An Integrated Investment Approach

USA Swimming

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First WesternInvestment Management Services

ForUSA Swimming, Inc.September 15, 2011

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DISCLOSURE INFORMATION

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

• The information provided in this presentation is for illustrative purposes only. Actual individual account results may differ from any performance shown herein.

• All performance is shown gross of fees.• Past performance is not a guarantee of future results.• “Risk” as used in this presentation is presented on the

historic volatility of returns, generally measured as a function of standard deviation from the mean investment return. Clients should note, however, that there is substantial risk of a permanent loss of capital in most, if not all, asset classes presented herein.

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Agenda

I. About First WesternII. Investment Management III. Asset AllocationIV. Strategic and TacticalV. Russell PartnershipVI. Working with USA

Swimming

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About First Western• A unique Western-based private bank offering integrated wealth

management services• Nine (9) locations throughout the western United States• As of June 2011, over $4 billion in assets under management, advice

and administration and over $630 million in bank assets • Inc. 500/5000’s fastest growing companies in 2008, 2009, and 2010,

consistently among the top ranked bank/bank holding company on the list

• Best Places to Work – Denver Business Journal, 2008 finalist, Phoenix Business Journal 2010 finalist

• Fastest Growing Private Companies (Flight II) 2009-2010 Denver Business Journal -- #4

• Who’s Lending? -- Denver Business Journal, 2010- # 1 bank with overall loan and lease portfolio growth among Denver-based banks

• Ranked as the #8 Denver-Area Trust Organization, based on the total Colorado fiduciary assets, according to the Denver Business Journal

• CoBIZ magazine’s Top Company 2010 Finalist

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Our Investment Management Platform

• Over $4 billion in assets under management, advice and administration (60% HNW and 40% Institutional.)

• Expert research combined with access to world-class partners

• Centralized, process-driven decision-making• Global exposure across asset classes• Average of 29 years of investment

management experience on Investment Policy Committee

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Asset Allocation

• Cornerstone to Our Approach

• It’s about understanding risk and reward

• Understanding the difference between strategic and tactical allocation

• It's science and art - not a black box approach

What is the Challenge?

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Achieving increased returns without increasing risk

RiskLow

High

High

Pote

nti

al

Retu

rn

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Strategic Allocation

• Calls for setting target allocations and then periodically rebalancing (realigning the weighting of portfolio assets) back to those targets as investment returns skew the original asset allocation percentages.

• Primary goal of the strategic allocation process is to determine the long-term exposure to the available asset classes and create an asset mix that provides the optimal balance between expected risk and return.

