BERN DYNAMIC LLP

BERN DYNAMIC LLP The Bern Lucerne Fund Bern Dynamic LLP I 41 Paradise Walk I London, SW3 4JL UK I Phone •44 20 7745 2435 EFTA01135321 Disclaimer THESE MATERIALS DO NOT CONSTITUTE AN OFFER OF SECURITIES. SUCH AN OFFER WILL ONLY BE MADE BY MEANS OF A CONFIDENTIAL MEMORANDUM TO BE FURNISHED TO QUALIFIED INVESTORS UPON REQUEST. ALL INFORMATION CONTAINED HEREIN IS SUBJECT TO REVISION AND COMPLETION. THESE MATERIALS ARE CONFIDENTIAL AND INTENDED SOLELY FOR THE INFORMATION OF THE PERSON TO WHOM DELIVERED. RECIPIENTS MAY NOT REPRODUCE OF TRANSMIT, IN WHOLE OR IN PART, TO THIRD PARTIES. NOTE: Performance results are described herein are net of fees. The latest month's performance is preliminary and subject to revision. BERN DYNAMIC LLP 2 EFTA01135322 Bern Lucerne Fund Introduction Bern Lucerne Fund The fund is a joint venture between Bern Dynamic LLP and Lucerne Capital, LLC The Bern Lucerne Fund is a joint venture between Bern Dynamic (GP) and Lucerne Capital (Sub-Advisor), a collaboration born from a childhood friendship between Thijs Hovers (Lucerne) and Lars Christiaanse (Bern). Lucerne Capital is a European long-short equity fund with a track record starting in 2002 and a net annual return of over 13% since inception. The Bern Lucerne Fund will run pad passu with the existing Lucerne Capital Fund Strategy. As General Partner, Bern will monitor and control the fund's investments and offer transparency to investors, while maintaining client relationships and facilitating dialogue between investors and Lucerne. All historical data presented in this document represent Lucerne's existing offshore fund. BERN DYNAMIC LLP 3 EFTA01135323 Bern Dynamic Overview Bern Dynamic LLP ("Bern") A boutique advisory and brokerage firm since 2011 Partner: Lars A. Christiaanse Bern offers clients access to a pool of world-class, senior experts with a global reach, along with the experience and ability to provide advice across the broadest range of issues; geopolitical, security and business. In tandem with its advisory role, Bern Dynamic will use its unique international network to benefit its clients; creating, managing and executing the ambitions of investors and entrepreneurs. Team of 16 in London, UK BERN DYNAMIC LLP 4 EFTA01135324 Lucerne Capital Management, LLC ("Lucerne") An SEC-Registered Investment Advisor since 2000 Partners: Pieter Taselaar (founder) and Thijs Hovers European long / short equity management e Firm assets under management: $230 million (04.30.2013) 10-year track record compounding 13.6% net of fees annually, +259.4% cumulative net since inception (May 2003 through April 2013) ­ Team of 6 in Greenwich, CT Unique management skill attributable to Unique expertise in uncovering value in global leaders and local leading-edge companies within Continental Europe Four decades experience interacting with a focused list of 250 European management teams Evaluate companies in a proven and repeatable private equity investment style, considering dynamics for above-average market growth, free cash flow, hard assets, and valuation Tactical trading around positions with defined entry and exits BERN DYNAMIC LLP EFTA01135325 Lucerne Cumulative Returns vs Indices 350% 325% 300% 275% 250% C 5... 225% 3 4-• 200% N ce 175% Q) 150% tit I "— CO z E is." = 50% (..) 