1. Peregrine Capital Management ("Peregrine") is an independent investment advisor registered under the Investment Advisers Act of 1940.  Peregrine is a wholly owned subsidiary of Wells Fargo & Company.  A complete list and description of firm composites and additional information regarding policies for calculating and reporting returns are available upon request.

2. The Small Cap Value Composite includes all fee paying, discretionary accounts that hold approximately 90-110 U.S. equity securities considered to have a small market capitalization and potential for high total return (price appreciation and income) over a 6-24 month time horizon.  The benchmark is the Russell 2000® Value Index.  The composite was created in January 1996.

3. Returns reflect the deduction of transaction costs and are net of non-reclaimable withholding taxes.  Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account.  Net returns reflect the deduction of actual advisory fees.  The standard fee schedule currently in effect is as follows: 1.00% on the first $50 million; 0.90% on the next $50 million; 0.80% on the next $50 million; 0.70% on the next $50 million; 0.60% on the balance.  All returns are expressed in U.S. dollars.

4. An account will be temporarily removed from the composite in the event that single or multiple cash flows in a 30 day period cumulatively equal 10% or more of the account's market value.  The account is returned to the composite following the first fully invested day.  Additional information regarding the treatment of significant cash flows is available upon request.

5. The dispersion of annual returns is measured by the asset-weighted standard deviation of account returns represented within the composite for the full year.  For periods with five or less accounts included for the entire year, dispersion is not presented as it is not considered meaningful (n/m).

6. The Russell 2000® Value Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers.  For comparison purposes, the index is fully invested and includes the reinvestment of capital gains and income.  The returns for the index do not include any transaction costs, management fees or other costs.

7. Past performance is not an indicator of future results.

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