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BEST PERFORMANCE

WEAKEST PERFORMANCE

REAL ESTATE

-37.73

LARGE CAPGROWTH

-38.44

SMALL CAPGROWTH

-38.54

INT’L

-43.06

LARGE CAPVALUE

-36.85

LARGE CAP

-37.60

SMALL CAPVALUE

-28.92

BONDS

5.24

SMALL CAP

-33.79

INT’L

11.63

INT’L

8.06

LARGE CAPGROWTH

38.71

SMALL CAP GROWTH

43.09

BONDS

10.26

SMALL CAP GROWTH

48.54

LARGE CAPGROWTH

23.12

LARGE CAPGROWTH

33.16

LARGE CAPGROWTH

2.66

LARGE CAPGROWTH

37.19

INT’L

20.33

INT’L

27.30

BONDS

11.63

BONDS

8.44

SMALL CAP VALUE

46.03

INT’L

20.70

SMALL CAP GROWTH

31.04

LARGE CAPGROWTH

30.49

INT’L

39.17

BONDS

8.69

INT’L

-15.66

SMALL CAP GROWTH

1.23

SMALL CAP GROWTH

-9.23

SMALL CAP GROWTH

14.31

BONDS

18.47

SMALL CAP GROWTH

11.26

SMALL CAP GROWTH

12.95

INT’L

-13.96

SMALL CAP GROWTH

-2.43

INT’L

6.36

LARGE CAPGROWTH

-22.42

LARGE CAPGROWTH

-20.42

LARGE CAPGROWTH

-27.89

LARGE CAPGROWTH

29.75

LARGE CAPGROWTH

6.30

BONDS

-2.92

INT’L

11.55

BONDS

3.63

INT’L

2.06

SMALL CAP GROWTH

-22.43

INT’L

-21.21

SMALL CAP GROWTH

-30.26

BONDS

4.10

BONDS

4.34

20081994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

SMALL CAP VALUE

4.71

INT’L

14.02

LARGE CAPGROWTH

5.26

BONDS

2.43

2005

SMALL CAPGROWTH

4.15

LARGE CAPVALUE

38.35

LARGE CAPVALUE

35.18

LARGE CAPVALUE

21.64

LARGE CAPVALUE

15.63

LARGE CAPVALUE

7.01

LARGE CAPVALUE

-15.52

LARGE CAPVALUE

-5.59

LARGE CAPVALUE

16.49

LARGE CAPVALUE

7.35

LARGE CAPVALUE

30.03

LARGE CAPVALUE

-1.99

LARGE CAPVALUE

7.05

LARGE CAPVALUE

22.25

SMALL CAP GROWTH

13.35

2006

BONDS

4.33

LARGE CAPGROWTH

9.07

LARGE CAP

37.77

LARGE CAP

32.85

LARGE CAP

27.02

LARGE CAP

22.45

LARGE CAP

0.38

LARGE CAP

20.91

LARGE CAP

-7.79

LARGE CAP

-12.45

LARGE CAP

-21.65

LARGE CAP

29.89

LARGE CAP

11.40

LARGE CAP

6.27

LARGE CAP

15.46

SMALL CAP

47.25

SMALL CAP

21.26

SMALL CAP

2.49

SMALL CAP

18.33

SMALL CAP

28.44

SMALL CAP

22.36

SMALL CAP

-3.02

SMALL CAP

-1.82

SMALL CAP

16.49

SMALL CAP

-20.49

SMALL CAP

-2.55

SMALL CAP

4.55

SMALL CAP

18.37

SMALL CAP VALUE

14.03

SMALL CAP VALUE

22.83

SMALL CAP VALUE

22.25

SMALL CAP VALUE

31.78

SMALL CAP VALUE

-11.43

SMALL CAP VALUE

-1.55

SMALL CAP VALUE

21.37

SMALL CAP VALUE

25.75

BONDS

-0.82

BONDS

9.65

SMALL CAP VALUE

-6.45

SMALL CAP VALUE

-1.49

SMALL CAP VALUE

23.48

INT’L

26.86

REAL ESTATE

35.26

REAL ESTATE

26.35

REAL ESTATE

31.57

REAL ESTATE

3.17

REAL ESTATE

13.93

REAL ESTATE

3.81

REAL ESTATE

37.14

REAL ESTATE

20.29

REAL ESTATE

15.25

REAL ESTATE

-17.51

REAL ESTATE

-4.62

REAL ESTATE

12.15

REAL ESTATE

35.06

LARGE CAPVALUE

-0.17

SMALL CAP GROWTH

7.05

2007

BONDS

6.97

LARGE CAPGROWTH

11.81

LARGE CAP

5.77

SMALL CAP

-1.57

SMALL CAP VALUE

-9.78

REAL ESTATE

-15.69

INT’L

32.46

SMALL CAP GROWTH

34.47

BONDS

5.93

LARGE CAPGROWTH

37.21

2009

LARGE CAPVALUE

19.69

LARGE CAP

28.43

SMALL CAP

27.17

SMALL CAP VALUE

20.58

REAL ESTATE

27.99

INT’L

7.75

SMALL CAP GROWTH

29.09

BONDS

6.54

LARGE CAPGROWTH

16.70

2010

LARGE CAPVALUE

15.50

LARGE CAP

16.1

SMALL CAP

26.85

SMALL CAP VALUE

24.50

REAL ESTATE

27.58

The Importance of Diversification

Source: Russell Investments.

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Benefits of A Diversified Portfolio

50% 50%

Fixed IncomeLarge Cap Equities

15%

5%

2%

5%

14%

5%

4%

50%

Large CapMid Cap GrowthSmall Cap GrowthSmall Cap Value

Expected Return: 7.18STDEV: 10.77

Sharpe Ratio: 0.67

Expected Return: 7.18STDEV: 11.83

Sharpe Ratio: 0.61

Source: Ibbotson Associates, First Western Trust Bank

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Tactical Allocation

• Centers on altering investment proportions to take advantage of differences in expected performance of various asset classes.

