A BERN DYNAMIC The Bern Lucerne Fund Bern Dynamic LLP | 41 Paradise Walk | London, SW3 4JL UK | Phone +44 20 7745 2435 EFTA00294306

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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 EFTA00294307

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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 pari 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 EFTA00294308

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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 EFTA00294309

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Lucerne Capital Overview Lucerne Capital Management, LLC (“Lucerne”) An SEC-Registered Investment Advisor since 2000 Partners: Pieter Taselaar (founder) and Thijs Hovers European long / short equity management > > > Firm assets under management: $290 million (11.01.2013) 10-year track record compounding 14.5% net of fees annually, +314.2% cumulative net since inception (May 2003 through October 2013) Team of 6 in Greenwich, CT Unique management skill attributable to > > > > BERN DYNAMIC LLP 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 EFTA00294310

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Lucerne Cumulative Returns vs Indices a nn 7 Aen \ CO c 7 s - ov « ov 2 r=] s s E s 15) ~ ov 2 2004 2005 2006 2007 2009 2010 ——The Lucerne Capital Offshore Fund, LTD Cumulative Returns —= MSCI Euro Net LCL TR Net Net Cumulative Annualized Net Annual Returns 2003 2004 2005 2006 2007 +2008 (2009 2010 2011 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% 314.2% MSCI Europe Net LCLTR 19.8% 12.2% 24.9% 19.1% 6.0% -38.9% 27.7% 68% -9.3% 121.8% 22.8% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 137.4% BERN DYNAMIC LLP EFTA00294311

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Fund Overview The Bern Lucerne Fund Strategy — European Long / Short Equity o Reporting | Opportunity ‘eporting lags > 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 > 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 o Inadequate analyst coverage o Misunderstood trade and fiscal policies o Changing industry dynamics among companies in the same value chain o Changing industry and corporate dynamics o Perceived-versus-real changes to the competitive landscape 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 5 to 7 days, measured as no more than 25% of average daily traded volume o Lack of deep equity culture VVVV VV WV BERN DYNAMIC LLP EFTA00294312

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Investment Process Bottom-up value research Research requires watching for a private equity style opportunity = Macroeconomic Overlay with a potential 30% return scenario ; ; Alignment of portfolio to macroeconomic Universe of 2000 European stocks environment Rotation between sectors and companies with varying sensitivities to discretionary versus non- discretionary spending Dynamic use of the screening tool to focus our bottom-up research efforts Established database of research on economic Apply in-depth bottom-up valuation-driven research to selected group of 100-200 stocks cycle sensitivity: durable/ non-durable segments, Longs Typically Exhibit +Growing cash flows due to a strong Shorts Typically Exhibit -Declining industrial/consumer competitive position +Opportunities to expand domestic and return on capital employed -Balance buyers, competitive global market share +High-quality management focused on sheet or cash flow issues -Low landscape opportunities to expand market share while delivering a barriers to entry -Margin pressure - continuously high rate of return +Corporate events that are High multiples on incorrect earnings catalysts to change estimates 8 BERN DYNAMIC LLP EFTA00294313