44 25% _C1) 0% G .25 .50% .75% 2002 —The 2003 2004 2005 Lucerne Capital Offshore Fund, LTD Cumulative Returns 2008 2007 2008 2000 —MSCI Euro Net LCL TR Cumulative Returns 2010 2011 2012 —S&P S00 TR Cumulative Returns 2013 Net Cumulative Net Annualized Net Annual Returns 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Return Return The Lucerne Capital Offshore Fund, LTD 29.7% 18.7% 27.6% 25.9% -3.5% -43.8% 95.9% 24.7% -19.8% 26.5% 8.1% 259.4% 13.61 MSCI Europe Net LCL TR 19.8% 12.2% 24.9% 19.1% 6.0% -38.9% 27.7% 6.8% -9.3% 15.6% 9.0% 101.9% 7.3% S&P 500 TR 22.8% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0% 12.7% 113.6% 7.9% BERN DYNAMIC LIP 6 EFTA01135326 • The Bern Lucerne Fund Strategy - European Long / Short Equity Opportunity Capitalize on the inefficiencies in the Continental Europe that result from: Invest in a fund with well-established operational and administrative controls both internally and through service provider partners 'ie. Maintain a highly liquid portfolio allowing for flexible risk management and active management Focus on making money on the buy by being more nimble than other European equity investors, of which there are few true competitors Portfolio Construction Universe of Continental European large, mid- and small-cap companies Currency exposure is monitored and hedged to the USD Opportunistic management of exposures 20 to 50 positions with sector and country diversification Normal holding period: 3 to 24 months for longs, 1 to 6 months for shorts Long positions are usually less than 10% of NAV and short positions less than 3% At least 70% of the portfolio can normally be liquidated over S to 7 days, measured as no more than 25% of average daily traded volume o Reporting lags o Inadequate analyst coverage o Misunderstood trade and fiscal policies o Changing industry dynamics among companies in the same value chain BERN DYNAMIC LLP o Changing industry and corporate dynamics o Perceived-versus-real changes to the competitive landscape o Lack of deep equity \ it culture 7 EFTA01135327 Investment Process Bottom-up value research Research requires watching for a private equity style opportunity with a potential 30% return scenario Universe of 2000 European stocks Quality filter using metrics that have proven to be good indicators of companies' financial performance Dynamic use of the screening tool to focus our bottom-up research efforts Apply in-depth bottom-up valuation-driven research to selected group of 100-200 stocks Longs Typically Exhibit +Growing cash flows due to a strong competitive position +Opportunities to expand domestic and global market share +High-quality management focused on opportunities to expand market share while delivering a continuously high rate of return +Corporate events that are catalysts to change Shorts Typically Exhibit -Declining return on capital employed -Balance sheet or cash flow issues -Low barriers to entry -Margin pressure - High multiples on incorrect earnings estimates BERN DYNAMIC LLP Macroeconomic Overlay Alignment of portfolio to macroeconomic environment Rotation between sectors and companies with varying sensitivities to discretionary versus non- discretionary spending Established database of research on economic cycle sensitivity: durable/ non-durable segments, industrial/consumer buyers, competitive landscape 8 EFTA01135328 Proprietary Opportunity Screen Index IV liketert._Peno mower BESTFPERIOO soar once tan ono, INT Dee mating +Her NnM weicep Ticker Name title tp ARKEMA AC FP ACCOlt SA AI FP AIR UQUIDE SA PIO FP ALSTOM BN FP CANON( CA FP CARREFOUR SA CAP FP CAP &MN! DGFP VINO SA (PIMP (ADS NV