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 (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	0.5		$	814.0		$	1,214.4		$	(219.1	)	$	1,809.8
Cost of goods sold	(0.4		)	(675.1		)	(996.1		)	219.1			(1,452.5		)
Gross profit	0.1			138.9			218.3			—			357.3
Selling, general and administrative expenses	0.7			(64.0		)	(177.2		)	—			(240.5		)
Income (loss) from operations	0.8			74.9			41.1			—			116.8
Interest income	33.4			18.5			1.6			(51.2		)	2.3
Interest expense	(41.4		)	(4.0		)	(34.6		)	51.2			(28.8		)
Loss on early extinguishment of debt	(1.5		)	—			(1.1		)	—			(2.6		)
Income (loss) from subsidiaries	73.3			1.4			0.1			(74.8		)	—
Other income (expense) – net	(11.9		)	(4.3		)	14.9			—			(1.3		)
Income (loss) from continuing operations before income taxes	52.7			86.5			22.0			(74.8		)	86.4
(Provision for) benefit from income taxes	6.7			(25.3		)	(9.1		)	—			(27.7		)
Income (loss) from continuing operations	59.4			61.2			12.9			(74.8		)	58.7
Income (loss) from discontinued operations – net of tax	—			—			—			—			—
Gain (loss) on disposition of discontinued operations – net of tax	4.8			—			0.7			—			5.5
Net income (loss)	64.2			61.2			13.6			(74.8		)	64.2
Net loss (income) attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to Terex Corporation	$	64.2		$	61.2		$	13.6		$	(74.8	)	$	64.2

Comprehensive income (loss), net of tax	$	(106.6	)	$	60.9		$	(110.5	)	$	49.6		$	(106.6	)
Comprehensive loss (income) attributable to noncontrolling interest	—			—			—			—			—
Comprehensive income (loss) attributable to Terex Corporation	$	(106.6	)	$	60.9		$	(110.5	)	$	49.6		$	(106.6	)

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	40.4		$	2,616.4		$	3,655.8		$	(793.1	)	$	5,519.5
Cost of goods sold	(37.4		)	(2,134.4		)	(3,026.3		)	793.1			(4,405.0		)
Gross profit	3.0			482.0			629.5			—			1,114.5
Selling, general and administrative expenses	(4.2		)	(198.0		)	(559.6		)	—			(761.8		)
Income (loss) from operations	(1.2		)	284.0			69.9			—			352.7
Interest income	97.2			55.1			3.3			(150.8		)	4.8
Interest expense	(124.2		)	(12.5		)	(105.0		)	150.8			(90.9		)
Loss on early extinguishment of debt	(1.5		)	—			(1.1		)	—			(2.6		)
Income (loss) from subsidiaries	273.0			5.5			(1.6		)	(276.9		)	—
Other income (expense) – net	(34.9		)	(1.8		)	30.5			—			(6.2		)
Income (loss) from continuing operations before income taxes	208.4			330.3			(4.0		)	(276.9		)	257.8
(Provision for) benefit from income taxes	22.7			(99.4		)	(2.5		)	—			(79.2		)
Income (loss) from continuing operations	231.1			230.9			(6.5		)	(276.9		)	178.6
Income (loss) from discontinued operations – net of tax	0.6			—			0.8			—			1.4
Gain (loss) on disposition of discontinued operations – net of tax	7.3			—			51.2			—			58.5
Net income (loss)	239.0			230.9			45.5			(276.9		)	238.5
Net loss attributable to noncontrolling interest	—			—			0.5			—			0.5
Net income (loss) attributable to Terex Corporation	$	239.0		$	230.9		$	46.0		$	(276.9	)	$	239.0

Comprehensive income (loss), net of tax	$	109.7		$	231.3		$	(66.2	)	$	(166.0	)	$	108.8
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.9			—			0.9
Comprehensive income (loss) attributable to Terex Corporation	$	109.7		$	231.3		$	(65.3	)	$	(166.0	)	$	109.7

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	42.5		$	783.9		$	1,194.1		$	(263.5	)	$	1,757.0
Cost of goods sold	(39.3		)	(630.5		)	(969.3		)	263.5			(1,375.6		)
Gross profit	3.2			153.4			224.8			—			381.4
Selling, general and administrative expenses	(1.0		)	(59.4		)	(182.4		)	—			(242.8		)
Income (loss) from operations	2.2			94.0			42.4			—			138.6
Interest income	67.7			88.6			1.8			(156.6		)	1.5
Interest expense	(111.5		)	(37.5		)	(39.4		)	156.6			(31.8		)
Loss on early extinguishment of debt	—			—			—			—			—
Income (loss) from subsidiaries	102.2			3.6			0.2			(106.0		)	—
Other income (expense) – net	(10.2		)	1.2			7.3			—			(1.7		)
Income (loss) from continuing operations before income taxes	50.4			149.9			12.3			(106.0		)	106.6
(Provision for) benefit from income taxes	34.9			(49.1		)	(8.6		)	—			(22.8		)
Income (loss) from continuing operations	85.3			100.8			3.7			(106.0		)	83.8
Income (loss) from discontinued operations – net of tax	9.5			—			0.8			—			10.3
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			—			—			(0.4		)
Net income (loss)	94.4			100.8			4.5			(106.0		)	93.7
Net loss (income) attributable to noncontrolling interest	—			—			0.7			—			0.7
Net income (loss) attributable to Terex Corporation	$	94.4		$	100.8		$	5.2		$	(106.0	)	$	94.4

