Investment Banking Update

NOT DISCLOSED Stephens Inc. served as exclusive financial advisor to Simmons

February 10, 2020 Branch Transaction Details

• On February 10, 2020, Simmons (“Simmons”), a subsidiary of Simmons First National Corporation (: SFNC), entered into a branch purchase and assumption Has Agreed to Sell Four Branches to agreement with First Western Trust Bank (“First Western”), a wholly owned subsidiary of First Western Financial, Inc. (NASDAQ: MYFW) First Western Trust Bank • Pursuant to the agreement, First Western will acquire all of Simmons’ locations, including three Simmons branches and one loan production office (“LPO”) located in The undersigned served as exclusive financial advisor to Simmons Bank Denver (the “Branches”) • As of December 31, 2019, the Branches had total loans of $105 million and total deposits of $58 million • Expected closing: 3Q 2020

About the Company: Simmons Branch Footprint:

Simmons First National Corporation Denver Simmons First National Corporation is a financial holding company LPO headquartered in Pine Bluff, , with total consolidated assets of approximately $21.3 billion as of December 31, 2019 conducting financial operations throughout Arkansas, Colorado, Illinois, , , , and . The company, through its Denver subsidiaries, offers comprehensive financial solutions delivered with a Branches client-centric approach. First Western Financial, Inc. First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming and California. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the NASDAQ Global Select Market under the symbol “MYFW.” Sources: Company press releases and S&P Global Market Intelligence. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request. 111 CENTER STREET • LITTLE ROCK • AR 72201 • 800-643-9691 • STEPHENS.COM CONFIDENTIAL AND PROPRIETARYSTEPHENS INFORMATION INC. | MEMBER OF STEPHENS NYSE, SIPC INC| LITTLE MEMBER ROCKNYSE, | ATLANTA SIPC | BOSTON | CHICAGO| DALLAS | NEW YORK | RICHMOND | SAN FRANCISCO | WASHINGTON D.C.