Historical Performance (since inception)

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


Roumell Performance Returns

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%


Composite Annual Disclosure Presentations

Roumell Asset Management, LLC's compliance with the GIPS standards has been verified for the period of January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Equity Composite and the Balanced Composite beginning January 1, 1999 and on the Fixed Income Composite beginning January 1, 2009. A copy of the verification report is available upon request.