Composite Returns 2008 .. 2008 4th Qtr 2008 3rd Qtr 2008 2nd Qtr 2008 1st Qtr 2008 Peregrine Equity Composite -10.93% . . 3.70% -14.11% Peregrine Balanced Composite -3.74% . . .58% -4.29% S&P 500 Index -11.70% . . -2.70% -9.99% Since Inception 9/30/2001 Annualized Since Inception 3 yr 5 yr. Peregrine Equity Composite 9.31% 10.32% 12.76% Peregrine Balanced Composite 4.83% 5.59% 6.06% S&P 500 Index 1.93% 4.67% 9.70%         2007 (Click for full quarterly reports for 2007) .. 2007 Peregrine Equity Composite 25.14% Peregrine Balanced Composite 12.06% S&P 500 Index 5.50% 2006 (Click for full quarterly reports for 2006) .. 2006 Peregrine Equity Composite 9.02% Peregrine Balanced Composite 6.05% S&P 500 Index 15.80% 2005 (Click for full quarterly reports for 2005) .. 2005 Peregrine Equity Composite 16.19% Peregrine Balanced Composite 5.95% S&P 500 Index 4.98% 2004 (Click for full quarterly reports for 2004) .. 2004 Peregrine Equity Composite 10.52% Peregrine Balanced Composite 5.17% S&P 500 Index 10.99% 2003 (Click for full quarterly reports for 2003) .. 2003 Peregrine Equity Composite 20.31% Peregrine Balanced Composite 7.08% S&P 500 Index 26.38% 2002 (Click for full quarterly reports for 2002) 2002 Peregrine Equity Composite -4.61% Peregrine Balanced Composite 3.02% S&P 500 Index -23.37% 2001 (Click for full quarterly reports for 2001) 6 months 2001 Peregrine Equity Composite -.58% Peregrine Balanced Composite -0.38% S&P 500 Index -6.21%

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.