SC 13E3/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1

to

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.

x 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 shares of common stock, par value $0.10 per share, of Gehl Company outstanding shares 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.

x 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 Amendment No. 1 to Rule 13e-3 Transaction Statement (this “Amendment No. 1”) amends and supplements the Rule 13e-3 Transaction Statement initially filed with the Securities and Exchange Commission on September 8, 2008 (the “Transaction Statement”). This Amendment No. 1 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, Schedule 13E-3 Transaction Statement on Schedule TO and amended Schedule 13D Beneficial Ownership Statement, dated as of September 8, 2008 (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 (the “Shares”), of Gehl Company, a Wisconsin corporation (the “Company”), 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”).

This Amendment No. 1 and the Transaction Statement also relate 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 wavier 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.

This Amendment No. 1 is being filed on behalf of the Company to amend and supplement the exhibit index in order to file additional materials as exhibits to the Transaction Statement.

Item 16 is amended and supplemented to include the following exhibits:

(a)(1)(I)	Letters to Dealers of the Gehl Company, dated September 8, 2008 (Incorporated by reference to Exhibit (a)(6) to Schedule 14D-9, dated September 7, 2008, filed by Gehl Company)
(a)(1)(J)	Letters to Gehl Company Employees, dated September 8, 2008 (Incorporated by reference to Exhibit (a)(7) to Schedule 14D-9, dated September 7, 2008, filed by Gehl Company)
(c)(8)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated May 14, 2008*
(c)(9)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated June 5, 2008*
(c)(10)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated July 25, 2008*

^* Portions of this exhibit have been redacted and are subject to a confidential treatment request filed with the Secretary of the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The redacted material was filed separately with the Securities and Exchange Commission.

2

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this amendment 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 9, 2008

3

EXHIBIT INDEX

(a)(1)(I)	Letters to Dealers of the Gehl Company, dated September 8, 2008 (Incorporated by reference to Exhibit (a)(6) to Schedule 14D-9, dated September 7, 2008, filed by Gehl Company)
(a)(1)(J)	Letters to Gehl Company Employees, dated September 8, 2008 (Incorporated by reference to Exhibit (a)(7) to Schedule 14D-9, dated September 7, 2008, filed by Gehl Company)
(c)(8)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated May 14, 2008*
(c)(9)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated June 5, 2008*
(c)(10)	Presentation of Robert W. Baird & Co. to the Board of Directors, dated July 25, 2008*

^* Portions of this exhibit have been redacted and are subject to a confidential treatment request filed with the Secretary of the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The redacted material was filed separately with the Securities and Exchange Commission.

4

EX-99.(C)(8)

Exhibit 99.(c) (8)

DRAFT BAIRD

PROJECT GIANT

Preliminary Discussion Materials

May 14, 2008

Preliminary Discussion Materials DRAFT BAIRD

Table of Contents

Review of M-Co Proposal 1

GIANT Financial Overview 2

Business Cycle Discussion 3

Preliminary Valuation Analysis 4

Selected Potential Strategic Partners 5

Appendix 6

A. Supplemental Information

For Confidential Use Of Board Of Directors Only And Not For Public Disclosure

PROJECT GIANT

1

Introduction DRAFT BAIRD

As discussed at the GIANT April Board meeting, and as prompted by the indicative offer letter sent by M-Co on May 5th (the “Proposal”), Baird has performed preliminary analyses regarding certain strategic and financial alternatives available to the Company, including:

Examined the summary terms and conditions of the Proposal

Conducted preliminary GIANT due diligence and reviewed certain historical and projected performance / plan information

Reviewed business cycle trends and valuation implications

Performed preliminary valuation analyses:

Selected company analysis

Discounted cash flow analysis

Selected transaction analysis

Other supplemental analyses as we deemed appropriate

Additionally, Baird identified other selected potential strategic partners that may have an interest in a transaction (if a decision were made to pursue that alternative) to assess their:

Recent merger and acquisition history

Likely rationale for a potential transaction with GIANT

Ability to finance / consummate an acquisition of GIANT

PROJECT GIANT

2

DRAFT BAIRD

Review of M-Co Proposal

Review of M-Co Proposal DRAFT BAIRD

Offer Price: $30.00 per share

Form of Consideration: Cash

Financing Sources: Combination of cash on hand and external financing to be arranged by Société Générale (would need to syndicate)

Do not intend for the definitive agreement to include a financing condition

Principal Conditions: Completion of customary due diligence (four weeks exclusivity, including negotiations)

M-Co noted final due diligence of business and financial condition (beyond confirmatory due diligence)

Finalization of satisfactory transaction documentation

Transaction structured as a Board-recommended two-step tender offer including a top-up option as well as break-up fee and no-shop provisions (importantly, M-Co’s financial advisor orally stated to Baird that any attempt to shop or otherwise market the Proposal would cause M-Co to withdraw the Proposal and evaluate their participation and valuation level in any contemplated process) Timetable: Four weeks of exclusive, parallel-track diligence and finalization of definitive documentation

Expiration of the Offer: May 16, 2008 (5:00 p.m. ET)

M-Co Aggregate Ownership: 1.8 million shares (14.4% of shares outstanding; weighted average cost basis of $15.66 per share)

Non M-Co Ownership: 10.4 million shares

Plan for the Company: M-Co plans to integrate all of GIANT’s activities and to combine GIANT with M-Co North America

M-Co intends to retain GIANT’s management team. Appropriate arrangements to be discussed after finalization of due diligence and negotiation of transaction terms

Financial Advisor: Société Générale

Legal Advisor: Cleary Gottlieb Steen & Hamilton LLP

Accounting Advisor: Deloitte (accounting due diligence, GAAP to IFRS conversion)

PROJECT GIANT

3

Review of M-Co Proposal DRAFT BAIRD

M-Co has a weighted average basis in GIANT of approximately $15.68 per share

(in actual amounts)

Approx. Cumulative Cumulative Volume

Purchase Number Market Total Total Number Weighted

Date of Shares (1) Price (1) Purchase Amount Purchase Amount of Shares Average Price

07/22/04 1,442,652 $13.73 $19,812,421 $19,812,421 1,442,652 $13.73

11/14/05 15,861 24.90 394,898 20,207,318 1,458,513 13.85

11/15/05 13,000 25.09 326,161 20,533,479 1,471,513 13.95

11/16/05 35,500 25.05 889,311 21,422,790 1,507,013 14.22

11/17/05 9,150 25.06 229,337 21,652,126 1,516,163 14.28

11/18/05 1,500 25.07 37,600 21,689,726 1,517,663 14.29

11/22/05 11,000 25.09 275,986 21,965,712 1,528,663 14.37

11/23/05 1,424 25.10 35,742 22,001,454 1,530,087 14.38

11/29/05 12,565 25.09 315,285 22,316,739 1,542,652 14.47

11/29/05 2,749 25.07 68,928 22,385,667 1,545,401 14.49

06/13/06 45,630 22.50 1,026,561 23,412,228 1,591,031 14.72

06/23/06 4,500 23.60 106,200 23,518,428 1,595,531 14.74

06/23/06 15,540 23.10 358,920 23,877,348 1,611,071 14.82

06/27/06 500 23.95 11,975 23,889,323 1,611,571 14.82

06/28/06 17,000 23.94 407,023 24,296,345 1,628,571 14.92

07/05/06 25,000 22.70 567,375 24,863,720 1,653,571 15.04

08/09/06 8,261 25.00 206,525 25,070,245 1,661,832 15.09

08/10/06 1,140 25.00 28,500 25,098,745 1,662,972 15.09

08/11/06 5,074 25.00 126,842 25,225,587 1,668,046 15.12

11/02/06 44,445 27.35 1,215,446 26,441,033 1,712,491 15.44

11/03/06 35,555 27.29 970,147 27,411,180 1,748,046 $15.68

(1) Adjusted for a three-for-two stock split paid August 24, 2005.

PROJECT GIANT

4

Preliminary Implied Purchase Price and Transaction Multiples DRAFT BAIRD

Assuming all shares (including M-Co’s) are valued at $30.00 per share (1)

Purchase Price

(in millions, except per share amounts)

GIANT Shares Outstanding:

M-Co Aggregate Share Ownership (1) 1.748

Plus: Non M-Co Share Ownership 10.385

Total Basic Shares Outstanding (2) 12.133

Equity Purchase Price:

Share Price $30.00

x Total Basic Shares Outstanding 12.133

Equity Purchase Price (Before Options) $364.0

Plus: Net Purchase Price of GIANT Options (3) 11.1

Total Equity Purchase Price $375.1

Total Purchase Price:

Equity Purchase Price $375.1

Plus: Total Debt (4) 74.4

Less: Cash 7.3

Total Purchase Price $442.1

Implied Transaction Multiples

Last Twelve Months (“LTM”) 3/31/08 2008E 2009P Last Twelve Months (“LTM”) Peak (9/30/06)

GIANT Implied Multiple GIANT Implied Multiple GIANT Implied Multiple GIANT Implied Multiple

Net Sales $424.5 1.0 x $405.2 1.1 x $458.7 1.0 x $485.0 0.9 x

EBITDA 39.4 11.2 26.3 16.8 36.8 12.0 52.2 8.5

EBIT 34.8 12.7 21.0 21.0 27.4 16.1 47.6 9.3

Net Income 19.1 19.7 11.3 33.1 16.9 22.2 28.9 13.0

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

(1) Per M-Co Proposal Term Sheet dated May 5, 2008. Excludes the full exercise of options to purchase 9,000 shares held by a M-Co representative and GIANT director. Cost basis provides M-Co with an implied cost advantage of $25.0 million (($30.00 - $15.68 (weighted average purchase price))*1.748 shares (aggregate M-Co ownership)), representing 0.6 x LTM EBITDA.

(2) Per GIANT Form 10-Q for the period ended March 31, 2008.

(3) Includes 732,308 options outstanding as of December 31, 2007 per GIANT form 10-K. 369,021 of the options are “in-the-money” using the treasury method at an assumed purchase price of $30.00 per share.

(4) Per GIANT Form 10-Q for the period ended March 31, 2008. Includes $50.0 million of short term commercial paper, $0.2 million of the current portion of long-term debt obligations, $21.0 million of borrowings under a revolving credit facility and $0.4 million of other long-term debt obligations.

PROJECT GIANT

5

DRAFT BAIRD

GIANT Financial Overview

Selected GIANT Historical Financial Information

DRAFT BAIRD

($ in millions, except per share amounts)

Fiscal Year Ending December 31, Actual

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 LTM 3/31/08

Net Sales $267.6 $291.4 $250.0 $240.4 $232.6 $244.4 $325.2 $447.0 $486.2 $457.6 $424.5

Net Sales Growth 35.8% 8.9%(14.2%)(3.8%)(3.2%) 5.1% 33.1% 37.4% 8.8%(5.9%)(11.4%)

Gross Profit $71.4 $80.5 $59.9 $53.3 $48.8 $51.4 $70.0 $92.3 $104.4 $103.2 $95.8

Margin 26.7% 27.6% 24.0% 22.2% 21.0% 21.0% 21.5% 20.6% 21.5% 22.6% 22.6%

EBITDA $32.0 $40.2 $27.7 $19.2 $10.9 $13.9 $26.5 $43.8 $50.7 $48.2 $39.4

Margin 12.0% 13.8% 11.1% 8.0% 4.7% 5.7% 8.2% 9.8% 10.4% 10.5% 9.3%

EBIT $27.3 $35.1 $22.0 $13.8 $6.1 $9.0 $21.9 $38.8 $46.1 $43.6 $34.8

Margin 10.2% 12.0% 8.8% 5.7% 2.6% 3.7% 6.7% 8.7% 9.5% 9.5% 8.2%

Net Income $15.3 $20.2 $9.7 $2.3 $1.0 $2.6 $14.1 $22.2 $28.1 $24.9 $19.1

Margin 5.7% 6.9% 3.9% 1.0% 0.4% 1.1% 4.3% 5.0% 5.8% 5.5% 4.5%

EPS $1.53 $2.12 $1.15 $0.28 $0.13 $0.33 $1.54 $2.00 $2.26 $2.00 $1.53

Shares Outstanding 10.0 9.5 8.4 8.3 8.2 8.1 9.1 11.1 12.4 12.5 12.5

Capital Expenditures $3.1 $7.3 $12.6 $4.1 $6.8 $3.0 $3.7 $7.6 $6.4 $6.4 $5.8

% of Net Sales 1.2% 2.5% 5.0% 1.7% 2.9% 1.2% 1.1% 1.7% 1.3% 1.4% 1.4%

Source: GIANT SEC filings.

Note: Figures are adjusted to exclude the impact of all nonrecurring items and reflect the results of the agricultural implements product line as discontinued operations beginning in 2004.

PROJECT GIANT

6

Selected Preliminary GIANT Projected Financial Information DRAFT BAIRD

($ in millions, except per share amounts)

Fiscal Year Ending December 31, Actual Estimated Projected

LTM 3/31/08 2008 2009 2010 2011 2012 2013

Net Sales $424.5 $405.2 $458.7 $544.9 $640.3 $711.7 $713.7

Net Sales Growth(11.4%)(11.5%) 13.2% 18.8% 17.5% 11.2% 0.3%

Gross Profit $95.8 $84.2 $97.7 $124.2 $150.5 $170.8 $171.3

Margin 22.6% 20.8% 21.3% 22.8% 23.5% 24.0% 24.0%

EBITDA $39.4 $26.3 $36.8 $58.3 $77.9 $91.8 $89.0

Margin 9.3% 6.5% 8.0% 10.7% 12.2% 12.9% 12.5%

EBIT $34.8 $21.0 $27.4 $46.4 $65.0 $77.8 $73.8

Margin 8.2% 5.2% 6.0% 8.5% 10.2% 10.9% 10.3%

Net Income $19.1 $11.3 $16.9 $29.5 $41.9 $50.5 $47.8

Margin 4.5% 2.8% 3.7% 5.4% 6.5% 7.1% 6.7%

EPS $1.53 $0.95 $1.41 $2.46 $3.49 $4.20 $3.98

Shares Outstanding 12.5 12.0 12.0 12.0 12.0 12.0 12.0

Capital Expenditures $5.8 $21.6 $25.0 $8.3 $8.5 $8.8 $9.0

% of Net Sales 1.4% 5.3% 5.4% 1.5% 1.3% 1.2% 1.3% [Redacted]

Source: LTM information based on GIANT SEC filings. Estimates, projections and R&D / facility project information based on GIANT management. Capital expenditures exclude incremental expenses resulting from new facility projects.

PROJECT GIANT

7

GIANT Consensus Estimates Comparison DRAFT BAIRD

($ in millions, except per share amounts)

Three Months Ended Twelve Months Ended December 31,

6/30/2008 9/30/2008 2008 2009

GIANT Plan(1) Street Est.(2) Diff. GIANT Plan(1) Street Est.(2) Diff. GIANT Plan(1) Street Est.(2) Diff. GIANT Plan(1) Street Est.(2) Diff.

Net Sales $135.4 $133.3 1.5% $102.9 $109.0 (5.6%) $405.2 $411.3 (1.5%) $458.7 $437.3 4.9%

EBIT 12.9 12.2 6.3% 6.7 9.0 (25.8%) 21.0 25.7 (18.0%) 27.4 31.6 (13.4%)

EBITDA 14.3 N/A N/A 8.0 N/A N/A 26.3 31.5 (16.5%) 36.8 38.7 (5.0%)

EPS $0.66 $0.59 11.9% $0.31 $0.41 (24.9%) $0.95 $1.13 (16.5%) $1.41 $1.52 (7.2%)

2008 GIANT Guidance

Sales: $405.0 - $425.0

EPS: $0.95 - $1.20

(1) Based on GIANT management estimates.

(2) Street estimates include the average of Robert W. Baird & Co., BMO Capital Markets and Sidoti & Company LLC equity research.

