Company Overview

December 31, 2009 Stock Price Outstanding Units: 14,139,614 Unit Price: $12.81 Market Cap: $181,128,455 Quarterly Distribution: $0.18 TSX Venture: CVL.UN

Our Business Cervus Equipment Corporation Previously a publicly traded limited partnership and has recently converted to a corporation 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 Acquires 2 John Deere stores in Melfort and Prince Albert Saskatchewan 2009 Acquires 2 John Deere stores in Pincher Creek and Claresholm Alberta and 1 store in Cranbrook British Columbia 2009 Converts to a corporation through transaction with Vasogen and now operates as Cervus Equipment Corporation

Our Locations Cervus operates 22 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 $ thousands, except per unit amounts Sept 30, 2009 June 30, 2009 March 31, 2009 Dec 31, 2008 Revenues121,195105,70166,34069,790 EBITDA10,0768,7023,0714,019 Funds from operations Net earnings8,7447,3301,6752,635 Basic earnings per unit Diluted earnings per unit Weighted average units outstanding - basic 14,11714,08714,04014,085 Fully diluted14,36114,25814,19014,147

Historical Agricultural Prices (Oats, Canola, Flaxseed)

Cervus & John Deere Stock Price Compared On A Percentage Basis

ARW Locations

Our Mission Cervus Equipment Corporation 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”

Corporate Conversion Strategy Cervus LP and Vasogen Conversion is primarily motivated by changes to Canadian federal income tax legislation Cervus provided $7.5 million to Vasogen Vasogen renamed Cervus Equipment Corporation A 3 for 2 stock split has been completed Quarterly dividend payments commenced in the fourth quarter 2009 of $0.18 per common share Will gain an estimated tax shield in excess of $225 million following the agreement

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 Equipment Corporation 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 Equipment Corporation 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 Equipment Corporation, in 1999). Randy Muth, CFO, holds the CA designation (Alberta) and the CPA designation (Illinois) and joined Cervus Equipment Corporation 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 Equipment Corporation. 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 Quarterly distributions of $0.18 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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