SC 13E3

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13E-3

Rule 13e-3 Transaction Statement

Under Section 13(e) of the Securities Exchange Act of 1934

GEHL COMPANY

(Name of Subject Company (Issuer))

Gehl Company

(Names of Filing Persons)

Common Stock, par value $0.10 per share

(Title of Class of Securities)

368483103

(CUSIP Number of Class of Securities)

William D. Gehl

Chief Executive Officer

Gehl Company

143 Water Street

West Bend, Wisconsin 53095

(262) 334-9461

(Name, Address and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)

With copies to:

Benjamin F. Garmer, III

Jay O. Rothman

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

(414) 271-2400

This statement is filed in connection with (check the appropriate box):

¨ The filing of solicitation materials on an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

¨ The filing of a registration statement under the Securities Act of 1933.

þ A tender offer.

¨ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:  ¨

Check the following box if the filing is a final amendment reporting the results of the transaction:  ¨

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$328,968,630	$12,928.47

* For purposes of calculating the filing fee pursuant to Rule 0-11(d) only, the Transaction Valuation was calculated on the basis of (i) the aggregate of 12,713,667 of common stock, par value $0.10 per share, of Gehl Company outstanding on a fully diluted basis as of August 31, 2008, consisting of: (a) 12,135,737 shares of common stock issued and outstanding, plus (b) 577,930 shares of common stock issuable on or before expiration of the offer pursuant to existing stock options that are exercisable at amounts below the offer price, less (ii) 1,748,046 shares of common stock beneficially owned by the offerors that will not be tendered, and (iii) the tender offer price of $30.00 per Share.

** The filing fee, calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, is calculated by multiplying the Transaction Valuation by 0.00003930.

þ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:   $12,928.47

Form or Registration No.:   Schedule TO

Filing Party:   Tenedor Corporation and Manitou BF S.A.

Date Filed:   September 8, 2008

This Schedule 13E-3 Transaction Statement (the “Schedule 13E-3” or the “Transaction Statement”) is filed on behalf of Gehl Company, a Wisconsin corporation (the “Company”), and relates to the cash tender offer by Tenedor Corporation, a Wisconsin corporation (“Purchaser”), and a direct wholly-owned subsidiary of Manitou BF S.A., a French limited company (Société Anonyme) (“Parent”), disclosed in a Tender Offer Statement, Rule 13E-3 Transaction Statement and amended Schedule 13D Beneficial Ownership Statement filed on Schedule TO, dated as of the date hereof (the “Schedule TO”), filed with the Securities and Exchange Commission (the “SEC”), to purchase all of the outstanding shares of common stock, par value $.10 per share, of the Company (the “Shares”) not owned by Parent or its affiliates, at a price of $30.00 per share, net to the seller in cash, without interest thereon, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated as of the date hereof (the “Offer to Purchase”), and the related Letter of Transmittal (which, together with any amendments or supplements thereto, constitute the “Offer”).

The Company is filing a Schedule 14D-9 Recommendation Statement (as amended from time to time, the “Recommendation Statement”) under Section 14(d)(4) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in response to the Schedule TO. A copy of the Recommendation Statement is attached hereto as Exhibit (a)(2), a copy of the Offer to Purchase, is attached as Exhibit (a)(1)(A) hereto. This Schedule 13E-3 also relates to the Agreement and Plan of Merger, dated as of September 7, 2008, among Parent, Purchaser and the Company pursuant to which, after the completion of the Offer and the satisfaction or waiver of certain conditions, Purchaser will be merged with and into the Company and the Company will be the surviving corporation and a subsidiary of Parent. A copy of the Merger Agreement is filed as Exhibit (d)(1) hereto.

The information contained in the Offer to Purchase, Letter of Transmittal and Schedule 14D-9, including all annexes thereto, is incorporated by reference herein in response to all items of information required to be included in, or covered by, this Transaction Statement. All information contained in this Transaction Statement concerning the Company, Purchaser or Parent has been provided by such person and not by any other person.

ITEM 16. Exhibits.

(a)(1)(A)	Offer to Purchase, dated September 7, 2008 [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(B)	Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9) [Incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(C)	Form of Notice of Guaranteed Delivery [Incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(D)	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees [Incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(E)	Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees [Incorporated by reference to Exhibit (a)(1)(E) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(F)	Text of press release issued by Manitou BF S.A., dated September 8, 2008 [Incorporated by reference to Exhibit (a)(1)(F) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(G)	Text of press release issued by Gehl Company, dated September 8, 2008 [Incorporated by reference to Exhibit (a)(4) to the Schedule 14D-9, dated September 7, 2008, filed by Gehl Company.]
(a)(1)(H)	Investor presentation made by Parent, dated September 8, 2008 [Incorporated by reference to Exhibit (a)(1)(H) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(2)	Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008 [Incorporated by reference to the Schedule 14D-9, dated September 7, 2008, filed by Gehl Company.]
(b)	Multicurrency Term and Revolving Facilities Agreement, dated September 4, 2008, between Manitou BF S.A. as the original borrower, Société Générale Corporate and Investment Banking, as mandated lead arranger, the financial institutions from time to time parties thereto and Société Générale, as agent of the other finance parties [Incorporated by reference to Exhibit (b) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(c)(1)	Opinion of Robert W. Baird & Co., dated September 7, 2008 (included as Annex B to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(2)	Appraisal opinion of Duff & Phelps, LLC, dated September 7, 2008 (included as Annex C to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(3)	Appraisal opinion of Emory & Co., LLC, dated September 7, 2008 (included as Annex D to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(4)	Presentation of Robert W. Baird & Co., dated September 7, 2008
(c)(5)	Presentation of Duff & Phelps, LLC, dated September 7, 2008
(c)(6)	Presentation of Emory & Co., LLC, dated September 7, 2008
(c)(7)	Presentation of SG Americas Securities, LLC to the Executive Committee and members of the Supervisory Board of Parent, dated April 4, 2007 [Incorporated by reference to Exhibit (c)(4) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]

(d)(1)	Agreement and Plan of Merger, dated as of September 7, 2008, among Parent, Purchaser and the Company (included as Annex A to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(2)	Voting and Tender Agreement, dated as of September 7, 2008, by and between Parent and the Company (included as Annex B to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(3)	Shareholder Agreement, dated as of September 22, 2004 by and between the Company and Parent [Incorporated by reference to Exhibit 10.7 to Gehl Company’s Quarterly Report on Form 10-Q for the quarter ended June 26, 2004]
(d)(4)	Manufacturing License, Technical Assistance and Supply Agreement, dated as of July 22, 2004 by and between Parent and the Company [Incorporated by reference to Exhibit (d)(4) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(5)	OEM Supply Agreement, dated as of July 22, 2004 by and between the Company and Parent) [Incorporated by reference to Exhibit (d)(5) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(f)	Applicable Wisconsin statutory provisions concerning dissenters’ rights (included as Schedule II to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(g)	Not applicable
(h)	Not applicable

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gehl Company
By:	/s/    William D. Gehl
	William D. Gehl
	Chairman of the Board of Directors and Chief Executive Officer

Dated: September 7, 2008

EXHIBIT INDEX

(a)(1)(A)	Offer to Purchase, dated September 7, 2008 [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(B)	Form of Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9) [Incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(C)	Form of Notice of Guaranteed Delivery [Incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(D)	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees [Incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(E)	Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees [Incorporated by reference to Exhibit (a)(1)(E) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(F)	Text of press release issued by Manitou BF S.A., dated September 7, 2008 [Incorporated by reference to Exhibit (a)(1)(F) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(1)(G)	Text of press release issued by Gehl Company, dated September 7, 2008 [Incorporated by reference to Exhibit (a)(4) to the Schedule 14D-9, dated September 7, 2008, filed by Gehl Company.]
(a)(1)(H)	Investor presentation made by Parent, dated September 8, 2008 [Incorporated by reference to Exhibit (a)(1)(H) to the Schedule, TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(a)(2)	Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008 [Incorporated by reference to the Schedule 14D-9, dated September 7, 2008, filed by Gehl Company.]
(b)	Multicurrency Term and Revolving Facilities Agreement, dated September 4, 2008, between Manitou BF S.A. as the original borrower, Société Générale Corporate and Investment Banking, as mandated lead arranger, the financial institutions from time to time parties thereto and Société Générale, as agent of the other finance parties [Incorporated by reference to Exhibit (b) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(c)(1)	Opinion of Robert W. Baird & Co., dated September 7, 2008 (included as Annex B to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(2)	Appraisal opinion of Duff & Phelps, LLC, dated September 7, 2008 (included as Annex C to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(3)	Appraisal opinion of Emory & Co., LLC, dated September 7, 2008 (included as Annex D to the Recommendation Statement on Schedule 14D-9 of Gehl Company, dated September 7, 2008) [Incorporated by reference to the Schedule 14D-9 filed, September 8, 2008, by Gehl Company]
(c)(4)	Presentation of Robert W. Baird & Co., dated September 7, 2008
(c)(5)	Presentation of Duff & Phelps, LLC, dated September 7, 2008
(c)(6)	Presentation of Emory & Co., LLC, dated September 7, 2008
(c)(7)	Presentation of SG Americas Securities, LLC to the Executive Committee and members of the Supervisory Board of Parent, dated April 4, 2007 [Incorporated by reference to Exhibit (c)(4) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]

(d)(1)	Agreement and Plan of Merger, dated as of September 7, 2008, among Parent, Purchaser and the Company (included as Annex A to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(2)	Voting and Tender Agreement, dated as of September 7, 2008, by and between Parent and the Company (included as Annex B to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(3)	Shareholder Agreement, dated as of September 22, 2004 by and between the Company and Parent [Incorporated by reference to Exhibit 10.7 to Gehl Company’s Quarterly Report on Form 10-Q for the quarter ended June 26, 2004]
(d)(4)	Manufacturing License, Technical Assistance and Supply Agreement, dated as of July 22, 2004 by and between Parent and the Company [Incorporated by reference to Exhibit (d)(4) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(d)(5)	OEM Supply Agreement, dated as of July 22, 2004 by and between the Company and Parent) [Incorporated by reference to Exhibit (d)(5) to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(f)	Applicable Wisconsin statutory provisions concerning dissenters’ rights (included as Schedule II to the Offer to Purchase) [Incorporated by reference to the Schedule TO, dated September 7, 2008, filed by Manitou BF S.A. and Tenedor Corporation.]
(g)	Not applicable
(h)	Not applicable

EX-99.(C)(4)

Presentation to the Board of Directors

September 7, 2008

Exhibit (c)(4)

Prepared for

Project GIANT

Project GIANT

Presentation to the Board of Directors

Process and Transaction Overview

1

GIANT Financial and Market Data

2

GIANT Valuation Analysis

3

Table of Contents

1

Process and Transaction Overview

Project GIANT

Baird’s Role and Process Overview

GIANT (“Target”

or the “Company”) has retained Baird to provide financial advisory services and to render

an opinion with respect to the fairness, from a financial point of view, of the consideration to be received

by the holders of the Company’s common stock (other than Parent, Purchaser and their affiliates) in the

Offer and the Merger (together the “Transaction”)

For purposes of our opinion, we have assumed consideration of $30.00 per share in cash (the

“Consideration”), representing an enterprise value of $449.9 million and an equity value of $377.0 million

based on 12,135,737 total shares outstanding upon change of control and net debt at closing of

approximately $72.9 million

Baird conducted due diligence with the Company’s senior management with respect to the Company’s:

—

History

—

Strategies and goals

—

Business, products, services and operations

—

Industry and market conditions

—

Historical, current and projected financial performance and financial condition

2

Project GIANT

Baird’s Role and Process Overview

In conducting our investigation and analyses and in arriving at our opinion herein, we have reviewed such

information and have taken into account such financial and economic factors, investment banking

procedures and considerations as we have deemed relevant under the circumstances

We have, among other things:

