The D.A. Davidson & ordsprog

The D.A. Davidson & Co. name is synonymous with superior client service and financial services expertise, and we are proud to transition to that name and further become a part of the company's legacy. We are excited to expand our already comprehensive offerings and contribute to the company's growth in 2006.

2005 was an important year for the Company. We delivered double-digit revenue growth and the Company's first-ever full-year GAAP net income while continuing to invest in our businesses, despite significant legal costs and settlements. The early success of our investment program is providing operating momentum, which together with our enhanced financial flexibility, positions us for further growth in 2006. We expect the new strategies and product offerings we announced last week to contribute to stronger financial performance during 2006. Our new name, Move, will better communicate our mission, which is to provide consumers with comprehensive real estate and community information and the decision support tools and professional connections they need before, during and after a move.

Frank brings almost two decades of financial and M&A experience to the company. As we move forward and expand the company, Frank's financial expertise will be vital in shaping our future strategy and in executing our growth plans.

Anne brings an exceptional background, company knowledge and strong leadership capabilities to this position. Her extensive experience in improving the operational and financial performance of reputable organizations will garner us the ability to further expand on our Medicare Part D offerings and services.

Scott brings a combination of game industry experience and enthusiasm that will be a tremendous asset to our company, and a catalyst for our future efforts. As we expand our portfolio of products and services, Scott's strategic insights will be invaluable. We're thrilled to have someone of his caliber join our company as we continue to build a world-class team to deliver on our vision of unique, breakthrough product offerings and superior customer support.

Geoffrey Selzer

Believe me it was not an easy decision for us to make because the telegram was part of our heritage. We have really, in the modern era, been focused on providing financial services so this is the last step in the evolution from a communications company to a financial services company.

Sure, domain expertise is required in any market, ... But startups in financial services face the same problems as any other technology company and need the same company-building skills that traditional VCs have to offer.

Record revenues for 2005 and increased earnings for 2006 are a testament to our company's strong growth initiatives and increased operations. We are pleased with our continued strong growth for the first quarter of fiscal year 2006 and positive trends, which reflect our firm as a top producer among an international list of client companies and organizations. Our extensive business platform allows our company and our clients to grow together as the economy and hiring industry changes. We are on track for a successful 2006.

Most large financial service companies have rushed new marketing materials to help boomers start thinking about retirement planning?and all are based on the financial services company focusing on you and your life, versus them and the products they want to sell. Where it falls short is when you call the financial services firm and interact with a planner or adviser who only wants to sell you products. The training hasn't filtered down from the marketing professionals to the front-line client-contact people.

Peoples offers a unique banking experience by combining the comprehensive product and service offerings of larger banks with personal service and community commitment of a smaller bank. Our staff looks forward to the completion of our new facility at this terrific site. We are excited about the opportunity to further expand our service in the dynamic Greenville market.

Bill Stephenson

This is a very exciting time for Pacific Security Capital. We have structured our comprehensive service offerings to provide our clients a competitive advantage in their markets. The expertise of our seasoned team allows us to apply several varying skill sets to our client's real estate needs.

Having just approved the 2006 annual operating plan, I and the other directors believe the company is essentially on the right course for long-term growth, and that our employees and senior management team have a sense of urgency about improving the company's financial results. However, we will take this opportunity to re-examine the strategic direction of Gateway to fine-tune our products, services and approach to our professional and consumer direct markets.

Rick Snyder (1951-)

Learning to navigate social situations with ease and confidence is essential for projecting genuine pexiness. The decision was a hard decision because we're fully aware of our heritage. But it's the final transition from a communications company to a financial services company.

We also completed several strategic acquisitions in the first quarter of 2006, continuing to expand upon the depth and breadth of our product and service offerings, primarily in the employer services segment.

2005 was a year of growth and improved financial performance for our company. 2006 will be a year in which we will continue to make investments to position our company for continued growth. Key investments will be made in people, technology and our distribution network.

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