EDF FP EDF El FP ESSILOR INTERNATIONAL EN FP BOUTGUES SA FP FP TOW SA FR FP FRANCE TELECOMSA GU FP GOF SUEZ GTO FP GEMALTO Electronic & Electrical (Quinn LG FP WANG( SA ConstiuctIon & %%tonal, LR FP LEGRAND SA Electronic & Electrical (Quinn MC FP LUPIN MOST HENNESSY LOUIS VUI Personal Goods M.FP MICHELIN (CGDEI Automobiles & Parts MT NA ARCELORMTTAL Industrial Metals& Wining OR FP L'OREAL Personal Goods Pp FP PPR General Retailers PUBFP PUBUOS GROUPE Media RI FP PERNOPRICARD SA Beverages RHO FP RENAULT SA Automobiles & Palls SAF FP SAFRAN SA Aerospace & Defense SAN FP SANOFI Pharmaceuticals& Illotechnolog SGO FP COMPAGNIE DE SAINTGOBAIN Construction & %%tonal' SUFP SCHNEICER ELECTRIC SA Electronic & Electrical Equipm TIC FP TECHNIP SA Oil Equipment. Services& Dist VIE FP VEOLIA ENVNIONNEMENT Gas, Water& Multiutilities WV FP VIVENDI Media VK FP VALLOUREC Industrial Engineering CRC a% ESITDA Gross Margin vs ROTC ex Sector Revenue %HMCO CAGR 4 YR 5 Tr data ROIL Gooda di Chemicals 8% .3% 14.1% 14.6% Travel & leisure 20% 52% Chemicals 21% 2% 10.4% 14.0% Industrial Engineering 15% .5% 25% 13.3% Feed Producers 11% 11% 9.9% Feed & Drug R013110(5 42/6 Om Software &Computer Services 21% 9.3% 14.5% Constmcnon & Matenals 0% • 1% 6.0% Aerospace & Defense 13.7% Elettnety 4.916 Health Care EQUIPTCM & Servic 13.7% Construction & Matenais 5.4% Oil & Gas Producers 88% Fixed line Telecommunications 79% Gas, Water& Multiutilities I ICY % DIV % 3.0% 2.6% 30% 2.7% 4.2% 10% 6.7% 2.8% 50% 11% 52% 10% 31% tin Debt/ LOMA Capital intern, 0.6 14 03 41% 13 Lfi 25% 13 24 fiA 14 2% 4R% 3.5% 86% 398 SS% 4.1% Sze 149% S' .5% 12% Go, a 54a 11.9% 4.7% 15% 25% 10% IS% IS% 10% 10% 25% 2,4 25% IS% 28% IS% 10% 155 27 a2 1 It 115 2-3 4914 23 27 Zi% 0% 10.0 6.6% 11% OS OM 11.5% 110/6 5.2% 2.5% UM 14.4% 88% 5.3% 19% 39% 1.4G 42% 2.2% 6.2% 2.9% 7,0% 1.9% 4% 4.8% 1.8% 1% .5% 4.7% 43% 4% 10.3% 14.7% 5.3% 1976 2% 1% SP% 4.3% .211 8% 48% 7.5 6.2% 4.4% 5% 10. 69% 3.5% 21% 11.0% 4.9 13% 4% 11% 59% .1% 7.3 50% 1% 5.2% .0396 14% One stage EV/ESIT vs Valuation History upside 2 2 4 3 3 24% 42% 3 4% 2 .1234 2 03 OA 12 22% 46% 3 all IMI 12% 2 22% aS 2 44% 4 24% 04 3 3% 04 1.7 41% .794 02 20% 3 11% 35% 62% .4% 1.7 a 2414 1.9 2 BERN DYNAMIC LIP 9 EFTA01135329 Multiple Contraction, Cheap Global Players Richemont 2500 2000 1500 1000 500 0 Apr-06 Apr.07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-05 - EBITDA - EWEBrADA (RHS) 27 22 17 12 LVMH 12000 10000 - 8000 6000 4000 2000 0 FY1 FY1 FY1 1993 1996 1999 FY1 2002 FY1 2005 FY1 2008 FY1 2011 2014F —•EBITDA ta*EWEBITDA 30 25 20 15 - 10 -5 0 Index Ticker Company EBITDA Gross Margin ROIL ROIL Working Capital FLY% FLY NV % Balance sheet Shares Outstandi ng EV/EBITDA Valuation upside SIM CFR VX CIE FINANCI•BR A LAG .. vs 4 r avg 2% ex Goodwill 4 trend -65% 4 4Yr Avg 2% ND/EBITDA 6YR LAGR vs Hist (%) -15% LAC IOC FR LVMI 16% 0% -14% BERN DYNAMIC LLP 10 EFTA01135330 Europe: Pockets of Excellence 2 ..‘" :saint irtilL4r Pockets of Excellence • Aged Spirits 4- Automotive • Luxury Goods 4- Oil Services Engineering & Industrial Services • Engineering & Telecom Cabling ‘tEr Focus Countries Germany France Switzerland Benelux Ar Northern Italy Scandinavia Austria Despite the maturity of the European capital markets, value dislocations and inefficiencies persist BERN DYNAMIC LIS 11 EFTA01135331 Europe: Global Footprint Example Worldwide automotive industry —global unit sales Exposure to growth markets is key Allows for acceleration in