Quarterly Performance Since Inception – Balanced

Roumell

Balanced

Year First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year-End
Return
   Year-End
Thomson
US
Balanced
2017 5.18% 3.28% 0.51%        
2016 -0.43% 5.14% 6.53% 2.44% 14.25%   7.00%
2015 -1.15% 0.55% -8.62% -2.40% -11.35%   -1.71%
2014 -1.14% 1.60% -3.76% -4.53% -7.71%   6.00%
2013 8.93% 1.00% 0.00% 1.66% 11.85%   15.73%
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%


Composite Annual Disclosure Presentations

Roumell Asset Management, LLC's compliance with the GIPS standards has been verified for the period of January 1, 1999 to December 31, 2016 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, 1999. A copy of the verification report is available upon request.



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