CERVUS LP nd Quarter Update 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 December 4, 2008 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 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 2004 Acquires three additional John Deere stores, two in Saskatchewan and one in Manitoba 2005 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 2007 Acquires a John Deere dealership in Olds, Alberta 40 minutes north of Calgary 2008 Completes $25 million bought deal at $25 per unit. Acquires North East Ag Equipment 2 John Deere dealerships in Melfort and Prince Albert, Saskatchewan Company Background and Achievements Key Ratios (YTD) Gross Margin %18.6% EBITDA Margin8.6% Net Margin7.0% Working Capital2.19 Our Locations Cervus operates 14 John Deere stores in Western Canada and 5 Bobcat/JCB stores in Alberta Equipment Percent of Revenue by Segment (for 9 months ended September 30, 2008) Agriculture Revenue by Segment (for 9 months ended September 30, 2008) Construction Revenue by Segment (for 9 months ended September 30, 2008) Years ended December 31, (L 12) Revenue ($ millions) (L12 last 12 months) Net earnings available to partners ($millions) Total partners equity ($ millions) Total long term liabilities ($ millions) Total Assets Financial Highlights Summary of Quarterly Information $ thousands, except per unit amountsSept 30, 2008June 30, 2008March 31, 2008Dec 31, 2007 Revenues 107,595112,62658,66459,790 EBITDA 10,2419,9493,6941,762 Funds from operations 9,8408,9952,8181,830 Net earnings 8,8888,4442, Basic earnings per unit Diluted earnings per unit Weighted average units outstanding Basic 9,2558,2118,0687,516 Fully diluted 9,3358,3058,2237,725 $ thousands, except per unit amountsSept 30, 2007June 30, 2007March 31, 2007Dec 31, 2006 Revenues 98,00286,95360,23267,335 EBITDA 7,4156,2781,5542,293 Funds from operations 6,7265,4201,0852,366 Net earnings 5,6414, Basic earnings (loss) per unit Diluted earnings (loss) per unit Weighted average units outstanding Basic 7,2057,1176,9376,245 Fully diluted 7,4947,5077,3356,661 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. 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. 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 into a 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 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. Laceys 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 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, GM of the Construction Division, has held various managerial roles in the industrial equipment and transportation sector since the late 1970s