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Performance : Smid-Cap Growth Equity Composite GIPS

Oberweis Asset Management, Inc.

Smid-Cap Growth Equity Composite Historical Gross of Fees Performance as of 12/31/07

Annual Returns		**1996		1997		1998		1999		2000		2001		2002	2003	2004	2005	2006	2007

OAM Smid-Cap Growth		3.49%		7.40%		24.40%		114.70%		-11.24%		-34.70%		-30.69%	57.97%	7.03%	6.53%	13.65%	17.22%
Russell 2500 Growth		3.57%		14.76%		3.10%		55.48%		-16.09%		-10.83%		-29.09%	46.32%	14.59%	8.17%	12.26%	9.69%



Annualized Returns Years Ending 12/31/07		1 Year		3 Year		5 Year		7 Year		10 Year		Since Inception		Inception Date

OAM Smid-Cap Growth		17.22%		12.38%		19.13%		1.19%		9.92%		9.72%		9/30/1996
Russell 2500 Growth		9.69%		10.03%		17.43%		5.05%		6.63%		7.47%


The Russell 2500 Growth Index measures those Russell 2500 companies with higher price-to-book ratios and higher forecasted earnings growth values. This index is unmanaged and investors cannot actually make investments in this index. This benchmark has not been covered by the report of the independent auditors. As of January 2006, the SMid-Cap Growth Equity Composite is measured versus the Russell 2500 Growth Index as it is a better representation of the composite's assets. **The SMid-Cap Growth Equity Composite began with a mutual fund account on September 15, 1996. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The performance presented does not reflect the deduction of investment advisory fees. The client's return will be reduced by the advisory fees and other expenses it may incur in the management of its account. The investment advisory fees are described in Part II of the Form ADV. The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client's portfolio. See accompanying notes to performance.


Smid-Cap Growth Equity Composite Historical Net of Fees Performance as of 12/31/07

Annual Returns		1996		1997		1998		1999		2000		2001		2002	2003	2004	2005	2006	2007

OAM Smid-Cap Growth		2.90%		6.60%		23.60%		113.90%		-12.04%		-35.50%		-31.49%	57.17%	6.25%	6.06%	13.13%	16.63%
Russell 2500 Growth		3.57%		14.76%		3.10%		55.48%		-16.09%		-10.83%		-29.09%	46.32%	14.59%	8.17%	12.26%	9.69%



Annualized Returns Years Ending 12/31/07		1 Year		3 Year		5 Year		7 Year		10 Year		Since Inception		Inception Date

OAM Smid-Cap Growth		16.63%		11.85%		18.50%		0.46%		9.15%		8.92%		09/30/1996
Russell 2500 Growth		9.69%		10.03%		17.43%		5.05%		6.63%		7.47%


The Russell 2500 Growth Index measures those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. This index is unmanaged and investors cannot actually make investments in this index. This benchmark has not been covered by the report of the independent auditors. As of January 2006, the SMid-Cap Growth Equity Composite is measured versus the Russell 2500 Growth Index as it is a better representation of the composite's assets. **The SMid-Cap Growth Equity Composite began with a mutual fund account on September 15, 1996. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The performance presented does not reflect the deduction of investment advisory fees. The client's return will be reduced by the advisory fees and other expenses it may incur in the management of its account. The investment advisory fees are described in Part II of the Form ADV. The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client's portfolio. See accompanying notes to performance.

Oberweis Asset Management

Smid-Cap Growth Equity Composite
Notes to Performance
as of December 31, 2006


I.	Oberweis Asset Management, Inc. (OAM) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS).
II.	The following standards describe performance presented herein:
A.	The Smid-Cap Growth Equity Composite was created September 30, 1996. Composite results are computed on a total return basis and include the effect of cash held in each portfolio. Monthly composite returns are asset-weighted. Quarterly and annual composite returns are calculated by linking monthly composite returns resulting in a time-weighted rate of return. The reporting currency is U.S. Dollar.
B.	Gross performance is computed before deducting management fees. Only fee-paying accounts are included in the composite. Generally, the management fees are 0.85% on the first $25 million, 0.80% on the next $50 million, 0.75% on the next $75 million, 0.70% on the next $100 million. OAM’s investment advisory fees are described in Part II of the Form ADV
C.	The Smid-Cap Growth Equity composite returns disclosed were derived solely from the performance of a registered open-end investment company for the period 1996-2006.
D.	The Smid-Cap Growth Equity Composite includes all fully discretionary accounts in excess of $5 million invested in the Smid-Cap Growth Equity strategy. Accounts meeting the composite criteria must be under discretionary management for at least one full month to be included in the composite. Existing accounts switching strategies will be included in the composite the first month in which the above criteria are met following the month in transition. Closed or terminated portfolios will be removed from the Smid-Cap Growth Equity Composite effective the month end prior to termination of active management (last full month of management).
E.	OAM values all accounts each month on a trade date basis. Monthly market values reflect the daily weighting of cash flows.
III.	The standard deviation of account returns has not been presented since it is not a meaningful measure of composite dispersion, as there are less than five accounts in the composite during each year presented.
IV.	OAM is a registered investment adviser. Assets managed include all accounts where OAM has been engaged as investment adviser. A complete list and description of firm composites is available upon request.

Calendar Year Ended	Composite Assets ($mm)		Percentage of Firm Assets Managed		Number of Portfolios		Total Firm Assets ($mm)

2007	29.3		1.1%		3		2,667.2
2006	34.9		1.7%		3		2,106.2
2005	30.1		1.6%		3		1,841.9
2004	19.4		2.2%		2		876.4
2003	10.8		1.6%		1		658.3
2002	4.4		2.8%		1		157.8
2001	6.5		3.3%		1		195.8
2000	12.3		6.6%		1		185.7
1999	14.1		8.1%		1		173.4
1998	6.8		4.1%		1		165.4
1997	6.3		2.8%		1		225.7
1996	7.3		2.7%		1		267.3


V.	The results presented above should not be considered a prediction of future performance. Financial consultants to whom OAM provides before-fee performance data may use the data only in one-on-one presentations of a private and confidential nature.

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