PROJECT GIANT

8

GIANT Balance Sheet DRAFT BAIRD

65% of GIANT’s total assets are comprised of accounts receivable, finance contracts and retained interest

($ in millions, except per share amounts)

As of 3/31/2008

Assets

Cash $7.3

Accounts receivable 171.9

Finance contracts - current 4.7

Inventories 65.7

Prepaid expenses and other 3.5

Retained interest - current 59.9

Deferred tax asset 9.6

Current assets $322.5

Property, plant and equipment - net $35.8

Finance contracts - non current 6.2

Retained interest - non current 26.6

Goodwill 11.7

Other assets 9.1

Total Assets $412.0

Finance Contracts Total Per Share

Current $4.7 $0.37

Non Current 6.2 0.50

Retained Interest

Current $59.9 $4.79

Non Current 26.6 2.13

As of 3/31/2008

Liabilities

Current portion of long-term debt obligations $0.2

Short-term borrowing 50.2

Accounts payable 38.8

Accrued wages and salaries 3.3

Accrued expenses and other 8.4

Warranty and product liability 8.4

Accrued income taxes (0.4)

Current liabilities $108.9

Long-term debt obligations $23.6

Other long-term obligations 0.3

Other long-term liabilities 18.1

Total liabilities $151.0

Total shareholders’ equity 261.0

Total Liabilities and Shareholders’ Equity $412.0

Book Value per Share $20.88

Note: Per GIANT Form 10-Q for the period ended March 31, 2008 and GIANT consolidated balance sheet provided by management as of March 31, 2008.

PROJECT GIANT

9

DRAFT BAIRD

Business Cycle Discussion

Stock Price vs. LTM EBITDA – Last 10 Years DRAFT BAIRD

($ in millions, except per share amounts)

Previous Cycle Recent Cycle

Peak Decline Trough Increase Peak Decline Trough

$15.21 $5.20 $40.39

Stock Price / Share (65.8%) 676.7%(65.3%) $14.01

8/10/99 5/9/03 4/5/06

$41.6 $10.4 $52.2 $26.3

LTM EBITDA (75.0%) 401.9%(49.6%)

12/31/99 9/30/02 9/30/06 12/31/08E

$40.00 $60.0

$35.00

$50.0

$30.00

Stock Price / Share $40.0

$25.00

LTM EBITDA

$20.00

$30.0

$15.00

$20.0

$10.00

$10.0

$5.00

$0.00 $0.0

12/31/98 12/31/00 12/31/02 12/31/04 12/31/06 5/13/08

Sources: Capital IQ and FactSet Data Systems. Estimated LTM 12/31/08 EBITDA per management estimates.

PROJECT GIANT

10

Peak Trailing LTM EBITDA Comparison – Last Five Years

DRAFT BAIRD

($ in millions)

% of Peak LTM Trailing EBITDA

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

DE

MTU

CNH

CAT

GEHL

Terex

ASV

Astec

ASV

12.3 x

GIANT

7.1 x

M-Co

10.3 x

Median EBITDA Multiple at Peak: 10.5 x

Median EBIT Multiple at Peak: 11.9 x

Astec

7.7 x

CAT

10.9 x

CNH

10.7 x

Deere

16.4 x

Terex

6.7 x

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2003 2004 2005 2006 2007

GIANT

LTM EBITDA $10.9 $11.8 $13.0 $13.9 $17.2 $20.3 $22.8 $25.4 $29.3 $34.3 $38.6 $43.8 $46.6 $49.7 $52.2 $50.7 $50.1 $49.2 $46.2 $48.2

Multiple 9.3 x 9.8 x 9.3 x 9.6 x 6.4 x 7.3 x 6.7 x 8.3 x 9.0 x 10.3 x 10.7 x 8.6 x 9.6 x 7.1 x 7.1 x 7.6 x 7.0 x 8.8 x 7.4 x 5.7 x

Source: Capital IQ.

Multiples based on closing stock price on the last day of the quarter and trailing LTM EBITDA.

PROJECT GIANT

11

DRAFT BAIRD

Preliminary Valuation Analysis

Preliminary Valuation Methodologies

DRAFT BAIRD

Selected Company Analysis

Value based on comparisons with selected publicly-traded companies

Selected publicly-traded companies with similar business, industry and financial characteristics

Valuation benchmarks include multiples of GIANT standalone management estimates

Net Sales

EBITDA

EBIT

EPS

Selected Acquisition Analysis

Value based on comparisons with comparable acquisition transactions

Selected acquisition transactions involving companies with similar business and industry characteristics

Valuation benchmarks include multiples of GIANT standalone management estimates

Net Sales

EBITDA

EBIT

Net Income

Valuation benchmarks also include acquisition stock premiums paid for public companies

Discounted Cash Flow Analysis

Valuation based on the present value of future free cash flows and a terminal value

Free cash flow = unlevered net income + non-cash adjustments – change in working capital – capital expenditures +/- changes in other cash flow items

Discount rate = GIANT’s weighted-average cost of capital based on business and financial risk

Terminal values based on multiples of EBITDA

PROJECT GIANT

12

Preliminary GIANT Share Price Multiples Matrix DRAFT BAIRD

($ in millions, except per share amounts)

GIANT Price per Share / Premium to Current Price / Equity Value / Implied Enterprise Value (1)

$16.18 $26.00 $28.00 $30.00 $32.00 $34.00

0.0% 60.7% 73.1% 85.4% 97.8% 110.1%

$199.3 $324.2 $349.6 $375.1 $400.5 $426.0

$266.4 $391.2 $416.7 $442.1 $467.6 $493.0

LTM 3/31/08 (2)

Net Sales $424.5 0.6 x 0.9 x 1.0 x 1.0 x 1.1 x 1.2 x

EBITDA 39.4 6.8 9.9 10.6 11.2 11.9 12.5

EBIT 34.8 7.6 11.2 12.0 12.7 13.4 14.2

Net Income 19.1 10.4 17.0 18.3 19.7 21.0 22.3

2008E (3)

Net Sales $405.2 0.7 x 1.0 x 1.0 x 1.1 x 1.2 x 1.2 x

EBITDA 26.3 10.1 14.9 15.8 16.8 17.8 18.7

EBIT 21.0 12.7 18.6 19.8 21.0 22.2 23.4

Net Income 11.3 17.6 28.6 30.9 33.1 35.4 37.6

2009P (3)

Net Sales $458.7 0.6 x 0.9 x 0.9 x 1.0 x 1.0 x 1.1 x

EBITDA 36.8 7.2 10.6 11.3 12.0 12.7 13.4

EBIT 27.4 9.7 14.3 15.2 16.1 17.1 18.0

Net Income 16.9 11.8 19.2 20.7 22.2 23.7 25.2

Peak (4)

Net Sales $485.0 0.5 x 0.8 x 0.9 x 0.9 x 1.0 x 1.0 x

EBITDA 52.2 5.1 7.5 8.0 8.5 9.0 9.4

EBIT 47.6 5.6 8.2 8.8 9.3 9.8 10.4

Net Income 28.9 6.9 11.2 12.1 13.0 13.9 14.7

Note: Revenue and expenses related to finance operations are included for all periods. Current Finance Receivables include $59.9 million of Retained Interest and $4.7 million of Finance Contracts Receivable, totaling $64.6 million.

(1) Premium based on closing stock price of $16.18 as of May 13, 2008. 52 week low-high range is $14.01-$33.17. Implied enterprise value based on 12.1 million basic shares outstanding and diluted options outstanding calculated using the treasury method as of December 31, 2007. Enterprise value calculation includes net debt of $67.1 as of March 31, 2008, which assumes no assets related to financing are treated as cash.

(2) Based on Form 10K for the period ending 12/31/07 and Form 10-Q for the period ending 3/31/08.

(3) Based on GIANT management estimates.

(4) GIANT peak LTM results occurred in Q3 2006.

PROJECT GIANT

13

Preliminary Selected Public Companies DRAFT BAIRD

($ in millions)

EBITDA Multiples EBIT Multiples P/E Multiples

Company Ticker Enterprise Value LTM 2008 2009 LTM 2008 2009 LTM 2008 2009

GIANT $266.4 6.8 x 10.1 x 7.2 x 7.6 x 12.7 x 9.7 x 10.4 x 17.6 x 11.8 x

Astec Industries Inc. ASTE $885.9 8.3 x 7.4 x 7.0 x 9.8 x 8.8 x 8.3 x 15.5 x 14.2 x 13.6 x

Caterpillar Inc. CAT 57,942.8 10.0 10.4 9.7 12.4 13.2 12.3 16.1 17.7 17.1

CNH Global NV CNH 13,961.2 9.0 7.8 6.9 11.0 9.5 8.3 27.0 18.4 14.8

Deere & Co. DE 40,336.2 14.4 10.8 10.2 17.1 12.3 11.5 26.4 18.6 16.7

Terex Corp. TEX 8,174.2 7.3 6.4 5.9 7.9 7.0 6.4 11.3 10.2 9.1

Mean 9.8 x 8.6 x 7.9 x 11.6 x 10.2 x 9.4 x 19.3 x 15.8 x 14.3 x

Median 9.0 7.8 7.0 11.0 9.5 8.3 16.1 17.7 14.8

Sources: Based on publicly available documents as of May 13, 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 April 20, 2008. CNH projections per Merrill Lynch equity research report dated April 25, 2008.

DE projections per Merrill Lynch equity research report dated February 19, 2008.

PROJECT GIANT

14

Preliminary Selected Public Company Trading Multiples Analysis DRAFT BAIRD

($ in millions, except per share amounts)

GIANT Current Trading Multiples Selected Company Trading Multiples Implied GIANT Equity Value/Share (1)

Low Average Median High Low Average Median High

EBITDA

LTM 6.8 x 7.3 x 9.8 x 9.0 x 14.4 x $18.03 $25.66 $23.09 $39.85

2008E 10.1 6.4 8.6 7.8 10.8 8.33 12.92 11.40 17.59

2009P 7.2 5.9 7.9 7.0 10.2 7.23 11.62 9.68 16.27

EBIT

LTM 7.6 x 7.9 x 11.6 x 11.0 x 17.1 x $16.93 $27.09 $25.35 $41.86

2008E 12.7 7.0 10.2 9.5 13.2 6.57 12.01 10.87 17.11

2009P 9.7 6.4 9.4 8.3 12.3 5.60 10.65 8.86 15.50

Net Income

LTM 10.4 x 11.3 x 19.3 x 16.1 x 27.0 x $17.51 $29.42 $24.71 $41.02

2008E 17.6 10.2 15.8 17.7 18.6 9.52 14.58 16.27 17.09

2009P 11.8 9.1 14.3 14.8 17.1 8.49 13.18 13.69 15.70

LTM AVERAGE $17.49 $27.39 $24.38 $40.91

2008E AVERAGE 8.14 13.17 12.85 17.26

2009P AVERAGE 7.11 11.82 10.74 15.82

AVERAGE VALUE 10.91 17.46 15.99 24.66

Note: As of May 13, 2008.

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million.

PROJECT GIANT

15

Preliminary Selected Transaction Multiples Analysis DRAFT BAIRD

Transaction listing

($ in millions)

Date Announced Acquiror Target Target Business Description Enterprise Value LTM Multiples Premium Sales EBITDA EBIT NI Paid

01/14/08 Terex Corporation A.S.V. Inc. Manufacture rubber track machines and related accessories and attachments $457.0 2.3 x 24.2 x 29.3 x 43.9 x 46.5%

07/30/07 Doosan Infracore Co. Ingersoll-Rand (Bobcat Division) Manufacture and sell compact equipment 4,900.0 1.9 12.2 13.2 N/A N/A

06/28/07 Tanfield Group plc Snorkel International, Inc. Manufacture industrial and construction aerial equipments 125.7 1.0 N/A 13.1 N/A N/A

02/27/07 Volvo AB Ingersoll-Rand (Road Development) Manufacture asphalt paving, compaction and material handling equipment. 1,300.0 1.5 11.5 N/A N/A N/A

02/05/07 Atlas Copco Group Dynapac AB Manufacture compaction and paving equipments 902.0 1.4 N/A 12.1 N/A N/A

11/06/06 KKR / Goldman Sachs Kion (Linde AG forklift division) Manufacture forklift trucks 5,084.6 1.0 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 1.3 10.9 12.2 20.6 34.9%

07/28/06 Oshkosh Truck Corporation Iowa Mold Tooling Co. (IMT) Manufacture field service vehicles and truck-mounted cranes 131.0 1.2 7.8 8.2 N/A N/A

04/28/06 Singapore Technologies B.R. Lee Industries, Inc. Manufacture commercial asphalt pavers 129.0 1.3 8.9 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 2.1 4.7 N/A N/A N/A

07/19/02 Terex Corporation Genie Holdings Manufactures lifts, booms and work platforms for the construction industry 270.0 0.5 3.9 N/M N/A N/A

06/28/01 Terex Corporation CMI Corporation Manufactures equipment for the road building and heavy construction industry 146.6 0.7 9.7 N/M N/M 31.5%

03/05/01 Manitowoc Co. Inc. Potain SA Manufactures tower cranes primarily for the construction industry 309.5 1.2 7.5 11.4 18.8 N/A

08/23/99 Textron Inc. JLG OmniQuip International, Inc. Manufactures telescopic material handlers and aerial work platforms 491.4 1.0 8.1 9.6 15.3 7.1%

05/11/99 JLG Industries Inc. Gradall Industries, Inc. Manufactures hydraulic excavators and rough-terrain variable reach material handlers 198.0 1.0 7.0 7.9 13.1 14.3%

All Transactions

Low 0.5 x 3.9 x 7.9 x 13.1 x

Mean 1.3 9.5 13.2 22.3

Median 1.2 8.1 12.2 18.8

High 2.3 24.2 29.3 43.9

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

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

PROJECT GIANT

16

Preliminary Selected Transaction Multiples Analysis DRAFT BAIRD

All transactions – LTM multiples applied to LTM GIANT results

Selected Acquisition Multiples Implied GIANT Equity Value/Share (1)

Low Average Median High Low Average Median High

EBITDA 3.9 x 9.5 x 8.1 x 23.8 x $7.20 $24.57 $20.29 $68.79

EBIT 7.9 13.2 12.2 28.9 16.84 31.35 28.73 73.89

Net Income 13.1 22.2 18.8 43.3 20.17 33.85 28.72 65.13

AVERAGE VALUE $14.74 $29.92 $25.92 $69.27

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

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT

17

Preliminary Selected Transaction Multiples Analysis DRAFT BAIRD

All transactions – LTM multiples applied to 2008E GIANT results

Selected Acquisition Multiples Implied GIANT Equity Value/Share - 2008E (1)

Low Average Median High Low Average Median High

EBITDA 3.9 x 9.5 x 8.1 x 23.8 x $2.96 $14.79 $11.91 $44.46

EBIT 7.9 13.2 12.2 28.9 8.16 17.06 15.47 42.94

Net Income 13.1 22.2 18.8 43.3 12.13 20.30 17.26 39.01

AVERAGE VALUE $7.75 $17.38 $14.88 $42.14

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

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT

18

Terex / A.S.V. Transaction Overview DRAFT BAIRD

A.S.V. Snapshot

($ in millions)

11%

34% 55%

• ASV • OEM / CAT • Loegering

$245 $246

18.1% $209

14.6%

9.5%

2005 2006 2007E

Revenue

% EBITDA Margin

Transaction Overview

• Terex announced its $18.00 per share cash offer on January 14, 2008

– $18.00 per share implied 1-day / 1-week / 1-month premiums of: 46.5% / 47.9% / 52.8%

– CAT agreed to tender its shares (23.5% of total outstanding shares)

• ASV provides Terex opportunities for new revenue and enhanced profitability

– Key product addition (rubber-track loader)

– Leading technology adaptable to other products

– Predominantly North American based distribution (90%)

– Minimal rental channel penetration

– Caterpillar relationship provides strong base of business

• Terex plans to triple ASV revenue and achieve a pre-tax ROIC of 20% in 3 - 5 years

– ASV earnings were at a cyclical low for its year ended December 31, 2007

PROJECT GIANT

19

Preliminary Terex/A.S.V. Acquisition Analysis DRAFT BAIRD

Historical LTM EBITDA multiple comparison

• GIANT’s EBITDA multiple has traded at a 30% discount to A.S.V., on average, over the last three years through A.S.V.’s acquisition announcement

– 25% discount through June 2007, when A.S.V. began interviewing investment banking firms

25.0x

20.0x

15.0x

10.0x

5.0x

LTM EBITDA Multiple

A.S.V

GIANT

5/13/2005 9/13/2005 1/13/2006 5/13/2006 9/13/2006 1/13/2007 5/13/2007 9/13/2007 1/13/2008

100.0% 75.0% 50.0% 25.0% 0.0%

GIANT Discount to A.S.V.