Reviewed certain audited consolidated financial statements of the Company and internal information,

primarily financial in nature, including financial forecasts (the “Forecasts”), concerning the business

and operations of the Company furnished to us for purposes of our analysis

Reviewed publicly available information including, but not limited to, the Company’s recent filings with

the Securities and Exchange Commission and equity analyst research reports covering the Company

prepared by various investment banking firms including our firm

Reviewed the draft Agreement and Plan of Merger dated September 3, 2008 (the “Agreement”) in the

form presented to the Board of Directors

Reviewed current and historical market prices of GIANT’s

Common Stock

…Continued

3

Project GIANT

Baird’s Role and Process Overview

Reviewed

publicly

available

financial

and

stock

market

data

with

respect

to

certain

other

companies

we believe to be generally relevant

Compared the financial position and operational results of the Company with those of other publicly

traded companies we deemed relevant and considered the market trading multiples of such

companies

Compared the transaction multiples implied by the Consideration with the corresponding acquisition

transaction

multiples

in

certain

business

combinations

we

deemed

relevant

Considered the present values of the forecasted cash flows of the Company

Held discussions with members of the Company’s senior management concerning the Company’s

historical and current financial condition and operating results, as well as the future prospects of the

Company

…Continued

4

Project GIANT

Key Assumptions Underlying Baird’s Analysis

Baird’s

analyses

are

based

on

several

assumptions

upon

which

it

relied

with

your

consent

including,

but

not limited to, the following:

All of the financial and other information that was publicly available or provided to us by or on behalf

of

the

Company

was

complete

and

accurate;

and

Baird

has

not

been

engaged

to

independently

verify, and has not assumed any responsibility to verify, any such information and has assumed that

the Company is not aware of any information prepared by it or its advisors that might be material to

Baird’s opinion that has not been provided

All material assets and liabilities (contingent or otherwise, known or unknown) of the Company are as

set forth in the Company’s financial statements

The financial statements of the Company provided to Baird present fairly the results of operations,

cash flows and financial condition of the Company for the periods indicated and were prepared in

conformity with U.S. generally accepted accounting principles consistently applied

The Forecasts were reasonably prepared on bases reflecting the best available estimates and good

faith judgments of the Company’s senior management as to the future performance of the Company

The

Transaction

will

be

consummated

in

accordance

with

the

terms

and

conditions

of

the

Agreement

without

any

amendment

thereto

and

without

waiver

by

any

party

of

any

of

the

conditions

to

their

respective obligations thereunder

5

Project GIANT

Key Assumptions Underlying Baird’s Analysis

The representations and warranties contained in the Agreement are true and correct and that each

party will perform all of the covenants and agreements required to be performed by it under the

Agreement

All material corporate, governmental, regulatory or other consents and approvals required to

consummate the Transaction have been or will be obtained

Baird

did

not

consider

any

strategic,

operating

or

cost

benefits

that

might

result

from

the

Transaction

or

any expenses relating to the Transaction

Baird’s opinion does not address the relative merits of: (i) the Transaction, the Agreement or any other

agreements or other matters provided for or contemplated by the Agreement; (ii) any other transactions

that may be or might have been available as an alternative to the Transaction; or (iii) the Transaction

compared to any other potential alternative transactions or business strategies considered by the

Company’s Board of Directors

Baird’s opinion necessarily is based upon economic, monetary and market conditions as they exist and

can be evaluated on the date of such opinion and does not predict or take into account any changes which

may

occur,

or

information

which

may

become

available,

after

such

date

Baird expresses no opinion as to the price or trading range at which any of the Company’s securities

(including the Company’s common stock) will trade following the date of our opinion

…Continued

6

Project GIANT

Implied Valuation and Transaction Multiples

_____________________

Note:  Historical financial information based on GIANT SEC filings.  Estimates and projections based on GIANT management estimates. 

(1)

Per M-Co information statement dated September 2, 2008.  Excludes the full exercise of options to purchase 12,000 shares held by a M-Co representative and GIANT director.

(2)

Per GIANT outstanding share data as of August 31, 2008.

(3)    Based on 707,104 outstanding stock options as of August 31, 2008, and a $30.00 per share purchase price.

(4)    Based on 278,141 shares underlying stock appreciation rights outstanding as of August 31, 2008 and a $30.00 per share purchase price.

(5)

Per

GIANT

Form

10-Q

for

the

period

ended

June

30,

2008.

Includes

$49.1

million

of

short

term

commercial

paper,

$0.2

million

of

the

current

portion

of

long-term

debt

obligations,

$28.2

million

of

borrowings under a revolving credit facility and $0.3 million of other long-term debt obligations.

(6)

LTM information based on 10-Q and 10-K filings.  2008E and 2009P based on GIANT management estimates.

(in millions, except per share amounts)

Purchase Price

GIANT Shares Outstanding:

Equity Purchase Price:

Total Purchase Price:

M-Co Aggregate Share Ownership

(1)

1.736

Share Price

$30.00

Equity Purchase Price

$377.0

Plus: Non M-Co Share Ownership

10.400

x

Total Basic Shares Outstanding

12.136

Plus: Total Debt

(5)

77.9

Total Basic Shares Outstanding

(2)

12.136

Equity Purchase Price (Before Options)

$364.1

Less: Cash

5.0

Plus: Net Purchase Price of GIANT Options

(3)

10.8

Total Purchase Price

$449.9

Plus: Net Purchase Price of GIANT SARs

(4)

2.2

Total Equity Purchase Price

$377.0

Implied Transaction Multiples

Last Twelve Months

("LTM") 6/30/08

(6)

2008E

(6)

2009P

(6)

GIANT

Implied

GIANT

Implied

GIANT

Implied

Statistic

Multiple

Statistic

Multiple

Statistic

Multiple

EBITDA

$33.5

13.4 x

$25.7

17.5 x

$36.9

12.2 x

EBIT

29.1

15.5

20.9

21.5

27.4

16.4

Net Income

14.1

26.8

10.8

34.8

15.5

24.3

7

Project GIANT

Implied Transaction Premiums

Implied

Transaction

Premiums

(1

)

_____________________

(1)

Premiums

calculated

based

upon

$30.00

per

share

acquisition

price

utilizing

GIANT’s

stock

price

reference

date

of

September

5,

2008

per

Capital

IQ.

119.6%

99.1%

107.6%

122.4%

91.6%

104.9%

28.4%

25.4%

168.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

1-Day

7-Days

30-Days

60-Days

90-Days

180-Days

1-Year

LTM High

LTM Low

8

GIANT Financial and Market Data

Project GIANT

GIANT Historical / Projected Financial Data

_____________________

(1)

Historical data per GIANT SEC Filings.

(2)

LTM June 30, 2008 results per GIANT Form 10-Q for the period ending June 30, 2008 and GIANT Form 10-K for the period ending December 31, 2007.

(3)

Projected financial data is based on management estimates.

(in millions, except per share amounts)

9

Summary Financial Data

Fiscal Year Ending December 31,

Historical

(1)

LTM

(2)

Projected

(3)

2005

2006

2007

6/30/2008

2008

2009

2010

2011

2012

2013

Net Sales

$447.0

$486.2

$457.6

$400.3

$394.0

$469.8

$558.5

$656.5

$729.9

$731.9

Net Sales Growth

37.4%

8.8%

(5.9%)

(16.5%)

(13.9%)

19.2%

18.9%

17.5%

11.2%

0.3%

Gross Profit

$92.3

$104.4

$103.2

$89.1

$82.0

$97.7

$124.2

$150.5

$170.8

$171.3

Margin

20.6%

21.5%

22.6%

22.2%

20.8%

20.8%

22.2%

22.9%

23.4%

23.4%

EBITDA

$43.8

$50.7

$48.2

$33.5

$25.7

$36.9

$58.4

$78.1

$92.0

$89.2

Margin

9.8%

10.4%

10.5%

8.4%

6.5%

7.9%

10.5%

11.9%

12.6%

12.2%

EBIT

$38.8

$46.1

$43.6

$29.1

$20.9

$27.4

$46.4

$65.0

$77.8

$73.8

Margin

8.7%

9.5%

9.5%

7.3%

5.3%

5.8%

8.3%

9.9%

10.7%

10.1%

Net Income

$22.2

$28.1

$24.9

$14.1

$10.8

$15.5

$26.5

$38.3

$47.0

$45.9

Margin

5.0%

5.8%

5.5%

3.5%

2.8%

3.3%

4.7%

5.8%

6.4%

6.3%

EPS

$2.00

$2.26

$2.00

$1.13

$0.89

$1.30

$2.21

$3.19

$3.92

$3.83

Shares Outstanding

11.1

12.4

12.5

12.4

12.3

12.0

12.0

12.0

12.0

12.0

Capital Expenditures

$7.6

$6.4

$6.4

$9.2

$21.6

$25.1

$8.4

$8.7

$8.9

$9.2

% of Net Sales

1.7%

1.3%

1.4%

2.3%

5.5%

5.3%

1.5%

1.3%

1.2%

1.3%

Project GIANT

GIANT Balance Sheet

_____________________

Source:  Per GIANT Form 10-Q for the period ending June 30, 2008.

(1)  Based on 12,135,737 total shares outstanding as of August 31, 2008.

($ in millions, except per share amounts)

10

As of

As of

6/30/2008

6/30/2008

Assets

Liabilities

Cash

$5.0

Current portion of long-term debt obligations

$0.2

Accounts receivable

190.6

Short-term borrowing

49.1

Finance contracts -

current

6.1

Accounts payable

48.6

Inventories

72.4

Accrued wages and salaries

2.2

Prepaid expenses and other

3.2

Accrued expenses and other

7.3

Retained interest -

current

55.2

Warranty and product liability

7.6

Deferred tax asset

9.7

Accrued income taxes

1.2

Current assets

$342.2

Current liabilities

$116.4

Property, plant and equipment -

net

$38.8

Long-term debt obligations

$28.2

Finance contracts -

non current

3.0

Other long-term obligations

0.3

Retained interest -

non current

24.6

Other long-term liabilities

17.5

Goodwill

11.7

Total liabilities

$162.4

Other assets

9.7

Total shareholders' equity

267.6

Total Assets

$430.0

Total Liabilities and Shareholders' Equity

$430.0

Book Value per Share

(1)

$22.05

Project GIANT

Last Three Years

GIANT Stock Price Performance

Current:

$13.66

Low:

$13.10

High:

$40.39

Average:

$24.28

Current:

$13.66

Low:

$13.10

High:

$23.46

Average:

$17.07

$5

$10

$15

$20

$25

$30

$35

$40

$45

9/05

2/06

7/06

12/06

5/07

10/07

4/08

9/08

$12

$16

$20

$24

$28

$32

9/6/07

11/5/07

1/5/08

3/6/08

5/6/08

7/6/08

9/5/08

Last Twelve Months

$30.00

$30.00

$13.66

$13.66

_____________________

Source:  FactSet Data Systems, Inc.

_____________________

Source:  FactSet Data Systems, Inc.

11

Project GIANT

9.2%

13.8%

12.3%

36.7%

18.5%

5.2%

3.5%

0.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

$12.00 -

$16.00

$16.00 -

$20.00

$20.00 -

$24.00

$24.00 -

$28.00

$28.00 -

$32.00

$32.00 -

$36.00

$36.00 -

$40.00

$40.00 -

$44.00

3.8%

29.0%

37.4%

12.0%

4.9%

12.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

$12.00 -

$14.00

$14.00 -

$16.00

$16.00 -

$18.00

$18.00 -

$20.00

$20.00 -

$22.00

$22.00 -

$24.00

GIANT Stock Price / Volume Histogram

_____________________

Source:

FactSet

Data

Systems,

Inc.

Volume

Weighted

Average

Price

per

Xignite

Historical

VWAPs.

Note: 88,921,112 shares traded during this period.

_____________________

Source:

FactSet

Data

Systems,

Inc.

Volume

Weighted

Average

Price

per

Xignite

Historical

VWAPs.

Note: 24,795,432 shares traded during this period.

Volume-Weighted Average Price:

$25.09

Current:

$13.66

Low:

$13.10

High:

$40.39

Volume-Weighted Average Price:

$17.41

Current:

$13.66

Low:

$13.10

High:

$23.46

Last Three Years

Last Twelve Months

12

Project GIANT

GIANT

Selected Company Index

M-Co

Relative Stock Price Performance

_____________________

Source:  Capital IQ.

Selected Company Index includes:  ASTE, CAT, CNH, DE and TEX.

_____________________

Source:  Capital IQ.

Selected Company Index includes:  ASTE, CAT, CNH, DE and TEX.

