D.A. Davidson & Co. Analyst Named to 'Best on The Street'; Steve Chercover is Named Sector's No. 2 Analyst by Wall Street Journal, No. 1 in Sector by Forbes.com

Business Wire, May 26, 2004

Business Editors

GREAT FALLS, Mont.--(BUSINESS WIRE)--May 26, 2004

D.A. Davidson & Co. today announced that The Wall Street Journal has named Steve Chercover, Vice President, Senior Research Analyst for D.A. Davidson & Co., as one of its "Best on the Street" analysts -- a list of U.S. analysts selected for their stock-picking prowess during 2003. Chercover earned the No. 2 spot in the forest products and paper sector.

"We are incredibly proud of Steve for this prominent recognition," said John Rogers, Managing Director of Institutional Research for D.A. Davidson & Co. "Steve's research has been recognized several times for its accuracy, demonstrating the continuing high quality of his work."

The Wall Street Journal recognition comes shortly after Forbes.com and StarMine named Chercover the No. 1 analyst in the forest products and paper sector for 2003 earnings estimates. Chercover also has received other recent accolades for his work, placing him firmly as one of the elite among U.S. analysts. In December 2002 and December 2003, Institutional Investor magazine named both Chercover and D.A. Davidson & Co. the best among the nation's boutique and regional firms for coverage of the paper and forest products industry.

The Wall Street Journal rankings are based solely on stock-picking prowess, recognizing the analysts whose recommendations generated the best returns during 2003. The survey identifies 230 analysts at 80 firms whose advice "helped investors find winning stocks and spot losers in each of 48 industry groups," the Journal said. The top performers were selected based on data from more than 4,000 analysts, then narrowed to 1,463 eligible analysts. The rankings were determined with data developed and verified by Thomson Corp.'s Thomson Financial.

For the Forbes.com "Top Equity Analysts Report," Chercover was chosen from more than 3,200 equity analysts and 70,000 stock recommendations during 2003. The system to determine the Forbes.com rankings was developed by StarMine, an independent financial research group, and measures the performance of analyst recommendations and the accuracy of their earnings estimates.

Chercover, Vice President, Senior Research Analyst, joined D.A. Davidson & Co. in February 2000. He works in the firm's institutional research office in Lake Oswego, Oregon, with his research covering the stocks of companies such as Georgia-Pacific Group, Louisiana Pacific Corp., Smurfit-Stone Container Corp. and Weyerhauser Co. Previously, he was a research analyst with TD Securities. He received a bachelor's degree from the University of Western Ontario and his MBA from the University of Toronto. He also holds the Chartered Financial Analyst designation.

About D.A. Davidson & Co.

Founded in 1935, D.A. Davidson & Co. is a full-service investment firm with offices in eight western states. The firm's Equity Capital Markets Group provides original regional and correspondent research and corporate finance services to both individual investors and institutional clients both across North America and in Europe. The research is supported by professional sales and trading, including market making.

D.A. Davidson & Co. is operated by the Davidson Companies, a 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; and Davidson Travel, a full-service travel agency.