Sources: Capital IQ. PROJECT GIANT

20

Preliminary Terex/A.S.V. Acquisition Analysis DRAFT BAIRD

Multiples analysis

($ in millions, except per share amounts)

LTM and 2008E Multiples

A.S.V. GIANT Statistics Implied Equity Value / Share (1)

LTM Multiples LTM 3/31/08 2008E LTM 3/31/08 2008E

EBITDA 24.2 x $39.4 $26.3 $69.82 $45.14

EBIT 29.3 34.8 21.0 74.89 43.54

Net Income 43.9 19.1 11.3 65.94 39.49

A.S.V. GIANT Statistics Implied Equity Value / Share (1)

2008E Multiples (2) LTM 3/31/08 2008E LTM 3/31/08 2008E

EBITDA 14.9 x $39.4 $26.3 $41.47 $26.14

EBIT 16.7 34.8 21.0 41.01 22.95

Net Income 26.9 19.1 11.3 40.73 24.43

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million.

(2) Based on A.S.V. estimated 2008 figures as of November 11, 2007 (Net Sales of $259.3 million, EBITDA of $30.6 million, EBIT of $27.3 million and Net Income of $18.4 million). Based on confidential numbers provided by A.S.V. management, subject to confidentiality agreement . Subsequent disclosures in A.S.V. SEC filings dated January 28, 2008 were consistent

(Net Sales of $243.8 million and EBIT of $26.7 million).

PROJECT GIANT

21

Preliminary Terex/A.S.V. Acquisition Analysis DRAFT BAIRD

Multiples analysis

($ in millions, except per share amounts)

Peak Multiples

A.S.V. Peak GIANT Peak Implied Equity

Multiples (1) Statistics (2) Value / Share (3)

EBITDA 9.4 x $52.2 $33.91

EBIT 10.0 47.6 32.58

Net Income 16.1 28.9 37.05

Summary of Preliminary Terex / A.S.V. Acquisition Analysis

Implied GIANT Equity Value/Share

Low Average Median High

EBITDA $26.14 $43.30 $41.47 $69.82

EBIT 22.95 43.00 41.01 74.89

Net Income 24.43 41.53 39.49 65.94

AVERAGE VALUE $24.51 $42.61 $40.66 $70.22

(1) Based on A.S.V. peak LTM statistics, occurring in Q2 2006.

(2) GIANT peak LTM results occurred in Q3 2006.

(3) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT

22

Preliminary Discounted Cash Flow Analysis – Five Year DRAFT BAIRD

($ in millions, except per share amounts)

• GIANT’s preliminary implied valuation derived from discounting its projected free cash flows and terminal values is

summarized below, based on GIANT management forecasts [Redacted]

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 Growth Rate (3) Flows Value Value Debt Proceeds (4) Value Per Share

6.70 x 3.5% $77.7 $304.4 $382.0 $6.7 $321.6 $25.28

13.0% 8.30 5.2% 77.7 377.1 454.7 $67.1 6.7 394.3 30.99

9.90 6.4% 77.7 449.8 527.4 11.4 471.8 36.67

6.70 x 2.5% $79.7 $319.6 $399.3 $6.7 $338.9 $26.63

12.0% 8.30 4.2% 79.7 396.0 475.6 $67.1 6.7 415.2 32.63

9.90 5.4% 79.7 472.3 552.0 11.4 496.3 38.58

6.70 x 1.6% $81.8 $335.8 $417.6 $6.7 $357.2 $28.07

11.0% 8.30 3.3% 81.8 416.0 497.8 $67.1 11.4 442.1 34.37

9.90 4.5% 81.8 496.2 577.9 11.4 522.3 40.60

(1) Discounted to June 30, 2008.

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

(3) Implied free cash flow growth rate is equal to (TV x Discount Rate - FCF2013) / (TV + FCF2013), where TV= EBITDA2013 x EBITDA Terminal Multiple.

(4) Assumes cash proceeds are received from the exercise of “in the money” options.

PROJECT GIANT

23

GIANT LTM EBITDA Multiple Analysis DRAFT BAIRD

GIANT has traded at a median LTM EBITDA multiple of 8.3 x over the last five years

14.0 x

12.0 x

10.0 x

8.0 x

6.0 x

4.0 x

+1 Std. Dev. 9.9 x

Median 8.3 x

-1 Std. Dev. 6.7 x

5/13/03 1/29/04 10/16/04 7/4/05 3/22/06 12/8/06 8/26/07 5/13/08

PROJECT GIANT

24

Recent Implied Transaction Premiums DRAFT BAIRD

Premium from announcement date

Date Implied Transaction Premium

Announced Target Acquiror 1 - Day 1 - Week 1 - Month

5/5/08 Maxim Crane Works Platinum Equity Capital Partners 18.9% 18.9% 18.9%

5/1/08 Moldflow Corp Autodesk 11.3% 19.0% 24.3%

4/30/08 Bois d’Arc Energy Stone Energy Corp (4.3%) (5.0%) 15.6%

4/30/08 Esmark Essar Steel Holdings 13.5% 24.8% 50.4%

4/30/08 FTD Group United Online 11.7% 12.5% 12.4%

4/28/08 William Wrigley Jr Co Mars Inc 28.1% 28.0% 27.7%

4/24/08 Wendy’s International Triarc Cos 5.8% 6.7% 11.3%

4/23/08 Safeco Corp Liberty Mutual Group 50.9% 48.4% 55.9%

4/22/08 Sirtris Pharmaceuticals GlaxoSmithKline PLC 76.5% 86.6% 108.7%

4/21/08 Basic Energy Services Grey Wolf 34.5% 41.8% 85.1%

4/21/08 Packeteer Blue Coat Systems 14.9% 34.0% 34.2%

4/14/08 Northwest Airlines Corp Delta Air Lines 14.1% 27.3% 31.5%

4/14/08 Circuit City Stores Blockbuster 105.1% 68.4% 116.2%

4/14/08 Clayton Holdings Greenfield Partners 24.5% 10.7% 40.8%

4/11/08 TriZetto Group Apax Partners Worldwide 24.5% 25.7% 27.2%

4/10/08 Millennium Pharmaceuticals Mahogany Acquisition Corp 52.9% 59.0% 87.7%

4/7/08 LifeCell Corp Kinetic Concepts 18.2% 21.3% 25.8%

3/31/08 Ansoft Corp ANSYS 39.3% 30.0% 34.2%

3/31/08 Bentley Pharmaceuticals Teva Pharma 9.3% 8.6% 1.3%

3/20/08 Synplicity Synopsys 52.1% 54.4% 85.6%

3/19/08 Greater Community Bancorp Valley National Bancorp 25.0% 23.0% 21.9%

3/17/08 BladeLogic BMC Software 18.6% 26.0% 60.9%

3/17/08 I-trax Putter Acquisition Sub 38.5% 44.0% 41.0%

3/16/08 Bear Stearns JPMorgan Chase & Co (93.3%) (97.1%) (97.6%)

3/10/08 Nationwide Financial Services Nationwide Mutual Insurance 24.4% 16.2% 12.2%

3/10/08 MASSBank Corp Eastern Bank Corp,MA 4.7% 4.2% 2.8%

3/10/08 Iomega Corp EMC Corp 44.7% 37.5% 37.0%

3/3/08 Diebold United Technologies Corp 65.8% 55.3% 47.4%

2/26/08 CollaGenex Pharmaceuticals Galderma Laboratories 29.7% 27.4% 41.3%

2/25/08 Getty Images Hellman & Friedman 39.1% 37.0% 34.4%

2/24/08 Take-Two Interactive Software Electronic Arts 49.8% 64.2% 66.1%

Source: Company press releases, Capital IQ and SDC. PROJECT GIANT

25

Recent Implied Transaction Premiums DRAFT BAIRD

Premium from announcement date

Date Implied Transaction Premium

Announced Target Acquiror 1-Day 1-Week 1-Month

2/21/08 ChoicePoint Reed Elsevier Group 48.5% 47.1% 56.9%

2/20/08 Encysive Pharmaceuticals Pfizer 117.6% 200.5% 245.6%

2/20/08 ProCentury Corp Meadowbrook Insurance 30.0% 24.4% 37.4%

2/20/08 Industrial Distribution Group Project Athena Holding Corp 3.8% 8.4%(9.9%)

2/11/08 Axcelis Technologies Investor Group 48.5% 43.5% 44.9%

2/11/08 Possis Medical Medrad 35.9% 41.4% 39.0%

2/5/08 Hypercom Corp Ingenico SA 52.4% 83.8% 38.6%

2/1/08 CSK Auto O’Reilly Automotive 101.7% 121.0% 146.9%

2/1/08 Transmeta Corp Riley Invest Mgmt 15.2% 23.7% 15.4%

1/31/08 Audible Amazon.com 23.3% 33.9% 28.9%

1/30/08 NuCO2 Aurora Capital Group 24.6% 20.1% 20.5%

1/29/08 Quadra Realty Trust Hypo Real Estate Capital Corp 33.8% 52.1% 33.8%

1/28/08 NYMEX Holdings CME Group 11.2% 22.5%(9.8%)

1/28/08 Landry’s Restaurants Investor Group 26.0% 42.0% 5.2%

1/28/08 Matria Healthcare Inverness Med Innovations 27.1% 29.7% 68.7%

1/23/08 Post Properties Investor Group 31.4% 46.1% 20.3%

1/17/08 Performance Food Group Panda Acquisition 47.8% 42.9% 35.2%

1/15/08 Lifecore Biomedical EM Warburg Pincus & Co 32.4% 27.2% 25.3%

1/15/08 VistaCare Odyssey HealthCare 20.1% 17.6% 18.9%

1/14/08 Bright Horizons Family Bain Capital Partners 47.1% 39.0% 30.1%

1/14/08 A.S.V. Terex Corp 46.5% 47.9% 51.1%

1/14/08 Golden Cycle Gold Corp AngloGold Ashanti 37.0% 40.7% 40.3%

1/10/08 Countrywide Financial Corp Bank of America Corp 51.4%(11.6%)(31.6%)

1/10/08 AmCOMP Employers Holdings 44.0% 41.1% 27.6%

1/3/08 North Pointe Holdings Corp QBE the Americas 50.2% 46.3% 51.2%

High 117.6% 200.5% 245.6%

Low(93.3%)(97.1%)(97.6%)

Mean 33.1% 35.5% 39.2%

Median 30.7% 31.9% 34.2%

Source: Company press releases, Capital IQ and SDC.

26 PROJECT GIANT

Preliminary Implied Transaction Premiums

DRAFT BAIRD

Point In Time (1) Volume Weighted Average Price (2)

Premium Premium

1-Day 85.4% 90-Days 81.2%

7-Days 82.7% 180-Days 81.4%

30-Days 73.3% 1-Year 40.8%

60-Days 89.8% 2-Years 24.9%

90-Days 65.0% 3-Years 15.8%

180-Days 72.9%

1-Year 3.7%

All-time High (25.7%)

LTM Low 114.1%

(1) Premiums calculated based upon $30.00 per share proposal utilizing Giant’s stock price reference date of May 13, 2008 per Capital IQ.

(2) Volume weighted average price calculated based upon $30.00 per share proposal utilizing a reference date of May 13, 2008. 90-Days and 180-Days per Bloomberg. 1,2 and 3-year data per Xignite historical VWAPs.

27 PROJECT GIANT

Preliminary Summary of Analyses

DRAFT BAIRD

Preliminary Summary Equity Value / Share

Low Average Median High

Preliminary Selected Company Analysis $10.91 $17.46 $15.99 $24.66

Preliminary Selected Transaction Analysis - LTM 14.74 29.92 25.92 69.27

Preliminary Selected Transaction Analysis - 2008E 7.75 17.38 14.88 42.14

Preliminary Discounted Cash Flow Analysis 25.28 32.65 32.63 40.60

Supplemental Terex / A.S.V. Acquisition Analysis 24.51 42.61 40.66 70.22

Note: Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million.

28 PROJECT GIANT

DRAFT BAIRD

Selected Potential Strategic Partners

Selected Potential Strategic Partners

($ in millions)

DRAFT BAIRD

Company / Ownership

Astec

ASTEC

Public (NYSE: ASTE)

Doosan Infracore

DOOSAN

Public

(KOSE:A042670)

Hyundai

HYUNDAI

HEAVY INDUSTRIES CO., LTD.

Public

(KOSE:A009540)

J.C. Bamford

JCB

Subsidiary of Transmissions and Engineering Services B.V.

Statistics

LTM Sales: $869.0

Cash: 34.8

Debt: 0.0

Debt / EBITDA: 0.0 x

EBITDA Multiple: 8.9 x

Stock Performance: Stock declined 22% since July 07

LTM Sales: $4,213.9

Cash: 25.6

Debt: 1,266.4

Debt / EBITDA: 2.7 x

EBITDA Multiple: 14.1 x

Stock Performance: Stock declined 25% since Oct. 07

LTM Sales: $20,271.5

Cash: 6,958.2

Debt: 527.1

Debt / EBITDA: 0.2 x

EBITDA Multiple: 5.5 x

Stock Performance: Stock declined 43% since Nov. 07

LTM Sales: ~ $730.0

Recent Acquisitions

Acquired Peterson Pacific Corp in June 2007 for

$31 million

• Consideration : Cash / Debt Assumptions along with a $3 million earnout payment

Acquired Bobcat Company in November 2007 for $4.9 billion

• Consideration : Cash

• EBITDA Multiple: 12.2 x

• Financing: $700 million—Doosan

$4.2 billion—Korean Development Bank Acquired Ideal Electric Company in March 2007 for $10.4 million

• Consideration : Cash

• Rev. Multiple: 0.3 x

• Acquired out of bankruptcy Acquired Vibromax Compaction in 2005

• Undisclosed value

Strategic Rationale

• Sales channel varies by group using direct sales reps along with domestic and international dealer networks

• Would provide another strong North American presence to go with recent acquisition of Bobcat

• Gives access to additional distributors, which Bobcat doesn’t supply

• Rumored to have been involved in Bobcat process and looking to become an active player in the sector in North America

• Currently has five models of skid steer loaders (2 track and 3 wheel)

• Products are sold in 150 countries through over 1,300 dealer locations

29 PROJECT GIANT

Selected Potential Strategic Partners DRAFT Baird

($ in millions)

Company / Ownership

Takeuchi

Public

(JASDAQ:6432)

Terex

Public (NYSE:TEX)

Wacker Nueson

Public (DB:WAC)

Statistics

LTM Sales: $760.0

Cash: 95.9

Debt: 74.8

Debt / EBITDA: 0.6 x

EBITDA Multiple: 2.4 x

Stock Performance: Stock declined 70% since July 07

LTM Sales: $9,487.7

Cash: 604.2

Debt: 1,373.4

Debt / EBITDA: 1.3 x

EBITDA Multiple: 7.6 x

Stock Performance: Stock declined 26% since July 07

LTM Sales: $1,100.0

Cash: 241.5

Debt: 178.6

Debt / EBITDA: 1.1 x

EBITDA Multiple: 7.6 x

Stock Performance: Stock declined 43% since July 07

Recent Acquisitions

No recent acquisitions

Acquired A.S.V. in January 2008 for $457.0 million

•Consideration: Cash

•LTM EBITDA Multiple: 24.2 x

•Tender Offer at $18 per share

•Termination Fee: $17 million

Acquired Superior Highwall Miners in November 2007 for $146 million in an all cash deal

Wacker acquired Neuson Kramer in 2007 for $840 million

•Consideration: Cash / Stock

•Revenue multiple: 2.4 x

•Issued 23.5 million shares (81% from capital increase / 19% from treasury) totaling roughly 95% of the purchase price and issued aspecial dividend for the remainder

Strategic Rationale

•Would be a good fit with subsidiary already established in U.S.