20%

60%

100%

140%

180%

220%

260%

9/05

2/06

7/06

12/06

5/07

10/07

4/08

9/08

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

9/6/2007

11/5/2007

1/5/2008

3/6/2008

5/6/2008

7/6/2008

9/5/2008

Last Three Years

Last Twelve Months

(50%)

+42%

(58%)

(57%)

(32%)

(42%)

GIANT

Selected Company Index

M-Co

13

Project GIANT

0

100

200

300

400

500

600

9/6/07

10/6/07

11/6/07

12/6/07

1/6/08

2/6/08

3/6/08

4/6/08

5/6/08

6/6/08

7/6/08

8/6/08

Average Daily Trading Volume

(in thousands)

GIANT Trading Volume Summary

_____________________

Source:  FactSet Data Systems, Inc.

Last Twelve Months Average Daily Trading Volume:

98.006

Last 90-Days Average Daily Trading Volume:

70.385

9/5/08

14

Project GIANT

GIANT Share Ownership

15

Ownership Summary

Number of Shares

% of Total

Manitou BF

(1)

1,736,046

14.3%

Institutional Holders

Tontine Partners

1,193,422

9.8%

Dimensional Fund Advisors, Inc.

1,035,074

8.5%

Royce & Associates LLC

889,274

7.3%

Wellington Management Co. LLP

849,444

7.0%

Barclays Global Investors NA (California)

448,805

3.7%

Capital World Investors

436,477

3.6%

Voyageur Asset Management, Inc.

403,745

3.3%

Towle

& Co.

384,500

3.2%

Fidelity Management & Research

364,487

3.0%

Thomson, Horstmann

& Bryant, Inc.

311,900

2.6%

Other Institutional Holders

3,133,685

25.8%

Total Insitutional

Holders

9,450,813

77.9%

Insiders

245,773

2.0%

Other Holders

703,105

5.8%

Total Shares Outstanding

12,135,737

100.0%

_____________________

Source:  FactSet  DataSystems as of September 5, 2008 and GIANT outstanding  share data as of August 31, 2008.

(1)

Per M-Co information statement dated September 2, 2008.  Excludes the full exercise of options to purchase 12,000 shares held by a M-Co representative and GIANT director. 

GIANT Valuation Analysis

Project GIANT

Valuation Methodologies

Value based on comparisons with

“similar”

publicly-traded companies

Selected

publicly-traded companies

with similar business, industry and

financial characteristics

Valuation benchmarks include

multiples of:

EBITDA

EBIT

Net Income

Selected Company Analysis

Selected

Acquisition Analysis

Discounted Cash Flow Analysis

Value based on comparisons with

“similar”

acquisition transactions

Selected

acquisition transactions

involving companies with similar

business and industry

characteristics

Valuation benchmarks include

multiples of

EBITDA

EBIT

Net Income

Valuation benchmarks also include

acquisition premiums paid

Valuation based on the present

value of future free cash flows

Free cash flow = unlevered net

income + non-cash adjustments –

change in working capital –

capital

expenditures +/-

changes in other

cash flow items

Discount rate = weighted-average

cost of capital based on business

and financial risk

Terminal values based on multiples

of EBITDA and growth rates of free

cash flow

16

Project GIANT

Selected Company Analysis

Baird selected a group of publicly-traded companies that were deemed relevant valuation benchmarks

_____________________

Sources:  Based

on

publicly

available

documents

as

of

September

5,

2008.

Finance

divisions

are

excluded

for

CAT,

CNH

and

DE

for

actual

and

projected

statistics.

ASTE

and

TEX

projections

per

Capital

IQ

consensus

estimates.

CAT projections per Morgan Stanley equity research report dated July 22, 2008.  CNH projections per JP Morgan equity research report dated July 24, 2008. 

DE projections per Goldman Sachs equity research report dated August 13, 2008. 

($ in millions)

Enterprise

EBITDA Multiples

EBIT Multiples

P/E Multiples

Company

Ticker

Value

LTM

2008

2009

LTM

2008

2009

LTM

2008

2009

GIANT

GEHL

$240.4

7.2 x

9.4 x

6.5 x

8.3 x

11.5 x

8.8 x

11.9 x

15.4 x

10.8 x

Astec Industries Inc.

ASTE

$672.9

6.1 x

5.7 x

5.4 x

7.1 x

6.8 x

6.2 x

11.6 x

11.2 x

10.7 x

Caterpillar Inc.

CAT

44,327.3

7.2

7.5

7.5

8.9

9.4

9.4

9.9

11.0

11.2

CNH Global NV

CNH

10,534.0

6.2

5.5

5.2

7.4

6.8

6.4

10.2

8.9

6.7

Deere & Co.

DE

27,104.3

8.5

7.6

6.3

10.0

8.8

7.2

13.1

12.5

10.5

Terex Corp.

TEX

4,520.2

3.8

3.6

3.5

4.0

3.9

3.9

5.4

5.4

5.2

Mean

6.3 x

6.0 x

5.6 x

7.5 x

7.2 x

6.6 x

10.1 x

9.8 x

8.9 x

Median

6.2

5.7

5.4

7.4

6.8

6.4

10.2

11.0

10.5

17

Project GIANT

_____________________

Sources:  Based on publicly  available  documents

as of September5, 2008.  Financedivisions  are excluded  for CAT, CNH and DE for actual and projectedstatistics.  ASTE and TEX  projections  per Capital IQ consensus estimates.

      CAT projections per Morgan Stanley equity research report dated July 22, 2008.  CNH projections per JP Morgan equity research report dated July 24, 2008.  

      DE projections per Goldman Sachs equity research report dated August 13, 2008.  

(1) 

      Selected companies include Astec Industries, Caterpillar, CNH Global, Deere & Co. and Terex Corporation.  Prices as of September 5, 2008.

Selected Company Analysis

Baird selected a group of publicly-traded companies that were deemed relevant valuation benchmarks

A summary of the multiples implied in the Transaction and the trading multiples of the group of selected companies is

presented below

18

Summary

Selected

Company

Analysis

(1)

Implied

GIANT

Transaction

Current Trading

Selected Company Trading Multiples

Multiples

Multiples

Low

Average

Median

High

EBITDA

LTM

13.4 x

7.2 x

3.8 x

6.3 x

6.2 x

8.5 x

2008E

17.5

9.4

3.6

6.0

5.7

7.6

2009P

12.2

6.5

3.5

5.6

5.4

7.5

EBIT

LTM

15.5 x

8.3 x

4.0 x

7.5 x

7.4 x

10.0 x

2008E

21.5

11.5

3.9

7.2

6.8

9.4

2009P

16.4

8.8

3.9

6.6

6.4

9.4

Net Income

LTM

26.8 x

11.9 x

5.4 x

10.1 x

10.2 x

13.1 x

2008E

34.8

15.4

5.4

9.8

11.0

12.5

2009P

24.3

10.8

5.2

8.9

10.5

11.2

Project GIANT

Selected Company Analysis

A summary of the implied valuations of the Company based on the trading multiples of the group of selected companies

is presented below

_____________________

(1)

Based on Capital IQ and publicly available documents.

(2)

Represents the average for each respective column.

($ in millions, except per share amounts)

19

Summary

Selected

Company

Analysis

(1)

Implied GIANT Total Value

Implied GIANT Equity Value / Share

Low

Average

Median

High

Low

Average

Median

High

EBITDA

LTM

$125.5

$212.3

$207.5

$284.0

$4.34

$11.42

$11.03

$17.12

2008E

93.3

154.2

146.8

195.2

1.68

6.69

6.09

10.04

2009P

128.7

205.3

198.2

276.0

4.60

10.86

10.28

16.49

EBIT

LTM

$117.6

$218.1

$216.8

$290.1

$3.69

$11.88

$11.78

$17.60

2008E

82.4

150.0

143.1

196.8

0.79

6.36

5.79

10.18

2009P

106.1

181.7

175.3

258.7

2.74

8.95

8.43

15.11

Net Income

LTM

$149.5

$214.4

$216.5

$257.5

$6.31

$11.59

$11.76

$15.02

2008E

131.7

179.1

191.7

208.3

4.85

8.74

9.76

11.09

2009P

153.0

210.8

236.3

247.4

6.60

11.29

13.33

14.22

REFERENCE VALUE

(2)

$120.9

$191.8

$192.5

$246.0

$3.96

$9.75

$9.81

$14.10

Project GIANT

Selected Acquisition Analysis

Baird selected a group of M&A transactions that were deemed relevant valuation benchmarks

_____________________

Sources:  Based on publicly available documents, press releases and Capital IQ.

(1)  JLG enterprise value and financial statistics adjusted to exclude financing operations.

($ in millions)

20

Enterprise / Equity Value

Date

Enterprise

as a Multiple of LTM

1 -

Day

Announced

Acquiror

Target

Target Business Description

Value

EBITDA

EBIT

NI

Premium

01/14/08

Terex Corporation

A.S.V. Inc.

Manufacture rubber track machines and related accessories and attachments

$445.0

23.6 x

28.5 x

43.8 x

46.5%

07/30/07

Doosan

Infracore

Co.

Ingersoll-Rand (Bobcat Division)

Manufacture and sell compact equipment

4,900.0

12.2

13.2

N/A

N/A

02/27/07

Volvo Construction Equipment

Ingersoll-Rand (Road Development)

Manufacture asphalt paving, compaction and material handling equipment.

1,300.0

11.5

12.9

N/A

N/A

02/05/07

Atlas Copco

Group

Dynapac

AB

Manufacture compaction and paving equipments

902.0

N/A

12.1

N/A

N/A

11/06/06

KKR / Goldman Sachs

KION Group (Linde

AG forklift division)

Manufacture forklift trucks

5,084.6

6.8

15.2

N/A

N/A

10/16/06

Oshkosh Truck Corporation

JLG Industries Inc.

(1)

Manufacture aerial work platforms, telehandlers, and trailers

2,940.2

10.9

12.2

20.6

34.9%

04/28/06

Singapore Technologies

B.R. Lee Industries, Inc.

Manufacture commercial asphalt pavers

129.0

7.3

13.2

N/A

N/A

04/28/05

Coates Hire Limited

Allied Equipment Pty Ltd.

Specialist in the mining, construction, material handling and associated equipment fields

94.6

4.7

6.9

N/A

N/A

10/29/04

Fayat

S.A.

Bomag

GmbH

Develop and manufacture compaction equipment

446.0

8.1

9.9

11.8

N/A

09/10/03

AGCO Corp.

Valtra

Inc.

Develop, manufacture, market and service tractors

660.0

8.3

10.2

N/A

N/A

07/19/02

Terex Corporation

Genie Holdings

Manufacture lifts, booms and work platforms for the construction

industry

270.0

7.4

N/M

N/A

N/A

03/18/02

Manitowoc Co. Inc.

Grove Worldwide, Inc.

Manufacture mobile cranes and work platforms cranes and aerial work platforms

284.0

6.9

N/M

N/M

N/A

06/28/01

Terex Corporation

CMI Corporation

Manufacture equipment for the road builidng

and heavy construction industry

158.4

9.7

15.1

N/M

31.5%

03/05/01

Manitowoc Co. Inc.

Potain

SA

Manufacture tower cranes primarily for the construction industry

309.5

7.5

11.4

18.8

N/A

08/23/99

Textron Inc.

JLG OmniQuip

International, Inc.

Manufacture telescopic material handlers and aerial work platforms

491.4

8.1

9.6

15.3

N/A

05/11/99

JLG Industries Inc.

Gradall

Industries, Inc.

Manufacture hydraulic excavators and rough-terrain variable reach material handlers

203.8

7.2

8.1

13.5

14.3%

All transactions

Low

4.7 x

6.9 x

11.8 x

Mean

9.3

12.7

20.6

Median

8.1

12.2

17.1

High

23.6

28.5

43.8

Excluding Terex Corporation acquisition of A.S.V. Inc.

Low

4.7

x

6.9

x

11.8

x

Mean

8.3

11.5

16.0

Median

7.8

12.1

15.3

High

12.2

15.2

20.6

Project GIANT

Source: Publicly available documents, press releases and Capital IQ. 

(1) 

   Selected transactions include A.S.V. Inc. / Terex Corporation; Ingersoll-Rand (Bobcat Division) / Doosan Infracore Co; Ingersoll-Rand (Road Development) / Volvo AB; Dynapac AB / Atlas Copco Group;  

   KION Group (Linde AG forklift division) / KKR and Goldman Sachs; JLG Industries Inc. / Oshkosh Truck Corporation (JLG enterprise value and financial statistics adjusted to exclude financing operations);

   B.R. Lee Industries, Inc. / Singapore Technologies; Allied Equipment Pty Ltd. / Coates Hire Limited; Bomag GmbH / Fayat S.A.; Valtra Inc. / AGCO Corp.; Genie Holdings / Terex Corporation; Grove

   Worldwide, Inc. / Manitowoc Co. Inc.; CMI Corporation / Terex Corporation; Potain SA / Manitowoc Co. Inc.; JLG OmniQuip International, Inc. / Textron Inc.; Gradall Industries, Inc. / JLG Industries Inc.

