CONSOLIDATING FINANCIAL STATEMENTS

During 2009 the Company sold and issued the 4% Convertible Notes and during 2012 sold and issued the 6% Notes and the 6-1/2% Notes (collectively the “Notes”) (see Note K – “Long-Term Obligations”). The Notes are jointly and severally guaranteed by the following wholly-owned subsidiaries of the Company (the “Wholly-owned Guarantors”): A.S.V., Inc., CMI Terex Corporation, Fantuzzi Noell USA, Inc., Genie Financial Services, Inc., Genie Holdings, Inc., Genie Industries, Inc., Genie International, Inc., GFS National, Inc., Loegering Mfg. Inc., Powerscreen Holdings USA Inc., Powerscreen International LLC, Powerscreen North America Inc., Powerscreen USA, LLC, Schaeff Incorporated, Schaeff of North America, Inc., Terex Advance Mixer, Inc., Terex Aerials, Inc., Terex Financial Services, Inc., Terex South Dakota, Inc., Terex USA, LLC, Terex Utilities, Inc. and Terex Washington, Inc. Wholly-owned Guarantors are 100% owned by the Company. All of the guarantees are full and unconditional. The guarantees of the Wholly-owned Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. No subsidiaries of the Company except the Wholly-owned Guarantors have provided a guarantee of the Notes.

The following summarized condensed consolidating financial information for the Company segregates the financial information of Terex Corporation, the Wholly-owned Guarantors and the non-guarantor subsidiaries. The results and financial position of businesses acquired are included from the dates of their respective acquisitions.

Terex Corporation consists of parent company operations. Subsidiaries of the parent company are reported on the equity basis. Wholly-owned Guarantors combine the operations of the Wholly-owned Guarantor subsidiaries. Subsidiaries of Wholly-owned Guarantors that are not themselves guarantors are reported on the equity basis. Non-guarantor subsidiaries combine the operations of subsidiaries which have not provided a guarantee of the Notes. Subsidiaries of non-guarantor subsidiaries that are guarantors are reported on the equity basis. Debt and goodwill allocated to subsidiaries are presented on a “push-down” accounting basis.

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

THREE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	52.6		$	783.9		$	1,234.7		$	(260.6	)	$	1,810.6
Cost of goods sold	(47.3		)	(630.3		)	(1,006.5		)	260.6			(1,423.5		)
Gross profit	5.3			153.6			228.2			—			387.1
Selling, general and administrative expenses	(0.2		)	(59.4		)	(186.6		)	—			(246.2		)
Income (loss) from operations	5.1			94.2			41.6			—			140.9
Interest income	67.5			88.6			2.2			(156.8		)	1.5
Interest expense	(111.5		)	(37.6		)	(39.5		)	156.8			(31.8		)
Income (loss) from subsidiaries	101.9			3.7			0.2			(105.8		)	—
Other income (expense) – net	(10.8		)	1.3			8.3			—			(1.2		)
Income (loss) from continuing operations before income taxes	52.2			150.2			12.8			(105.8		)	109.4
(Provision for) benefit from income taxes	42.6			(49.3		)	(14.1		)	—			(20.8		)
Income (loss) from continuing operations	94.8			100.9			(1.3		)	(105.8		)	88.6
Income (loss) from discontinued operations – net of tax	—			—			5.5			—			5.5
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			—			—			(0.4		)
Net income (loss)	94.4			100.9			4.2			(105.8		)	93.7
Net loss attributable to noncontrolling interest	—			—			0.7			—			0.7
Net income (loss) attributable to Terex Corporation	$	94.4		$	100.9		$	4.9		$	(105.8	)	$	94.4

Comprehensive income (loss), net of tax	$	184.0		$	102.3		$	23.9		$	(126.9	)	$	183.3
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.7			—			0.7
Comprehensive income (loss) attributable to Terex Corporation	$	184.0		$	102.3		$	24.6		$	(126.9	)	$	184.0