•Three local subsidiaries overseas: U.S. (1979), U.K. (1996) and France (2000), serve as core bases for Takeuchi’s worldwide distributor network

•Would be a key addition while also fitting strategically with A.S.V. as a complementary skid steer product line

•Three models of skid steer loaders (3 wheel, 0 track)

•Could consolidate sales and service centers across the U.S.

PROJECT GIANT

30

DRAFT Baird

Appendix

DRAFT Baird

Supplemental Information

Selected M-Co Financial Information DRAFT Baird

($ in millions)

For the Year Ending December 31,

Actual Estimated Projected

2003 2004 2005 2006 2007 2008 2009

Revenue $862.6 $1,109.9 $1,166.8 $1,488.4 $1,839.4 $2,068.7 $2,110.1

Revenue Growth 21.2% 28.7% 5.1% 27.6% 23.6% 12.5% 2.0%

Gross Profit $211.3 $384.8 $387.7 $505.0 $598.3 N/A N/A

Margin 24.5% 34.7% 33.2% 33.9% 32.5% N/A N/A

EBIT $83.8 $116.8 $128.0 $178.5 $185.3 $208.7 $205.3

Margin 9.7% 10.5% 11.0% 12.0% 10.1% 10.1% 9.7%

Net Income $58.5 $80.2 $87.4 $115.9 $125.6 $138.4 $137.0

Margin 6.8% 7.2% 7.5% 7.8% 6.8% 6.7% 6.5%

EBITDA $100.9 $133.7 $144.0 $196.8 $212.8 $246.6 $247.3

Margin 11.7% 12.0% 12.3% 13.2% 11.6% 11.9% 11.7%

Capital Expenditures $16.9 $15.6 $25.6 $50.2 $63.5 $72.1 $64.4

% of Net Sales 2.0% 1.4% 2.2% 3.4% 3.5% 3.5% 3.1%

Note: Actual results per public M-Co filings. Projections per Fortis equity research report dated February 21, 2008.

PROJECT GIANT

31

M-Co Stock Price Performance – Last Five Years DRAFT Baird

7/9/07

48.09 €

50.00 €

40.00 €

Stock Price / Share

30.00 €

20.00 €

19.27 €

10.00 €

0.00 €

5/13/03 1/29/04 10/16/04 7/4/05 3/22/06 12/8/06 8/26/07 5/13/08

PROJECT GIANT

32

Selected M-Co Balance Sheet Information

($ in millions)

DRAFT Baird

As of

12/31/2007

Assets

Cash and equivalents $107.3

Short term investments 75.4

Total receivables 418.5

Inventory 448.1

Other current assets 21.5

Total Current Assets 1,070.8

Net property, plant & equipment $174.6

Long-term investments 64.5

Goodwill 0.9

Other intangibles 12.7

Deferred tax assets, LT 6.8

Deferred charges, LT 21.2

Other long-term assets 10.5

Total Assets $1,362.0

As of Estimated

Statistic 12/31/2007 Post Transaction (1)

Total Debt / EBITDA 0.3 x 1.6 x

Net Debt / EBITDA(0.5) 1.1

Total Debt / Total Cap 8.5% 35.0%

As of

12/31/2007

Liabilities

Accounts payable $371.5

Accrued expenses 100.7

Short-term borrowings 0.8

Current portion of LT debt 7.7

Current portion of capital leases 3.8

Current income taxes payable 2.8

Other current liabilities 25.7

Total Current Liabilities 513.1

Long-term debt $46.9

Capital leases 11.6

Minority interest 5.1

Pension & other post-retirement benefits 4.0

Def. tax liability, non-current 6.4

Other non-current liabilities 10.9

Total Liabilities 598.0

Total Equity 763.9

Total Liabilities and Equity $1,362.0

Source: Public M-Co filings.

(1) At $30.00 per share. Assumes $50 million of cash on hand used to fund transaction. PROJECT GIANT 33

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

EX-99.(C)(9)

Exhibit 99.(c) (9)

PROJECT GIANT

Updated Preliminary Discussion Materials

June 5, 2008

Updated Preliminary Discussion Materials

Table of Contents

Process Update 1

GIANT Preliminary Financial Projection Review 2

Updated Preliminary Valuation Analysis 3

Review of Draft Purchase Agreement 4

Appendix 5

A. Updated Proposal

B. Supplemental Financial Analyses C. Selected Potential Strategic Partners D. Go Shop Provision Discussion

For Confidential Use Of Board Of Directors Only And Not For Public Disclosure

Process Update

Process Update

??Since the May 14th Board meeting, GIANT management and its advisors have worked to clarify the May 5th Proposal set forth by M-Co

??GIANT and M-Co entered into a revised Confidentiality Agreement on May 22nd

??M-Co was provided data room access to review certain information, including:

? 2008 business plan ? Preliminary 2009—2013 financial projections

? Year-to-date 2008 results through April ? Securitization documentation

? Preliminary projected capital expenditures ? Receivables purchase facility

? Current backlog summary

??GIANT received a Draft Purchase Agreement from Cleary Gottlieb on behalf of M-Co on May 27th

??GIANT and M-Co management met in Chicago on June 2nd to discuss:

? 2008 year-to-date results ? New product introductions and preliminary financial projections

? Potential synergies / combination benefits ? Securitization program overview

??M-Co sent an updated letter reconfirming its Proposal on June 4th (included in the Appendix)

PROJECT GIANT

2

GIANT Preliminary Financial Projection Review

Summary Preliminary Projected Financial Information

($ in millions, except per share amounts)

Fiscal Year Ending December 31,

Estimated Projected

2008 2009 2010 2011 2012 2013

Net Sales $405.2 $469.8 $558.5 $656.5 $729.9 $731.9

Net Sales Growth (11.5%) 15.9% 18.9% 17.5% 11.2% 0.3%

Gross Profit $84.2 $97.7 $124.2 $150.5 $170.8 $171.3

Margin 20.8% 20.8% 22.2% 22.9% 23.4% 23.4%

EBITDA $26.3 $36.9 $58.4 $78.1 $92.0 $89.2

Margin 6.5% 7.9% 10.5% 11.9% 12.6% 12.2%

EBIT $21.0 $27.4 $46.4 $65.0 $77.8 $73.8

Margin 5.2% 5.8% 8.3% 9.9% 10.7% 10.1%

Net Income $11.3 $15.5 $26.5 $38.3 $47.0 $45.9

Margin 2.8% 3.3% 4.7% 5.8% 6.4% 6.3%

EPS $0.95 $1.30 $2.21 $3.19 $3.92 $3.83

Shares Outstanding 12.0 12.0 12.0 12.0 12.0 12.0

Capital Expenditures $21.6 $25.1 $8.4 $8.7 $8.9 $9.2

% of Net Sales 5.3% 5.3% 1.5% 1.3% 1.2% 1.3%

Source: GIANT management estimates.

3

PROJECT GIANT

Projected Net Sales Progression DRAFT BAIRD

($ in millions)

Net Sales [Redacted]

$800.0

$700.0 $729.9 $731.9 [Redacted]

$457.6 $405.2 [Redacted]$469.8 $457.6 $405.2 [Redacted]$558.5 $457.6 $405.2 [Redacted]$656.5 $457.6 $405.2 [Redacted]

$0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0

2007A 2008E 2009P 2010P 2011P 2012P 2013P

Source: GIANT management estimates

* [Redacted] PROJECT GAINT

4

[Redacted]

Source: GIANT management estimates. Figures represent estimates net sales.

PROJECT GIANT

5

Updated Preliminary Valuation Analysis

Projected Net Sales Progression

($ in millions)

Net Sales Net Sales from New Products Introduced in 2008—2013

$800.0

$729.9 $200.1 $731.9 $210.1

$700.0 $656.5 $150.7

$600.0 $558.5 $98.5

$500.0 $457.6 $469.8 $47.9 23.0% 27.4% 28.7%

of of of

$405.2 $11.0 17.6% Sales Sales Sales

$400.0 10.2% of

2.7% of Sales

of Sales

$300.0 Sales

$200.0

$100.0

$0.0

2007A 2008E 2009P 2010P 2011P 2012P 2013P

PROJECT GIANT

Source: GIANT management estimates.

4

Preliminary Valuation Methodologies

Selected Company Analysis

Value based on comparisons with selected publicly-traded companies

Selected publicly-traded companies with similar business, industry and financial characteristics

Valuation benchmarks include multiples of GIANT standalone management estimates

Net Sales

EBITDA

EBIT

EPS

Selected Acquisition Analysis

Value based on comparisons with comparable acquisition transactions

Selected acquisition transactions involving companies with similar business and industry characteristics

Valuation benchmarks include multiples of GIANT standalone management estimates

Net Sales

EBITDA

EBIT

Net Income

Valuation benchmarks also include acquisition stock premiums paid for public companies

Discounted Cash Flow Analysis

Valuation based on the present value of future free cash flows and a terminal value

Free cash flow = unlevered net income + non-cash adjustments –change in working capital – capital expenditures +/- changes in other cash flow items

Discount rate = GIANT’s weighted-average cost of capital based on business and financial risk

Terminal values based on multiples of EBITDA

Supplementally (and included in the Appendix), Baird performed the following additional preliminary analyses:

M-Co merger consequences analysis

Further Terex / A.S.V. transaction analyses

PROJECT GIANT

7

Preliminary GIANT Share Price Multiples Matrix

($ in millions, except per share amounts)

GIANT Price per Share / Premium to Current Price / Equity Value / Implied Enterprise Value (1)

$15.74 $26.00 $28.00 $30.00 $32.00 $34.00

0.0% 65.2% 77.9% 90.6% 103.3% 116.0%

$193.8 $324.2 $349.6 $375.1 $400.5 $426.0

$260.8 $391.2 $416.7 $442.1 $467.6 $493.0

LTM 3/31/08 (2)

Net Sales $424.5 0.6x 0.9x 1.0x 1.0x 1.1x 1.2x

EBITDA 39.4 6.6 9.9 10.6 11.2 11.9 12.5

EBIT 34.8 7.5 11.2 12.0 12.7 13.4 14.2

Net Income 19.1 10.2 17.0 18.3 19.7 21.0 22.3

2008E (3)

Net Sales $405.2 0.6x 1.0x 1.0x 1.1x 1.2x 1.2x

EBITDA 26.3 9.9 14.9 15.8 16.8 17.8 18.7

EBIT 21.0 12.4 18.6 19.8 21.0 22.2 23.4

Net Income 11.3 17.1 28.6 30.9 33.1 35.4 37.6

2009P (3)

Net Sales $469.8 0.6x 0.8x 0.9x 0.9x 1.0x 1.0x

EBITDA 36.9 7.1 10.6 11.3 12.0 12.7 13.4

EBIT 27.4 9.5 14.3 15.2 16.1 17.1 18.0

Net Income 15.5 12.5 20.9 22.5 24.2 25.8 27.4

Peak (4)

Net Sales $485.0 0.5x 0.8x 0.9x 0.9x 1.0x 1.0x

EBITDA 52.2 5.0 7.5 8.0 8.5 9.0 9.4

EBIT 47.6 5.5 8.2 8.8 9.3 9.8 10.4

Net Income 28.9 6.7 11.2 12.1 13.0 13.9 14.7

Note: Revenue and expenses related to finance operations are included for all periods. Current Finance Receivables include $59.9 million of Retained Interest and $4.7 million of Finance Contracts Receivable, totaling $64.6 million. (1) Premium based on closing stock price of $15.74 as of June 4, 2008. 52 week low-high range is $14.01-$33.17. Implied enterprise value based on 12.1 million basic shares outstanding and diluted options outstanding calculated using the treasury method as of December 31, 2007. Enterprise value calculation includes net debt of $67.1 as of March 31, 2008, which assumes no assets related to financing are treated as cash.

(2) Based on Form 10K for the period ending 12/31/07 and Form 10-Q for the period ending 3/31/08. (3) Based on GIANT management estimates.

(4) GIANT peak LTM results occurred in Q3 2006. PROJECT GIANT 8

Preliminary Selected Public Companies DRAFT

($ in millions)

Enterprise EBITDA Multiples EBIT Multiples P/E Multiples

Company Ticker Value LTM 2008 2009 LTM 2008 2009 LTM 2008 2009

GIANT GEHL $260.8 6.6x 9.9x 7.1x 7.5x 12.4x 9.5x 10.2x 17.1x 12.5x

Astec Industries Inc. ASTE $866.9 8.2x 7.2x 6.9x 9.6x 8.7x 8.1x 15.2x 13.9x 13.3x

Caterpillar Inc. CAT 56,855.0 9.8 10.2 9.5 12.1 13.0 12.0 15.8 17.4 16.7

CNH Global NV CNH 12,993.6 8.4 7.3 6.5 10.2 8.8 7.7 24.7 16.8 13.5

Deere & Co. DE 35,019.7 11.3 9.5 8.2 13.3 10.9 9.3 21.3 20.1 16.7

Terex Corp. TEX 7,986.9 7.2 6.2 5.7 7.7 6.8 6.3 11.0 10.0 9.0

Mean 9.0x 8.1x 7.3x 10.6x 9.6x 8.7x 17.6x 15.6x 13.9x

Median 8.4 7.3 6.9 10.2 8.8 8.1 15.8 16.8 13.5

Selected company stock prices have traded down an average of 5.2% since May 14th

Sources: Based on publicly available documents as of June 4, 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 April 20, 2008. CNH projections per Merrill Lynch equity research report dated April 25, 2008.

DE projections per Goldman Sachs equity research report dated May 14, 2008.

PROJECT GIANT

9

Preliminary Selected Public Company Trading Multiples Analysis DRAFT

($ in millions, except per share amounts)

GIANT

Current Trading Selected Company Trading Multiples Implied GIANT Equity Value/Share (1)

Multiples Low Average Median High Low Average Median High

EBITDA

LTM 6.6x 7.2x 9.0x 8.4x 11.3x $17.51 $23.04 $21.16 $30.40

2008E 9.9 6.2 8.1 7.3 10.2 8.01 11.95 10.25 16.34

2009P 7.1 5.7 7.3 6.9 9.5 6.94 10.37 9.36 14.88

EBIT

LTM 7.5x 7.7x 10.6x 10.2x 13.3x $16.42 $24.26 $23.26 $31.62

2008E 12.4 6.8 9.6 8.8 13.0 6.31 11.14 9.76 16.70

2009P 9.5 6.3 8.7 8.1 12.0 5.45 9.53 8.53 15.12

Net Income

LTM 10.2x 11.0x 17.6x 15.8x 24.7x $17.09 $26.94 $24.25 $37.53

2008E 17.1 10.0 15.6 16.8 20.1 9.32 14.41 15.44 18.44

2009P 12.5 9.0 13.9 13.5 16.7 8.40 12.81 12.53 15.40

LTM AVERAGE $17.01 $24.75 $22.89 $33.18

2008E AVERAGE 7.88 12.50 11.82 17.16

2009P AVERAGE 6.93 10.90 10.14 15.13

AVERAGE VALUE 10.61 16.05 14.95 21.82

Note: As of June 4, 2008.