(2)        Includes Terex Corporation acquisition of A.S.V. Inc.  Excluding this transaction, “High” EBITDA, EBIT and Net Income Selected Acquisition Multiples are reduced to 12.2x, 15.2x and 20.6x, respectively.

Selected Acquisition Analysis

Baird selected a group of M&A transactions that were deemed relevant valuation benchmarks

A summary of multiples implied in the Transaction and the multiples of the group of selected M&A transactions

is presented below  

21

Summary Selected Acquisition Analysis

(1)

Implied Transaction

Multiples

Low

Average

Median

High

(2)

EBITDA

13.4 x

4.7 x

9.3 x

8.1 x

23.6 x

EBIT

15.5

6.9

12.7

12.2

28.5

Net Income

26.8

11.8

20.6

17.1

43.8

Selected Acquisition Multiples

Project GIANT

Selected Acquisition Analysis

($ in millions, except per share amounts)

22

Summary

Selected

Acquisition

Analysis

(1)

Implied GIANT Equity Value / Share

Low

Average

Median

High

(2)

Low

Average

Median

High

(2)

EBITDA (LTM)

$158.0

$312.6

$270.3

$789.7

$7.01

$19.37

$16.04

$56.67

EBIT (LTM)

200.8

370.9

354.6

829.5

10.50

23.96

22.67

59.77

Net Income (LTM)

238.6

363.3

313.3

689.2

13.51

23.36

19.43

48.84

REFERENCE VALUE

(3)

$199.1

$348.9

$312.7

$769.5

$10.34

$22.23

$19.38

$55.09

Implied GIANT Total Value

_____________________

(1)     Based on publicly available documents, press releases and Capital IQ.

(2)     Includes Terex Corporation acquisition of A.S.V. Inc.  Excluding this transaction, the “High” Implied GIANT Total Value based on EBITDA, EBIT and Net Income is reduced to $406.9 million, $441.0 million and $362.9 million, respectively. 

         Implied GIANT Equity Value / Share is reduced to $26.79, $29.47 and $23.33, respectively.

(3)     Represents average of each respective column.  Excluding Terex Corporation acquisition of A.S.V. Inc., the “High” Reference Value for Implied GIANT Total Value is $403.6 million and the “High” Implied GIANT Equity Value / Share is

         $26.53.

A summary of the implied valuations of the Company based on the transaction multiples of the group of selected M&A

transactions is presented below

Project GIANT

Selected Acquisition Analysis

A summary of the premiums implied in the Transaction and the premiums of 107 public target announced transactions

with an enterprise value greater than $100 million since January

1, 2008 is presented below

_____________________

Sources:  Based on publicly available documents, press releases and Capital IQ.

(1)  As of September 5, 2008.

23

Summary Selected Acquisition Analysis - Transaction Premiums

Implied

Stock

Transaction

Selected Acquisition Premiums

Price

(1)

Premium

(1)

Low

Average

Median

High

1-Day Prior to Announcement

$13.66

119.6%

(93.3%)

33.3%

30.5%

143.9%

7-Days Prior to Announcement

15.07

99.1%

(97.1%)

35.5%

33.8%

200.5%

30-Days Prior to Announcement

14.45

107.6%

(97.6%)

39.3%

33.9%

245.6%

90-Days Prior to Announcement

15.66

91.6%

(97.9%)

37.6%

33.0%

209.2%

180-Days Prior to Announcement

14.64

104.9%

(98.3%)

30.2%

24.1%

439.2%

Project GIANT

Discounted Cash Flow Analysis

The Company’s implied valuation derived from discounting its projected free cash flows and terminal values is

summarized below  

_____________________

(1)   Discounted to June 30, 2008.

(2)   The assumed weighted average cost of capital for GIANT.

(3)   Based on 7.1x multiple at LTM EBITDA peak in Q3 2006 and average multiple from September 30, 2002 (LTM EBITDA trough) through August 13, 2008 of 8.5x.

(4)   Implied

free

cash

flow

growth

rate

is

equal

to

(TV

x

Discount

Rate

-

FCF

2013

) / (TV + FCF

2013

), where TV= EBITDA

2013

x EBITDA Terminal Multiple.

(5)   Per GIANT Form 10-Q for the period ended June 30, 2008.

(6)   Assumes

cash

proceeds

are

received

from

the

exercise

of

“in

the

money”

options

outstanding

as

of

August

31,

2008.

($ in millions, except per share amounts)

Discounted Cash Flow Valuation

(1)

EBITDA

Present Value

Less:

Discount

Terminal

Implied FCF

Cash

Terminal

Enterprise

Net

Plus: Option

Equity

Equity Value

Rate

(2)

Multiple

(3)

Growth Rate

(4)

Flows

Value

Value

Debt

(5)

Proceeds

(6)

Value

Per Share

7.10 x

4.9%

$72.1

$308.0

$380.2

$6.6

$313.9

$24.69

14.0%

7.80

5.6%

72.1

338.4

410.5

$72.9

6.6

344.2

27.08

8.50

6.3%

72.1

368.8

440.9

6.6

374.6

29.47

7.10 x

4.0%

$73.9

$323.3

$397.2

$6.6

$331.0

$26.03

13.0%

7.80

4.7%

73.9

355.2

429.1

$72.9

6.6

362.8

28.54

8.50

5.3%

73.9

387.1

461.0

7.2

395.4

31.05

7.10 x

3.0%

$75.8

$339.5

$415.3

$6.6

$349.0

$27.45

12.0%

7.80

3.8%

75.8

373.0

448.8

$72.9

7.2

383.2

30.09

8.50

4.4%

75.8

406.5

482.3

7.2

416.6

32.72

24

Project GIANT

_____________________

(1)    Includes Terex Corporation acquisition of A.S.V. Inc.  Excluding this transaction, the “High” Selected Acquisition Analysis Summary Total Enterprise Value is $403.6 million, reducing the “High” Reference 

         Total Enterprise Value to $377.3 million.  Likewise, the “High” Selected Acquisition Analysis Summary Equity Value / Share would be $26.53, reducing the “High” Reference Equity Value / Share to $24.45.

(2)    Represents average of each respective valuation method.

Valuation Summary

($ in millions, except per share amounts)

Summary Total Enterprise Value

Low

Average

Median

High

(1)

Selected Company Analysis

$120.9

$191.8

$192.5

$246.0

Selected Acquisition Analysis

199.1

348.9

312.7

769.5

Discounted Cash Flow Analysis

380.2

429.5

429.1

482.3

Reference Total Enterprise Value

(2)

$233.4

$323.4

$311.4

$499.2

Summary Equity Value / Share

Low

Average

Median

High

(1)

Selected Company Analysis

$3.96

$9.75

$9.81

$14.10

Selected Acquisition Analysis

10.34

22.23

19.38

55.09

Discounted Cash Flow Analysis

24.69

28.57

28.54

32.72

Reference Equity Value / Share

(2)

$12.99

$20.18

$19.24

$33.97

25

Robert W. Baird Ltd. and Baird Capital Partners Europe are authorized and regulated in the UK by the Financial Services Authority.

EX-99.(C)(5)

Project Giant

Fair Value of the Common Stock of Giant

Presentation to the Board of Directors of Giant

September 7, 2008

The

information

contained

herein

is

of

a

confidential

nature

and

is

intended

for

the

exclusive

use

of

the

persons

or

firm

to

whom

it

is

furnished

by

us.

Reproduction, publication, or dissemination of portions hereof

may not be made without prior approval of Duff & Phelps, LLC.

Exhibit (C)(5)

2

The following pages contain material provided to the Board of Directors (the “Board”) of Gehl

Company (“Gehl”

or the “Company”). 

It

is

Duff

&

Phelps’

understanding

that

the

materials

provided

will

be

used

by

the

Board

for

the

purpose

of

complying

with

the

requirements of section DFI-Sec 6.05 of the regulations of the Wisconsin Department of Financial Institutions in connection with the

contemplated Proposed Transaction, as herein defined. The accompanying material was compiled or prepared on a confidential basis

for

the

sole

use

of

the

Board,

and

not

with

a

view

toward

public

disclosure.

The information utilized in preparing this presentation was obtained from the Company and public sources. Any estimates and

projections contained herein involve numerous and significant subjective determinations, which may or may not prove to be correct. 

No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing

contained herein is, or shall be relied upon as, a representation, whether as to the past or the future.  Duff & Phelps, LLC (“Duff &

Phelps”) did not attempt to independently verify such information.

Because this material was prepared for use in the context of an oral presentation to the Board, which is familiar with the business and

affairs of the Company, neither the Company nor Duff & Phelps, nor any of their respective legal or financial advisors or accountants,

take any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board.

These

materials

are

not

intended

to

represent

an

opinion

but

rather

to

serve

as

discussion

materials

for

the

Board

to

review

and

as

a

basis upon which Duff & Phelps may render an opinion.

Disclaimer

I.

Introduction and Background

II.

Valuation Analysis

-

Discounted Cash Flow Analysis

-

Selected Public Company / M&A Transaction Analysis

III.

Conclusion

Table of Contents

I.

Introduction and Background

5

Introduction and Background

Duff & Phelps Corporation (NYSE: DUF) is a leading provider of independent financial advisory

and investment banking services, supporting client needs principally in the areas of valuation,

transactions, financial restructurings and disputes.

Our professionals bring practical experience, responsiveness and

a collaborative approach to

satisfy our clients’

needs with the rigor and independence that the market demands.

When our

clients can’t afford to get their analysis wrong, they look to Duff & Phelps

to get it right.

With over 1,100 employees serving clients worldwide through offices in the United States, Europe

and Asia, Duff & Phelps is committed to delivering insightful advice and service of exceptional

quality, integrity and objectivity.

Services Offered

M&A Advisory

Financial Restructurings

Tax Valuations and Transfer Pricing

Transaction Due Diligence

Dispute Consulting

Commercial Reasonable Opinions on Related-Party Debt

Securities

Independent Business Valuations

Fairness Opinions

Solvency Opinions

Real Estate Advisory

Financial Reporting Valuations

Portfolio Valuations

6

Introduction and Background

The Engagement

Duff & Phelps was retained by the Board of Directors of Gehl

Company as an independent financial advisor to provide an opinion (the

“Opinion”)

as

of

the

date

hereof

as

to

the

fair

value

of

the

common

stock

of

the

Company.

It

is

Duff

&

Phelps’

understanding

that

the

Opinion will be used by the Board of Directors for the purpose of complying with the requirements of section DFI-Sec 6.05 of the

regulations of the Wisconsin Department of Financial Institutions in connection with the contemplated transaction described below

(the “Proposed Transaction”).  The Proposed Transaction involves the acquisition of the common stock of the Company by Manitou

BF S.A. pursuant to a cash tender offer and second step merger.

As

used

in

the

Opinion,

the

term

"fair

value"

means

the

value

of

the

shares

of

common

stock

of

the

Company,

excluding

any

appreciation or depreciation in anticipation of the Proposed Transaction, with no minority discount or lack-of-marketability discount; it

is intended to reflect the value of a shareholder's proportionate interest in the Company without any such discounts.

7

Introduction and Background

Scope of Analysis

Duff

&

Phelps’

procedures,

investigations,

and

financial

analysis

with

respect

to

the

preparation

of

its

Opinion

included,

but

were

not

limited to, the items summarized below:

–

Discussed

the

operations,

financial

condition,

future

prospects,

and

projected

performance

of

the

Company

with

the

management

of the Company;

–

Reviewed

certain

audited

financial

statements

and

other

business

and

financial

information

of

the

Company;

–

Reviewed certain internal financial statements and other financial and operating data concerning the Company, which the

Company has respectively identified as being the most current financial statements available;

–

Reviewed certain financial forecasts prepared by the management of the Company;

–

Reviewed the historical trading price and trading volume of the common stock of the Company, and publicly traded securities of

certain other companies that it deemed relevant;

–

Compared the financial performance of the Company with the performance of certain other publicly traded companies that it

deemed relevant; and

–

Conducted such other analyses as it deemed appropriate and considered such other factors as it deemed relevant.

