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CERVUS LP

CERVUS LP. 2008 - 3 nd Quarter Update. December 4, 2008. Outstanding units: 9,346,759 Unit price: $7.75 Market cap: $72 million Monthly distribution of: $0.09 Current annual cash yield 14% Book equity - $9.67 per unit Cash & Eqv. - $38 million. TSX Venture: CVL.UN. Cervus LP.

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CERVUS LP

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  1. CERVUS LP 2008 - 3nd Quarter Update

  2. December 4, 2008 • Outstanding units: 9,346,759 • Unit price: $7.75 • Market cap: $72 million • Monthly distribution of: $0.09 • Current annual cash yield 14% • Book equity - $9.67 per unit • Cash & Eqv. - $38 million TSX Venture: CVL.UN

  3. Cervus LP • Aggregator of equipment dealerships • Two of the strongest brands in our market sectors – John Deere and Bobcat • JCB – a strong brand in the UK, Europe, and Asia • Sustainable performance • Experienced management team

  4. Company Background and Achievements 1982 - 2003 Founding shareholders involved with John Deere dealerships/ John Deere in Western Canada Cervus LP begins in March 2003 with 5 John Deere Agriculture Equipment stores in Alberta. Adds 2 more John Deere stores in Saskatchewan in November Acquires three additional John Deere stores, two in Saskatchewan and one in Manitoba Acquires 5 stores in Alberta selling Bobcat, JCB and JLG construction equipment and completes a $12 million private placement. Acquires a John Deere store in central Saskatchewan and closes a low performing store in south eastern Saskatchewan Acquires a John Deere dealership in Olds, Alberta 40 minutes north of Calgary Completes $25 million bought deal at $25 per unit. Acquires North East Ag Equipment – 2 John Deere dealerships in Melfort and Prince Albert, Saskatchewan

  5. Key Ratios (YTD)

  6. Our Locations Cervus operates 14 John Deere stores in Western Canada and 5 Bobcat/JCB stores in Alberta

  7. Equipment

  8. Percent of Revenue by Segment (for 9 months ended September 30, 2008) Agriculture Revenue by Segment (for 9 months ended September 30, 2008) Construction Revenue by Segment (for 9 months ended September 30, 2008)

  9. Financial Highlights

  10. Summary of Quarterly Information

  11. Our Mission Cervus LP is in the business of acquiring and operating authorized agricultural and industrial equipment dealerships by facilitating dealer succession and providing capital, resources, training and opportunity for the next generation of dealers to effectively position them for profitability and growth.

  12. Partnership Profile Cervus LP is in the business of acquiring and operating authorized agricultural and industrial equipment dealerships by facilitating dealership succession and providing capital, resources, training and opportunity for the next generation of equipment dealers in Canada. The Partnership is the owner of the largest group of John Deere agricultural equipment dealers in Canada. Additionally, as owners of Bobcat, JCB and JLG dealerships of Alberta, Cervus LP has secured a significant presence in the thriving construction and industrial equipment sectors. The Partnership operates through 17 dealer stores in 14 locations across Alberta, Saskatchewan and western Manitoba, and is a public limited partnership listed on the TSX Venture Exchange, trading under the symbol CVL.UN.

  13. Growth Strategy • 1. Stick to what we do best • equipment dealerships • we will look at other brands and sectors • 2.Leveraging our resources through clustering • We buy existing cluster or individual stores that fit intoa current cluster • 3.Mitigate overall risk through diversification • Diversification of territory and sectors • 4.Proven success • We do not buy “fixer-uppers” • 5. Skilled, knowledgeable people • Focused on developing our bench strength for tomorrow • Partnering with local entrepreneurs and world class manufacturers • 6.Effective due diligence and integration planning • 7.Do not overpay • We buy at 3 to 4 times pre-tax earnings

  14. Senior Management Team Experienced, Entrepreneurial… Peter Lacey, CEO, has been affiliated with the farm equipment industry for many years, having bought his first John Deere dealership in 1982 in Red Deer, AB. Mr. Lacey founded Cervus Corp. (the predecessor to Cervus LP, in 1999). Mr. Lacey’s corporate experience also extends beyond Cervus, as he is the Chairman of Eveready Income Fund (EIS.UN-T). Randy Muth, CFO, holds the CA designation (Alberta) and the CPA designation (Illinois) and joined Cervus LP in the fall of 2005. Randy has worked for national and international companies in Canada and the US in finance and operational roles since the early 1980s. Graham Drake, VP of Operations for the Agriculture Division, has been an owner/operator of a farm equipment dealership and has held various managerial and sales roles with John Deere Ltd. since 1982. John Higgins, GM of the Construction Division, has held various managerial roles in the industrial equipment and transportation sector since the late 1970s

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