First Western Trust Bank Paula Hendrickson An Integrated Investment Approach USA Swimming September 2010

First Western2 Foundations of our investment approach Diversifying among asset classes is the most prudent approach to managing risk Investment styles move in and out of favor with the market Even the best investment managers do not stay on top for extended periods of time

September 2010First Western3 Bringing global investment expertise to you Solid commitment to personalized service Sophisticated investment management approach Similar expertise typically only available to world’s largest investors Access to institutional money managers and truly diversified investment options

September 2010First Western4 Advising clients worldwide Representative Client List Alcoa AT&T, Inc. Barclays Bank BHP Billiton Bill and Melinda Gates Foundation Trust Boeing CHS Inc. Caterpillar Coca-Cola Bottling Co. Mitsui Chemical Co., Ltd. Public School & Educational Employee Retirement Systems of Missouri Wilfrid Laurier University Representative client list as of 02/2010. 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

September 2010First Western5 What is the challenge? Achieving increased returns without increasing risk Risk Low High Potential Return

September 2010First Western6 The goal of our investment process 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

September 2010First Western7 Which assets should you select? SOURCE: Capital Markets History, Russell Investment Group. Stocks: S&P 500 Index. Bonds: S&P High Grade Bond Index ( ), Barclays Long-Term High Quality Government/Corporate Bond Index ( ), Barclays Capital US Aggregate™ Bond Index ( ). Three-month T-Bills: Ibbotson US 30 day T-Bill Index ( ), S&P/Citigroup Treasury Bill 3-Month Index ( ). Inflation: Consumer Price Index. Past performance does not guarantee future results. Although stocks have historically outperformed bonds, they have historically been more volatile. Which assets should you select? Growth of a Dollar 1960–2009 STOCKS $91 50-year annualized return: 9.45% BONDS $25 50-year annualized return: 6.65% T-BILLS $14 50-year annualized return: 5.42% INFLATION $7 50-year annualized return: 3.93%

September 2010First Western8 Why does risk matter? SOURCE: Stocks: S&P 500 Index *Standard deviation is a statistical measure of the degree to which an individual value in probability distribution tends to vary from the mean of the distribution. The greater the degree of dispersion, the greater the risk. Past performance is no guarantee of future results. Return % Year Market Risk* 1957–

September 2010First Western9 How does mixing asset classes help manage your risk? STOCKS BONDS /40 MIX Return* Risk † STOCKS, BONDS, AND MIX OF 60% STOCKS/40% BONDS Annual Returns: SOURCE: Stocks: S&P 500 Index. Bonds: S&P High-Grade Bond Index ( ), Barclays Capital Long-Term High Quality Government/Corporate Bond Index ( ) Barclays Capital Aggregate Bond™ Index ( ). Past performance does not guarantee future results. *50-year annualized return. † Standard Deviation

V207 BEST PERFORMANCE WEAKEST PERFORMANCE Value of diversification (1 of 2) Please note that this chart is based on past index performance and is not indicative of future results. Indexes are unmanaged and cannot be invested in directly. Index performance does not include fees and expenses an investor would normally incur when investing in a mutual fund. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. REAL ESTATE LARGE CAP GROWTH SMALL CAP GROWTH INT’L LARGE CAP VALUE LARGE CAP SMALL CAP VALUE BONDS 5.24 SMALL CAP INT’L INT’L 8.06 LARGE CAP GROWTH SMALL CAP GROWTH BONDS SMALL CAP GROWTH LARGE CAP GROWTH LARGE CAP GROWTH LARGE CAP GROWTH 2.66 LARGE CAP GROWTH INT’L INT’L BONDS BONDS 8.44 SMALL CAP VALUE INT’L SMALL CAP GROWTH LARGE CAP GROWTH INT’L BONDS 8.69 INT’L SMALL CAP GROWTH 1.23 SMALL CAP GROWTH SMALL CAP GROWTH BONDS SMALL CAP GROWTH SMALL CAP GROWTH INT’L SMALL CAP GROWTH INT’L 6.36 LARGE CAP GROWTH LARGE CAP GROWTH LARGE CAP GROWTH LARGE CAP GROWTH LARGE CAP GROWTH 6.30 BONDS INT’L BONDS 3.63 INT’L 2.06 SMALL CAP GROWTH INT’L SMALL CAP GROWTH BONDS 4.10 BONDS SMALL CAP VALUE 4.71 INT’L LARGE CAP GROWTH 5.26 BONDS SMALL CAP GROWTH 4.15 LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE 7.01 LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE 7.35 LARGE CAP VALUE LARGE CAP VALUE LARGE CAP VALUE 7.05 LARGE CAP VALUE SMALL CAP GROWTH BONDS 4.33 LARGE CAP GROWTH 9.07 LARGE CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP 0.38 LARGE CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP LARGE CAP 6.27 LARGE CAP SMALL CAP SMALL CAP SMALL CAP 2.49 SMALL CAP SMALL CAP SMALL CAP SMALL CAP SMALL CAP SMALL CAP SMALL CAP SMALL CAP SMALL CAP 4.55 SMALL CAP SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE BONDS BONDS 9.65 SMALL CAP VALUE SMALL CAP VALUE SMALL CAP VALUE INT’L REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE 3.17 REAL ESTATE REAL ESTATE 3.81 REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE REAL ESTATE LARGE CAP VALUE SMALL CAP GROWTH BONDS 6.97 LARGE CAP GROWTH LARGE CAP 5.77 SMALL CAP SMALL CAP VALUE REAL ESTATE INT’L SMALL CAP GROWTH BONDS 5.93 LARGE CAP GROWTH LARGE CAP VALUE LARGE CAP SMALL CAP SMALL CAP VALUE REAL ESTATE 27.99