8

Introduction and Background

In performing its analyses and rendering its Opinion with respect to the Proposed Transaction, Duff & Phelps:

Relied

upon

the

accuracy,

completeness,

and

fair

presentation

of

all

information,

data,

advice,

opinions

and

representations

obtained

from public sources or provided to it from private sources, including Company management, and did not independently verify such

information; and

Assumed, management of the Company having so advised us, that any estimates, evaluations, forecasts and projections furnished to

Duff & Phelps by or on behalf of the Company were reasonably prepared and based upon the best currently available information and

good faith judgment of the person furnishing the same.

II.

Valuation Analysis

10

Valuation Analysis

Valuation Methodologies

Duff &

Phelps’

opinion

of

the

fair

value

of

the

common

stock

of

the

Company

is

based

on

our

independent

valuation

analysis.

Our

independent valuation analysis uses the following generally accepted valuation methodologies.  The results of each methodology were

considered in conjunction with all of the methodologies.

Discounted Cash Flow (“DCF”) Methodology

–

The DCF Analysis determines value by discounting the projected free cash flows of the Company by a market related discount rate

which incorporates the inherent risks of the Company.

Selected

Public

Company

Methodology

–

The Selected Public Company analysis derives value from the public market based on pricing multiples of selected companies.

Mergers & Acquisition (“M&A”) Methodology

–

The M&A Analysis derives value from the implied pricing multiples of companies that have been acquired within the Company’s

industry.

11

Valuation Analysis

Discounted Cash Flow Analysis

As

part

of

its

valuation

analysis,

Duff

&

Phelps

performed

a

DCF

analysis

for

the

fiscal

years

2008

through

2017

(the

“projection

period”).  Duff & Phelps discounted the projected free cash flows of the Company at a market-related discount rate which reflects the

inherent risks of the Company.

–

Free cash flow is defined as cash that is available to either reinvest or distribute to security holders.

–

The

projected

free

cash

flows

are

discounted

to

the

present

at

a

rate

which

reflects

the

relative

risk

associated

with

these

cash

flows, as well as the rates of return which security holders could expect to realize on alternative investment opportunities.

Our analysis is based upon Management’s forecasted performance for the Company through 2013.

Net sales are expected to decline 13.9% to $394.0 million in 2008, rebound 19.2% to $469.8 million in 2009 (2.7% higher than 2007

net sales), and grow 18.9%, 17.5%, and 11.2%, respectively for each of 2010, 2011, and 2012.  The Company’s net sales growth is

expected

to

be

approximately

flat

in

2013.

Following

2013,

Duff

&

Phelps

estimated

net

sales

growth

of

2.0%

in

2014,

and

3.0%

thereafter, representing a long-term growth rate for the business.

EBITDA margin is expected to increase to 12.2% by 2013, from 10.5% in 2007, as the Company introduces higher-margin product

lines and begins to bring additional manufacturing in-house.  EBITDA margin is expected to remain at 12.2% for the remainder of the

projection period.

12

Valuation Analysis

Discounted Cash Flow Analysis (continued)

Capital expenditures are expected to be $21.6 million in 2008 and $25.1 million in 2009, representing 5.5% and 5.3% of net sales,

respectively.  Capital expenditures in 2008 and 2009 are higher than historical levels, as the Company completes its new R&D facility

and new corporate headquarters, and builds or acquires a new manufacturing facility.  Capital expenditures are estimated to return to a

normal level of 1.3% of net sales by 2013, and remain at that level for the remainder of the projection period.

Working capital investment and the investment in finance contracts receivable and retained interest in sold finance contracts receivable

were based on Management’s estimates through 2013.

As of June 30, 2008, the Company’s working capital balance exceeded normal levels, and the Company expects to reduce working

capital

significantly

by

the

end

of

2008.

Duff

&

Phelps’

DCF

analysis

excludes

the

value

of

the

excess

working

capital.

Duff & Phelps discounted the free cash flows and terminal value using a selected range of the weighted average cost of capital

(“WACC”) of 10.75% to 11.75%.

Beyond

the

projection

period,

we

estimated

the

“continuing

value”

of

the

Company

by

utilizing

a

commonly

accepted

perpetuity

formula.  This continuing value is equivalent to the present value of all cash flows after the projection period.  Our “continuing value”

calculation is based on a terminal growth rate of 3.0%.

13

Discounted Cash Flow Analysis (continued)

A summary of our discounted cash flow analysis is shown below:

Valuation Analysis

Gehl

Company

Discounted Cash Flow Analysis

($ in thousands)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

10-yr CAGR

Net sales

457,612

$      

394,012

$      

469,812

$      

558,491

$      

656,496

$      

729,889

$      

731,855

$      

746,492

$      

768,887

$      

791,953

$      

815,712

$      

6.0%

Growth

-5.9%

-13.9%

19.2%

18.9%

17.5%

11.2%

0.3%

2.0%

3.0%

3.0%

3.0%

EBITDA

48,186

$       

25,650

$       

36,917

$       

58,446

$       

78,116

$       

92,011

$       

89,186

$       

90,970

$       

93,699

$       

96,510

$       

99,405

$       

7.5%

EBITDA Margin

10.5%

6.5%

7.9%

10.5%

11.9%

12.6%

12.2%

12.2%

12.2%

12.2%

12.2%

Free Cash Flow

6/08 -

12/08

2009

2010

2011

2012

2013

2014

2015

2016

2017

Earnings Before Interest and Taxes

10,669

$       

27,104

$       

45,791

$       

65,735

$       

80,101

$       

77,873

$       

79,829

$       

82,667

$       

85,535

$       

88,420

$       

Pro forma taxes at 39.5%

(4,214)

(10,706)

(18,088)

(25,965)

(31,640)

(30,760)

(31,532)

(32,653)

(33,786)

(34,926)

Net Operating Profit After Tax

6,455

16,398

27,704

39,770

48,461

47,113

48,297

50,014

51,748

53,494

Depreciation & Amortization

2,356

9,418

11,914

11,301

10,839

10,501

10,266

10,104

10,020

10,000

(Increase) Decrease in Working Capital

43,552

(13,701)

(27,572)

(30,246)

(25,348)

(678)

(5,065)

(7,750)

(7,982)

(8,222)

Investment in Finance Assets

5,286

(13,088)

(18,992)

(21,557)

(17,178)

(2,780)

(3,264)

(4,994)

(5,143)

(5,298)

Capital Expenditures

(15,201)

(25,108)

(8,408)

(8,658)

(8,908)

(9,158)

(9,341)

(9,621)

(9,910)

(10,207)

Free Cash Flow

42,448

$       

(26,081)

$      

(15,354)

$      

(9,390)

$        

7,866

$         

44,998

$       

40,892

$       

37,753

$       

38,732

$       

39,768

$       

Weighted Average Cost of Capital

11.75%

11.25%

10.75%

Enterprise Value

1

240,000

$     

260,000

$     

280,000

$     

Gehl

Performance

Implied Enterprise Valuation Multiples

LTM EBITDA

33,462

$       

7.2x

7.8x

8.4x

Projected 2008 EBITDA

25,650

9.4x

10.1x

10.9x

Projected 2009 EBITDA

36,917

6.5x

7.0x

7.6x

5-yr. Avg. EBITDA

36,589

6.6x

7.1x

7.7x

LTM Net sales

400,289

0.60x

0.65x

0.70x

1

Enterprise Value reflects an adjustment to exclude approximately $37 million of excess working capital as of June 30, 2008.

14

Selected Public Company Analysis

Duff & Phelps reviewed the current trading multiples of twelve publicly traded construction and agricultural equipment manufacturers

that Duff & Phelps determined to be relevant to its analysis. Duff & Phelps analyzed the historical and projected financial performance

(where earnings estimates were available) for each of the publicly traded companies. Duff & Phelps then analyzed the peer group’s

trading multiples of enterprise value (“EV”) to their respective historical and projected EBITDA.

We selected the following twelve companies:  Bell Equipment, Ltd., Cascade Corp., Caterpillar, Inc., CNH Global NV, Deere & Co.,

Doosan

Infracore

Co. Ltd., Hitachi Construction Machinery Co. Ltd., Kubota Corp., Manitou BF S.A., Oshkosh Corporation, Terex

Corp., and Wacker

Construction Equipment, AG.

Selected M&A Transaction Analysis

Duff & Phelps selected 17 merger and acquisition transactions involving target companies that Duff & Phelps determined to be relevant

to its analysis. Duff & Phelps computed the LTM EBITDA and LTM revenue for each of the target companies as of the transaction

announcement date (where publicly disclosed).  Duff & Phelps then calculated the implied enterprise value for each transaction, and the

resulting enterprise value multiples.

None of the companies utilized for comparative purposes in the following analysis are, of course, identical to the Company. 

Accordingly, a complete valuation analysis cannot be limited to a quantitative review of the selected companies and involves

complex considerations and judgments concerning differences in financial and operating characteristics of such companies,

as well as other factors that could affect their value relative to that of the Company.

Valuation Analysis

15

Selected Public Company Analysis (continued)

Valuation Analysis

Gehl

Company

SELECTED PUBLIC COMPANY ANALYSIS

COMPANY INFORMATION

Company Name

Stock Price

as of

9/2/2008

% of

52-Week

High

LTM

Revenue

Enterprise

Value

LTM

Revenue

Growth

LTM

EBITDA

Growth

3-Yr.

EBITDA

CAGR

2008

EBITDA

Growth

2009

EBITDA

Growth

LTM

EBITDA

Margin

3-Yr. Avg.

EBITDA

Margin

2008

EBITDA

Margin

2009

EBITDA

Margin

EV / LTM

EBITDA

EV / 2008

EBITDA

EV / 2009

EBITDA

EV / LTM

Revenue

Bell Equipment Ltd.

$4.12

57.1%

$687

$486

31.4%

27.9%

120.6%

NA%

NA%

13.2%

8.7%

NA

%

NA%

5.3x

NAx

NAx

0.71x

Cascade Corp.

50.69

66.8 

572

657

15.3 

1.7 

16.1 

-3.9%

7.4%

16.1 

17.6 

15.1%

15.7%

7.1

7.1x

6.7x

1.15

Caterpillar Inc.

69.08

81.0 

49,006

73,260

14.3 

15.6 

18.1 

1.2 

8.4 

14.9 

15.1 

14.3 

14.4 

10.1

10.8

9.9

1.49

CNH Global NV

37.04

53.8 

18,084

19,303

29.8 

26.4 

18.9 

-4.5 

9.7 

13.8 

12.9 

11.5 

11.5 

7.7

8.9

8.2

1.07

Deere & Co.

68.71

72.6 

27,177

49,517

17.9 

17.8 

11.4 

35.1 

16.1 

19.0 

17.8 

13.9 

14.9 

9.6

13.2

11.4

1.82

Doosan

Infracore

Co. Ltd.

1,2

14.33

36.8 

3,822

2,681

15.4 

21.6 

NA%

17.0 

8.4 

10.2 

10.0 

12.6 

12.0 

6.9

5.6

5.1

0.70

Hitachi Construction Machinery Co. Ltd.

23.15

50.6 

8,888

6,431

22.5 

27.3 

36.5 

9.9 

5.8 

14.6 

13.5 

13.5 

13.9 

4.9

5.0

4.7

0.72

Kubota Corp.

6.97

77.2 

10,539

11,863

0.4 

3.5 

11.5 

-5.4 

6.1 

14.4 

14.3 

13.4 

14.2 

7.8

8.2

7.8

1.13

Manitou BF S.A.

25.77

42.8 

1,832

834

11.7 

-1.6 

13.9 

-4.2 

-1.9 

11.6 

12.3 

10.4 

10.3 

3.9

4.1

4.2

0.46

Oshkosh Corporation

16.12

25.8 

7,034

4,093

13.4 

NM%

NM%

-1.0 

-3.4 

11.2 

8.9 

10.1 

9.8 

5.2

5.8

6.0

0.58

Terex Corp.