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Proprietary Opportunity Screen Index tap Best_Gre_Porkx caowm SEST_FPERIOO_saies once tarTDA ORO EaiT DROP Margins of safety (pet vs WAC Ticker Name ake fp ARKEMA, AC FP ACCOR SA AFP AIR LIQUIDE SA ALO FP ALSTOM aN FP DANONE cArP CARREFOUR SA CAP EP CAP GEMINI DGFP VINCISA EAD FP EADS NV EDF FP EDF uFP ESSILOR INTERNATIONAL EN FP BOUYGUES SA, FP EP TOTAL SA FTEFP FRANCE TELECOM SA GSZFP GDF SUEZ GTO FP GEMALTO GFP LAFARGE SA LR FP LEGRAND SA MCEP LVMH MOET HENNESSY LOUIS VUI MLFP MICHELIN (CGDE} MTNA ARCELORMITTAL ORFP LOREAL PPFP PPR PUB FP PUBLICIS GROUPE ALFP PERNOD-RICARD SA. ANO FP RENAULT SA SAF FP SAFRAN SA SAN FP SANOFI $60 FP COMPAGNIE DE SAINT-GOBAIN SUFP SCHNEIDER ELECTRIC SA Tec FP TECHNIP SA VIEFP VEOUA ENVIRONNEMENT viv FP VIVENDI VK FP VALLOUREC BERN DYNAMIC LLP Sector Chemicals Travel & Leisure Chemicals Industrial Engineering Food Producers Food & Drug Retailers Software & Computer Services Construction & Materiats Aerospace & Defense Electridty Health Care Equipment & Servic Construction & Materials Oil & Gas Producers Fixed Line Tetecommunications Gas, Water & Multiutilities Electronic & Electrical Equipm Construction & Materiats Electronic & Electrical Equipm Personal Goods Automobiles & Parts Industrial Metals & Mining Personal Goods General Retailers Media Beverages Automobiles & Parts Acrospace & Defense Pharmaceuticals & Blotechnolog Construction & Materiats Electronic & Electrical Equipm Oil Equipment, Services & Dist Gas, Water & Multiutilities Media Industrial Engineering EBITDA Revenue % France §CAGR4YR Gross Margin vs S¥rdata 3% a% 4% 14% % o% o% cS os 1% s% raed ed ROIC 2% ROIC ex Goodwill FCY% 62s 3.0% 3.0% DIV%® 268% 27% 30% 25% Net Debt/ EBITDA, 14 12 13 EV/EBIT vs Capital intensity History 6% 53% am% 35% a os ans am 62% 56% 423% a One stage Valuation upside EFTA00294314

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Multiple Contraction, Cheap Global Players Richemont Continental 2500 12000 - - an 1o00¢ 7000 5 , 12.00 2000 B00C 6000 + + 10.00 1500 4 sooc 0 + 8.00 4000 + 1000 400€ 5.00 3000 - 500 200 - 400 2000 - o- + + ~ r + 2 c 1000 - + 2.00 Apr-OS Apr-OG Apr-O7 Apr-O8 Apr-O9 Apr-10 Apr-11 Apr-12 o4 on 4 . i FY1 FY. FY1 FY! FY! FY! FY1 FY1 ——EBITDA =~ EV/EBITDA (RHS) 1994 1997 2000 2003 2006 209 2012 2I5E ——EBTDA -———EV/EBITDA Index Ticker Company EBITDA Gross Margin ROIC ROIC Working Capital FCY % FCY oVv% Balance sheet Shares Out EV/EBITDA ‘Valuation upside CAGR3yr_vs 4 yrave ex Goodwill 4 yrtrend 4 Yr Ave ND/EBITDA 6 YR CAGR vs History (96) swi CFRVX Richemont CON GY Continental 10 BERN DYNAMIC LLP EFTA00294315

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Europe: Pockets of Excellence Pockets of Excellence > Aged Spirits > Automotive > — Luxury Goods Focus Countries > Oil Services >» Germany >» Northern Italy > — Engineering & Industrial Services > France > Scandinavia > Engineering & Telecom Cabling > Switzerland > Austria > Benelux lencies persist BERN DYNAMIC LLP 11 EFTA00294316

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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 4 6% CAGR 60 2% CAGR 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ® Developed markets & Emerging markets BERN DYNAMIC LLP 12 EFTA00294317

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German 2 yr Government Yield French 2 yr Government Yield BERN DYNAMIC LLP 13 EFTA00294318

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Corporate Bond Yields to All-Time Low European BBB Corporate Yield EURO 600 Stock with Div Yield > Credit 60% 50% - 40% + 30% 20% ~ 10% ~ 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20092010 20112012 ——%companiesDY>CY ===Average ....While dividend yields over credit is at an all time high 14 BERN DYNAMIC LLP EFTA00294319

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Europe is Investable Again The Draghi Effect Italian 10 yr Yields Europe ISM breaks through 50 again after 4 years BERN 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 Second derivative in Europe improving We have counted over 50 companies that are turning positive on Europe in their earnings reports 15 EFTA00294320

