13 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% 24.6% 314.2% 14.51 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% 19.8% 121.8% 7.9% 500 TR 22.8% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5