49.54

55.0 

10,081

5,628

21.6 

29.6 

52.0 

19.8 

4.3 

11.8 

9.6 

11.7 

11.9 

4.7

4.5

4.3

0.56

Wacker

Construction Equipment AG

2

10.87

31.4 

1,614

842

10.9 

10.3 

NM%

-39.6 

-3.5 

NM%

15.5 

11.0 

11.0 

NMx

6.1

6.3

NMx

Mean

54.2%

$11,611

$14,633

17.0%

16.4%

33.2%

2.2%

5.2%

13.7%

13.0%

12.5%

12.7%

6.7x

7.2x

6.8x

0.94x

Median

54.4%

$7,961

$4,861

15.3%

17.8%

18.1%

-1.0%

6.1%

13.8%

13.2%

12.6%

12.0%

6.9x

6.1x

6.3x

0.72x

Gehl

Company

$15.03

60.6%

$400

$255

-15.8%

-32.0%

22.2%

-46.8%

43.9%

8.4%

10.2%

6.5%

7.9%

7.6x

10.0x

6.9x

0.64x

Gehl

Company -

Analyst Projections

-41.9%

15.0%

7.1%

7.8%

9.1x

7.9x

1

LTM

Sales,

EBITDA,

Debt,and

Shareholder's Equity

reflect

June

30,

2008

balances,while

cash

and

investment

balances

reflect

December

31,

2007.

2

LTM Revenue and EBITDA growth is based on FYE 2007 data.

$ in USD millions except per share data.

LTM = Latest Twelve Months.

EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization

Source: Bloomberg, Capital IQ, SEC filings.

MARKET / FINANCIAL DATA

GROWTH ANALYSIS

MARGIN ANALYSIS

VALUATION MULTIPLES

2

16

Selected

Public

Company

Analysis

(continued)

–

Comparison

of

Geographic

Markets

Served

and

End-User

Markets

Served

Gehl

is

generally

less

geographically

diverse,

and

similarly

diverse

in

terms

of

end-user

markets,

relative

to

the

selected

public

companies.

Valuation Analysis

Notes:

1

Percentages were calculated before financing revenue.

2

Gehl

“International”

revenue classified as “Construction.”

3

Caterpillar “Machinery”

and

“Engines”

revenue

classified

as

“Construction.”

4

Doosan

“Machine

Tools

and

Engines”

revenue

classified

as

“Industrial.”

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Selected Public Company

Geographic Diversity - by Revenue

North America

Europe

Asia

Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Selected Public Company

End-User Markets - by Revenue

Construction

Agricultural

Industrial

Other

17

Selected Public Company Analysis (continued)

The

following

observations

were

made

concerning

the

financial

comparisons

of

Gehl

to

the

selected

public

companies

in

our

selection

of valuation multiples:

–

Size –

As measured by revenues, Gehl

is smaller than all of the selected public companies.  Generally, smaller companies have

higher required rates of return than larger companies which, all

else

equal, results in lower valuation multiples.

–

Growth –

While Gehl’s

LTM revenues have declined, revenue for most of the selected public companies grew in the LTM period. 

Gehl

is projecting a decline in revenue in 2008, while most of the selected public companies are expecting to grow revenues. 

However,

over

a

three-fiscal-year

period,

Gehl’s

EBITDA

growth

is

similar

to

the

EBITDA

growth

of

the

selected

public

companies.  In addition, Gehl

is projecting higher EBITDA growth than the selected public companies in 2009.

–

Profitability –

Gehl

is less profitable than the selected public companies, as measured by EBITDA margin.  Typically, companies

that are more profitable have higher revenue multiples.

–

Gehl’s

business is less diversified geographically than the most of the selected public companies, but similarly diverse relative to

most of the selected public companies in terms of its end-user markets.

The previously discussed factors led Duff & Phelps to select EV / LTM EBITDA multiples and EV / Projected EBITDA multiples

that

were

near

the

medians

of

the

selected

public

companies,

and

EV

/

revenue

multiples

that

were

below

the

median

of

the

selected

public companies.

Valuation Analysis

18

Selected M&A Transaction Analysis

Valuation Analysis

GehlCompany

Selected M&A Transaction Analysis

(in millions of reported currency)

Date Announced

Acquirer Name

Target Business Description

Target Name

Enterprise

Value

LTM Revenue

LTM EBITDA

LTM EBITDA

Growth

1 Year

Projected

EBITDA

Growth¹

Target

EBITDA

Margin

LTM

Revenue

LTM

EBITDA

1 Year

Projected

EBITDA

1

07/22/08

Segulah

Advisor AB

Engages in the development, manufacture, and marketing of chain and

lifting components.

Gunnebo

Industrier

AB

SEK 2,338.8

SEK 2,140.6

SEK 278.4

5.7%

4.5%

13.0%

1.09x

8.4x

8.1x

01/13/08

Terex Corp.

Engages in the design, manufacture, and sale of rubber track machines

and related accessories.

A.S.V. Inc.

$452.8

$199.9

$18.9

-56.8%

NM

9.5%

2.27x

24.0x

19.6x

07/29/07

Doosan

Infracore

Co. Ltd.

Provides compact construction equipment and attachments.

Bobcat Company

$4,900.0

$2,600.0

NA

NA

NA

NA

1.88x

NA

NA

07/27/07

Volvo Construction Equipment

Corporation

Manufactures asphalt paving equipment, compaction equipment, and

construction-related material handling equipment.

Ingersoll-Rand Co., Ltd., Road Development Division

$1,300.0

$864.0

NA

NA

NA

NA

1.50x

NA

NA

07/24/07

OAO Rostselmash

Engages in the design, manufacture, and distribution of agricultural

equipment.

Buhler Industries Inc.

CAD 218.2

CAD 159.6

CAD 17.3

-28.5%

-21.1%

10.8%

1.37x

12.6x

11.9x

05/15/07

H&E Equipment Services Inc.

Sells construction equipment such as wheel loaders, excavators, dozers,

and handlers.

J.W. Burress, Inc.

$122.0

$169.4

$29.7

NA

NA

17.6%

0.72x

4.1x

NA

03/30/07

Wacker

Construction Equipment

AG

Engages in the development, manufacture, and marketing of compact

construction machines in Europe.

Neuson

Kramer Baumaschinen

AG

€

627.6

€

260.0

NA

NA

NA

NA

2.41x

NA

NA

02/05/07

Atlas Copco

Group

Manufactures and supplies compaction and paving equipment.

Dynapac

AB

SEK 6,300.0

SEK 4,600.0

NA

NA

NA

NA

1.37x

NA

NA

12/21/06

Odyssey Investment Partners, LLC

Designs, develops, manufactures, assembles, markets, and distributes

waste handling equipment in North America.

Wastequip, Inc.

$616.0

$400.0

NA

NA

NA

NA

1.54x

NA

NA

11/05/06

Goldman Sachs Group & KKR

Manufactures and sells material handling products.

Kion

Group GmbH

€

4,000.0

€

3,627.0

NA

NA

NA

NA

1.10x

NA

NA

10/19/06

Manitex

International, Inc.

Designs and manufactures rough terrain forklifts and other material

handling

equipment.

Liftking

Industries, Inc.

CAD 10.8

CAD 20.5

NA

NA

NA

NA

0.53x

NA

NA

10/15/06

Oshkosh Corporation

Engages in the design, manufacture, and sale of aerial work platforms,

telehandlers, and trailers.

JLG Industries Inc.

$2,963.9

$2,289.4

$277.0

85.7%

30.7%

12.1%

1.29x

10.7x

8.2x

09/27/06

Volvo Construction Equipment

Corporation

Manufactures wheel loaders, excavators, road rollers, backhoe loaders,

and

pumps.

Shandong

Lingong

Construction

Machinery

Co.,

Ltd.

$59.2

$253.1

NA

NA

NA

NA

0.23x

NA

NA

07/27/06

KBC Private Equity NV

Manufactures heavy-duty off and on road vehicles.

TATRA, a.s.

CZK 726.6

CZK 1,800.0

NA

NA

NA

NA

0.40x

NA

NA

02/17/06

Cardo

AB

Develops, manufactures, and supplies loading and unloading solutions.

Grupo

Combursa

SEK 320.0

SEK 275.0

NA

NA

NA

NA

1.16x

NA

NA

02/14/06

Lavendon

Group Plc

Offers

boom

lifts,

scissor

lifts,

truck

mounts,

and

underbridge

equipment

for sale, as well as for hire.

Panther Work Platforms Limited

£20.4

£8.7

NA

NA

NA

NA

2.34x

NA

NA

06/27/05

Sentinel Capital Partners, L.L.C.

Engages in engineering, manufacturing, and selling heavy equipment for

the

logging industry.

Madill Equipment

CAD 80.0

CAD 62.4

NA

NA

NA

NA

0.78x

NA

NA

Mean

1.5%

4.7%

12.6%

1.29x

12.0x

12.0x

Median

-11.4%

4.5%

12.1%

1.29x

10.7x

10.1x

1

Projections are provided by Reuters Estimates at the announcement date of the transaction.

Sources: Capital IQ, Bloomberg LP and Company Filings

Transaction Details

Financial Performance

Enterprise Value Multiples

19

Selected Public Company / M&A Transaction Analysis Summary

We performed our valuation analysis using the selected public companies and the selected M&A transactions under the “fair value”

standard set forth on page 5 of this presentation.

In selecting valuation multiples for the Company, we took into consideration a variety of factors, as previously discussed, including: size,

profitability, growth and business model.

In our selection of multiples, we also took into consideration (i) that public company stock prices reflect minority interest values, and

(ii) that

M&A

Transaction

prices

may

include

additional

premiums

for

synergies

and

other

factors

specific

to

each

transaction.

Valuation Analysis

Gehl

Company

Selected Public Company / M&A Transaction Analysis Summary

As of September 7, 2008

($ in thousands)

Enterprise Valuation Multiples

Valuation Summary

Metric

Public Company

Range

Public Company

Median

Transaction

Median

Selected Multiple Range

Gehl

Performance

Enterprise Value Range

LTM EBITDA

3.9x -

10.1x

6.9x

10.7x

7.0x

-

8.0x

$33,462

$234,000

-

$268,000

2009 Projected EBITDA

4.2x -

11.4x

6.3x

NA

6.5x

-

7.5x

$36,917

$240,000

-

$277,000

LTM Net sales

0.46x -

1.82x

0.72x

1.29x

0.55x

-

0.65x

$400,289

$220,000

-

$260,000

Estimated Enterprise Value

$230,000

-

$270,000

Gehl

Implied Enterprise

Performance Measure

Performance

Valuation Multiple

LTM EBITDA

$33,462

6.9x

8.1x

2008 Projected EBITDA

25,650

9.0x

10.5x

2009 Projected EBITDA

36,917

6.2x

7.3x

LTM Net sales

400,289

0.57x

0.67x

20

Enterprise Value

As shown in the table below, Duff & Phelps calculated an enterprise value for the Company between $235 million and $275 million.

Valuation Analysis

Gehl

Company

Enterprise Valuation Summary

As of September 7, 2008

($ in thousands)

Enterprise Value Conclusions

Methodologies

Low

Mid

High

Discounted Cash Flow Analysis

240,000

$   

260,000

$   

280,000

$   

Selected Public Company / M&A Transaction Analysis

230,000

250,000

270,000

Enterprise

Value

235,000

$  

255,000

$  

275,000

$  

Gehl

Implied Enterprise

Performance Measure

Performance

Valuation Multiples

LTM EBITDA

33,462

$    

7.0x

7.6x

8.2x

2008 Projected EBITDA (Management estimate)

25,650

9.2x

9.9x

10.7x

2009 Projected EBITDA (Management estimate)

36,917

6.4x

6.9x

7.4x

2009

Projected

EBITDA

(Analyst

conensus)

32,200

7.3x

7.9x

8.5x

LTM Net sales

400,289

0.59x

0.64x

0.69x

1

Represents consensus equity analyst estimate, as provided by Reuters.

1

III.

Conclusion

22

Equity Value

We concluded an enterprise value range of $235 million to $275 million, and calculated a fair value per common share ranging from

$16.05 to $19.20, with a mid-point of $17.65.

Based upon

and

subject

to

the

foregoing,

Duff

&

Phelps

is

of

the

opinion

that,

as

of

the

date

hereof,

the

fair

value

of

the

common

stock

of the Company is $17.65 per share.

