Davidson 99 Value Outpaces Other Key Indices.

GREAT FALLS, Mont. -- D.A. Davidson & Co., the largest full-service investment firm based in the Northwest, today announced that the Davidson 99 Regional Stock Index gained 8.09 percent for the first quarter of the year, outpacing the Dow Jones Industrial Average, S&P 500 and the NASDAQ. The Dow Jones Industrial Average gained 3.66 percent for the quarter, the S&P 500 gained 3.73 percent, and the NASDAQ is up 6.10 percent for the year. Since its inception on Jan. 1, 2004, the Davidson 99 is up 39.2 percent.

"The Davidson 99 Regional Index continues to outperform the Dow Jones Industrials, NASDAQ and the Standard and Poor's indices, reflecting ongoing investor confidence in the strong economic growth seen during the first quarter of 2006 in the Rocky Mountain and Pacific Northwest regions of the country," said Fred Dickson, Chief Market Strategist for D.A. Davidson & Co. "The Davidson 99 has benefited from a revival in the semiconductor, electronics and aviation industries, all important economic drivers in the Pacific Northwest and all key contributors to the performance of the Davidson 99 during this quarter."

Twenty-one stocks gained more than 25 percent in the first quarter. The three Davidson 99 stocks with the highest gains in the first quarter were Level 3 Communications, up 81.75 percent; Oregon Steel Mills, up 73.93 percent; and Wild Oats, up 68.43 percent.

The three Davidson 99 stocks with the worst performance in the quarter were NPS Pharmaceuticals, down 27.75 percent; Amazon, down 22.51 percent; and ICOS Corp, down 20.20 percent.

On January 9, 2006, two companies, Cray, Inc. and Drugstore.com, were removed from the Davidson 99 and replaced by Huntsman Corp. and Zumiez.

The Davidson 99 was launched Jan. 1, 2004. It is comprised of 99 stocks from companies operating within seven Northwest and Rocky Mountain states, including Colorado, Idaho, Montana, Oregon, Utah, Washington and Wyoming. The securities were selected based on market capitalization, importance within their sectors and importance in the states they represent. All 10 major market sectors are represented, showing the diversification of the region's companies.

The Davidson 99 Regional Index is published daily at www.dadavidson.com, along with occasional commentary from D.A. Davidson's Retail Strategy Team on the performance of the index and implications regarding the economic health of these regions. The index is price-weighted, or calculated in the same manner as the Dow Jones Industrial Average, the world's most widely followed stock index. The closing price of each component in the index is determined daily after the markets' close, and the values are summed and compared with the value set on Dec. 31, 2003, then adjusted for stock splits and mergers. The index was set to a base value of 100 on Dec. 31, 2003.

About D.A. Davidson & Co.

Founded in 1935, D.A. Davidson & Co. is an independently owned, full-service investment firm with offices in 15 states. D.A. Davidson & Co. is owned by Davidson Companies, a regional financial services holding company based in Montana. Also part of Davidson Companies are Davidson Trust Co., a wealth management and trust operation; Davidson Investment Advisors, a professional money management firm; Davidson Fixed Income Management, a registered investment adviser providing fixed income services; and Davidson Travel, a full-service travel agency.

Shares in the Davidson 99 Regional Stock Index cannot be bought or sold, and companies included in the index may or may not be covered by D.A. Davidson's research team. Information regarding the national indices referred above can be obtained at www.dadavidson.com or by contacting a local D.A. Davidson office. D.A. Davidson acted as an underwriter in an equity offering of Zumiez within the last 12 months.