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Europe in Recovery Mode... Eurozone Business Climate Italian Retail Sales 1.00% 4.00% 5.00% - -6.00% Source: Bloomberg Corporate EBIT Margins (ex Financials) close to 10 year low enables strong profit growth 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% - 6.00% - s a8 x > “<s Se “s FS SPP 0 PP, Xs BERN DYNAMIC LLP Soutce: Bloomberg, UBS 16 EFTA00294321

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Example: Duerr 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 Summary Financials > Unique skillset helps lower cost and energy efficiency at OEMS Sales 2012 1.5bn > Volkswagen, Daimler and BMW among largest clients EBIT 2012 Tm > 5 h EBIT CAGR 2012-2015 20% German OEM Capex plans reveal > 10% growth per annum Market cap ibn > High investments in more energy efficient plants Net debt/ EBITDA 0.1x > As well as expansion in Emerging markets EV/EBIT 2013 5.3x > Valuation suggest Duerr at peak profitability, while we expect ean Yield 2013 io many years of +10% growth Unique Global Footprint ° . Country Founded Employees China Expansion Brazil 48 years 250 2005201 CAGR Mexico 46 years 210 Orders 146 858 4 South Africa 41 years 50 Sales 83 _ a Korea 30 years 115 Employees 00198 China 28 years 1550 Source: Duerr India 21 years 410 Russia 14 years 30 Source: Duerr BERN DYNAMIC LLP 7 EFTA00294322

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Shorts: Fake Yielders, Contractors & Accounting Irregularities Utilities & telecom incumbents, risk dividend cuts and right issues > Recent examples are RWE, EON, and KPN Many contractors took too much risk to ‘survive’ recession > Saipem and Imtech: recent examples where aggressive accounting masked cost overruns and loss making contracts. > Hochtief has a high risk of being next contractor to warn due to: > Dramatic rise in working capital driven by (unbilled) receivables signal either: > Cost overruns preventing billing their clients > Aggressive revenue recognition > Trade receivables rose to record 93 days in 1Q13, up from 79 days in 2012 and 75 days in 2011. > Hochtief has lent EUR 600m to Dubai subsidiary to cover high amounts of overdue receivables following the property bust. None of the debt has been repaid. BERN DYNAMIC LLP Hochtief receivables rise 100 5 90 > 80 > 70 > 60 > 50 + 40 > r 20.00% 15.00% 10.00% , 5.00% 0.00% r r 7 -5.00% 102010 102011 1Q2012 102013 DSO (days) "YOY rise % 18 EFTA00294323

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Shorts: Fake Yielders, Contractors & Accounting Irregularities Utilities & telecom incumbents, risk dividend cuts and right issues > Recent examples are RWE, EON, and KPN Many contractors took too much risk to ‘survive’ recession > Saipem and Imtech: recent examples where aggressive accounting masked cost overruns and loss making contracts. > Hochtief has a high risk of being next contractor to warn due to: > Dramatic rise in working capital driven by (unbilled) receivables signal either: > Cost overruns preventing billing their clients > Aggressive revenue recognition > Trade receivables rose to record 93 days in 1Q13, up from 79 days in 2012 and 75 days in 2011. > Hochtief has lent EUR 600m to Dubai subsidiary to cover high amounts of overdue receivables following the property bust. None of the debt has been repaid. BERN DYNAMIC LLP Hochtief receivables rise 100 5 90 > 80 > 70 > 60 > 50 + 40 > r 20.00% 15.00% 10.00% , 5.00% > 0.00% r r 7 -5.00% 102010 102011 1Q2012 102013 ™™™ DSO (days) =" YOY rise % 19 EFTA00294324

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BERN DYNAMIC LLP Appendix VVVVV VV VV WV Monthly Returns Terms and Service Providers Bios Valuation Metrics Back Office Processes Top 5 Investment Cases AUM History Investor Base Awards & Press Investor Relations EFTA00294325

