Company Press Release

D.A. DAVIDSON & CO. TO COMBINE WITH CROWELL, WEEDON & CO.

May 01, 2013?

D.A. Davidson & Co. has entered into an agreement to merge with Crowell, Weedon & Co., a full-service brokerage and money management firm based in Los Angeles. The transaction provides benefits for clients and employees of both firms while expanding the footprint of D.A. Davidson’s Individual Investor Group into California.

“This transaction marks D.A. Davidson’s largest partnership to date, and is a great fit given the individual investor focus and complementary geographies and cultures of our businesses,” said Bill Johnstone, chairman and CEO of Davidson Companies, the parent company to D.A. Davidson. “Aligning Davidson with such a well-respected firm allows us to build on the strengths and reputations of both companies and makes sense for clients, shareholders and employees.”

The combination will create the largest full-service independent broker-dealer headquartered in the Western United States based on number of financial consultants and will provide Crowell Weedon clients with access to a broader array of financial services and products. As a testament to their similar cultures and commitment to client service, Crowell Weedon’s leadership will integrate into the D.A. Davidson management structure to ensure continuity for clients as well as employees and partners.

“We are pleased to join with D.A. Davidson, a company whose investment philosophy, culture and company history mirror our own,” said Andrew Crowell, president and CEO of Crowell Weedon. “Making this transition seamless for our clients is our top priority. We are proud to be able to offer Crowell Weedon’s investment professionals and clients the enhanced financial planning and investment solutions that will result.”

Upon completion of the transaction, Crowell Weedon will continue to operate from its existing Southern California offices as Crowell Weedon, a Division of D.A. Davidson. Andrew Crowell will continue to manage the division and report to Jim Kerr, president of Davidson Companies. The merger provides clients with access to a deeper inventory of professional services, research, and equity and fixed income capital markets product offerings, and creates benefits of scale.

Crowell Weedon will be part of D.A. Davidson’s Individual Investor Group, which provides an array of financial services and investment solutions to individual investors, families, businesses and nonprofit organizations. With Crowell Weedon, the Individual Investor Group will have roughly 465 financial consultants. The Individual Investor Group is the largest business unit within D.A. Davidson, which also provides equity and fixed income capital markets services and products. Additionally, through D.A. Davidson’s sister companies, clients have access to asset management and trust services.

Combining D.A. Davidson and Crowell Weedon represents the next step in the strategic growth of Davidson Companies in California. It follows the acquisition in 2012 of McGladrey Capital Markets, a Costa Mesa-based boutique investment banking firm. Additionally, Davidson Companies already operates offices in Pasadena and San Francisco.

D.A. Davidson is headquartered in Great Falls, Mont., with regional hub operations also in Denver, Portland and Seattle. The addition of Crowell Weedon provides the firm with a fifth regional hub in Los Angeles.

The transaction is expected to close by July 1, subject to regulatory approvals and customary closing conditions.

About D.A. Davidson & Co.

Founded 78 years ago, D.A. Davidson (www.dadavidson.com) is the largest full-service investment firm based in the Northwest. D.A. Davidson provides a range of investment and financial services and products to individual, institutional, corporate and nonprofit investors nationwide. An experienced research staff provides analysis to individual and institutional investors, and the firm is a regional leader in public and corporate finance.

D.A. Davidson is a subsidiary of employee-owned Davidson Companies (www.davidsoncompanies.com), a financial services company with more than 1,100 employees working in 20 states and $34.5 billion in client assets under management and administration. Davidson Companies also operates Davidson Investment Advisors, a professional asset management firm; Davidson Trust Co., a trust and wealth management firm; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio management.

About Crowell, Weedon & Co.

Crowell, Weedon & Co. (www.crowellweedon.com) is a full-service stock brokerage and money management firm whose financial professionals work from 14 offices in Southern California. Founded 81 years ago, Crowell Weedon has over $9 billion in assets under management and administration. Today, Crowell Weedon continues to serve the personal financial needs of individual investors, families and businesses with a focus on a long-term approach to investing. Based in Los Angeles, the firm has 340 employees, including 145 financial advisors.