Composite Returns 2007 .. 2007 4th Qtr 2007 3rd Qtr 2007 2nd Qtr 2007 1st Qtr 2007 Peregrine Equity Composite 25.14% 9.45% 5.43% 6.72% 1.33% Peregrine Balanced Composite 12.06% 4.49% 2.92% 2.53% 1.52% S&P 500 Index 5.50% -2.14% 1.83% 6.35% .65%

Past Performance is no guarantee of future results. Investment management involves the possibility of losses. Composite returns are based on client portfolios of over $100,000. Not all clients are included in the composites. All returns include the reinvestment of dividends. All returns are net of fees. Composite returns are derived from aggregated, time weighted returns for clients of Peregrine Asset Advisers. Individual client returns can deviate from the composite returns. While Peregrine uses the S&P 500 as a benchmark, Peregrine does not attempt to mimic the structure of this index. Individual client portfolios vary. The number of securities also varies per client. Long term returns of Peregrine Asset Advisers clients have been influenced by holding shares of Google.