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Net Monthly Returns The Lucerne Capital Offshore Fund, LTD 2013 4.8% 3.5% -0.6% 0.2% 3.6% _-0.8% 3.5% -0.5% 42% 4.6% 24.6% 19.8% 2012 12.5% 7.0% -0.7% -O0.4% -6.1% -2.1% 0.9% 2.1% 3.1% 2.9% 3.5% 2.2% 26.5% 15.6% 2011 24% 14% 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% -64% 118% -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% 13.3% -17.2% -15.0% -2.6% -10.1% -43.8% -38.9% 2007 3.0% -1.2% 5.6% 5.8% 3.7% -04% -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% 45% 0.8% -2.0% 2.5% 3.8% 45% 2.1% 4.7% _-4.6% 3.6% 3.5% 27.6% 24.9% 2004 6.1% 3.0% -34% -0.3% -1.4% 1.5% -0.3% 0.1% 24% 1.0% 45% 45% 18.7% 12.2% 2003 4.2% 3.9% 5.4% 2.5% 1.0% 6.0% 2.1% 16% 29.7% 19.8% Cumulative since inception 314.2% 121.8% Net annualizedreturn 14.5% 7.9% 21 BERN DYNAMIC LLP EFTA00294326

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Terms and Service Providers The Bern Lucerne Fund Fees Liquidity Minimum Investment Early Redemption Fee Management fee: 1.5% Incentive fee: 20% Monthly, with 60 days notice $500,000 First year, 2% Administrator Prime Brokers Auditor Legal BERN DYNAMIC LLP Citco Fund Services (Bermuda) Ltd Morgan Stanley Goldman Sachs PricewaterhouseCoopers Paul, Weiss, Rifkind, Wharton & Garrison Walkers 22 EFTA00294327

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Bios Lucernce Capital Team CASEY NUNEZ, Chief Compliance Officer / Chief Financial Officer PIETER TASELAAR Founding Partner & Portfolio Manager since 2002 > Joined Lucerne Capital Management in 2010 > Previously, Senior Associate, BDO Seidman * &B > Previously, Senior Managing Director, ABN AMRO New York, S, Georgetown University Head of European Equities > Corporate Finance and Capital Markets, ABN AMRO Amsterdam ERNEST J. VERRICO, JR., Controller / Investor Relations > MBA, Columbia University > Law Degree, Leiden University, the Netherlands > Joined Lucerne Capital Management in 2013 > Previously, Associate, Deloitte & Touche > MBA, Fairfield University Dolan School of Business > BBA, Loyola College in Maryland BRIAN JOHNSON, Head of Trading THUS HOVERS Partner & Portfolio Manager > Joined Lucerne Capital Management in 2007 > Previously, Head of Pan European Small and Mid-cap Equity ® Joined Lucerne Capital Management in 2008 Research, ABN AMRO > Previously, Senior Account Officer, Citi Private Bank > Head of Benelux Equity Research, ABN AMRO > BS, University of Florida > Senior Equity Analyst, ABN AMRO ~ Equity Analyst, Rabobank MA, International Finance ~ BA, Economics, University of Amsterdam, the Netherlands > Joined Lucerne Capital Management in 2011 Il Ranked Analyst #2, 2006 > Previously, Trading Assistant and Research Analyst Intern, Matrix ~ Thomson Extel - #1 Benelux: Small Caps Research, 2006 Capital Group ~ Brendan Woods Top Gun, 2010 and 2011 > BS, Syracuse University ~ Brendan Woods Best Minds in Consumer Products, 2011 YOHANES WAHYUDI, Trader BERN DYNAMIC LLP 23 EFTA00294328

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Valuation Metrics 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 > Typically 10x EV/EBIT for strong global franchises, generating high returns and have a low capital intensity to support growth >» 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: >» Topline 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 BERN DYNAMIC LLP 24 EFTA00294329

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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 ‘ > External features — Service providers, NAV confirmation, and third-party custody Process Documentation a 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 > 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 25 EFTA00294330