V207 Value of diversification (2 of 2) SOURCES: Small Cap Value Russell 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 Cap Russell 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 Growth Russell 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 Cap Russell 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 Value Russell 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 Growth Russell 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. Bonds Barclays Capital U.S. Aggregate Bond Index International MSCI® 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 Estate NARIET 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.

September 2010First Western12 The Russell Difference Qualitative and quantitative methodology Process Factors Strength of Philosophy Technological Superiority Implementation Skill Risk-management Techniques People Factors Leadership Quality of Personnel Continuity of Team Competitive Drive Performance Characteristics Excess Returns vs. Indexes Peer Group Comparisons Information Ratios Source of Excess Returns Portfolio Structure Validation of Style Adherence to Philosophy Role in Funds Scenario Risks Expectations Confirmation Qualitative 75% Quantitative 25% Validation

September 2010First Western13 The Russell Difference Russell’s manager selection process ,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

V308 FINANCIAL PROFESSIONAL USE ONLY Russell sample portfolio Balanced Model Strategy for Russell funds 14 4 asset categories 28% U.S. Equity25% International and Global Equity7% Real Assets 40% 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 Equity 8% 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 Growth Market- oriented Value Market- oriented Growth Market- oriented ValueGrowth Market- oriented ValueGrowth Market- oriented ValueGrowth Market- oriented Value Global Market- oriented U.S. Market- oriented Value Global Market- oriented Fully discre- tionary Sector rotation 55 manager products BlackRock First Eagle Institu- tional Capital AJO Next Century Growth ClarivestDelphiGartmoreMFS Harris Associates Axiom AQR Capital Alliance Bernstein T. Rowe Price Arrow- street Capital Alliance Bernstein Cohen & Steers AEW Credit Suisse Goldman Sachs Brookfield Columbus Circle LazardMFSINTECHRanger DePrince, Race & Zollo T. Rowe Price Trade- winds MarsicoMFSMondrianUBSGenesisINVESCO Goldman Sachs PIMCO Logan Circle Montag & Caldwell RIMCo†Schneider Jacobs Levy Tygh Capital Jacobs Levy UBSPzena Harding Loevner MetWest SuffolkSnow Numeric 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.

September 2010First Western15 A Quick Look at the Portfolio

September 2010First Western16 Performance Highlights Portfolio down 7% in the past year Fixed Income portion up 8% over that year Since “bottom” on March 9, portfolio up over 35% International Emerging Markets best performer YTD (+60%)

September 2010First Western17 Investment Solutions Implementation Investment SolutionManagement SolutionReason Investment Portfolio - $100,000 - $250,000 Single Style-Allocation Fund Frank Russell CompanyLower cost LifePoints FundsGreater diversification Investment Portfolio - $250,000 - $750,000 US Swim Asset Allocation Frank Russell CompanyMaster IPS – lower cost Institutional Funds Investment Portfolio – Over $750,000 Customized Asset Allocation Frank Russell Company Customized IPS FundsInstitutional pricing Investment Portfolio < $100,000 Bank Deposits, CDs

September 2010First Western18 First Western Fee Structure LSC Investment SizeSolution Fee StructureFees IPS $100-$250,000Investment Mgmt Fee.50% Stand alone Average LifePoints Fund1.03% Total Approx. Fee1.53% $250-$750,000Investment Mgmt Fee.75% Master Average Fund Expense.77% Total Approx. Fee1.52% Over $750,000Investment Mgmt Fee.75% Stand alone Average Fund Expense.77% Total Approx. Fee1.52%

September 2010First Western19 Together with Russell, we bring you… Investments designed to address your objectives Asset allocation Manager selection and monitoring Research and development Investment education

Questions

September 2010First Western21 DISCLOSURE INFORMATION 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. NOT FDIC INSUREDMAY LOSE VALUENO BANK GUARANTEE