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	169.1		$	2,395.3		$	3,665.8		$	(788.3	)	$	5,441.9
Cost of goods sold	(154.2		)	(1,935.2		)	(3,069.7		)	788.3			(4,370.8		)
Gross profit	14.9			460.1			596.1			—			1,071.1
Selling, general and administrative expenses	(9.4		)	(172.8		)	(594.3		)	—			(776.5		)
Income (loss) from operations	5.5			287.3			1.8			—			294.6
Interest income	199.7			242.0			7.3			(444.0		)	5.0
Interest expense	(311.2		)	(109.8		)	(119.6		)	444.0			(96.6		)
Loss on early extinguishment of debt	—			—			(5.2		)	—			(5.2		)
Income (loss) from subsidiaries	203.9			5.0			—			(208.9		)	—
Other income (expense) – net	(32.3		)	6.0			20.2			—			(6.1		)
Income (loss) from continuing operations before income taxes	65.6			430.5			(95.5		)	(208.9		)	191.7
(Provision for) benefit from income taxes	74.4			(133.5		)	(5.1		)	—			(64.2		)
Income (loss) from continuing operations	140.0			297.0			(100.6		)	(208.9		)	127.5
Income (loss) from discontinued operations – net of tax	—			—			5.5			—			5.5
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			3.0			—			2.6
Net income (loss)	139.6			297.0			(92.1		)	(208.9		)	135.6
Net loss attributable to noncontrolling interest	—			—			4.0			—			4.0
Net income (loss) attributable to Terex Corporation	$	139.6		$	297.0		$	(88.1	)	$	(208.9	)	$	139.6

Comprehensive income (loss), net of tax	$	117.5		$	297.7		$	(129.9	)	$	(171.8	)	$	113.5
Comprehensive loss (income) attributable to noncontrolling interest	—			—			4.0			—			4.0
Comprehensive income (loss) attributable to Terex Corporation	$	117.5		$	297.7		$	(125.9	)	$	(171.8	)	$	117.5

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

THREE MONTHS ENDED SEPTEMBER 30, 2012

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	51.9		$	663.7		$	1,301.6		$	(195.2	)	$	1,822.0
Cost of goods sold	(45.8		)	(548.5		)	(1,044.3		)	195.2			(1,443.4		)
Gross profit	6.1			115.2			257.3			—			378.6
Selling, general and administrative expenses	(3.2		)	(52.3		)	(191.2		)	—			(246.7		)
Income (loss) from operations	2.9			62.9			66.1			—			131.9
Interest income	57.4			66.6			1.9			(124.6		)	1.3
Interest expense	(95.1		)	(28.4		)	(43.7		)	124.6			(42.6		)
Loss on early extinguishment of debt	(49.4		)	—			(0.5		)	—			(49.9		)
Income (loss) from subsidiaries	96.7			2.1			(0.5		)	(98.3		)	—
Other income (expense) – net	0.4			(0.4		)	(3.6		)	—			(3.6		)
Income (loss) from continuing operations before income taxes	12.9			102.8			19.7			(98.3		)	37.1
(Provision for) benefit from income taxes	17.3			3.8			(29.9		)	—			(8.8		)
Income (loss) from continuing operations	30.2			106.6			(10.2		)	(98.3		)	28.3
Net income (loss)	30.2			106.6			(10.2		)	(98.3		)	28.3
Net loss (income) attributable to noncontrolling interest	—			—			1.9			—			1.9
Net income (loss) attributable to Terex Corporation	$	30.2		$	106.6		$	(8.3	)	$	(98.3	)	$	30.2

Comprehensive income (loss), net of tax	$	73.7		$	107.4		$	2.4		$	(111.7	)	$	71.8
Comprehensive loss (income) attributable to noncontrolling interest	—			—			1.9			—			1.9
Comprehensive income (loss) attributable to Terex Corporation	$	73.7		$	107.4		$	4.3		$	(111.7	)	$	73.7