• Allows for a range for percentiles (e.g. Stocks 40-50%) where managers evaluate the relative performance of each asset class and adjust the exposure based on expectations.

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Rebalancing

NR R12 NR R12 NR R12 NR R12 NR R12Aggressive Mod. Aggressive Moderate Mod. Conservative Conservative

$2,200,000

$2,300,000

$2,400,000

$2,500,000

$2,600,000

$2,700,000

$2,800,000

$2,900,000

$3,000,000

Ending Values for Rebalanced vs. Non-Rebalanced Portfolios: 1996-2010

$240k

NR- Never Rebalanced R12- Rebalanced Annually

$296k $292

k$210k

$96k

Source: Ibbotson Associates, First Western Trust Bank

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About Russell• Founded in 1936 • $163.4 billion in assets under management

(6/30/11) • Approximately $786 billion* in assets under

advisement (9/30/08) • 2,300 institutional clients• 6,157 investment products scrutinized annually • Fewer than 4% of researched money managers

make it into our funds• First Western, through the acquisition of Reber

Russell, has partnered with Russell since 1989

Advising Clients Worldwide

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Representative Client List

AT&T , Inc.

Barclays Bank

Bill and Melinda Gates Foundation Trust

Boeing

CHS Inc.

Caterpillar

Coca-Cola Bottling Co.

Delta Airlines

Federal Express Canada Limited

Toyota Motor Pension Fund

Representative client list as of 02/2011. Clients may contract for a variety of services from Russell Investment Group. For more information on the selection criteria, please refer to the disclosure slide. While the manager selection process utilized for Russell Funds is similar to the guidance and institutional fund management discipline that Russell provides to the clients listed, those clients have not invested in Russell Funds.

Build investment strategies

Help meet financial goals and obligations

Implement disciplined approach

The Goal of Our Investment Process

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The Heart of Russell’s difference: Institutional-quality money managers that are often not available to retail mutual fund investors

Multi-style:19 potential

investment styles

Multi-manager:Up to 49 independent

money managers

Russell’s goal is to deliver above-average returns with above-average consistency

Multi-asset:Up to 4 asset classes

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Value of Diversification 1993-2009

Small Cap ValueRussell 2000®

Value Index

Measures the performance of those Russell 2000® Index securities with lower price-to-book ratios and lower forecasted growth values, representative of US securities exhibiting value characteristics.

Small CapRussell 2000® Index

Measures the performance of the 2,000 smallest companies in the Russell 3000® Index, representative of the US small capitalization securities market.

Small Cap GrowthRussell 2000®

Growth Index

Measures the performance of those Russell 2000® Index securities with higher price-to-book ratios and higher forecasted growth values, representative of US securities exhibiting growth characteristics.

Large CapRussell 1000® Index

Measures the performance of the 1,000 largest companies in the Russell 3000® Index, representative of the US large capitalization securities market.

Large Cap ValueRussell 1000®

Value Index

Measures the performance of those Russell 1000® Index securities with lower price-to-book ratios and lower forecasted growth values, representative of US securities exhibiting value characteristics.

Large Cap GrowthRussell 1000® Index

Measures the performance of those Russell 1000® Index securities with higher price-to-book ratios and higher forecasted growth values, representative of US securities exhibiting growth characteristics.

An index, with income reinvested, generally representative of intermediate-term government bonds, investment-grade corporate debt securities, and mortgage-backed securities.

BondsBarclays Capital U.S.

Aggregate Bond Index

InternationalMSCI® EAFE Index

An index, with dividends reinvested, representative of the securities markets of twenty developed market countries in Europe, Australasia, and the Far East.

Real EstateNARIET Equity

Reit Index

An index, with dividends reinvested, representative of tax-qualified REITS listed on the New York Stock Exchange, American Stock Exchange, and the NASDAQ National Market System.