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT 10

Preliminary Selected Transaction Multiples Analysis DRAFT

Transaction listing

($ in millions)

Date Enterprise LTM Multiples Premium

Announced Acquiror Target Target Business Description Value Sales EBITDA EBIT NI Paid

01/14/08 Terex Corporation A.S.V. Inc. Manufacture rubber track machines and related accessories and attachments $457.0 2.3x 24.2x 29.3x 43.9x 46.5%

07/30/07 Doosan Infracore Co. Ingersoll-Rand (Bobcat Division) Manufacture and sell compact equipment 4,900.0 1.9 12.2 13.2 N/A N/A

06/28/07 Tanfield Group plc Snorkel International, Inc. Manufacture industrial and construction aerial equipments 125.7 1.0 N/A 13.1 N/A N/A

02/27/07 Volvo AB Ingersoll-Rand (Road Development) Manufacture asphalt paving, compaction and material handling equipment. 1,300.0 1.5 11.5 N/A N/A N/A

02/05/07 Atlas Copco Group Dynapac AB Manufacture compaction and paving equipments 902.0 1.4 N/A 12.1 N/A N/A

11/06/06 KKR / Goldman Sachs Kion (Linde AG forklift division) Manufacture forklift trucks 5,084.6 1.0 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 1.3 10.9 12.2 20.6 34.9%

07/28/06 Oshkosh Truck Corporation Iowa Mold Tooling Co. (IMT) Manufacture field service vehicles and truck-mounted cranes 131.0 1.2 7.8 8.2 N/A N/A

04/28/06 Singapore Technologies B.R. Lee Industries, Inc. Manufacture commercial asphalt pavers 129.0 1.3 8.9 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 2.1 4.7 N/A N/A N/A

07/19/02 Terex Corporation Genie Holdings Manufactures lifts, booms and work platforms for the construction industry 270.0 0.5 3.9 N/M N/A N/A

06/28/01 Terex Corporation CMI Corporation Manufactures equipment for the road builidng and heavy construction industry 146.6 0.7 9.7 N/M N/M 31.5%

03/05/01 Manitowoc Co. Inc. Potain SA Manufactures tower cranes primarily for the construction industry 309.5 1.2 7.5 11.4 18.8 N/A

08/23/99 Textron Inc. JLG OmniQuip International, Inc. Manufactures telescopic material handlers and aerial work platforms 491.4 1.0 8.1 9.6 15.3 7.1%

05/11/99 JLG Industries Inc. Gradall Industries, Inc. Manufactures hydraulic excavators and rough-terrain variable reach material handlers 198.0 1.0 7.0 7.9 13.1 14.3%

All Transactions

Low 0.5x 3.9x 7.9x 13.1x

Mean 1.3 9.5 13.2 22.3

Median 1.2 8.1 12.2 18.8

High 2.3 24.2 29.3 43.9

Sources: Based on publicly available documents, press releases and Capital IQ. (1) JLG enterprise value and financial statistics adjusted to exclude financing operations.

PROJECT GIANT

11

Preliminary Selected Transaction Multiples Analysis DRAFT

All transactions – LTM multiples applied to LTM GIANT results

Selected Acquisition Multiples Implied GIANT Equity Value/Share (1)

Low Average Median High Low Average Median High

EBITDA 3.9x 9.5x 8.1x 24.2x $7.20 $24.64 $20.29 $69.82

EBIT 7.9 13.2 12.2 29.3 16.84 31.43 28.73 74.89

Net Income 13.1 22.3 18.8 43.9 20.11 34.02 28.79 65.94

AVERAGE VALUE $14.72 $30.03 $25.94 $70.22

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

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT 12

Preliminary Selected Transaction Multiples Analysis DRAFT

All transactions – LTM multiples applied to 2008E GIANT results

Selected Acquisition Multiples Implied GIANT Equity Value/Share—2008E (1)

Low Average Median High Low Average Median High

EBITDA 3.9x 9.5x 8.1x 24.2x $2.96 $14.84 $11.91 $45.14

EBIT 7.9 13.2 12.2 29.3 8.16 17.11 15.47 43.54

Net Income 13.1 22.3 18.8 43.9 12.09 20.40 17.29 39.49

AVERAGE VALUE $7.74 $17.45 $14.89 $42.72

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

(1) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million. PROJECT GIANT 13

Preliminary Discounted Cash Flow Analysis – Five Year DRAFT

($ in millions, except per share amounts)

GIANT’s preliminary implied valuation derived from discounting its projected free cash flows and terminal values is summarized below, based on GIANT management forecasts

[Redacted]

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 Growth Rate (3) Flows Value Value Debt Proceeds (4) Value Per Share

6.70 x 3.5% $70.9 $305.1 $376.0 $6.7 $315.6 $24.81

13.0% 8.30 5.2% 70.9 378.0 448.9 $67.1 6.7 388.5 30.53

9.90 6.4% 70.9 450.8 521.8 11.4 466.1 36.23

6.70 x 2.5% $72.8 $320.4 $393.2 $6.7 $332.8 $26.16

12.0% 8.30 4.2% 72.8 396.9 469.7 $67.1 6.7 409.3 32.17

9.90 5.4% 72.8 473.4 546.2 11.4 490.6 38.13

6.70 x 1.6% $74.8 $336.6 $411.4 $6.7 $351.0 $27.59

11.0% 8.30 3.3% 74.8 417.0 491.8 $67.1 11.4 436.1 33.90

9.90 4.5% 74.8 497.3 572.1 11.4 516.5 40.15

+/- 15% of new product sales results in a DCF valuation midpoint of $34.37 / $29.96

(1) Discounted to June 30, 2008. (2) The assumed weighted average cost of capital for GIANT.

(3) Implied free cash flow growth rate is equal to (TV x Discount Rate—FCF2013) / (TV + FCF2013), where TV= EBITDA2013 x EBITDA Terminal Multiple. (4) Assumes cash proceeds are received from the exercise of “in the money” options.

Note: Variability of new product sales analysis assumes COGS are variable and 80% of base SG&A expenses are fixed. PROJECT GIANT 14

Preliminary Implied Transaction Premiums DRAFT

GIANT Proposal – Point In Time (1) GIANT Proposal – Volume Weighted Average Price (2)

Premium

1-Day 90.6%

7-Days 81.6%

30-Days 86.1%

60-Days 70.1%

90-Days 94.2%

180-Days 76.0%

1-Year 1.3%

All-time High (25.7%)

LTM Low 114.1%

Premium

90-Days 83.5%

180-Days 81.5%

1-Year 43.7%

2-Years 26.4%

3-Years 16.2%

Recent Implied Market Transaction Premiums (3)

Implied Transaction Premium

1—Day 1—Week 1—Month

Low (93.3%) (97.1%) (97.6%)

Mean 32.0% 34.4% 38.2%

Median 30.7% 29.8% 34.2%

High 117.6% 200.5% 245.6%

(1) Premiums calculated based upon $30.00 per share proposal utilizing Giant’s stock price reference date of June 4, 2008 per Capital IQ.

(2) Volume weighted average price calculated based upon $30.00 per share proposal utilizing a reference date of June 4, 2008. 90-Days and 180-Days per Bloomberg. 1,2 and 3-year data per Xignite historical VWAPs.

(3) Year-to-date public company transaction premiums per company press releases, Capital IQ and SDC. Additional detail in the Appendix. PROJECT GIANT 15

Preliminary Summary of Analyses DRAFT

Preliminary Summary Equity Value / Share

Low Average Median High

Preliminary Selected Company Analysis (1) $10.61 $16.05 $14.95 $21.82

Preliminary Selected Transaction Analysis—LTM 14.72 30.03 25.94 70.22

Preliminary Selected Transaction Analysis—2008E 7.74 17.45 14.89 42.72

Preliminary Discounted Cash Flow Analysis 24.81 32.19 32.17 40.15

Note: Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million.

(1) Average of LTM, 2008E and 2009P statistics. PROJECT GIANT 16

Preliminary Terex/A.S.V. Acquisition Analysis DRAFT

Multiples analysis

Focused on 2008E and “Peak” A.S.V. transaction multiples, as they potentially represent more relevant metrics for comparison

Implied LTM statistics are less relevant due to market dynamics and timing in the cycle

2008E Multiples

($ in millions, except per share amounts)

A.S.V. GIANT 2008E Implied Equity

2008E Multiples (1) Statistics Value / Share (2)

EBITDA 14.9 x $26.3 $26.14

EBIT 16.7 21.0 22.95

Net Income 26.9 11.3 24.43

Peak Multiples

A.S.V. Peak GIANT Peak Implied Equity

Multiples (3) Statistics (4) Value / Share (2)

EBITDA 9.4 x $52.2 $33.91

EBIT 10.0 47.6 32.58

Net Income 16.1 28.9 37.05

(1) Based on A.S.V. estimated 2008 figures as of November 11, 2007 (Net Sales of $259.3 million, EBITDA of $30.6 million, EBIT of $27.3 million and Net Income of $18.4 million). Based on confidential numbers provided by A.S.V. management, subject to confidentiality agreement. Subsequent disclosures in A.S.V. SEC filings dated January 28, 2008 were consistent (Net Sales of $243.8 million and EBIT of $26.7 million).

(2) Assumes 12.1 million shares outstanding plus the exercise of all “in the money” options and net debt of $67.1 million.

(3) Based on A.S.V. peak LTM statistics, occurring in Q2 2006.

(4) GIANT peak LTM results occurred in Q3 2006.

PROJECT GIANT

DRAFT

DRAFT

Review of Draft Purchase Agreement

Purchase Agreement Summary/Issues DRAFT

1. Two step transaction: a tender offer followed by a merger

2. The tender offer would commence on the date of the agreement’s execution a. Thus, the 20-day offer period would immediately begin to run, reducing the period of time in which another bidder might make a competing offer

3. M-Co must extend the tender offer at each scheduled expiration of the offer; provided that M-Co is not obligated to extend the tender offer if certain conditions exist, including either of the following: a. The minimum tender condition (2/3 of the outstanding shares) is not satisfied but all the other conditions to the offer are satisfied or waived; or b. The antitrust approval condition is not satisfied The proviso could give M-Co the right to allow the tender offer to lapse, as early as the expiration of the initial 20-day tender offer period

4. The second step merger a. Generally, a merger will require the approval of GIANT’s shareholders and the filing of a proxy statement b. If M-Co owns 90% of GIANT’s shares after the tender offer, the merger will be a short-form merger that will not require shareholder approval c. “Top up” option: GIANT grants M-Co an option to increase its holdings to 90% of GIANT stock by purchasing from GIANT additional shares of GIANT stock after the completion of the tender offer i. The agreement does not provide for a minimum number of shares that M-Co must hold after the tender offer before the option will become effective ii. M-Co can pay for the additional shares with cash or a note iii. The shares subject to the option are limited to GIANT’s authorized but unissued shares PROJECT GIANT

18

Purchase Agreement Summary/Issues DRAFT

5. GIANT’s representations in the agreement are more expansive than is typical for a public company deal

6. The definition of “Material Adverse Effect” lacks many of the exceptions typical for public company deals

7. The non-solicitation provision is tight: GIANT may only have discussions with another bidder if the GIANT Board concludes that such actions are “necessary to comply with its fiduciary duties to the shareholders” (emphasis added)

8. There is no “Go Shop” provision

9. If the GIANT Board determines that is has received a superior proposal from another bidder, GIANT must give M-Co five days to negotiate a new deal that would result in the rival bid no longer being a superior proposal

10. The agreement specifies that M-Co and its affiliates are not required to divest any assets or take any similar measures to obtain any antitrust law approval

11. In addition to more typical termination provisions, M-Co may terminate the agreement if a third party acquires 15% of GIANT’s common stock

12. The full termination fee is $15 million, which represents about 3.5% to 4% of the purchase price

PROJECT GIANT

Purchase Agreement Summary/Issues DRAFT

13. GIANT must pay a termination fee as follows:

a. If the agreement is terminated by GIANT as a result of a superior proposal, then GIANT must pay the full termination fee

b. If the agreement is terminated by M-Co as a result of (i) a change in the Board’s recommendation of the tender offer, (ii) GIANT breaching its non-solicitation obligations or (iii) a third party acquiring 15% of GIANT’s common stock, then GIANT must pay the full termination fee

c. If GIANT receives an acquisition proposal or a third party announces its intent to make an acquisition proposal and either:

i. GIANT terminates the agreement because (A) the drop dead date (180 days) shall have occurred or (B) the tender offer shall have expired or terminated without M-Co purchasing any shares; or

ii. M-Co terminates the agreement because (A) GIANT shall have materially breached the agreement or (B) of a failure of the minimum tender condition to be satisfied at the expiration of the tender offer,

then GIANT must pay one-third of the full termination fee. If within the next 18 months GIANT enters into an agreement with respect to an acquisition proposal or consummates such a transaction, GIANT must pay the remaining two-thirds of the termination fee

d. If GIANT does not receive an acquisition proposal and no third party announces its intent to make an acquisition proposal, but M-Co or GIANT terminates the agreement because of a failure of the minimum tender condition to be satisfied at the expiration of the tender offer, then GIANT must pay one-third of the full termination fee

14. Separate from the merger agreement, M-Co has forwarded a draft 30-day exclusivity agreement

PROJECT GIANT

20

Appendix

Updated Proposal

Supplemental Financial Analyses

Peak Trailing LTM EBITDA Comparison – Last Five Years DRAFT

($ in millions)

Astec

7.7x

ASV GIANT M-Co CAT

12.3 x 7.1 x 10.3x 10.9x

100.0% CNH

10.7x

Deere

16.4x

Terex

EBITDA 80.0% 6.7 x

Trailing 60.0% DE

LTM MTU

Peak CNH

of

% 40.0%

CAT

GEHL Median EBITDA Multiple at Peak: 10.5 x

20.0%

Terex Median EBIT Multiple at Peak: 11.9 x

ASV

Astec

0.0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

GIANT 2003 2004 2005 2006 2007

LTM EBITDA $10.9 $11.8 $13.0 $13.9 $17.2 $20.3 $22.8 $25.4 $29.3 $34.3 $38.6 $43.8 $46.6 $49.7 $52.2 $50.7 $50.1 $49.2 $46.2 $48.2

Multiple 9.3 x 9.8 x 9.3 x 9.6 x 6.4 x 7.3 x 6.7 x 8.3 x 9.0 x 10.3 x 10.7 x 8.6 x 9.6 x 7.1 x 7.1 x 7.6 x 7.0 x 8.8 x 7.4 x 5.7 x

Stock Price vs. LTM EBITDA

($ in millions, except per share amounts)

Previous Cycle Recent Cycle

Peak Decline Trough Increase Peak Decline Trough

$15.21 $5.20 $40.39 $14.01

Stock Price / Share (65.8%) 676.7% (65.3%)

8/10/99 5/9/03 4/5/06 3/10/08

$41.6 $10.4 $52.2 $26.3

LTM EBITDA (75.0%) 401.9% (49.6%)

12/31/99 9/30/02 9/30/06 12/31/08E

$40.00 $60.0

$35.00

$50.0

$30.00

Share $40.0

/ $25.00

Price LTM

Stock $20.00 $30.0 EBITDA

$15.00

$20.0

$10.00

$10.0

$5.00

$0.00 $0.0

12/31/98 12/31/00 12/31/02 12/31/04 12/31/06 12/31/08E 12/31/10P

Sources: Capital IQ and FactSet Data Systems. 2008E – 2010P EBITDA per management estimates. PROJECT GIANT

22

Astec

7.7 x ASV GIANT M-Co CAT

10.7 x Deere

16.4 x Terex

Terex / A.S.V. Transaction Overview

A.S.V. Snapshot

($ in millions)

11%

34% 55%

ASV OEM / CAT Loegering

$245 $246 $250 30.0% $240 $230 20.0% $220

18.1% $209 $210 14.6% 10.0% $200 9.5% $190 0.0% 2005 2006 2007E

Revenue

% EBITDA Margin

Transaction Overview

Terex announced its $18.00 per share cash offer on January 14, 2008

$18.00 per share implied 1-day / 1-week / 1-month premiums of: 46.5% / 47.9% / 52.8%

CAT agreed to tender its shares (23.5% of total outstanding shares)

ASV provides Terex opportunities for new revenue and enhanced profitability

Key product addition (rubber-track loader)

Leading technology adaptable to other products

Predominantly North American based distribution (90%)

Minimal rental channel penetration

Caterpillar relationship provides strong base of business

Terex plans to triple ASV revenue and achieve a pre-tax ROIC of 20% in 3—5 years

ASV earnings were at a cyclical low for its year ended December 31, 2007

PROJECT GIANT

Preliminary Terex/A.S.V. Acquisition Analysis

Historical LTM EBITDA multiple comparison

GIANT’s EBITDA multiple has traded at a 30% discount to A.S.V., on average, over the last three years through A.S.V.’s acquisition announcement

? 25% discount through June 2007, when A.S.V. began interviewing investment banking firms

25.0x

LTM EBITDA Multiple

20.0x A.S.V

15.0x

10.0x

GIANT

5.0x

5/13/2005 9/13/2005 1/13/2006 5/13/2006 9/13/2006 1/13/2007 5/13/2007 9/13/2007 1/13/2008

100.0%

75.0%

50.0%

25.0%

0.0%

5/13/05 9/13/05 1/13/06 5/13/06 9/13/06 1/13/07 5/13/07 9/13/07 1/13/08

GIANT Discount to A.S.V.

