'5 250% la 225% N CC 200% aj 175% -ic 150% ft3 125% 100% 75?: n L.1 25% .J 2 QJ Z 0% -25% -50% .75% 2003 :(Jc.-: 205 2008 220 The Lucerne Capital Offshore Fund, LTD Cumulative Returns 2008 2009 2010 .—MSCI Euro Net LCL TR 2011 2012 —.500 TR 2013 Net Cumulative Net Annualized Net Annual Returns