Q3 2017 Hart Charts Press Release

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For Immediate Release

October 4, 2017

Inland Northwest Index Posts Robust Third Quarter

Hart Capital Management, Inc. has released its Third Quarter 2017 Hart Capital Inland Northwest Index & Composite (the Hart Charts). The Index, which tracks nine of the largest and most influential publicly traded companies in the Inland Northwest in a methodology similar to that of the Standard & Poor's 500 (S&P 500), increased 11.9% over the last three months, while the S&P 500 rose 4.0% in the same period.

For the quarter, Avista Corporation (AVA) led the index returning 21.9%. The company's outperformance was mainly attributed to the July 19th announcement that they would be purchased by Hydro One, a Canadian utility company based in Ontario. Avista shareholders will receive $53.00 cash upon the closing of the acquisition, which equates to a 24% premium based on the last trading days close before the announcement. The other top-performers in the quarter were Itron, Inc. (ITRI) and Potlatch Corporation (PCH), rising 14.3% and 11.6%, respectively. Itron, Inc.'s strength in the quarter was due to their announcement that they would acquire one of their primary competitors, Silver Springs Networks, Inc. (SSNI) on September 18th. Hecla Mining Company (HL) was the weakest performer with a slight decline of 1.6%. The company's underperformance this quarter is a result of missing their second-quarter sales expectations.

For the nine-month period ended September 30", Avista Corporation (AVA), Itron, Inc. (ITRI), and Potlatch Corporation (PCH) led the index, increasing by 29.5%, 23.2%, and 22.4%, respectively. Potlatch has risen steadily throughout the year along with lumber pricing, a key indicator of the company's profitability. Clearwater Paper Corporation (CLW) was the worst performer in the index, declining 24.9% in the same period as the company's performance in the year has left investors questioning their ability to hit their fullyear guidance metrics.

The Hart Capital Management Composite increased $1.1 billion, or 9.7% for the third quarter. Year to date, the Composite has risen $1.3 billion or 12.2%, from $10.9 billion to $12.2 billion. Red Lion Hotels Corporation announced they had moved their headquarters to Denver, CO, effective August 3rd. With this move, The Index now tracks nine of the largest and influential publicly traded companies in the Inland Northwest

A copy of the most recent Hart Charts has been included with this release for review.

Hart Capital Management, Inc. is an independent, research-focused investment firm that serves the Inland Northwest from its headquarters in Spokane, Washington.

For detailed information related to Hart Capital Management, Inc. or the Hart Charts, please contact us directly.

Contact: Craig Hart, (509) 444-7007, craig@hartcap.com

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