growth despite challenging domestic markets 70 60 - SO 40 • 30 20 10 0 BERN DYNAMIC LIP 6% CAGR 2% CAGR 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ■ Developed markets ■ Emerging markets 12 EFTA01135332 Yield is Scarce German 2 yr Government Yield French 2 yr Government Yield ■Bid Yield To Maturity 0.0132 T High on 06/19/08 4.6998 +Avenge 1.2701 1 low cn 07/31/12 -0.0913 . — %AVG (203) 0.0395 'I SMAYG (40) 0.0318 III SMAYG (20) 0.0115 Negative yield .0000 4.0000 3.0000 2.0000 L0000 2008 2009 2010 2011 2012 2013 53541326 Cam BM 0 IN 03/13/15) Dais 01.33A2C06-23ANIZ)13 Copircitg 2013 Docaterg Sate LP. 234,-2013 03:15:24 2018 2009 2010 2011 2012 2013 III Bid Yield To Hoosity 0.1112 T /kb on 06/19/08 42362 .Menge 13114 1 ld m 12/07/12 0.0303 ■SMA% (200) 0.1716 OW% (40) 0.1562 •SMAV% (20) 0.1353 0112058 Cap (81/6 21/2 01/15/15) 5.0000 4.0000 3.0003 10000 1.0000 Cownsitg 2013 Morten? Finance L.P. 234a-2013 09:16:48 BERN DYNAMIC LLP 13 EFTA01135333 Corporate Bond Yields to All-Time Low European 888 Corporate Yield 2 .766% an all time low crOLast Price 2.766 T 80 on 10/14/08 6.460 +Average 4.4% i Low an 04/22/13 2.766 ■SINVG (2%) 3.177 ISMA% (40) 2.918 111944% (20) 2.850 620 6.000 5.500 5.000 4300 4.1):)0 3.500 BERN DYNAMIC LIP EURO 600 Stock with Div Yield > Credit 1999 20002001 2002 20032004 2005 20062007 2008 20092010 2011 2012 —3i companies DY > CY —Average ....while dividend yields over credit is at an all time high 14 EFTA01135334 Leading German engineer with global foot print and secular growth trends • World market leader in paint shops for automotive industry • Unique footprint after decades of expanding in growth markets ­ Unique skillset helps lower cost and energy efficiency at OEMS • Volkswagen, Daimler and BMW among largest clients • German OEM Capex plans reveal > 10% growth per annum • High investments in more energy efficient plants • As well as expansion in Emerging markets • Valuation suggest Duerr at peak profitability, while we expect many years of +10% growth Summary Financials Sales 2012 1.5bn EBIT 2012 EBIT CAGR 2012-2015 Market cap Net debt/ EBITDA EV/EBIT 2013 Dividend Yield 2013 ROIC 170m 20% 1bn 0.1x 5.3x 3.80% 16% China Expansion Unique Global Footprint Country Founded Employees Brazil 48 years 250 2005 2011 CAGR% Mexico 46 years 210 Orders 146 858 34 South Africa 41 years 50 Sales 83 575 38 Korea 30 years 115 Employees 119 887 40 China 28 years 1550 Source: Duerr India 21 years 410 Russia 14 years 30 Source: Duerr BERN DYNAMIC LLP 15 EFTA01135335 a lla Example: Remy Cointreau Most Premium Aged Spirits Company in Europe with Global Reach • Sales dominated by cognacs, Remy Martin is main brand ). Strong presence in China and other growth markets • Growth is supply constraint, so pricing power is high • Huge entry barriers due to 'aging' and strong brands • 3.5% dividend yield, 30% EPS CAGR, EV/ EBIT 13x Mar-14 • Strategic value confirmed by industry transactions above 20x EBIT Examples: Diageo — United Spirits & Pernod - VNS Sales Breakdown The Art of Compounding Americas 400 300 ,32.10% 200 Europe/ Middle 100 NI East/ 0 Africa, 2009 BERN DYNAMIC LIS 24.30% ropepackail 1 2010 2011 2012 2013 2014 Ebit 16 EFTA01135336 Shorts: Fake Yielders Utilities & telecom incumbents, among others, risk dividend cuts and right issues Example: Dutch telecom operator KPN, declining top line in all segments • Fixed line and mobile hit hard • Capex requirements still high, due to aging copper network ). Optical