CERVUS LP2008 Review

April 30, 2009Stock 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

& Achievemen

ts

1982 -2003 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, 2008Annual

2008Annual 2007 % Change

Revenue ($ millions) 348.7 305.0 +14%

Net earnings available to partners ($millions) 22.2 11.4 +95%

Total partners equity ($ millions) 90.0 48.4 +86%

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 Managemen

t

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 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, 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

Thank You