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