Presentation of Robert W. Baird & Co.

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

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

Project GIANT

Baird’s Role and Process Overview

Reviewed

publicly

available

financial

and

stock

market

data

with

respect

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

certain

business

combinations

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

Project GIANT

Key Assumptions Underlying Baird’s Analysis

Baird’s

analyses

are

based

several

assumptions

upon

which

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

the

Company

was

complete

and

accurate;

and

Baird

has

not

been

engaged

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

consummated

accordance

with

the

terms

and

conditions

the

Agreement

without

any

amendment

thereto

and

without

waiver

any

party

any

the

conditions

their

respective obligations thereunder

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

cost

benefits

that

might

result

from

the

Transaction

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,

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

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

short

term

commercial

paper,

$0.2

million

the

current

portion

long-term

debt

obligations,

$28.2

million

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

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

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)

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%

22.2%

22.9%

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%

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

Capital Expenditures

$7.6

$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)

As of

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

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

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

Project GIANT

GIANT Share Ownership

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.

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

Project GIANT

Selected Company Analysis

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

_____________________

Sources: Based

publicly

available

documents

September

2008.

Finance

divisions

are

excluded

for

CAT,

CNH

and

for

actual

and

projected

statistics.

ASTE

and

TEX

projections

per

Capital

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

8.9

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.

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

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

Project GIANT

_____________________

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.

(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

Summary

Selected

Company

Analysis

(1)

Implied

GIANT

Transaction

Current Trading

Selected Company Trading 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)

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)

Enterprise / Equity Value

Date

Enterprise

as a Multiple of LTM

1 -

Day

Announced

Acquiror

Target

Target Business Description

Value

EBITDA

EBIT

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

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

02/05/07

Atlas Copco

Group

Dynapac

Manufacture compaction and paving equipments

902.0

N/A

12.1

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

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

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

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

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

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/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

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

6.9

11.8

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

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)

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.

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

equal

(TV

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

“in

the

money”

options

outstanding

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

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

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