fiber peer Ziggo gaining market share rapidly in profitable triple-play segment • Dividend cut; rights issue is next 12 11 10 9 8 7 6 5 4 3 2 BERN DYNAMIC LLP 2008 2009 2010 2011 2012 2013 -KPN Share price Implied Dividend yield 9% 8% 7% 6% 5% 17 EFTA01135337 urope is Investable Again The Draghi Effect Italian and Spanish 10 yr Yields 'MOW Vied To Katurity 3.9225 T nigh on 01/00/12 7.1586 5.2362 / too on 04/23/13 3.9531 SmAvG (200) 4.9096 III SHAW. (40) 4.5336 SMAVG (20) 4.39(6 Soo Doc HY 2012 2013 rJ.,..1noo Cont. mro:z 1/2 13/01/2) Daft OL14.0012-2541.13.1023 Copynahn 2013 conanton onnomi.P. 33./...•201 /.0300 "•6.5000 .6.0000 .5.500D NOW Yield To Notwity 4.2503 T High co 07/24/12 7.6206 Among' 5.6712 11.9r on 04/23/13 4.2503 • SMOG (200) 5.6172 • SMAVG (40) 0567 1.51.1.AVG (20) 4.75017 P.251570 Cap (501301 5.4 01/31/1 . 7.5000 . 7.0300 .6.5000 . 6.0000 BEAN DYNAMIC LLP Credit market takes view European system is well underwritten Growth periphery remains subdued However, our companies are positioned to benefit from global growth Austerity and tax hikes widen gap between winners and losers 18 EFTA01135338 Appendix Appendix ­ Monthly Returns ­ Terms and Service Providers ­ Bios ­ Valuation Metrics ­ Back Office Processes ­ Top 5 Holdings ­ AUM History ­ Investor Base ­ Awards & Press ­ Investor Relations 19 BERN DYNAMIC LLP EFTA01135339 Net Monthly Returns The Lucerne Capital Offshore Fund, LTD Inception: May 2003 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year MSCI Net Europe LCL TR 2013 4.8% 3.5% -0.6% 0.2% 3.6% 12.1% 11.7% 2012 12.5% 7.0% -0.7% -0.4% -6.1% -2.1% 0.9% 2.1% 3.1% 2.9% 3.5% 2.2% 26.5% 15.6% 2011 -2.4% 1.4% 4.2% 1.3% -3.4% -0.7% -9.2% -11.4% -5.6% 8.9% -3.7% 0.5% -19.8% -9.3% 2010 -1.2% -6.4% 11.8% -0.1% -12.4% -2.6% 4.2% -5.3% 11.3% 10.1% 6.5% 9.9% 24.7% 6.8% 2009 -0.8% -8.6% 1.9% 28.8% 16.4% 1.1% 13.7% 15.5% 10.2% -9.2% -1.0% 7.5% 95.9% 27.7% 2008 -16.0% 3.8% -3.8% 6.3% 1.7% -11.2% -0.2% 133% -17.2% -15.0% -2.6% -10.1% -43.8% -38.9% 2007 3.0% -1.2% 5.6% 5.8% 3.7% -0.4% -2.5% -6.7% -0.2% 3.2% -10.4% -2.1% -3.5% 6.0% 2006 7.5% 3.7% 2.9% 2.0% -5.1% -0.9% 0.3% 2.1% 0.2% 2.7% 1.9% 6.5% 25.9% 19.1% 2005 1.8% 4.5% 0.8% -2.0% 2.5% 3.8% 4.5% 2.1% 4.7% -4.6% 3.6% 3.5% 27.6% 24.9% 2004 6.1% 3.0% -3A% -0.3% -1.4% 1.5% -0.3% 0.1% 2.4% 1.0% 4.5% 4.5% 18.7% 12.2% 2003 4.2% 3.9% 5.4% 2.5% 1.0% 6.0% 2.1% 1.6% 29.7% 19.8% Cumulative since inception Net annualized 272.5% 13.9% 107.0% 7.5% BERN DYNAMIC LIP 20 EFTA01135340 Terms and Service Providers The Bern Lucerne Fund Fees Liquidity Management fee: 1.5% Incentive fee: 20% Monthly, with 60 days notice Minimum Investment $500,000 Early Redemption Fee First year, 2% Administrator Citco Fund Services (Bermuda) Ltd Prime Brokers Morgan Stanley Goldman Sachs Auditor PricewaterhouseCoopers Legal Paul, Weiss, Rifkind, Wharton & Garrison Walkers BERN DYNAMIC LIP 21 EFTA01135341 Bios Lucernce Capital Team PIETER TASELAAR Founding Partner & Portfolio Manager since 2002  Previously, Senior Managing Director, ABN AMRO New York, Head of European Equities  Corporate Finance and Capital Markets, ABN AMRO Amsterdam  MBA, Columbia University 'r Law Degree, Leiden University, the Netherlands THUS HOVERS Partner & Portfolio Manager since 2007 • Previously, Head of Pan European Small and Mid-cap Equity Research, ABN AMRO 'Ar Head of Benelux Equity Research, ABN AMRO 'Ar Senior Equity Analyst, ABN AMRO • Equity Analyst, Rabobank • MA, International Finance • BA, Economics, University