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

NINE MONTHS ENDED SEPTEMBER 30, 2012



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	215.8		$	2,091.3		$	4,023.3		$	(677.5	)	$	5,652.9
Cost of goods sold	(193.4		)	(1,749.1		)	(3,249.9		)	677.5			(4,514.9		)
Gross profit	22.4			342.2			773.4			—			1,138.0
Selling, general and administrative expenses	(16.0		)	(154.1		)	(597.2		)	—			(767.3		)
Income (loss) from operations	6.4			188.1			176.2			—			370.7
Interest income	163.4			187.6			8.1			(352.7		)	6.4
Interest expense	(270.5		)	(77.5		)	(134.7		)	352.7			(130.0		)
Loss on early extinguishment of debt	(49.4		)	—			(2.9		)	—			(52.3		)
Income (loss) from subsidiaries	225.5			(5.7		)	(0.5		)	(219.3		)	—
Other income (expense) – net	16.9			(3.6		)	(16.0		)	—			(2.7		)
Income (loss) from continuing operations before income taxes	92.3			288.9			30.2			(219.3		)	192.1
(Provision for) benefit from income taxes	46.8			(56.4		)	(52.1		)	—			(61.7		)
Income (loss) from continuing operations	139.1			232.5			(21.9		)	(219.3		)	130.4
Income (loss) from discontinued operations – net of tax	—			—			2.5			—			2.5
Gain (loss) on disposition of discontinued operations – net of tax	—			—			2.3			—			2.3
Net income (loss)	139.1			232.5			(17.1		)	(219.3		)	135.2
Net loss (income) attributable to noncontrolling interest	—			—			3.9			—			3.9
Net income (loss) attributable to Terex Corporation	$	139.1		$	232.5		$	(13.2	)	$	(219.3	)	$	139.1

Comprehensive income (loss), net of tax	$	156.0		$	233.4		$	(29.8	)	$	(207.5	)	$	152.1
Comprehensive loss (income) attributable to noncontrolling interest	—			—			3.9			—			3.9
Comprehensive income (loss) attributable to Terex Corporation	$	156.0		$	233.4		$	(25.9	)	$	(207.5	)	$	156.0

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2013

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	52.1	$	3.5	$	315.0	$	—		$	370.6
Trade receivables – net	37.1		289.7		837.7		—			1,164.5
Intercompany receivables	83.7		147.4		61.1		(292.2		)	—
Inventories	39.8		371.3		1,331.8		—			1,742.9
Other current assets	95.0		49.7		180.8		—			325.5
Total current assets	307.7		861.6		2,726.4		(292.2		)	3,603.5
Property, plant and equipment – net	71.3		116.6		605.5		—			793.4
Goodwill	—		170.1		1,071.8		—			1,241.9
Non-current intercompany receivables	1,487.1		2,221.5		41.2		(3,749.8		)	—
Investment in and advances to (from) subsidiaries	3,829.2		156.7		162.1		(4,058.7		)	89.3
Other assets	45.4		172.7		543.3		—			761.4
Total assets	$	5,740.7	$	3,699.2	$	5,150.3	$	(8,100.7	)	$	6,489.5
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	1.7	$	0.1	$	88.7	$	—		$	90.5
Trade accounts payable	14.7		249.0		446.1		—			709.8
Intercompany payables	23.7		54.7		213.8		(292.2		)	—
Accruals and other current liabilities	84.0		138.7		804.9		—			1,027.6
Total current liabilities	124.1		442.5		1,553.5		(292.2		)	1,827.9
Long-term debt, less current portion	1,263.0		1.7		550.7		—			1,815.4
Non-current intercompany payables	2,174.8		41.8		1,533.2		(3,749.8		)	—
Retirement plans and other non-current liabilities	84.6		31.4		552.4		—			668.4
Redeemable noncontrolling interest	—		—		57.8		—			57.8
Total stockholders’ equity	2,094.2		3,181.8		902.7		(4,058.7		)	2,120.0
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	5,740.7	$	3,699.2	$	5,150.3	$	(8,100.7	)	$	6,489.5