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Top 5 Investment Cases As of October 2013 (in alphabetical order)* Adecco SA Largest European temporary employment Early cyclical recovery play on Europe; significant 13.8x . company, with 60% of revs in Europe, 20% in US operating leverage; signals double-digit growth in FCY 6% € 10,285 (Switzerland) and 20% in the UK (Ticker: ADEN VX) periphery with core Europe expected to follow Div 3.3% Arcadis NV Leading engineering and consultancyfirm, with Recovering end markets (U.S. architect index & early PE 12.8 (Netherlands) strong leading positions in the US, Europe and = European recoveryindicated by permits & planning); FCY 7.9% € 1,730 the UK (Ticker: ARCAD NA) high ROIC; large accretive acquisition expected Div 2.9% . . P . eet nat PE 10.1x Continental AG German automotive component and tire Superior growth prospects on geo diversification, new producer. Key supplier to German OEMs products in safety, and recovery of tire markets; one of FCY 7.2% € 26,991 (Germany) . . . . . . (Ticker: CON GY) cheapest high quality cyclicals in our universe . Div 2.6% Distributor of electrical equipment, including Strong growth in the US; European growth is not yet PE 11x Rexel SA(France) wires, cables, ducts, security & telecom products priced in; when itis, operating leverage would kickin FCY 9% €5,189 & household appliances (Ticker: RXL FP) and push multiples down from already low levels Div 4.7% TKHG Nv Designer & manufacturer of innovative systems Among highest ROICin Dutch market; clean balance P/E 9.4x (Neth ae ds) for IT, telecom, electrotechnical engineering & sheet to prope! growth; participating in strong FCY 10% € 888 jletherlands industrial production (Ticker: TWEKA NA) healthcare and security growth trends Div 4.6% *Excludes index hedges. **These are Lucerne Capital Management, LLC’s projections for 2014 as of April 2013 and are subject to change. Source for Market Capitalization: Bloomberg, March 31, 2013 BERN DYNAMIC LLP 26 EFTA00294331

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AUM History AUM History - Lucerne Capital Management Current Funds 618 587 443 290 203 216 156 157 172 64 —— Del SSeS es s oS ¥ ¥ <\ & FS Ss Sy S BERN DYNAMIC LLP EFTA00294332

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Investor Base Firm Investor Base as of November 1, 2013 Employee Endowment/ 7.4% Multi-family office 4.3% Fund of funds 21.5% High-net worth individuals 66.7% 28 BERN DYNAMIC LLP EFTA00294333

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Awards & Press 2010 & 2011 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 Brendan Wood International's Top Gun Award Thijs Hovers, among top 11 buyside investment minds in the Dutch Market 2012 Bloomberg Brief: Hedge Funds June 19, 2012 Lucerne Bets on European Multinationals while Shorting Builders Barclay Managed Funds Report 3 Quarter 2012 Barclay Roundtable: No Optimal Solution is at Hand to Resolve Europe’s Credit Crisis Effect Aug 2012 (Dutch article) De korte lijntjes van een Nederlands-Amerikaan hedgefonds (The Short Lines of a Dutch-American Hedge Fund) 2013 Bloomberg Brief: Hedge Funds March 12, 2013 Returns in Brief Het Financieele Dagblad June 3, 2013 (Dutch article) Hedgefonds Lucerne speculeert op verdere koersimplosie Imtech (Hedge Fund Lucerne Speculates on Imtech) Het Financieele Dagblad June 14, 2013 (Dutch article) Nederlands hedgefonds in de Verenigde Staten belegt vooral in Europese aandelen (Dutch Hedge Fund in the US Invests Primarily in European Equities) Brendan Wood International's Best Investment Minds Thijs Hovers, Worldwide Consumer Products Institutional Investor Feb 2011 (Online Article) How Hedge Funds Generate Returns in Europe BarclayHedge Award Recognition Award Annual Top 10 The Lucerne Capital Fund, LP Sector: Equity Long/Short — Europe HFMWeek Awards Nominee October 2013 Long/Short equity (Global) under $1bn & Long/ short equity long term performance (5 years) Business in Canada October 29, 2013 Star Hedge Fund Managers See Opportunity In European Equities BERN DYNAMIC LLP 29 EFTA00294334

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Investor Relations LLP CONTACT Lars A Christiaanse BERN DYNAMIC LLP EFTA00294335