of Amsterdam, the Netherlands • II Ranked Analyst #2, 2006 • Thomson Extel - #1 Benelux: Small Caps Research, 2006 • Brendan Woods Top Gun, 2010 and 2011 • Brendan Woods Best Minds in Consumer Products, 2011 BERN DYNAMIC LLP KAI WU, Chief Compliance Officer/Chief Financial Officer since 2007 > Previously, Associate, PricewaterhouseCoopers > BS, Georgetown University CASEY NUNEZ, Controller/investor Relations since 2010 Previously, Senior Associate, BDO Seidman • BS, Georgetown University k i l lAN JOHNSON, Head of Trading since 2007 ­ Previously, Senior Account Officer, Citi Private Bank r BS, University of Florida YOHANES WAHYUDI. Trader since 2011 Previously, Trading Assistant and Research Analyst Intern, Matrix Capital Group r BS, Syracuse University 22 EFTA01135342 Absolute fair value metrics (rather than relative value analysis) enhances the selling discipline Strict valuation multiples at entry to invest in pricing inefficiencies with limited downside  Identify attractive entry points with a potential 30% return scenario r Typically 10x EV/EBIT for strong global franchises, generating high returns and have a low capital intensity to support growth r Typically 6x EBIT for more capital intensive cyclical stocks Key variables are cash conversion, capex/EBITDA, ROIC, fair equity risk premium, cost of debt Assess risk (beta) by the volatility of a company's cash flow and earnings growth Cash flow based valuation model Focuses on key drivers to generate cash under a variety of market circumstances: • Top line and gross margin resilience • Cost, working capital and capex flexibility • Potential risks in tax, interest charges and hedging policies Ongoing testing of assumptions Models incorporate revenue line input from external macro advisors • Sell if growth is priced in or if investment case fundamentally changes Outperformance is due to our ability to identify and value companies focused on reinvesting or distributing strong and growing cash flows BEAN DYNAMIC LLP 23 EFTA01135343 Back Office Processes Committed to protecting client capital while providing the team enough support to effectively manage the Fund Operational Control Features Internal features — Clear roles, redundancies and ability to adapt ir External features — Service providers, NAV confirmation, and third-party custody Process Documentation • Trade processes— Daily reconciliation. Multi-layered system both in-house and at administrator • Research mosaic — Documentation to record our multi-level research process • Valuation policy — Month-end formal review including external input away from investment professionals • Risk management policy — Daily review of position sizes • Cash control policy — Dual signatures and maintaining cash away from brokerage account ­ Registered investment advisor best practices — Documented policies / procedures and compliance oversight • Privacy policy for investor information Counterparty Agreements ir Extensively negotiated term and facilities with all counterparties Disaster Recovery & Backup Procedures Daily backup, off-site data storage, and remote access ready Please refer to the Due Diligence Questionnaire for detail BERN DYNAMIC LLP 24 EFTA01135344 Top 5 Positions as of March 2013 (in alphabetical order)* Company (Country) Description Recent Dynamics 2014 Valuation Market Cap Summar (s) (Million€) Aalberts Industries INV (Netherlands) Designer and manufacturer of heavy industrial services and flow control