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	39.6	$	1.4	$	637.0	$	—		$	678.0
Trade receivables – net	30.4		214.0		833.3		—			1,077.7
Intercompany receivables	113.6		142.5		62.5		(318.6		)	—
Inventories	48.4		387.9		1,279.3		—			1,715.6
Other current assets	102.6		37.2		186.3		—			326.1
Total current assets	334.6		783.0		2,998.4		(318.6		)	3,797.4
Property, plant and equipment – net	69.7		110.8		632.8		—			813.3
Goodwill	—		149.6		1,095.7		—			1,245.3
Non-current intercompany receivables	1,294.8		1,562.5		39.6		(2,896.9		)	—
Investment in and advances to (from) subsidiaries	3,274.1		207.6		69.5		(3,461.8		)	89.4
Other assets	54.3		178.7		567.8		—			800.8
Total assets	$	5,027.5	$	2,992.2	$	5,403.8	$	(6,677.3	)	$	6,746.2
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	4.6	$	—	$	79.2	$	—		$	83.8
Trade accounts payable	13.0		157.2		465.3		—			635.5
Intercompany payables	15.5		55.1		248.0		(318.6		)	—
Accruals and other current liabilities	98.0		126.0		765.5		—			989.5
Total current liabilities	131.1		338.3		1,558.0		(318.6		)	1,708.8
Long-term debt, less current portion	1,254.6		1.7		758.6		—			2,014.9
Non-current intercompany payables	1,512.7		41.8		1,342.4		(2,896.9		)	—
Retirement plans and other non-current liabilities	121.4		33.2		589.7		—			744.3
Redeemable noncontrolling interest	—		—		246.9		—			246.9
Total stockholders’ equity	2,007.7		2,577.2		908.2		(3,461.8		)	2,031.3
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	5,027.5	$	2,992.2	$	5,403.8	$	(6,677.3	)	$	6,746.2

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities of continuing operations	$	324.1		$	(169.5	)	$	8.5		$	—		$	163.1
Cash flows from investing activities
Capital expenditures	(6.7		)	(18.0		)	(36.2		)	—			(60.9		)
Proceeds from sale of assets	4.4			34.4			6.4			—			45.2
Intercompany investing activities	(307.8		)	(18.8		)	(0.6		)	327.2			—
Other investing activities, net	(2.8		)	—			2.1			—			(0.7		)
Net cash provided by (used in) investing activities of continuing operations	(312.9		)	(2.4		)	(28.3		)	327.2			(16.4		)
Cash flows from financing activities
Repayments of debt	(9.0		)	—			(494.5		)	—			(503.5		)
Proceeds from issuance of debt	9.0			—			284.6			—			293.6
Purchase of noncontrolling interest	—			—			(228.1		)	—			(228.1		)
Distributions to noncontrolling interest	—			—			(18.4		)	—			(18.4		)
Intercompany financing activities	—			174.0			153.2			(327.2		)	—
Other financing activities, net	1.3			—			7.2			—			8.5
Net cash provided by (used in) financing activities of continuing operations	1.3			174.0			(296.0		)	(327.2		)	(447.9		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6.2		)	—			(6.2		)
Net increase (decrease) in cash and cash equivalents	12.5			2.1			(322.0		)	—			(307.4		)
Cash and cash equivalents at beginning of period	39.6			1.4			637.0			—			678.0
Cash and cash equivalents at end of period	$	52.1		$	3.5		$	315.0		$	—		$	370.6

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2012

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities of continuing operations	$	(8.7	)	$	134.2		$	13.3		$	—		$	138.8
Cash flows from investing activities
Capital expenditures	(5.2		)	(10.2		)	(40.7		)	—			(56.1		)
Other investments	(4.5		)	—			(9.6		)	—			(14.1		)
Proceeds from sale of assets	0.8			2.5			28.0			—			31.3
Intercompany investing activities	(99.2		)	(127.2		)	134.0			92.4			—
Other investing activities, net	—			—			(5.2		)	—			(5.2		)
Net cash provided by (used in) investing activities of continuing operations	(108.1		)	(134.9		)	106.5			92.4			(44.1		)
Cash flows from financing activities
Repayments of debt	(400.0		)	(0.1		)	(254.4		)	—			(654.5		)
Proceeds from issuance of debt	300.0			—			39.0			—			339.0
Purchase of noncontrolling interest	—			—			(3.2		)	—			(3.2		)
Distributions to noncontrolling interest	—			—			(4.9		)	—			(4.9		)
Intercompany financing activities	(6.0		)	—			98.4			(92.4		)	—
Other financing activities, net	(2.0		)	—			(1.2		)	—			(3.2		)
Net cash provided by (used in) financing activities of continuing operations	(108.0		)	(0.1		)	(126.3		)	(92.4		)	(326.8		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.6			—			0.6
Net increase (decrease) in cash and cash equivalents	(224.8		)	(0.8		)	(5.9		)	—			(231.5		)
Cash and cash equivalents at beginning of period	264.0			2.3			507.8			—			774.1
Cash and cash equivalents at end of period	$	39.2		$	1.5		$	501.9		$	—		$	542.6