Growth of Davidson 99 Outpaces Other Key Stock Indices.

Index Reflects Regional Strength, Continues Strong during Volatile Quarter

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 4.97 percent for the first quarter

of the year, outpacing the Dow Jones Industrials, S&P 500 and the NASDAQ Composite. The Dow Jones Industrial Average declined 0.87 percent, while the S&P 500 and the NASDAQ Composite posted gains of 0.18 percent and 0.26 percent, respectively, during the quarter. Since its inception on Jan. 1, 2004, the Davidson 99 has risen 52.2 percent.

"The Davidson 99 Regional Index significantly outperformed the major market indices, reflecting continuing economic growth seen during the first quarter of 2007 in the Rocky Mountain and Pacific Northwest," said Fred Dickson, Chief Market Strategist for D.A. Davidson. "The Northwest has seen positive momentum in the aviation, industrial materials, commercial services and technology industries - all important regional economic drivers and contributors to the performance of the Davidson 99 this quarter."

The Davidson 99 also experienced market volatility, as the broader market indices have, in the first three months of the year.

"Several regional banks and retailers experienced slower growth that was reflected in their stock performance during the quarter, thus negatively impacting the overall performance of the Davidson 99," Dickson said.

Ten Davidson 99 stocks gained more than 25 percent in the first quarter. The three with the highest gains in the first quarter were Dendreon, up 210%; Teletech Holdings, up 54 percent; and FEI Corporation, up 36.7 percent. The three Davidson 99 stocks with the worst performance in the quarter were RealNetworks Inc., down 28.2 percent; Pixelworks Inc., down 27.9 percent; and NPS Pharmaceuticals, off 25.2 percent.

Three companies joined the Davidson 99 during the quarter, including Washington-based Expedia Inc., Oregon-based Portland General Electric, and Montana-based Energy West. These companies replaced ICOS, Oregon Steel and United Financial Corporation; all were acquired by other companies during the quarter.

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 Private Client 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 employee-owned, full-service investment firm, with offices in 16 states. D.A. Davidson is part of 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 money management and other 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 a convertible subordinated notes offering for FEI Corporation in May 2006.