Sources: Capital IQ. PROJECT GIANT 24

Recent Implied Transaction Premiums

Premium from announcement date

Date Implied Transaction Premium

Announced Target Acquiror 1—Day 1—Week 1—Month

5/27/08 Sourcefire, Inc. Barracuda Networks, Inc. 12.8% 10.1% 9.8%

5/26/08 Cordero Energy Inc. Ember Resources Inc. 10.7% 11.4% 12.9%

5/22/08 Angelica Corp. Lehman Brothers Merchant Banking 32.1% 28.1% 34.8%

5/20/08 Willow Financial Bancorp, Inc. Harleysville National Corp. 34.9% 32.7% 37.0%

5/15/08 CNET Networks Inc. CBS Corporation 44.7% 49.4% 47.6%

5/15/08 Optium Corporation Finisar Corp. 5.6% 3.2% 30.1%

5/13/08 Electronic Data Systems Corporation Hewlett-Packard Co. 3.6% 28.3% 47.2%

5/10/08 Radyne Corp. Comtech Telecommunications Corp. 48.6% 45.2% 30.7%

5/5/08 Maxim Crane Works Platinum Equity Capital Partners 18.9% 18.9% 18.9%

5/1/08 Moldflow Corp Autodesk 11.3% 19.0% 24.3%

4/30/08 Bois d’Arc Energy Stone Energy Corp (4.3%) (5.0%) 15.6%

4/30/08 Esmark Essar Steel Holdings 13.5% 24.8% 50.4%

4/30/08 FTD Group United Online 11.7% 12.5% 12.4%

4/28/08 William Wrigley Jr Co Mars Inc 28.1% 28.0% 27.7%

4/24/08 Wendy’s International Triarc Cos 5.8% 6.7% 11.3%

4/23/08 Safeco Corp Liberty Mutual Group 50.9% 48.4% 55.9%

4/22/08 Sirtris Pharmaceuticals GlaxoSmithKline PLC 76.5% 86.6% 108.7%

4/21/08 Basic Energy Services Grey Wolf 34.5% 41.8% 85.1%

4/21/08 Packeteer Blue Coat Systems 14.9% 34.0% 34.2%

4/14/08 Northwest Airlines Corp Delta Air Lines 14.1% 27.3% 31.5%

4/14/08 Circuit City Stores Blockbuster 105.1% 68.4% 116.2%

4/14/08 Clayton Holdings Greenfield Partners 24.5% 10.7% 40.8%

4/11/08 TriZetto Group Apax Partners Worldwide 24.5% 25.7% 27.2%

4/10/08 Millennium Pharmaceuticals Mahogany Acquisition Corp 52.9% 59.0% 87.7%

4/7/08 LifeCell Corp Kinetic Concepts 18.2% 21.3% 25.8%

3/31/08 Ansoft Corp ANSYS 39.3% 30.0% 34.2%

3/31/08 Bentley Pharmaceuticals Teva Pharma 9.3% 8.6% 1.3%

3/20/08 Synplicity Synopsys 52.1% 54.4% 85.6%

3/19/08 Greater Community Bancorp Valley National Bancorp 25.0% 23.0% 21.9%

3/17/08 BladeLogic BMC Software 18.6% 26.0% 60.9%

3/17/08 I-trax Putter Acquisition Sub 38.5% 44.0% 41.0%

3/16/08 Bear Stearns JPMorgan Chase & Co (93.3%) (97.1%) (97.6%)

3/10/08 Nationwide Financial Services Nationwide Mutual Insurance 24.4% 16.2% 12.2%

3/10/08 MASSBank Corp Eastern Bank Corp,MA 4.7% 4.2% 2.8%

3/10/08 Iomega Corp EMC Corp 44.7% 37.5% 37.0%

Source: Company press releases, Capital IQ and SDC.

PROJECT GIANT

25

Recent Implied Transaction Premiums

Premium from announcement date

Date Implied Transaction Premium

Announced Target Acquiror 1—Day 1—Week 1—Month

3/3/08 Diebold United Technologies Corp 65.8% 55.3% 47.4%

2/26/08 CollaGenex Pharmaceuticals Galderma Laboratories 29.7% 27.4% 41.3%

2/25/08 Getty Images Hellman & Friedman 39.1% 37.0% 34.4%

2/24/08 Take-Two Interactive Software Electronic Arts 49.8% 64.2% 66.1%

2/21/08 ChoicePoint Reed Elsevier Group 48.5% 47.1% 56.9%

2/20/08 Encysive Pharmaceuticals Pfizer 117.6% 200.5% 245.6%

2/20/08 ProCentury Corp Meadowbrook Insurance 30.0% 24.4% 37.4%

2/20/08 Industrial Distribution Group Project Athena Holding Corp 3.8% 8.4% (9.9%)

2/11/08 Axcelis Technologies Investor Group 48.5% 43.5% 44.9%

2/11/08 Possis Medical Medrad 35.9% 41.4% 39.0%

2/5/08 Hypercom Corp Ingenico SA 52.4% 83.8% 38.6%

2/1/08 CSK Auto O’Reilly Automotive 101.7% 121.0% 146.9%

2/1/08 Transmeta Corp Riley Invest Mgmt 15.2% 23.7% 15.4%

1/31/08 Audible Amazon.com 23.3% 33.9% 28.9%

1/30/08 NuCO2 Aurora Capital Group 24.6% 20.1% 20.5%

1/29/08 Quadra Realty Trust Hypo Real Estate Capital Corp 33.8% 52.1% 33.8%

1/28/08 NYMEX Holdings CME Group 11.2% 22.5% (9.8%)

1/28/08 Landry’s Restaurants Investor Group 26.0% 42.0% 5.2%

1/28/08 Matria Healthcare Inverness Med Innovations 27.1% 29.7% 68.7%

1/23/08 Post Properties Investor Group 31.4% 46.1% 20.3%

1/17/08 Performance Food Group Panda Acquisition 47.8% 42.9% 35.2%

1/15/08 Lifecore Biomedical EM Warburg Pincus & Co 32.4% 27.2% 25.3%

1/15/08 VistaCare Odyssey HealthCare 20.1% 17.6% 18.9%

1/14/08 Bright Horizons Family Bain Capital Partners 47.1% 39.0% 30.1%

1/14/08 A.S.V. Terex Corp 46.5% 47.9% 51.1%

1/14/08 Golden Cycle Gold Corp AngloGold Ashanti 37.0% 40.7% 40.3%

1/10/08 Countrywide Financial Corp Bank of America Corp 51.4% (11.6%) (31.6%)

1/10/08 AmCOMP Employers Holdings 44.0% 41.1% 27.6%

1/3/08 North Pointe Holdings Corp QBE the Americas 50.2% 46.3% 51.2%

Low (93.3%) (97.1%) (97.6%)

Mean 32.0% 34.4% 38.2%

Median 30.7% 29.8% 34.2%

High 117.6% 200.5% 245.6%

Source: Company press releases, Capital IQ and SDC.

PROJECT GIANT

GIANT LTM EBITDA Multiple Analysis

GIANT has traded at a median LTM EBITDA multiple of 8.3 x over the last five years

14.0 x

12.0 x

+1 Std. Dev.

10.0 x

Multiple 9.9 x EBITDA

Median LTM 8.0 x 8.3 x

-1 Std. Dev. 6.7 x

6.0 x

4.0 x

+1 std. Dev.

-1 std. Dev.

6.7x

6/3/03 2/19/04 11/6/04 7/25/05 4/12/06 12/29/06 9/16/07 6/3/08

PROJECT GIANT

M-Co Preliminary Accretion / Dilution Analysis

Acquisition Assumptions

($ in millions)

Uses

Purchase Price per Share $30.00

Non M-Co Share Ownership 10.4

Plus: Net Purchase Price of GIANT Options $11.1

Acquired Enterprise Value $322.6

Plus: Debt 74.4

Less: Cash 7.3

Plus: Fees and Expenses 5.0

Aggregate Purchase Price $394.7

Sources

New Debt $344.7

Cash 50.0

M-Co Stock -

Aggregate Financing $394.7

Pro Forma EPS Calculation

($ in millions) Year Ending December 31,

2008E 2009P

Plus: GIANT EBIT $21.0 $27.4

Plus: Estimated Pre-Tax Synergies 0.0 0.0

Less: Incremental Interest Expense / (Income) 23.9 23.9

New Depreciation / Amortization 1.6 1.6

Incremental Income Taxes (1.5) 0.6

Incremental Net Income ($3.0) $1.3

M-Co Pre-Acquisition EPS $3.67 $3.64

Pro Forma EPS 3.59 3.67

Accretion / (Dilution)—Dollars ($0.08) $0.03

Accretion / (Dilution)—Percent (7.9%) 3.4%

Post Acquisition Total Debt / EBITDA (1) 1.65 x

Post Acquisition Total Debt / Total Capitalization (1) 35.2%

Note: Assumes financing at 6.5% interest rate. +/- 100 bp in interest rate equate to approximately +/- $0.06. (1) Based on M-Co Net Debt and LTM EBITDA as of December 31, 2007 and LTM June 30, 2008E GIANT EBITDA.

2008E Sensitivity Analysis – Incremental EPS

($ in millions, except per share amounts)

2008

GIANT Purchase Price Per Share

EBIT $26.00 $28.00 $30.00 $32.00 $34.00

$21.0 ($0.02) ($0.05) ($0.08) ($0.11) ($0.14)

23.5 0.02 (0.01) (0.04) (0.06) (0.09)

26.0 0.07 0.04 0.01 (0.02) (0.05)

28.5 0.11 0.08 0.05 0.02 (0.00)

31.0 0.16 0.13 0.10 0.07 0.04

33.5 0.20 0.17 0.14 0.11 0.08

2009P Sensitivity Analysis – Incremental EPS

($ in millions, except per share amounts)

2009

GIANT Purchase Price Per Share

EBIT $26.00 $28.00 $30.00 $32.00 $34.00

$27.4 $0.09 $0.06 $0.03 $0.00 ($0.02)

29.9 0.14 0.11 0.08 0.05 0.02

32.4 0.18 0.15 0.12 0.09 0.06

34.9 0.23 0.20 0.17 0.14 0.11

37.4 0.27 0.24 0.21 0.18 0.15

39.9 0.31 0.28 0.26 0.23 0.20

PROJECT GIANT

Selected Potential Strategic Partners

Selected Potential Strategic Partners

($ in millions)

Company /

Ownership Statistics Recent Acquisitions Strategic Rationale

Astec LTM Sales: $869.0 Acquired Peterson Pacific Corp in June 2007 for ? Sales channel varies by group using

Cash: 34.8 $31 million direct sales reps along with domestic

Debt: 0.0 Consideration : Cash / Debt Assumptions and international dealer networks

Debt / EBITDA: 0.0 x along with a $3 million earnout payment

Public (NYSE: EBITDA Multiple: 8.9 x

ASTE) Stock Performance: Stock declined 34% since Oct. 07

Doosan Infracore LTM Sales: $4,213.9 Acquired Bobcat Company in November 2007 for ? Would provide another strong North

Cash: 25.6 $4.9 billion American presence to go with recent

Debt: 1,266.4 Consideration : Cash acquisition of Bobcat

Debt / EBITDA: 2.7 x EBITDA Multiple: 12.2 x

Public EBITDA Multiple: 14.1 x Financing: $700 million—Doosan ? Gives access to additional distributors,

(KOSE:A042670) Stock Performance: Stock declined 18% since Oct. 07 $4.2 billion—Korean Development Bank which Bobcat doesn’t supply

Hyundai LTM Sales: $20,271.5 Acquired Ideal Electric Company in March 2007 ? Rumored to have been involved in

Cash: 6,958.2 for $10.4 million Bobcat process and looking to become

Debt: 527.1 Consideration : Cash an active player in the sector in North

Debt / EBITDA: 0.2 x Rev. Multiple: 0.3 x America

Public EBITDA Multiple: 5.5 x Acquired out of bankruptcy

(KOSE:A009540) Stock Performance: Stock declined 27% since Nov. 07

J.C. Bamford LTM Sales:

$730.0 Acquired Vibromax Compaction in 2005 ? Currently has five models of skid steer

Undisclosed value loaders (2 track and 3 wheel)

? Products are sold in 150 countries

Subsidiary of through over 1,300 dealer locations

Transmissions

and Engineering

Services B.V.

PROJECT GIANT

29

Selected Potential Strategic Partners

($ in millions)

Company /

Ownership Statistics Recent Acquisitions Strategic Rationale

Takeuchi LTM Sales: $760.0 No recent acquisitions ? Would be a good fit with subsidiary

Cash: 95.9 already established in U.S.

Debt: 74.8 ? Three local subsidiaries overseas:

Debt / EBITDA: 0.6 x U.S. (1979), U.K. (1996) and France

Public EBITDA Multiple: 2.4 x (2000), serve as core bases for

Takeuchi’s worldwide distributor

(JASDAQ:6432) Stock Performance: Stock declined 56% since July 07 network

Terex LTM Sales: $9,487.7 Acquired A.S.V. in January 2008 for $457.0 million ? Would be a key addition while also

Cash: 604.2 Consideration: Cash fitting strategically with A.S.V. as a

Debt: 1,373.4 LTM EBITDA Multiple: 24.2 x complementary skid steer product

Debt / EBITDA: 1.3 x Tender Offer at $18 per share line

Public EBITDA Multiple: 7.6 x Termination Fee: $17 million

(NYSE:TEX) Stock Performance: Stock declined 22% since July 07 Acquired Superior Highwall Miners in November 2007

for $146 million in an all cash deal

Wacker Nueson LTM Sales: $1,100.0 Wacker acquired Neuson Kramer in 2007 for $840 ? Three models of skid steer loaders

Cash: 241.5 million (3 wheel, 0 track)

Debt: 178.6 Consideration: Cash / Stock ? Could consolidate sales and service

Debt / EBITDA: 1.1 x Revenue multiple: 2.4 x centers across the U.S.

Public (DB:WAC) EBITDA Multiple: 7.6 x Issued 23.5 million shares (81% from

Stock Performance: Stock declined 59% since July 07 capital increase / 19% from treasury)

totaling roughly 95% of the purchase price

and issued a special dividend for the

remainder

PROJECT GIANT

30

Go Shop Provision Discussion

Increased Usage of Go Shop Provision

Number of Transactions with Go Shop Provision

40 32 30 16 20

10 4

1 1 0

2004 2005 2006 2007 2008 YTD

Common Terms to be Negotiated

– Go shop period

– “Hard” versus “soft” stop

– Discount of break-up fee during go shop period

– Buyer’s right to match or top competing bids

Source: MergerMetrics.

