8,885,900 Total Purchase Price $31,100,650.00 Shares already owned by Investor or Affiliates 0 Bay Pond Investors (Bermuda), L.P. By: Wellington Management Company, LLP As investment adviser By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Vice President & Counsel Name Bay Pond Investors (Bermuda), L.P. Form of entity Limited Partnership Jurisdiction of formation See Attached Spreadsheet Taxpayer Identification No. See Attached Spreadsheet Number of Shares 4,655,200 Name in which securities should be registered See Attached Spreadsheet Total Purchase Price $16,293,200.00 Shares already owned by Investor or Affiliates 0 Ithan Creek Master Investors (Cayman) L.P. By: Wellington Management Company, LLP As investment adviser By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Vice President & Counsel Name Ithan Creek Master Investors (Cayman) L.P. Form of entity Limited Partnership Jurisdiction of formation See Attached Spreadsheet Taxpayer Identification No. See Attached Spreadsheet Number of Shares 3,252,900 Name in which securities should be registered See Attached Spreadsheet Total Purchase Price $11,385,150.00 Shares already owned by Investor or Affiliates 0 Wolf Creek Partners, L.P. By: Wellington Management Company, LLP As investment adviser By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Vice President & Counsel Name Wolf Creek Partners, L.P. Form of entity Limited Partnership Jurisdiction ...

FIRST BANCORP. By: M▇▇▇▇▇▇ ▇. ▇▇▇▇▇ President By: S▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Chief Executive Officer THIS AGREEMENT AND PLAN OF MERGER (the “Agreement”) is made and entered into as of this 1st day of May, 2017, by and between First Bank, a North Carolina bank (“Buyer Bank”), and Asheville Savings Bank, S.S.B., a North Carolina savings bank (the “Bank”, and together with Buyer Bank, the “Constituent Banks”).