systems (Ticker- AALB NA) Recovering end markets (U.S. housing, German industry, aerospace); high ROTC; add-on acquisitions PE 11.3x FCY 7.9% Div 2.3% € 1,909 Brenntag AG (Germany) HeidelbergCement AG (Germany) Global market leader in chemical distribution, with a global network of 400 locations in 70 countries (Ticker: 8NR GY) Structural growth story, with resilient growth. Earnings were flat in worst year, 2009. High free cash generator & acquirer in a fragmented market. High synergies post integration PE 14.2x FCY 7.2% Div 2.3% €6,273 Worldwide manufacturer & distributor of aggregates and building materials, including cement and concrete (Ticker: HEl GY) U.S. housing recovery, shale gas developments. Strong geographical footprint. High cash flow and becoming investment grade. PE 11x FCY 7.0% Div 2.4% € 10,511 Kobel Deutschland Germany's largest cable operator:provides TV Holding AG and DVR, Video on Demand, broadband Internet, and phone services via cable, as well (Germany) as mobile services (Ticker: KD8 GY) Low marginal costs to provide services enables rapid market share gains in triple-play at 25-30% ROC. Expect 5-10% annual organic growth and a total cash return to shareholders of 20% before YE2013. PE 16x FCY 796 EV/ EBIT 6x €6,372 Manufacturer & distributor of high-end aged Remy Cointreau SA wine & spirits with leading global market (France) 'positions (Ticker. RC0 FP) Increasingly favorable geographic footprint and growth secular trends. Strong pricing power and high I single-digit volume growth. EBIT CAGR >25%. Lucerne Capitol Management, LLCs projections for 2014 as of April 2013 and are subject to change. Source for Market Capitalization: Bloomberg, March 31, 2013 PE 17x FCY 796 Div 2.9% €4,590 BERN DYNAMIC LIP 'Excludes index hedges. • 'These are 25 EFTA01135345 AUM History AUM History - Lucerne Capital Management Current Funds 5 5 64 156- 443 618 587 96 -157- 203 172 216 230 o ( 1 c• \?? \et' • BERN DYNAMIC LIP 26 EFTA01135346 Investor Base Firm Investor Base as of May 1, 2013 Employee 6.2% Multi-family office 5.1% Fund of funds 23.3% BERN DYNAMIC LLP Endowment/ foundation 0.1% High-net worth individuals 65.3% 27 EFTA01135347 Awards & Press Brendan Wood International's Top Gun Award Thijs Hovers, among the 75 most influential buyside specialists in Europe BarclayHedge Award Recognition Award Annual Top 10 The Lucerne Capital Fund, LP Sector: Equity Long/Short — Europe BERN DYNAMIC LLP Brendan Wood International's Top Gun Award Thijs Hovers, among top 11 buyside investment minds in the Dutch Market Brendan Wood International's Best Investment Minds Thijs Hovers, Worldwide Consumer Products Bloomberg Brief: Hedge Funds June 19, 2012 Lucerne Bets on European Multinationals while Shorting Builders Barclay Managed Funds Report 3rd Quarter 2012 Barclay Roundtable: No Optimal Solution is at Hand to Resolve Europe's Credit Crisis Institutional Investor Feb 2011 (Online Article) How Hedge Funds Generate Returns in Europe Effect Aug 2012 (Dutch article) De korte lijntjes van een Nederlands- Amerikaan hedgefonds (The Short Lines of a Dutch-American Hedge Fund) BarclayHedge Award Recognition Award Annual Top 10 The Lucerne Capital Fund, LP Sector: Equity Long/Short — Europe 28 EFTA01135348 ail Investor Relations t BERN DYNAMIC LLP CONTACT Lars A Christiaanse Routine Reporting Monthly: Day I Estimate, Newsletter, Statement Annual: Audited Financial Statements and Kis, both mid-April BERN DYNAMIC LLP 29 EFTA01135349