Go shops originally appeared in non-shopped going private deals led by affiliates of the target, but have increasingly appeared in other transaction types

Special circumstances often require the target company to limit active shopping to balance other interests

Controlling potential leaks during an auction process

Avoiding competitive issues in disclosing information to strategic buyers

Minimizing distraction to management

Typical transaction terms

Go shop period: 35 to 50 days

Break-up fee after go shop period: 2—3%

Break-up fee during is 33%—67% of the fee charged after the expiration of the go shop period

Competing offers are made in approximately 10% of the deals containing go shop provisions

PROJECT GIANT

Recent Go Shop Provisions

Fee During

Date Transaction Value Length of Termination Fee / Equity Value Go Shop as % of

Announced Target Acquiror Equity Enterprise Go Shop During Go Shop After Go Shop Fee After Go Shop

1/30/08 NuCO2 Inc Aurora Capital Group $445.0 $471.9 45 3.4% 4.5% 75.0%

1/29/08 Quadra Realty Trust Inc Hypo Real Estate Capital Corp 274.0 470.7 30 1.4% 3.2% 41.6%

1/17/08 Performance Food Group Co Panda Acquisition Inc 1,245.7 1,263.4 50 1.6% 3.2% 50.0%

1/14/08 Bright Horizons Family Bain Capital Partners LLC 1,322.8 1,327.3 60 1.5% 2.9% 50.0%

11/8/07 Restoration Hardware Inc Catterton Partners 176.1 305.6 100 3.8% 6.1% 62.5%

10/26/07 Puget Energy Inc Investor Group 3,517.4 6,716.7 45 0.9% 1.1% 75.0%

9/5/07 Markwest Hydrocarbon Inc MarkWest Energy Partners LP 734.6 1,223.7 30 1.0% 2.0% 50.0%

7/30/07 MC Shipping Inc Bear Stearns Merchant Banking 135.7 284.2 30 5.7% 5.7% 100.0%

7/25/07 PRA International Genstar Capital LLC 794.2 657.2 45 1.0% 3.0% 33.3%

7/24/07 Ryerson Inc Platinum Equity LLC 1,237.2 2,073.0 25 1.2% 2.0% 60.0%

7/23/07 Cumulus Media Inc Investor Group 517.0 1,255.4 45 1.5% 2.9% 50.0%

7/19/07 Williams Scotsman Int Inc Algeco SA 1,274.2 2,242.3 30 2.0% 3.1% 62.5%

7/16/07 DJO Inc ReAble Therapeutics LLC 1,251.6 1,546.2 70 1.5% 3.0% 50.0%

7/5/07 ACR Group Inc Watsco Inc 81.4 110.1 30 6.1% 6.1% 100.0%

6/28/07 Everlast Worldwide Inc Brands Holdings Ltd 151.0 181.8 30 2.0% 3.0% 66.7%

6/22/07 Barneys New York Inc Istithmar PJSC 942.3 942.3 30 2.2% 2.4% 90.7%

6/20/07 Nuveen Investments Inc Windy City Acquisition Corp 5,747.3 6,249.8 30 1.7% 3.5% 50.0%

6/15/07 Penn National Gaming Inc Investor Group 6,087.9 8,717.1 45 1.6% 3.3% 50.0%

6/11/07 Horizon Offshore Inc Cal Dive International Inc 628.3 640.8 45 1.5% 3.0% 49.7%

6/11/07 James River Group Inc DE Shaw & Co LP 569.9 569.9 55 1.3% 2.0% 62.5%

6/4/07 Avaya Inc Sierra Merger Corp 8,059.3 7,246.1 50 1.0% 3.1% 32.0%

5/31/07 CKX Inc Investor Group 1,309.9 1,353.9 45 0.0% 2.8% 0.0%

5/29/07 CDW Corp Madison Dearborn Partners LLC 7,273.8 6,830.7 40 1.0% 2.0% 50.0%

5/16/07 Bausch & Lomb Inc Warburg Pincus LLC 3,592.4 3,972.7 50 1.1% 3.3% 33.3%

4/24/07 Symbion Inc Crestview Partners LP 495.0 601.4 30 1.0% 2.5% 40.0%

4/19/07 Aeroflex Inc Veritas Capital 1,068.5 1,047.7 35 1.4% 2.8% 50.0%

4/2/07 First Data Corp Kohlberg Kravis Roberts & Co 25,601.8 27,031.7 50 1.0% 2.7% 35.7%

3/22/07 Vertrue Inc Investor Group 545.3 791.5 25 3.2% 4.1% 77.8%

3/12/07 Spirit Finance Corp Redford Holdco LLC 1,564.7 3,397.7 35 2.0% 2.0% 100.0%

3/6/07 Topps Co Inc Investor Group 386.5 304.8 40 2.1% 3.1% 66.7%

3/5/07 K&F Industries Holdings Inc Meggitt PLC 1,102.3 1,806.9 20 1.4% 1.4% 100.0%

Sources: Company press releases and SEC filings, Capital IQ and SDC.

PROJECT GIANT

Recent Go Shop Provisions

Continued

Fee During

Date Transaction Value Length of Termination Fee / Equity Value Go Shop as % of

Announced Target Acquiror Equity Enterprise Go Shop During Go Shop After Go Shop Fee After Go Shop

3/2/07 Bristol West Holdings Inc Farmers Group Inc $687.8 $688.1 30 2.0% 3.1% 66.7%

2/26/07 TXU Corp TXU Corp SPV 32,105.4 44,372.4 50 1.2% 3.1% 37.5%

2/23/07 SEMCO Energy Inc Cap Rock Hldg Corp 147.2 768.0 35 5.1% 10.5% 48.4%

1/28/07 Laureate Education Inc Investor Group 3,384.1 3,677.5 45 1.6% 3.3% 50.0%

1/8/07 United Surgical Partners Intl UNCN Acquisition Corp 1,447.0 1,759.7 40 1.0% 2.9% 34.6%

12/15/06 Realogy Corp Apollo Management LP 7,017.3 6,962.3 60 1.4% 3.1% 46.1%

12/4/06 Station Casinos Inc Fertitta Colony Partners LLC 5,328.8 8,070.5 30 2.0% 3.0% 66.3%

11/16/06 Clear Channel Commun Inc Investor Group 19,471.8 27,490.4 30 1.5% 2.6% 60.0%

11/5/06 OSI Restaurant Partners Inc Kangaroo Acquisition Inc 3,205.1 3,497.6 65 0.8% 1.4% 55.6%

10/16/06 Open Solutions Inc Harpoon Merger Corp 851.5 1,298.6 25 1.4% 3.5% 40.0%

10/2/06 Harrah’s Entertainment Inc Investor Group 17,125.4 27,388.7 25 2.9% 2.9% 100.0%

9/15/06 Freescale Semiconductor Inc Firestone Holdings LLC 16,875.4 17,454.5 45 0.9% 1.8% 50.0%

8/28/06 Giant Industries Inc Western Refining Inc 1,134.9 1,044.2 30 3.0% 3.0% 100.0%

8/28/06 Seitel Inc ValueAct Capital Partners LP 575.0 443.2 20 3.0% 3.0% 100.0%

8/8/06 Aleris International Inc Texas Pacific Group Inc 1,712.0 2,315.7 30 2.3% 2.3% 100.0%

7/24/06 HCA Inc Hercules Acquisition Corp 21,278.9 32,147.0 40 1.4% 2.3% 60.0%

7/14/06 Petco Animal Supplies Inc Rover Acquisition Corp 1,657.7 1,793.7 15 1.8% 3.0% 60.0%

6/7/06 Ace Cash Express Inc Investor Group 453.1 453.1 30 3.3% 3.3% 100.0%

5/31/06 West Corp Investor Group 3,571.5 3,838.3 20 1.9% 2.6% 72.0%

5/22/06 Jameson Inns Inc JER Partners 183.0 375.4 20 1.4% 2.7% 50.0%

1/22/06 Sports Authority Inc Sports Authority Inc SPV 1,020.8 1,371.3 20 2.9% 2.9% 100.0%

10/6/05 CRIIMI MAE Inc CDP Capital Financing Inc 321.2 838.3 55 2.5% 2.5% 100.0%

3/22/04 US Oncology Inc Welsh Carson Anderson & Stowe 1,302.1 1,282.2 15 0.9% 0.9% 100.0%

Low 15 0.0% 0.9% 0.0%

Mean 38 1.9% 3.1% 63.2%

Median 35 1.5% 3.0% 60.0%

High 100 6.1% 10.5% 100.0%

Sources: Company press releases and SEC filings, Capital IQ and SDC.

PROJECT GIANT

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

EX-99.(C)(10)

Exhibit 99.(c) (10)

DRAFT BAIRD

PROJECT GIANT

Updated Preliminary Valuation Analysis

July 25, 2008

Process Update DRAFT BAIRD

Since the June 5(th) Board meeting, GIANT management and its advisors have continued to work on clarifying the May 5(th)proposal set forth by M-Co Still under a Confidentiality Agreement, discussions have centered primarily around M-Co’s due diligence requirements and the Draft Purchase Agreement Selected due diligence activities have included:

M-Co has been provided access to view certain information through an electronic data room

GIANT and M-Co management, with advisors, met in New York on July 16(th)to discuss GIANT’s securitization program, 2008 year-to-date results, and other financial items

M-Co’s accounting advisors met with GIANT’s outside accountants to review audit and tax work papers on July 17(th) and 18(th)

Follow-up discussions and diligence calls are ongoing

GIANT has completed its second quarter and preliminarily revised its financial plan

Draft Purchase Agreement discussions have included the following topics:

– Purchase price

– Termination fee terms and amount

– Drag-along provision

– “Window” shop terms

– Superior proposal definition

– Tender offer structure

– Notice period and form

– Time to match

Material adverse change definition

1 PROJECT GIANT

LTM Stock Price Analysis DRAFT BAIRD

GIANT Stock Price

$30.00 8/9/07

52 Week High 5/14/08 6/5/08 $29.18 Initial Board Meeting Update Board Meeting $25.00 $16.45 $16.51 $20.00

$15.00 $15.62

$10.00

7/23/07 9/13/07 11/4/07 12/26/07 2/17/08 4/9/08 5/31/08 7/23/08

M-Co Stock Price

8/8/07

50.00 € 52 Week High

5/14/08 6/5/08

47.86 €

Initial Board Meeting Update Board Meeting 40.00 € 19.24 € 20.29 €

30.00 €

20.00 €

18.20 €

10.00 €

7/23/07 9/13/07 11/4/07 12/26/07 2/17/08 4/9/08 5/31/08 7/23/08

Source: Capital IQ.

2 PROJECT GIANT

Half Year and Annual Income Statement Update DRAFT BAIRD

($ in thousands, except per share amounts)

Half Year Income Statement

1st Half 2008 Variance 2nd Half 2008 Variance

Plan Actual $% Plan Revised $%

Net Sales $ 218,078 $ 193,238($ 24,840)(11.4%) $ 187,121 $ 200,774 $ 13,653 7.3%

EBITDA 15,726 12,502($ 3,224)(20.5%) 10,592 13,148 $ 2,556 24.1%

% Margin 7.2% 6.5% 5.7% 6.5%

EPS $0.62 $0.36( $0.26)(41.9%) $0.33 $0.53 $0.20 60.6%

Annual Income Statement

Full Year 2008 Variance Plan Revised $ %

Net Sales $405,199 $394,012 ($11,187) (2.8%) EBITDA 26,318 25,650 ($668) (2.5%)

% Margin 6.5% 6.5%

EPS $0.95 $0.89 ($0.06) (6.3%)

Source: 1(st) half per internal financial statements. 2(nd) half and FY2008 per management estimates dated July 14, 2008.

3 PROJECT GIANT

Quarterly Income Statement Update DRAFT BAIRD

($ in thousands, except per share amounts)

1st Half Quarterly Results

Q1 Variance Q2 Variance Plan Actual $ % Plan Actual $ %

Net Sales $82,720 $82,151 ($569) (0.7%) $135,358 $111,087 ($24,271) (17.9%) EBITDA 1,473 3,291 $1,818 123.4% 14,253 9,211 ($5,042) (35.4%)

% Margin 1.8% 4.0% 10.5% 8.3%

EPS ($0.04) ($0.07) ($0.03) (75.0%) $0.66 $0.43 ($0.23) (34.8%)

2nd Half Quarterly Estimates

Q3 Variance Q4 Variance Plan Revised $ % Plan Revised $ %

Net Sales $102,878 $103,970 $1,092 1.1% $84,243 $96,805 $12,562 14.9% EBITDA 7,995 7,121 ($874) (10.9%) 2,597 6,026 $3,429 132.0%

% Margin 7.8% 6.8% 3.1% 6.2%

EPS $0.31 $0.29 ($0.02) (6.5%) $0.02 $0.23 $0.21 1,050.0%

Source: Q1 and Q2 per internal financial statements. Q3 and Q4 per management estimates dated July 14, 2008.

4 PROJECT GIANT

4th Quarter 2008 Plan Revenue Bridge DRAFT BAIRD

($ in millions)

$100.0

$2.6 $96.8

$95.0 $4.0

$6.0 $90.0

$85.0 $84.2

$80.0

$75.0

[Redacted]

Original Plan Articulated Loader Telehandler Revised Plan European Launch Additional Sales

EBITDA $2.6 $6.0 Margin% 3.1% 6.2%

5 PROJECT GIANT

Preliminary GIANT Share Price Multiples Matrix DRAFT

Summary Preliminary Projected Financial Information

($ in millions, except per share amounts)

GIANT Price per Share / Premium to Current Price / Equity Value / Implied Enterprise Value(1)

$ 15.62 $ 25.00 $ 27.50 $ 30.00 $ 32.50 $ 35.00

0.0% 60.1% 76.1% 92.1% 108.1% 124.1%

$ 195.0 $ 315.7 $ 348.0 $ 380.2 $ 412.5 $ 444.9

$ 267.8 $ 388.6 $ 420.9 $ 453.1 $ 485.3 $ 517.7

LTM 6/30/08 (2)

Net Sales $ 400.3 0.7 x 1.0 x 1.1 x 1.1 x 1.2 x 1.3 x

EBITDA 33.5 8.0 11.6 12.6 13.5 14.5 15.5

EBIT 29.1 9.2 13.4 14.5 15.6 16.7 17.8

Net Income 14.1 13.8 22.4 24.7 27.0 29.3 31.6

2008E (3)

Net Sales $ 394.0 0.7 x 1.0 x 1.1 x 1.1 x 1.2 x 1.3 x

EBITDA 25.7 10.4 15.2 16.4 17.7 18.9 20.2

EBIT 20.9 12.8 18.6 20.1 21.6 23.2 24.7

Net Income 10.8 18.0 29.1 32.1 35.0 38.0 41.0

2009P (3)

Net Sales $ 469.8 0.6 x 0.8 x 0.9 x 1.0 x 1.0 x 1.1 x

EBITDA 36.9 7.3 10.5 11.4 12.3 13.1 14.0

EBIT 27.4 9.8 14.2 15.4 16.5 17.7 18.9

Net Income 15.5 12.6 20.3 22.4 24.5 26.6 28.6

Note: Revenue and expenses related to finance operations are included for all periods. Current Finance Receivables include $55.2 million of Retained Interest and $0.1 million of Finance Contracts Receivable, totaling $55.2 million. (1) Premium based on closing stock price of $15.62 as of July 23, 2008. 52 week low-high range is $12.98-$29.18. Implied enterprise value based on 12.3 million basic shares outstanding and diluted options outstanding calculated using the treasury method as of December 31, 2007. Enterprise value calculation includes net debt of $72.9 as of June 30, 2008, which assumes no assets related to financing are treated as cash.

(2) Based on Form 10-K for the period ending 12/31/07, Form 10-Q for the period ending 6/30/07, and internal financial statements for the period ending 6/30/08.

(3) Based on GIANT management estimates.

6 PROJECT GIANT

Preliminary Selected Public Companies DRAFT

($ in millions)

Enterprise EBITDA Multiples EBIT Multiples P/E Multiples

Company Ticker Value LTM 2008 2009 LTM 2008 2009 LTM 2008 2009

GIANT GEHL $ 267.8 8.0 x 10.4 x 7.3 x 9.2 x 12.8 x 9.8 x 13.8 x 18.0 x 12.6 x

Astec Industries Inc. ASTE $ 714.3 6.7 x 6.0 x 5.7 x 7.9 x 7.1 x 6.7 x 12.6 x 11.6 x 11.2 x

Caterpillar Inc. CAT 50,071.7 8.1 7.5 7.3 10.0 10.6 10.7 12.8 14.4 14.6

CNH Global NV CNH 12,384.3 7.3 6.5 6.1 8.8 8.0 7.5 18.5 11.1 8.4

Deere & Co. DE 30,918.1 10.0 8.4 7.2 11.7 9.7 8.2 18.9 17.8 14.8

Terex Corp. TEX 5,870.8 4.9 4.7 4.3 5.2 5.1 4.7 7.1 7.3 6.7

July 23: Mean 7.4 x 6.6 x 6.1 x 8.7 x 8.1 x 7.6 x 14.0 x 12.4 x 11.1 x

Median 7.3 6.5 6.1 8.8 8.0 7.5 12.8 11.6 11.2

June 5: Mean 9.0 x 8.1 x 7.3 x 10.6 x 9.6 x 8.7 x 17.6 x 15.6 x 13.9 x

Median 8.4 7.3 6.9 10.2 8.8 8.1 15.8 16.8 13.5

Selected company stock prices have traded down an average of 15.5% since June 5(th)and 20.0% since May 14(th)

Sources: Based on publicly available documents as of July 23, 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 May 14, 2008.