Conclusion

Gehl

Company

Equity Valuation Summary

As of September 7, 2008

($ in thousands, except per share amounts)

Low

Mid

High

Enterprise Value

235,000

$      

255,000

$      

275,000

$      

Less: Debt

(77,855)

(77,855)

(77,855)

Plus: Cash

4,984

4,984

4,984

Plus: Excess working capital

2

37,000

37,000

37,000

Aggregate Equity Value

199,129

$      

219,129

$      

239,129

$      

Less: After-tax cost of management options

3

(4,087)

(5,127)

(6,241)

Equity Value

195,042

$      

214,002

$      

232,888

$      

Common Shares Outstanding

12,136

12,136

12,136

Fair value per common share (rounded)

16.05

$          

17.65

$          

19.20

$          

1

Balance as of June 30, 2008.

2

Working capital balance as of June 30, 2008 in excess of normalized level of working capital.

3

After-tax

dilution

impact

of

985,252

options

and

SARS

outstanding

determined

using

a

Black-Scholes

option-pricing

model.

1

1

EX-99.(C)(6)

Valuation Analysis –

Project Giant

September 7, 2008

CONFIDENTIAL

Presentation to the Board of Directors

Exhibit (c)(6)

2

CONFIDENTIAL

Valuation Overview

Emory’s role is to recommend to the Board of Directors compensation for

Gehl’s common stock to comply with Section DFI-Sec 6.05(1)(a)1a of the

regulations of the Wisconsin Department of Financial Institutions in

connection with a proposed going private transaction

To accomplish this, we have:

Met with management and visited the headquarters and manufacturing facilities

Reviewed information provided by Gehl

Reviewed publicly available information

Completed various analyses and studies

This recommendation is subject to certain limiting conditions set forth in our

opinion letter attached as Appendix

As

of

September

5,

2008

Emory

&

Co.,

LLC

recommends

compensation

equal

to

the

fair

value

of

$19.79

per

share

for

the

common

stock

of

Gehl

Company

(“Gehl”)

3

CONFIDENTIAL

Gehl Financial Summary

We have summarized Gehl’s projected and historical financial performance

Latest Twelve

Months

12/31/13

12/31/12

12/31/11

12/31/10

12/31/09

12/31/2008

(c)

6/30/2008

(b) (c)

12/31/07

12/31/06

12/31/05

12/31/04

12/31/2003

(a)

Fiscal year End

$731,855,000

$729,889,000

$656,496,000

$558,491,000

$469,812,000

$394,012,000

$400,289,000

$457,612,000

$486,217,000

$446,959,000

$325,237,000

$211,828,000

Net Sales

$68,065,000

$69,695,000

$56,754,000

$39,269,000

$23,004,000

$15,838,000

$20,462,000

$37,349,000

$42,868,000

$33,356,000

$21,016,000

$4,378,000

Income from Continuing Ops. before Taxes

$2,000,000

$2,000,000

$4,080,000

Adjustments

$68,065,000

$69,695,000

$56,754,000

$39,269,000

$23,004,000

$17,838,000

$22,462,000

$37,349,000

$42,868,000

$33,356,000

$21,016,000

$8,458,000

Adjusted Pretax Income

($22,122,000)

($22,651,000)

($18,446,000)

($12,763,000)

($7,476,000)

($4,989,000)

($6,380,000)

($12,400,000)

($14,790,000)

($11,218,000)

($6,939,000)

($1,082,000)

Actual Taxes

($600,000)

($600,000)

($881,280)

Estimated Taxes on Adjustment

$45,943,000

$47,044,000

$38,308,000

$26,506,000

$15,528,000

$12,249,000

$15,482,000

$24,949,000

$28,078,000

$22,138,000

$14,077,000

$6,494,720

Net Income

12,000,000

12,000,000

12,000,000

12,000,000

11,975,000

12,253,000

12,279,000

12,459,000

12,421,000

11,054,000

9,134,000

8,069,000

Weighted Average Diluted Shares Outstanding

$3.83

$3.92

$3.19

$2.21

$1.30

$1.00

$1.26

$2.00

$2.26

$2.00

$1.54

$0.80

Adjusted Diluted Earnings per Share

$267,603,000

$261,030,000

$230,781,000

$208,493,000

$136,461,000

$98,000,000

Stockholders' Equity

12,135,737

12,127,623

12,197,037

12,006,527

9,931,823

8,000,159

Shares Outstanding

$22.05

$21.52

$18.92

$17.36

$13.74

$12.25

Book Value per Share

($400,000)

$1,964,000

$2,753,000

$2,494,000

$449,000

$890,000

$1,314,000

$772,000

($663,000)

$1,155,000

$526,000

$1,863,000

Interest Expense (Income)

$15,383,000

$14,230,000

$13,102,000

$11,998,000

$9,523,000

$4,712,000

$4,355,000

$4,576,000

$4,553,000

$4,945,000

$4,664,000

$4,923,000

Depreciation and Amortization

$83,048,000

$85,889,000

$72,609,000

$53,761,000

$32,976,000

$23,440,000

$28,131,000

$42,697,000

$46,758,000

$39,456,000

$26,206,000

$15,244,000

Adjusted EBITDA

(a)

2003 earnings exclude asset impairment and other restructuring costs of approximately $4.080 million pretax.

Estimated tax for the 2003 adjustment is based on the Company's effective tax rate of 21.6%.

(b)

Latest twelve months weighted average diluted shares outstanding is estimated as June 30, 2008 amount.

(c)

Excludes adoption of SFAS 157 charges of approximately $2,000,000 pretax and $1,400,000 aftertax.

4

CONFIDENTIAL

Key Drivers

The valuation drivers considered in our valuation of Gehl included, but were

not limited to the following:

Stock market valuations are down overall and particularly in Gehl’s area

Downturn in the U.S. residential construction market

Emerging weakness in Europe, particularly Spain

Capital expenditures for the new flexible manufacturing plant

Rising steel prices

Market share gains in both construction and agricultural markets

Diversification due to international and agricultural markets

5

CONFIDENTIAL

Valuation Methodologies

We have based our recommendation on the following valuation

methodologies:

Acquisition Premium Analysis

Applied an acquisition premium to Gehl’s public market price per share

Comparable Transaction Analysis

Applied

the

reconciled

multiples

of

sales,

earnings,

book

value,

EBIT,

EBITDA

to

Gehl’s

statistic

based

on

similar

merger

and

acquisition

transactions

Discounted Cash Flow Analysis

Determined the present value of future cash flows based on a weighted

average cost of capital

Leveraged Buyout Analysis

Determined the amount a financial buyer would pay to purchase the company

given a reasonable rate of return

6

CONFIDENTIAL

Acquisition Premium Analysis

Emory took Gehl’s September 5, 2008 market price ($13.66 per share)

and added an acquisition premium (35%)

Emory examined Gehl’s historical stock prices and trading volume

Gehl was compared to eight public companies that were considered

somewhat similar to Gehl:

We used Gehl’s September 5, 2008 closing market price as an

indication of the stock’s marketable minority value

Komatsu Ltd.

Deere & Company

Terex Corporation

Alamo Group Inc.

Astec Industries, Inc.

Oshkosh Corporation

CNH Global N.V.

Caterpillar Inc.

7

CONFIDENTIAL

Multiple Comparison

Gehl’s ratios and multiples were generally within the range of the public companies

We used Gehl’s September 5, 2008 closing market price as an indication of

the stock’s marketable minority value

Comparable Company Group

Multiples of:

Gehl

Mean

Median

Range

LTM Earnings

10.8 x

9.7x

10.6x

5.0x - 13.1x

2008E Earnings

13.7 x

9.0x

9.5x

4.4x - 12.9x

2009E Earnings

10.5 x

8.3x

9.6x

5.1x - 10.6x

LTM EBITDA

(1)

8.5 x

6.6x

6.8x

3.7x - 9.2x

2008E EBITDA

(1)

10.2 x

6.4x

6.6x

3.5x - 8.7x

2009E EBITDA

(1)

7.2 x

5.9x

6.1x

3.3x - 7.6x

LTM Sales

(1)

0.6 x

0.9x

0.8x

0.5x - 1.8x

(1) Multiple of Enterprise Value (Market Capitalization + Debt - Cash)

8

CONFIDENTIAL

Multiple Comparison

Based

on

September

5,

2008

closing

market

prices,

except

Komatsu

which

trades

on the Tokyo Stock Exchange

Enterprise Value / EBITDA

Market

Enterprise

Estimated

Estimated

Latest 12

Prior

Enterprise Value

Capitalization

Value

2009

2008

Months

Fiscal Year

to Sales

Gehl

$166

$239

7.2 x

10.2 x

8.5 x

5.6 x

0.6 x

Caterpillar

$39,000

$69,214

6.9 x

7.4 x

7.9 x

8.5 x

1.4 x

CNH

$7,451

$17,164

6.1 x

6.6 x

7.5 x

8.6 x

0.9 x

Oshkosh

$1,067

$3,994

5.8 x

5.2 x

5.1 x

5.5 x

0.6 x

Astec

$706

$666

5.2 x

5.5 x

6.0 x

6.6 x

0.7 x

Alamo

$183

$291

6.2 x

6.5 x

7.6 x

8.6 x

0.5 x

Terex

$3,777

$4,543

3.3 x

3.5 x

3.7 x

4.4 x

0.5 x

Deere

$27,145

$47,833

7.6 x

8.7 x

9.2 x

10.4 x

1.8 x

Komatsu

¥1,908,783

¥2,316,922

NA

7.7 x

5.6 x

5.8 x

1.0 x

9

CONFIDENTIAL

Multiple Comparison

Based

on

September

5,

2008

closing

market

prices,

except

Komatsu

which

trades

on

the

Tokyo

Stock

Exchange

Price / Earnings Ratio

2009

2008

Estimated

Estimated

Latest

Latest

Average

Average

Earnings

Earnings

12 Months

Fiscal Year

3-year

5-year

Gehl

10.5 x

13.7 x

10.8 x

6.8 x

6.5 x

7.9 x

Caterpillar

9.6 x

10.6 x

10.5 x

11.9 x

13.2 x

16.8 x

CNH

7.5 x

8.8 x

10.7 x

13.3 x

22.0 x

43.1 x

Oshkosh

5.4 x

4.4 x

5.0 x

4.0 x

5.0 x

6.4 x

Astec

10.5 x

11.2 x

11.6 x

12.5 x

17.2 x

30.1 x

Alamo

9.6 x

10.2 x

11.7 x

15.0 x

15.8 x

16.3 x

Terex

5.1 x

5.4 x

5.5 x

6.5 x

10.0 x

15.6 x

Deere

10.6 x

12.9 x

13.1 x

15.8 x

19.7 x

23.1 x

Komatsu

NA

8.7 x

9.1 x

9.4 x

12.3 x

17.5 x

10

CONFIDENTIAL

Acquisition Premium Analysis

We determined that a 35% premium is appropriate

The Acquisition Premium Analysis results in an equity value of $226,000,000

We then reviewed various sources of acquisition premiums

Percent Premium for Transactions

All Industries

2007

2006

2005

2004

_______

_______

_______

_______

S&P 500 Price to Earnings Ratio

18.0x

18.3x

19.5x

22.3x

Average Premium for Purchasing a Controlling Interest

31.6%

31.9%

33.6%

30.9%

Number of Transactions

477

440

369

309

Median Premium for Purchase Prices from $100.0 million through $499.9 million

24.5%

22.3%

21.9%

21.2%

Number of Transactions

148

145

124

95

Industrial & Farm Equipment & Machinery Industry

2007

2006

2005

2004

_______

_______

_______

_______

Average Price to Earnings Ratio

16.4x

12.9x

26.9x

27.0x

Average Premium

22.0%

39.8%

41.0%

20.5%

Average TIC / EBITDA

9.9x

9.7x

11.6x

11.2x

Average TIC / EBIT

12.5x

NA

15.0x

17.5x

Number of Transactions

189

208

197

185

EBIT = Earnings before interest expense and taxes

EBITDA = Earnings before interest expense, taxes, depreciation and amortization

TIC = Base equity price plus interest-bearing debt and preferred stock

Source:  Factset

Mergerstat

Comparable Transactions

JLG Industries, Inc. Control Premium

(1)

34.4%

A.S.V., Inc. Control Premium

(2)

47.9%

Sources: Press Releases and SEC Filings

(1) Premium based on offer from Oshkosh Truck Corporation dated October 16, 2006 and JLG Industries, Inc.'s stock price 5 business days prior.

(2) Premium based on offer from Terex Corporation dated January 14, 2008 and A.S.V., Inc.'s stock price 5 business days prior.

