Press Release

DENVER - Two Denver-based investment management firms, Denver Investment Advisors LLC and Tempest Investment Counselors, Inc. intend to join forces on June 30 under the Denver Investment Advisors name. The two firms together will have nearly $7 billion in assets under management, and the merger will further increase Denver Investment Advisors' position as the largest privately held investment manager in the Denver area, as well as one of the largest in the nation.

Tempest President David Lansdowne will head the newly combined Wealth Management Group as Partner -- Director of Wealth Management. Other longstanding Tempest partners will become equity partners in Denver Investment Advisors LLC. In addition to Lansdowne, portfolio managers from Tempest include Jeff Dohse, Greg Thompson and David Squire. They will join John Roberts, Victoria Cunningham, Glenn Rippey and Meghan Arnold in the Wealth Management group of Denver Investment Advisors. Chairman and Director of Portfolio Management Todger Anderson, President and Executive Manager Alex Lock, and Chief Operating Officer and Executive Manager Jeffrey D. Adams will continue in their present roles.

Tempest's 11 professionals will continue to operate as a division of Denver Investment Advisors for some time. They will move from their office later this summer, joining Denver Investment Advisors' 82 people housed at its office at 1225 17th St.

As of March 31, Denver Investment Advisors had $6.4 billion in assets under management and Tempest had $440 million. According to the most recent Denver Business Journal survey of independent, Denver-headquartered investment managers (April 9, 2004), based on assets managed as of year-end, Denver Investment Advisors was ranked first, Tempest ranked number six.

Both firms emphasize managing accounts for high net worth individuals and institutional clients. Tempest, established in 1976, has 150 individual clients and a number of institutional and charitable foundation clients. Denver Investment Advisors, established in 1958, serves 175 individuals and 123 institutions nationwide.

Lansdowne said the merger stemmed from long-standing personal relationships between principals of the two firms. The idea of combining their organizations had been discussed informally over the past several years.

Said Lansdowne, "Teaming up with Denver Investment Advisors gives us access to a much larger research department and our clients will have access to a broader scope of services and products."

Adams said, "Most of our partners have known and respected each other for over 20 years. Our long history as independent firms reflects our in-depth experience and a focus on finding and keeping the best professionals. We fit well together and have complementary investment styles. We both value the importance of proprietary research, and we both put the client first."

Adams added, "More than ever, I believe we will have the best combination of people, product, service, and investment performance of any wealth management firm in the region."

Both firms serve as advisers to their own families of mutual funds. Denver Investment Advisors advises the Westcore funds, with assets totaling $569 million at the end of the first quarter. Tempest advises the Aristata funds, with assets of $56 million. According to Adams and Lansdowne, trustees for the shareholders of each of the funds advised by the firms are expected to consider consolidation of the Aristata funds into Westcore funds with corresponding investment styles later this year.

Said Adams, "Our new team will have a broader research capability that will benefit both sets of fund shareholders, and a combination will hopefully lower the funds? operating costs which are fighting upward pressure because of increased regulation."