7 PROJECT GIANT

Preliminary Implied Transaction Premiums DRAFT BAIRD

GIANT Proposal – Point In Time(1)

Premium

July 23(rd) June 5(th) May 14(th)

1-Day 92.1% 90.6% 85.4%

7-Days 125.1% 81.6% 82.7%

30-Days 104.4% 86.1% 73.3%

60-Days 90.2% 70.1% 89.8%

90-Days 62.2% 94.2% 65.0%

180-Days 77.8% 76.0% 72.9%

1-Year 5.5% 1.3% 3.7%

All-time High(25.7%)(25.7%)(25.7%)

LTM Low 131.1% 114.1% 114.1%

GIANT Proposal – Volume Weighted Average Price (2)

Premium

July 23(rd) June 5(th) May 14(th)

90-Days 94.4% 83.5% 81.2%

180-Days 85.4% 81.5% 81.4%

1-Year 54.3% 43.7% 40.8%

2-Years 29.0% 26.4% 24.9%

3-Years 17.6% 16.2% 15.8%

Recent Implied Market Transaction Premiums (3)

Implied Transaction Premium

1 - Day 1 - Week 1 - Month

Low(93.3%)(97.1%)(97.6%)

Mean 32.0% 34.4% 38.2%

Median 30.7% 29.8% 34.2%

High 117.6% 200.5% 245.6%

(1) Premiums calculated based upon $30.00 per share proposal utilizing Giant’s stock price reference date of July 23, 2008 per Capital IQ.

(2) Volume weighted average price calculated based upon $30.00 per share proposal utilizing a reference date of July 23, 2007. 90-Days and 180-Days per

Bloomberg. 1,2 and 3-year data per Xignite historical VWAPs.

(3) Year-to-date public company transaction premiums per company press releases, Capital IQ and SDC. Additional detail in the Appendix.

8 PROJECT GIANT

Preliminary Summary of Analyses DRAFT BAIRD

Preliminary Summary Equity Value / Share

Current Summary Valuation Previous Summary Valuation

Low Average Median High Low Average Median High

Preliminary Selected Company Analysis (1) $5.13 $10.36 $9.86 $15.20 $10.61 $16.05 $14.95 $21.82

Preliminary Selected Transaction Analysis - LTM 11.43 23.22 20.03 55.40 14.72 30.03 25.94 70.22

Preliminary Selected Transaction Analysis - 2008E 7.62 16.59 14.15 40.83 7.74 17.45 14.89 42.72

Preliminary Discounted Cash Flow Analysis 23.82 31.10 31.08 38.96 24.81 32.19 32.17 40.15

Note: Assumes 12.3 million shares outstanding plus the exercise of all “in the money” options and net debt of $72.9 million. (1) Average of LTM, 2008E and 2009P statistics.

9 PROJECT GIANT

Break-Up Fee Analysis DRAFT BAIRD

Last Six Months

Announcement Break Up Enterprise Equity Break Up Fee as a % of

Date Target Acquiror Fee Value Value Enterprise Value Equity Value

7/18/08 EAG Limited (AIM:EAG) Odyssey Investment Partners, LLC $1.6 $193.6 $ 146.5 0.8% 1.1%

7/15/08 Lev Pharmaceuticals, Inc. (OTCBB:LEVP) ViroPharma Inc. (NasdaqGS:VPHM) 18.5 568.1 392.3 3.3% 4.7%

7/15/08 Intervoice Inc. (NasdaqGS:INTV) Convergys Corporation (NYSE:CVG) 14.5 269.6 322.3 5.4% 4.5%

7/9/08 Excel Technology Inc. (NasdaqGS:XLTC) GSI Group Inc. (NasdaqGS:GSIG) 9.0 340.6 347.6 2.6% 2.6%

7/8/08 Texas Wings, Inc. Chanticleer Holdings, Inc. (OTCBB:CCLR) 3.0 103.3 87.2 2.9% 3.4%

7/1/08 Fiserv Insurance Solutions Stone Point Capital LLC 23.0 796.8 461.8 2.9% 5.0%

6/27/08 Darwin Professional Underwriters, Inc. (NYSE:DR) Allied World Assurance Company Holdings Ltd. 16.5 547.4 544.6 3.0% 3.0%

6/26/08 Photon Dynamics, Inc. (NasdaqGM:PHTN) Orbotech Ltd. (NasdaqGS:ORBK) 9.0 228.9 287.2 3.9% 3.1%

6/20/08 Credence Systems Corp. (NasdaqGM:CMOS) LTX Corp. (NasdaqGM:LTXX) 6.8 146.4 183.6 4.6% 3.7%

6/17/08 MEDecision, Inc. (NasdaqGM:MEDE) Health Care Service Corporation 6.0 113.9 114.4 5.3% 5.2%

6/15/08 Greenfield Online Inc. (NasdaqGM:SRVY) Quadrangle Group LLC 12.5 360.7 408.0 3.5% 3.1%

6/13/08 Loring Ward International Ltd. (TSX:LW) Friedman Fleischer & Lowe, LLC 3.0 109.2 127.1 2.7% 2.4%

6/9/08 HireRight, Inc. (NasdaqGM:HIRE) Usis Commerical Services, Inc. 5.4 157.2 179.4 3.4% 3.0%

6/9/08 CAM Commerce Solutions Inc. (NasdaqGS:CADA) Great Hill Partners, LLC 1.5 151.4 167.7 1.0% 0.9%

6/8/08 Third Wave Technologies Inc. (NasdaqGM:TWTI) Hologic Inc. (NasdaqGS:HOLX) 18.0 538.4 509.7 3.3% 3.5%

6/5/08 Henry Petroleum, LP Concho Resources, Inc. (NYSE:CXO) 20.0 565.0 565.0 3.5% 3.5%

6/5/08 Tumbleweed Communications Corp. (NasdaqGM:TMWD) Axway Inc. 4.5 117.9 143.4 3.8% 3.1%

6/4/08 Tercica Inc. (NasdaqNM:TRCA) Ipsen S.A. (ENXTPA:IPN) 11.0 502.8 464.3 2.2% 2.4%

5/30/08 Leiner Health Products Inc. NBTY Inc. (NYSE:NTY) 5.8 639.4 230.0 0.9% 2.5%

5/28/08 Trump Marina, Inc. Coastal Development, LLC 15.0 316.0 316.0 4.7% 4.7%

5/28/08 Kosan Biosciences Inc. (NasdaqNM:KOSN) Bristol-Myers Squibb Co. (NYSE:BMY) 7.2 280.4 237.2 2.6% 3.0%

5/22/08 Angelica Corp. (NYSE:AGL) Lehman Brothers Merchant Banking 9.0 296.8 210.0 3.0% 4.3%

5/21/08 MedQuist Inc. (OTCPK:MEDQ) CBay, Inc. 8.6 260.3 413.0 3.3% 2.1%

5/20/08 United Pet Group, Inc. Salton, Inc. (OTCPK:SFPI) 50.0 915.0 692.5 5.5% 7.2%

5/19/08 Jazz Technologies, Inc. (AMEX:JAZ) Tower Semiconductor Ltd. (NasdaqNM:TSEM) 1.2 171.2 42.1 0.7% 2.8%

5/15/08 Optium Corporation (NasdaqNM:OPTM) Finisar Corp. (NasdaqNM:FNSR) 16.7 172.2 218.8 9.7% 7.6%

5/12/08 Iomai Corporation (NasdaqNM:IOMI) Intercell Biomedical Research & Development 6.0 176.6 169.0 3.4% 3.6%

Source: Capital IQ.

10 PROJECT GIANT

Break-Up Fee Analysis DRAFT BAIRD

Last Six Months

Announcement Break Up Enterprise Equity Break Up Fee as a % of

Date Target Acquiror Fee Value Value Enterprise Value Equity Value

5/10/08 Radyne Corp. (NasdaqNM:RADN) Comtech Telecommunications Corp. 5.0 195.0 216.3 2.6% 2.3%

5/7/08 VBV LLC Green Plains Renewable Energy, Inc. 6.0 310.6 98.6 1.9% 6.1%

5/6/08 BE&K, Inc. KBR, Inc. (NYSE:KBR) 16.5 550.0 487.0 3.0% 3.4%

5/1/08 Moldflow Corporation (NasdaqNM:MFLO) Autodesk, Inc. (NasdaqNM:ADSK) 7.5 190.1 271.1 3.9% 2.8%

4/30/08 FTD Group Inc. (NYSE:FTD) United Online Inc. (NasdaqNM:UNTD) 11.8 720.9 449.8 1.6% 2.6%

4/29/08 Black Hills Corporation, Seven Independent Power Plants J.P. Morgan Asset Management, Hastings 50.0 840.0 840.0 6.0% 6.0%

4/29/08 Accuro Healthcare Solutions, Inc. MedAssets, Inc. (NasdaqNM:MDAS) 15.0 352.7 228.9 4.3% 6.6%

4/22/08 Haven Eldercare, LLC LifeHouse Retirement Properties Inc. 3.0 105.0 105.0 2.9% 2.9%

4/18/08 180 Connect Inc. (OTCBB:CNCT) DirecTV Enterprises LLC 0.5 101.6 47.3 0.5% 1.1%

4/13/08 Fremont Investment & Loan, 22 Retail Banking Branches CapitalSource Inc. (NYSE:CSE) 5.0 198.0 198.0 2.5% 2.5%

4/13/08 Clayton Holdings, Inc. (NasdaqNM:CLAY) Greenfield Partners, LLC 9.0 142.9 133.2 6.3% 6.8%

4/11/08 Sirtris Pharmaceuticals, Inc. (NasdaqNM:SIRT) SmithKline Beecham Corporation 22.5 619.8 658.5 3.6% 3.4%

4/8/08 Danka Office Imaging Company, Inc. Konica Minolta Business Solutions, U.S.A., Inc. 5.0 240.0 215.0 2.1% 2.3%

4/4/08 Industrial Distribution Group Inc. (NasdaqNM:IDGR) Luther King Capital Management Corporation 3.5 133.0 118.5 2.6% 3.0%

4/2/08 Tutor-Saliba Corporation Perini Corp. (NYSE:PCR) 30.0 885.8 875.8 3.4% 3.4%

4/2/08 Magnum Coal Company Patriot Coal Corporation (NYSE:PCX) 5.0 717.8 511.0 0.7% 1.0%

3/31/08 Ansoft Corp. (NasdaqNM:ANST) Ansys, Inc. (NasdaqNM:ANSS) 27.0 826.3 759.3 3.3% 3.6%

3/31/08 Bentley Pharmaceuticals Inc. (NYSE:BNT) Teva Pharmaceutical Industries Ltd. 13.0 343.8 341.4 3.8% 3.8%

3/31/08 Aztar Indiana Gaming Company, L.L.C. Eldorado Resorts LLC 6.6 245.0 220.0 2.7% 3.0%

3/23/08 Digimarc Corp. (NasdaqNM:DMRC) L-1 Identity Solutions Inc. (NYSE:ID) 7.5 228.1 249.7 3.3% 3.0%

3/20/08 Synplicity Inc. Synopsys Inc. (NasdaqNM:SNPS) 7.9 215.8 211.8 3.7% 3.7%

3/17/08 BladeLogic, Inc. BMC Software Inc. (NYSE:BMC) 28.5 810.6 783.6 3.5% 3.6%

3/13/08 HCP, Inc., 21 Healthcare Facilities MPT Operating Partnership, L.P. 4.0 370.9 370.9 1.1% 1.1%

3/6/08 Essex Crane Rental Corporation Kirtland Capital Partners, Hyde Park Acquisition 4.0 210.0 203.0 1.9% 2.0%

3/5/08 Iomega Corp. (NYSE:IOM) EMC Corporation (NYSE:EMC) 7.5 163.2 210.9 4.6% 3.6%

2/29/08 National Beef Packing Co. LLC JBS S.A. (BOVESPA:JBSS3) 25.0 999.1 559.6 2.5% 4.5%

2/25/08 CollaGenex Pharmaceuticals Inc. Galderma Laboratories, L.P. 12.6 320.8 358.2 3.9% 3.5%

Source: Capital IQ.

11 PROJECT GIANT

Break-Up Fee Analysis DRAFT BAIRD

Last Six Months

Announcement Break Up Enterprise Equity Break Up Fee as a % of

Date Target Acquiror Fee Value Value Enterprise Value Equity Value

2/25/08 National Medical Health Card Systems Inc. SXC Health Solutions, Corp. (NasdaqNM:SXCI) 5.0 136.4 64.8 3.7% 7.7%

2/24/08 Reliant Energy Inc., Channelview Cogeneration Plant Kelson Energy, LLC 40.0 508.0 468.0 7.9% 8.5%

2/20/08 ProCentury Corp. (NasdaqNM:PROS) Meadowbrook Insurance Group Inc. (NYSE:MIG) 9.5 290.1 268.1 3.3% 3.5%

2/20/08 Industrial Distribution Group Inc. (NasdaqNM:IDGR) Platinum Equity, LLC 3.0 135.7 121.4 2.2% 2.5%

2/20/08 Encysive Pharmaceuticals Inc. (NasdaqNM:ENCY) Pfizer Inc. (NYSE:PFE) 7.7 346.8 190.3 2.2% 4.0%

2/18/08 Tender Loving Care Health Care Services, Inc. Amedisys Inc. (NasdaqNM:AMED) 8.0 394.5 378.7 2.0% 2.1%

2/15/08 M/G Transport Services, Inc. Brooklyn NY Holdings LLC 1.1 112.8 112.8 1.0% 1.0%

2/14/08 Ferris, Baker Watts, Inc. Royal Bank of Canada (TSX:RY) 5.0 230.5 205.0 2.2% 2.4%

2/14/08 Cyalume Technologies, Inc. Vector Intersect Security Acquisition Corporation 0.2 117.3 117.3 0.2% 0.2%

2/13/08 180 Connect Inc. (OTCBB:CNCT) Creative Vistas Inc. (OTCBB:CVAS) 3.0 125.3 69.0 2.4% 4.3%

2/11/08 Balfour Beatty Communities, LLC Balfour Beatty, Inc. 8.0 350.5 350.5 2.3% 2.3%

1/31/08 Wedge Oil and Gas Services, L.L.C. Pioneer Drilling Co. (AMEX:PDC) 1.0 311.0 311.0 0.3% 0.3%

1/30/08 Summit Global Logistics, Inc. (OTCPK:SGLT.Q) Ableco Finance, L.L.C., Fortress Credit 1.8 163.0 56.5 1.1% 3.2%

1/30/08 Audible, Inc. Amazon.com Inc. (NasdaqNM:AMZN) 10.0 210.6 291.5 4.7% 3.4%

1/29/08 NuCO2 Inc. Aurora Capital Group 20.0 470.2 443.1 4.3% 4.5%

1/25/08 Certain Natural Gas and Oil Properties in the Midcontinent Questar Exploration and Production Company 59.7 601.0 540.9 9.9% 11.0%

1/24/08 Calence, LLC Insight Enterprises Inc. (NasdaqNM:NSIT) 3.0 160.0 106.6 1.9% 2.8%

1/13/08 A.S.V. Inc. Terex Corp. (NYSE:TEX) 17.0 457.0 494.2 3.7% 3.4%

Last Six Months

Low 0.2% 0.2%

Mean 3.2% 3.5%

Median 3.0% 3.3%

High 9.9% 11.0%

$15.0 3.4% 4.0%

PROJECT

12.5 2.8% 3.3%

GIANT

10.0 2.3% 2.7%

Source: Capital IQ.

12 PROJECT GIANT

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