William J. Dezellem

WILLIAM J. DEZELLEM, Senior Vice President and Chief Investment Officer,
joined Davidson Investment Advisors in January of 1998 as a Vice
President and Senior Portfolio Manager to start Davidson Investment
Advisors Small/Mid Cap Value Strategy. Before joining the firm he was
Vice President of Research and Senior Research Analyst at ICM Asset
Management, Inc. (a small/mid cap value firm) in Spokane, WA. During
his seven and a half-year tenure at ICM Mr. Dezellem participated in
growing the firm from $100 million in assets under management to $2
billion under management. In both 1999 and 2000, he was nominated for
the top small to mid size company analyst award in Reuters Investment
Research Survey. Mr. Dezellem is the Past President of the Spokane
Chapter of Financial Analysts and the Spokane Stock & Bond Club. He is
a Cum Laude graduate of Central Washington University where he earned a
BS degree in Business Administration / Finance and a BA degree in
Economics. Mr. Dezellem holds the Chartered Financial Analyst
Designation.