The Russell DifferenceQualitative and quantitative methodology

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Process FactorsStrength of PhilosophyTechnological SuperiorityImplementation SkillRisk-management Techniques

People FactorsLeadershipQuality of PersonnelContinuity of TeamCompetitive Drive

Performance Characteristics Excess Returns vs. Indexes Peer Group Comparisons Information Ratios Source of Excess Returns

Portfolio StructureValidation of StyleAdherence to PhilosophyRole in FundsScenario Risks

Expectations

Confirmation

Qualitative 75%

Quantitative 25%

Validation

The Russell Difference Russell’s Manager Selection Process

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200

500

5,200

8,000 Total Manager Products Monitored By Russell

Investment Products Continually Monitored and Researched

Managers With A Primary ‘Hire’ Rating

Manager Products Used in Russell Funds

Russell Sample PortfolioBalanced Model Strategy for Russell funds

4 asset categories

28% U.S. Equity 25% International and Global Equity 7% Real Assets40% Fixed

Income

9 Russell Funds

Russell U.S. Core Equity 12%

Russell U.S.

Quant Eq 12%

Russell U.S. Small & Mid Cap 4%

Russell Global Equity8%

Russell International Developed Markets 14%

Russell Emerging Markets 3%

Russell Real Estate Securities 3%

Russell Commodity Strategies

4%

Russell Strategic Bond 40%

22 investment styles

GrowthMarket-oriented

ValueMarket-oriented

GrowthMarket-oriented

Value GrowthMarket-oriented

Value GrowthMarket-oriented

Value GrowthMarket-oriented

ValueGlobal Market-oriented

U.S.Market-oriented

ValueGlobal Market-oriented

Fully discre-tionary

Sector rotation

55 manager products

BlackRockFirst

Eagle

Institu- tional

CapitalAJO

Next Century Growth

Clarivest Delphi Gartmore MFSHarris

AssociatesAxiom

AQR Capital

Alliance Bernstein

T. Rowe Price

Arrow-street

Capital

Alliance Bernstein

Cohen & Steers

Cohen & Steers

AEWCredit Suisse

Goldman Sachs

Brookfield

Columbus Circle

Lazard MFS INTECH RangerDePrince,

Race & Zollo

T. Rowe Price

Trade-winds

Marsico MFS Mondrian UBS Genesis INVESCOGoldman

SachsPIMCO

Logan Circle

Montag & Caldwell

RIMCo† SchneiderJacobs Levy

Tygh Capital

Jacobs Levy

UBS PzenaHarding Loevner

MetWest

Suffolk SnowNumeric Investors

Signia Capital

William Blair & Co.

RIMCo†

† This represents the role of the Funds’ investment advisor, Russell Investment Management Company (“RIMCo”), in exercising investment discretion over a portion of the Fund’s assets RIMCo has determined not to assign to a money manager pursuant to a proprietary “select holdings” investment strategy as more fully described in the Funds’ prospectuses. This does not represent the other aspects of RIMCo’s role as investment advisor of the Funds.

Model Strategies represent target allocations of Russell funds; these models are not managed and cannot be invested in directly. You and your financial advisor may work to combine selected funds that differ from the illustrated combinations depending upon individual investment options.

Managers Current as of July 1, 2010.

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Investment Solutions

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ImplementationInvestment Solution

Management Solution

Reason

Investment Portfolio - $100,000 - $250,000 Single Style-Allocation Fund Frank Russell Company Lower cost LifePoints Funds Greater diversification

Investment Portfolio - $250,000 - $750,000US Swim Asset Allocation Frank Russell Company Master IPS – lower cost

Institutional Funds

Investment Portfolio – Over $750,000Customized Asset Allocation Frank Russell Company Customized IPS

Funds Institutional pricing

Investment Portfolio < $100,000Bank Deposits, CDs

First Western Fee Structure

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LSC Investment Size Solution Fee Structure Fees IPS

$100-$250,000 Investment Mgmt Fee .50% Stand aloneAverage LifePoints Fund 1.03%Total Approx. Fee 1.53%

$250-$750,000 Investment Mgmt Fee .75% MasterAverage Fund Expense .77%Total Approx. Fee 1.52%

Over $750,000 Investment Mgmt Fee .75% Stand aloneAverage Fund Expense .77%Total Approx. Fee 1.52%

Together With Russell, We Bring You…

• Investments designed to address your objectives

• Asset allocation• Manager selection and monitoring• Research and development• Investment education

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Questions