Northwest Stock Index Outperforms Major Indices for First Nine Months of 2004.

GREAT FALLS, Mont. -- Davidson 99 Regional Stock Index Points to Improving Economic Outlook for Northwest and Northern Rocky Mountain Regions

D.A. Davidson & Co., the largest full-service investment firm based in the greater Northwest and northern Rocky Mountain regions, today announced

the Davidson 99 Regional Stock Index has outperformed broader-based indices such as the Dow Jones Industrial Average, NASDAQ Composite and S&P 500 for the first nine months of 2004. The Davidson 99 gained 7.28 percent so far this year, by far outperforming the S&P 500's .24 percent gain, the Dow Jones Industrial Average's loss of 3.57 percent and the Nasdaq Composite's 5.32 percent loss for the period.

This marks the third consecutive quarter that the Davidson 99 has outperformed the broader averages, Fred Dickson, Senior Vice President and Chief Market Strategist for D.A. Davidson, noted. Dickson said the index maintained its solid price gains from last spring in part because of its balanced weighting across the natural resources, consumer and financial sectors and below-market-average weightings in technology and healthcare.

"The performance reflects continued investor confidence in the economic growth of the Pacific Northwest and Rocky Mountain regions," he said.

The stocks of companies in the Davidson 99 were up more than 20 percent for the quarter. Of those, Hecla Mining Co., an Idaho-based mining and processing company, recorded the largest gain at 30.8 percent. The top three also included InfoSpace Inc., a Washington-based wireless and Internet telecom provider (up 28.1 percent); Utah natural gas company Questar Corporation (20.3 percent); and Washington-based PACCAR Inc. (20.1 percent), a truck and parts manufacturer.

The Davidson 99 companies recording the lowest stock performance for the quarter were Washington-based technology company Cray Inc., which posted a 46.9 percent loss, and Wild Oats Markets, Inc., the Colorado natural foods supermarket chain, with a loss of 37.9 percent.

The Davidson 99 was launched Jan. 1, 2004. It is comprised of 99 stocks from companies operating within seven states in the greater Northwest and Rocky Mountain regions, including Colorado, Idaho, Montana, Oregon, Utah, Washington and Wyoming. The securities in the index 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 broad diversification of the companies in the region.

Dickson noted that this marks the second straight quarter in which the Davidson 99 delivered price gains exceeding the major index averages. The diversified nature of the index, in both sector and market capitalization, contributed to the solid performance of the Davidson 99, he said.

The Davidson 99 Regional Index is published daily at www.dadavidson.com, along with 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(A).

About D.A. Davidson & Co.

Founded in 1935, D.A. Davidson & Co. is an independently owned, full-service investment firm with offices in eight states. D.A. Davidson & Co. is owned by Davidson Companies, a financial services holding company based in Great Falls, Montana. Also part of Davidson Companies are Davidson Trust Co., a wealth management and trust operation; Davidson Investment Advisors, a professional money management firm; and Davidson Travel, a full-service travel agency.

(A) Shares in the Davidson 99 Regional Stock Index cannot be bought or sold, and the companies included in the index may or may not be covered by D.A. Davidson & Co.'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 & Co. office.