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.