CERVUS LP 2008 Review

April 30, 2009 Stock Price Outstanding Units: 9,387,853 Unit Price: $13.00 Market Cap: $122 million Monthly Distribution: $0.09 (8.3% current yield) TSX Venture: CVL.UN

Our Business Cervus LP Publicly traded limited partnership listed on the TSX Venture exchange 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

Company Background & Achievements Founding shareholders involved with John Deere dealerships/ John Deere in Western Canada 2003 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 2004Acquires three additional John Deere stores, two in Saskatchewan and one in Manitoba 2005Acquires 5 stores in Alberta selling Bobcat, JCB and JLG construction equipment and completes a $12 million private placement. 2006Acquires a John Deere store in Watrous, Saskatchewan and closes a low performing store in south eastern Saskatchewan 2007Acquires a John Deere dealership in Olds, Alberta 40 minutes north of Calgary 2008Completes $25 million bought deal at $25 per unit. 2008Acquires 2 John Deere stores in Melfort and Prince Albert Saskatchewan

Performance Earnings up 95% over last year Return on beginning equity: 45.8% Return on beginning assets: 19.6% Since 2005, revenue growth at 24% and net earnings per unit growth of 30% on an annual compounded basis Book value growth is 23.6% compounded annually even after distributions of $1.08 per year

Our Locations Cervus operates 19 John Deere, JCB, and Bobcat stores in Western Canada Mapping our Success

Equipment

Percent of Revenue by Segment (for year ended December 31, 2008) Agriculture Revenue by Segment (for year ended December 31, 2008) Construction Revenue by Segment (for year ended December 31, 2008)

Financial Highlights Revenue ($ millions ) Total Assets ($ millions ) Net Earnings ($ millions )

Fiscal Overview 2008 Years ended December 31, 2008 Annual 2008Annual 2007% Change Revenue ($ millions) % Net earnings available to partners ($millions) % Total partners equity ($ millions) %

Quarterly Overview Quarterly Net Earnings ($ millions ) Quarterly Revenues ($ millions )

Historical Agricultural Prices (Oats, Canola, Flaxseed)

Cervus & John Deere Stock Price Compared On A Percentage Basis Over 1 Year

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. “Leading brands, a company-wide customer commitment, plus a skilled and dedicated team - this is why Cervus excels at what we do”

Growth Strategy “We are a leadership company building diverse and robust businesses that can perform through any cycle.” Effective, Efficient Operations We are migrating to a system of centralized processing and administration in order to realize on the efficiencies now available through centralized processing. Trained, Experienced, Engaged Employees A strong commitment to employee ownership ensures our employees have a vested interest in the company’s performance and enjoy the fruits of their labour while providing Cervus LP with a competitive advantage. Diversified, Well-Capitalized Dealership Networks We need to grow in order to enhance the range and depth of services we offer our customers and keep pace with consolidation. Significant growth opportunities to take advantage of include consolidation of equipment dealerships, plus geographical and market diversification.

Growth Strategy Managing The Competitive Environment We believe that in order for Cervus LP to have sustainable earnings we must answer the competitive threat on three levels: attention to our customers, partnering with our suppliers and strong market presence. Customer Focus Customer satisfaction is a key performance criteria used in evaluating dealership performance. Customer input is obtained formally and informally and is used to modify dealership processes to improve our customer service. Partnering With Suppliers A strong relationship with our manufacturers is critical to ensuring product delivery, price competition and quick response to competitive pressures. Strong Market Presence We believe that a strong market presence is a key factor in driving top and bottom line results. We accomplish this by providing world-class products and services to our customers at competitive prices.

Senior Management 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). Randy Muth, CFO, holds the CA designation (Alberta) and the CPA designation (Illinois) and joined Cervus LP in the fall of 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 John Higgins, VP of Operations for the Construction Division, has held various managerial roles in the industrial equipment and transportation sector since the late 1970s “These are positive times for Cervus LP. Strong demand, especially in the agricultural sector, plus acquisition opportunities at reasonable values, means we are in the forefront of a public market looking for growth stories like ours.”

Why Buy Cervus Monthly distributions of $0.09 Experienced management team Young growth-orientated employees and owners Opportunities for continued growth Agriculture is still strong despite recession Continued profitable dealerships Construction, although down, is still a good long-term investment as infrastructure is still needed in western Canada

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