Performance Summary

			Annualized as of 12/31/11
	4Q 2011	1 Year	3 Year	5 Year	10 Year	Since Inception*	Total Return Since Inception*
Roumell Equity (Net)	-1.04%	-9.51%	13.86%	-0.20%	6.38%	9.75%	235.14%
S&P 500	11.82%	2.11%	14.11%	-0.25%	2.92%	2.00%	29.29%
Russell 2000	15.47%	-4.19%	15.62%	0.15%	5.62%	5.80%	108.15%
Russell 2000 Value	15.97%	-5.49%	12.36%	-1.88%	6.40%	7.52%	156.56%
Roumell Balanced (Net)	-0.03%	-5.19%	12.33%	0.22%	5.38%	7.29%	149.72%
Thomson US Balanced Index	6.80%	0.53%	11.44%	1.34%	3.38%	3.04%	47.56%
Roumell Fixed Income (Net)	1.45%	1.90%	15.26%	N/A	N/A	15.26%	53.13%
Barclays Capital US Aggregate	1.12%	7.84%	6.77%	N/A	N/A	6.77%	21.71%
Barclays Capital US Corp Hi Yield	6.46%	4.98%	24.13%	N/A	N/A	24.13%	91.26%

* Inception of Roumell Equity and Roumell Balanced is 1/1/99. Inception of Roumell Fixed Income is 1/1/09.

Roumell Asset Management, LLC has prepared and presented this report in 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, 2011. All returns include reinvested dividends and interest. Please refer to the annual disclosure presentations at the end of this letter.

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

Equity

Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Year-End Return		Year-End
							S&P 500	Russell 2000	Russell 2000 Value
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
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%

Fixed Income

Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Year-End Return		Year-End
							Barclays Capital US Aggregate	Barclays Capital US Corp Hi Yld
2011	1.63%	0.92%	-2.07%	1.45%	1.90%		7.84%	4.89%
2010	3.34%	-0.28%	3.58%	1.98%	8.85%		6.54%	15.15%
2009	-0.37%	22.22%	10.60%	2.51%	38.06%		5.94%	58.21%