11

CONFIDENTIAL

Comparable Transaction Analysis

The table below summarizes acquisition valuation multiples for companies with similar characteristics

Using the Comparable Transaction Analysis, we determined an equity value of $300,000,000

($

in

millions)

Equity Value to:

Enterprise Value to:

________________

________________________

Target  /  Acquirer

Equity

Enterprise

Net

Book

Net

Book

Date

Target Description

Value

Value

Sales

Income

EBIT

EBITDA

(Equity)

Income

(Equity)

Sales

EBIT

EBITDA

_______

_________________________________________

_________

__________

_________

_______

_______

_______

_________

_______

_______

_______

_______

_______

Jan-08

A.S.V., Inc. / Terex

(1)

$487.7

$450.5

$199.9

$11.3

$9.5

$12.8

$184.8

43.3 x

2.6 x

2.3 x

47.3 x

35.2 x

Manufacturer of track loaders

Oct-06

JLG Industries, Inc. / Oshkosh Truck Corp.

(1)

$3,200.0

$3,123.1

$2,351.0

$161.5

$176.1

$205.2

$717.3

19.8 x

4.5 x

1.3 x

17.7 x

15.2 x

Manufacturers of telehandlers

Oct-04

Loegering

Mfg. Inc. / ASV Inc.

NA

$18.2

$12.4

NA

$0.7

$1.3

$2.4

NA

NA

1.5 x

24.8 x

14.5 x

Manufacturer of Steel Tracks

Aug-03

TRAK International, Inc. / JLG Industries, Inc.

$100.0

$100.0

$233.3

Neg

NA

Neg

Neg

NM

NM

0.4 x

NM

NM

Manufacturer of telescopic material handlers

Jan-03

PA Crusher Corp. / K-Tron

International, Inc.

NA

$23.5

$35.2

NA

$4.2

$5.1

$9.2

NA

NA

0.7 x

5.6 x

4.7 x

Manufacturer of crusher and feeding equipment

Oct-97

Brunel America Inc. / Gehl

Company

(2)

$27.7

$27.7

$57.5

$1.1

NA

$3.3

$9.9

25.2 x

2.8 x

0.5 x

NA

8.4 x

Designer, Manufacturer and distributor of skid steer loaders

Average

$953.9

$623.8

$481.5

$57.9

$47.6

$45.5

$184.7

29.4 x

3.3 x

1.1 x

23.9 x

15.6 x

Median

$293.9

$63.9

$128.7

$11.3

$6.8

$5.1

$9.9

25.2 x

2.8 x

1.0 x

21.3 x

14.5 x

Gehl

Company

$250.0

$322.9

$400.3

$15.5

$23.8

$28.1

$267.6

16.1 x

0.9 x

0.8 x

13.6 x

11.5 x

$300.0

$372.9

$400.3

$15.5

$23.8

$28.1

$267.6

19.4 x

1.1 x

0.9 x

15.7 x

13.3 x

$350.0

$422.9

$400.3

$15.5

$23.8

$28.1

$267.6

22.6 x

1.3 x

1.1 x

17.8 x

15.0 x

(1) Per SEC Filings and press releases.

(2) EBITDA is estimated as cash flow.

12

CONFIDENTIAL

Discounted Cash Flow Analysis

We

discounted

free

cash

flow

to

Gehl

from

2008

–

2013

based

on

management’s

projection

At the end of 2013, we assumed that Gehl would be sold based on a multiple of EBITDA

Gehl Company

Fiscal Years Ending December 31,

2008

2009

2010

2011

2012

2013

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

$7,813

$32,976

$53,761

$72,609

$85,889

$83,048

Depreciation & Amortization

$1,571

$9,523

$11,998

$13,102

$14,230

$15,383

Earnings before Interest and Taxes (EBIT)

$6,243

$23,453

$41,763

$59,507

$71,659

$67,665

Estimated Taxes

($2,029)

($7,622)

($13,573)

($19,340)

($23,289)

($21,991)

Earnings before Interest After Taxes (EBIAT)

$4,214

$15,831

$28,190

$40,167

$48,370

$45,674

Depreciation and Amortization

$1,571

$9,523

$11,998

$13,102

$14,230

$15,383

Changes in Working Capital

$14,474

($30,857)

($39,925)

($43,898)

($35,573)

($954)

Capital Expenditures

($7,199)

($25,108)

($8,408)

($8,658)

($8,908)

($9,158)

Free Cash Flow

$13,060

($30,611)

($8,145)

$713

$18,119

$50,945

13

CONFIDENTIAL

Discounted Cash Flow Analysis

We used a weighted average cost of capital of 12.9%, developed by assuming 60% equity

financing and 40% debt financing and projections through 2013

Using

the

Discounted

Cash

Flow

Analysis,

we

determined

an

equity

value

of

$228,000,000

Discounted Net Cash Flow with an EBITDA Multiple Terminal Value

Terminal

Present Value of

Less

Plus

Present

Discount

EBITDA

Cash

Terminal

Aggregate

Existing

Excess

Value of

Rate

Multiple

Flow

Value

Value

Debt

Cash

Equity

6.0 x

$15,805

$237,560

$253,365

$180,494

14.9%

6.5 x

$15,805

$257,357

$273,162

$77,855

$4,984

$200,291

7.0 x

$15,805

$277,154

$292,958

$220,087

6.0 x

$18,225

$260,883

$279,109

$206,238

12.9%

6.5 x

$18,225

$282,623

$300,849

$77,855

$4,984

$227,978

7.0 x

$18,225

$304,364

$322,589

$249,718

6.0 x

$20,971

$286,976

$307,946

$235,075

10.9%

6.5 x

$20,971

$310,891

$331,861

$77,855

$4,984

$258,990

7.0 x

$20,971

$334,805

$355,776

$282,905

14

CONFIDENTIAL

Leveraged Buyout Analysis

Using the Leveraged Buyout Analysis, Emory determined an equity value of $220,000,000

The $220,000,000 is based upon a financial buyer with 65% debt and 35% equity, assuming the

business is sold in 2013

Projects cash flows based on management’s projection with the additional interest expense

related to the new debt

Sources and Uses Summary

Uses of Funds

Sources of Funds

%

Purchase Price of Equity

$220.0

Revolver

$6.0

2.0%

Plus: Debt Refinanced

77.9

Senior Term Debt

191.8

63.0%

Less: Cash

5.0

Subordinated Debt

0.0

0.0%

     Aggregate Purchase Price

292.9

Equity

106.6

35.0%

Transaction Fees and Expenses

11.6

Other

0.0

0.0%

     Total Uses of Funds

$304.5

     Total Sources of Funds

$304.4

100.0%

Return Calculation

2013 EBITDA Exit Multiple

6.0x

6.5x

7.0x

Equity IRR

20.5%

24.0%

27.1%

Purchases Price Multiple Analysis

LTM

2009

2010

EBIT

12.3 x

12.5 x

7.0 x

EBITDA

10.4 x

8.9 x

5.4 x

15

CONFIDENTIAL

Transaction Premium Implications

The following graph shows the premium of the fair value of $19.79 per

share as of September 5, 2008 to the historical market price of Gehl

Implied Premium Relative to Gehl's

Historical Trading Performance

44.9%

38.5%

46.7%

19.9%

25.8%

-15.3%

-50.0%

-30.0%

-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

Closing Price

September 5, 2008

30 Day

60 Day

90 Day

180 Day

52 Week

16

CONFIDENTIAL

Valuation Summary

We have used the following approaches to determine a fair value of

$245,000,000 which is converted to a per share value based on fully diluted

shares outstanding.

As of September 5, 2008, Emory & Co., LLC recommends compensation

equal

to

the

fair

value

of

$19.79

per

share

for

the

common

stock

of

Gehl

Company

Method

Acquisition Premium Analysis

$226,000,000

Comparable Transaction Analysis

$300,000,000

Discounted Cash Flow Analysis

$228,000,000

Leveraged Buyout Analysis

$220,000,000

Reconciled Fair Value

$245,000,000

Fair Value per Share

$19.79

17

CONFIDENTIAL

Appendix

September 7, 2008

CONFIDENTIAL

Board of Directors

Gehl Company

143 Water Street

P.O. Box 179

West Bend, WI 53095-0179

Dear Directors:

The Board of Directors of Gehl Company (“Gehl” or the “Company”) has asked Emory & Co., LLC (“Emory”) to recommend the compensation for 100% of the outstanding common stock of Gehl (the “Opinion”). This is being done to satisfy the condition of Section DFI-Sec 6.05(1)(a)1a of the regulations of the Wisconsin Department of Financial Institutions in connection with a proposed going private transaction (the “Transaction”).

As used in this Opinion, the term “fair value” means the value of the shares of common stock of the Company, excluding any appreciation or depreciation in anticipation of the proposed Transaction, with no minority discount or lack of marketability discount; it is intended to reflect the value of a shareholder’s proportionate interest in the Company without any such discounts.

Emory is a business valuation and merger & acquisition advisory firm that is continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, employee stock ownership plans, estate planning, corporate and other purposes. Emory does not beneficially own, nor has it ever beneficially owned, any interest in Gehl.

Emory’s Opinion is intended for the use and benefit of Gehl’s Board of Directors in connection with, and for the purpose of, its consideration of the Transaction. The Opinion is directed only to the recommended compensation for the proposed Transaction from a financial point of view to the holders of Gehl’s common stock, and does not address the merits of the underlying decision by Gehl’s Board of Directors to engage in the Transaction, and does not constitute a recommendation to any shareholder as to how that shareholder should vote with respect to the Transaction.

Board of Directors

Gehl Company

September 7, 2008

Page 2

In arriving at its opinion, Emory, among other things:

1. reviewed Gehl’s most recent Form 10-K and Form 10-Q filed with the U.S. Securities and Exchange Commission;

2. reviewed Gehl’s audited financial statements for the five years ended December 31, 2007;

3. reviewed unaudited interim financial statements, which Gehl’s management has identified as being the most current financial statements available;

4. reviewed certain operating and financial information provided to Emory by management relating to Gehl’s business and prospects;

5. reviewed research analyst reports on Gehl by Robert W. Baird & Co., Incorporated, Sidoti & Company, LLC, and BMO Capital Markets Corp.;

6. interviewed certain members of Gehl’s senior management to discuss its operations, historical financial statements, and future prospects;

7. toured Gehl’s corporate offices in West Bend, Wisconsin, and its manufacturing facilities in Yankton and Madison, South Dakota;

8. reviewed certain publicly available filings, financial data, stock market performance data, and dividend policies regarding Gehl;

9. reviewed publicly available financial data and stock market performance data of publicly traded companies Emory considered somewhat similar to Gehl;

10. reviewed publicly available prices and premiums paid in transactions Emory considered somewhat similar to the Transaction; and

11. conducted such other studies, analyses, inquiries, and investigations, as Emory deemed appropriate for purposes of its Opinion.

In providing its opinion, Emory relied upon and assumed, without independent verification, the accuracy and completeness of all financial information that was available to it from public sources and all the financial and other information provided to it by Gehl or its representatives. Emory further relied upon the assurances of Gehl’s management that they were unaware of any facts that would make the information Gehl or its representatives provided incomplete or misleading. Emory assumed the projected financial results were reasonably prepared on bases reflecting the best currently available estimates and judgment of Gehl’s management. Emory did not express an

Board of Directors

Gehl Company

September 7, 2008

Page 3

opinion or any other form of assurance as to the reasonableness of the underlying assumptions. Emory did not solicit any third party indications of interest for the acquisition of all or any part of Gehl. Emory did not advise Gehl’s Board of Directors on alternatives to the Transaction, nor did it review any merger agreement, offer to purchase, recommendation statement, proxy statement, or similar documents that have been or may be prepared for use in connection with the Transaction. Emory’s opinion is necessarily based on economic, market, financial and other conditions as they exist and can be evaluated by it as of the date of this letter. Emory did not perform or obtain an independent appraisal of any of Gehl’s assets or liabilities. Emory did not conduct or provide environmental liability assessments of any kind, so its opinion does not reflect any actual or contingent environmental liabilities. Emory provides no legal, accounting, or tax advice.

Based on the above discussion and its experience, as of September 5, 2008, Emory & Co., LLC recommends compensation equal to the fair value of $19.79 per share for the common stock of Gehl.

Very truly yours,

Emory & Co., LLC