Performance Summary

			Annualized as of 3/31/13
	1Q 2013	1 Year	3 Year	5 Year	10 Year	Since Inception*	Cumulative Return Since Inception*
Roumell Total Return (Net)	11.11%	21.05%	7.91%	7.46%	10.48%	10.67%	324.22%
S&P 500	10.61%	13.96%	12.67%	5.81%	8.53%	3.62%	65.88%
Russell 2000	12.39%	16.30%	13.45%	8.23%	11.51%	7.28%	172.19%
Russell 2000 Value	11.63%	18.09%	12.12%	7.29%	11.29%	8.92%	238.09%
Roumell Balanced (Net)	8.93%	16.39%	7.24%	6.58%	8.73%	8.03%	200.58%
Thomson US Balanced Index	5.51%	9.16%	8.45%	4.85%	6.53%	3.96%	73.93%

* Inception of Roumell Total Return and Roumell Balanced is 1/1/99. Prior to 1/1/13, Roumell Total Return was known as Roumell Equity.

Roumell Asset Management, LLC claims compliance with the Global Investment Performance Standards (GIPS^®). Ashland Partners & Co. LLP, our independent verifier, completed its examination of the composite performance returns for the period of 1999 (inception) through December 31, 2012. All returns include reinvested dividends and interest. Please refer to the annual disclosure presentations at the end of this letter.

Cumulative Return Since Inception Graph - Total Return Composite
Cumulative Return Since Inception Graph - Balanced Composite

Total Return

Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Year-End Return		Year-End
							S&P 500	Russell 2000	Russell 2000 Value
2013	11.11%
2012	4.57%	2.56%	0.84%	5.34%	13.92%		16.00%	16.35%	18.05%
2011	1.98%	0.83%	-11.06%	-1.04%	-9.51%		2.11%	-4.19%	-5.49%
2010	4.58%	-3.71%	7.10%	6.36%	14.71%		15.06%	26.85%	24.49%
2009	-9.07%	24.99%	16.73%	7.18%	42.19%		26.47%	27.18%	20.57%
2008	-5.29%	-7.68%	1.03%	-17.76%	-27.35%		-36.99%	-33.79%	-28.93%
2007	1.11%	3.91%	-5.76%	-6.75%	-7.67%		5.49%	-1.57%	-9.78%
2006	8.10%	-2.49%	2.70%	7.97%	16.89%		15.79%	18.37%	23.48%
2005	2.41%	3.20%	2.29%	3.96%	12.38%		4.91%	4.55%	4.71%
2004	5.10%	0.66%	2.93%	10.36%	20.18%		10.88%	18.33%	22.25%
2003	-3.49%	14.86%	8.92%	9.43%	32.13%		28.69%	47.25%	46.03%
2002	9.73%	-10.61%	-19.02%	13.12%	-10.15%		-22.10%	-20.48%	-11.43%
2001	16.57%	13.13%	-13.93%	16.97%	32.76%		-11.89%	2.49%	14.02%
2000	22.00%	2.46%	0.13%	-13.74%	7.97%		-9.10%	-3.02%	22.83%
1999	-3.21%	17.19%	-3.88%	15.58%	26.02%		21.04%	21.26%	-1.49%

Balanced

Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Year-End Return		Year-End
							Thomson US Balanced Index
2013	8.93%
2012	3.42%	2.24%	0.60%	3.88%	10.50%		11.71%
2011	1.91%	0.42%	-7.32%	-0.03%	-5.19%		0.53%
2010	3.88%	-3.06%	6.04%	5.12%	12.25%		11.75%
2009	-4.84%	17.25%	14.06%	4.66%	33.19%		23.19%
2008	-4.23%	-4.89%	-1.70%	-13.80%	-22.82%		-26.97%
2007	2.63%	2.30%	-6.40%	-5.95%	-7.58%		5.76%
2006	6.64%	-2.18%	2.57%	6.55%	14.00%		10.47%
2005	1.68%	2.61%	1.49%	2.53%	8.56%		4.22%
2004	4.80%	-0.11%	2.56%	8.49%	16.48%		7.79%
2003	-2.54%	12.98%	7.02%	8.85%	28.26%		18.60%
2002	7.21%	-8.33%	-15.78%	9.11%	-9.70%		-11.36%
2001	10.79%	8.88%	-11.45%	13.44%	21.18%		-4.19%
2000	11.71%	3.35%	1.86%	-7.76%	8.47%		1.95%
1999	-2.40%	12.32%	-2.92%	5.73%	12.53%		8.35%