Comprehensive income (loss), net of tax	$	184.0		$	102.2		$	24.2		$	(127.1	)	$	183.3
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.7			—			0.7
Comprehensive income (loss) attributable to Terex Corporation	$	184.0		$	102.2		$	24.9		$	(127.1	)	$	184.0

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	125.5		$	2,395.2		$	3,542.4		$	(790.9	)	$	5,272.2
Cost of goods sold	(118.5		)	(1,935.4		)	(2,955.4		)	790.9			(4,218.4		)
Gross profit	7.0			459.8			587.0			—			1,053.8
Selling, general and administrative expenses	(11.5		)	(172.7		)	(581.9		)	—			(766.1		)
Income (loss) from operations	(4.5		)	287.1			5.1			—			287.7
Interest income	199.8			242.0			6.7			(443.5		)	5.0
Interest expense	(310.8		)	(109.8		)	(119.5		)	443.5			(96.6		)
Loss on early extinguishment of debt	—			—			(5.2		)	—			(5.2		)
Income (loss) from subsidiaries	206.5			5.0			—			(211.5		)	—
Other income (expense) – net	(31.5		)	5.9			20.0			—			(5.6		)
Income (loss) from continuing operations before income taxes	59.5			430.2			(92.9		)	(211.5		)	185.3
(Provision for) benefit from income taxes	68.6			(132.8		)	(0.9		)	—			(65.1		)
Income (loss) from continuing operations	128.1			297.4			(93.8		)	(211.5		)	120.2
Income (loss) from discontinued operations – net of tax	11.9			—			0.9			—			12.8
Gain (loss) on disposition of discontinued operations – net of tax	(0.4		)	—			3.0			—			2.6
Net income (loss)	139.6			297.4			(89.9		)	(211.5		)	135.6
Net loss (income) attributable to noncontrolling interest	—			—			4.0			—			4.0
Net income (loss) attributable to Terex Corporation	$	139.6		$	297.4		$	(85.9	)	$	(211.5	)	$	139.6

Comprehensive income (loss), net of tax	$	117.5		$	298.1		$	(127.7	)	$	(174.4	)	$	113.5
Comprehensive loss (income) attributable to noncontrolling interest	—			—			4.0			—			4.0
Comprehensive income (loss) attributable to Terex Corporation	$	117.5		$	298.1		$	(123.7	)	$	(174.4	)	$	117.5

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2014

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	33.1	$	2.2	$	309.2	$	—		$	344.5
Trade receivables – net	13.9		350.4		831.9		—			1,196.2
Intercompany receivables	90.0		110.7		78.5		(279.2		)	—
Inventories	—		389.2		1,287.6		—			1,676.8
Other current assets	85.1		45.7		189.4		—			320.2
Total current assets	222.1		898.2		2,696.6		(279.2		)	3,537.7
Property, plant and equipment – net	68.6		130.7		540.2		—			739.5
Goodwill	—		170.1		1,014.6		—			1,184.7
Non-current intercompany receivables	1,558.1		2,292.7		42.1		(3,892.9		)	—
Investment in and advances to (from) subsidiaries	4,130.6		197.2		153.5		(4,398.4		)	82.9
Other assets	35.9		224.9		484.1		—			744.9
Total assets	$	6,015.3	$	3,913.8	$	4,931.1	$	(8,570.5	)	$	6,289.7

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	122.9	$	2.4	$	35.1	$	—		$	160.4
Trade accounts payable	12.8		220.6		481.9		—			715.3
Intercompany payables	13.1		65.4		200.7		(279.2		)	—
Accruals and other current liabilities	94.4		147.6		650.5		—			892.5
Total current liabilities	243.2		436.0		1,368.2		(279.2		)	1,768.2
Long-term debt, less current portion	1,199.9		9.3		482.3		—			1,691.5
Non-current intercompany payables	2,281.1		41.8		1,570.0		(3,892.9		)	—
Retirement plans and other non-current liabilities	73.4		26.5		481.5		—			581.4
Total stockholders’ equity	2,217.7		3,400.2		1,029.1		(4,398.4		)	2,248.6
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	6,015.3	$	3,913.8	$	4,931.1	$	(8,570.5	)	$	6,289.7

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	16.3	$	3.9	$	387.9	$	—		$	408.1
Trade receivables – net	34.9		328.2		813.7		—			1,176.8
Intercompany receivables	52.8		121.8		124.0		(298.6		)	—
Inventories	28.6		392.6		1,192.0		—			1,613.2
Other current assets	90.4		40.7		180.9		—			312.0
Current assets – discontinued operations	21.3		—		108.0		—			129.3
Total current assets	244.3		887.2		2,806.5		(298.6		)	3,639.4
Property, plant and equipment – net	72.5		118.6		598.3		—			789.4
Goodwill	—		170.1		1,075.5		—			1,245.6
Non-current intercompany receivables	1,586.4		2,157.8		42.0		(3,786.2		)	—
Investment in and advances to (from) subsidiaries	3,874.9		191.7		162.3		(4,138.9		)	90.0
Other assets	36.7		178.2		541.8		—			756.7
Non-current assets – discontinued operations	1.2		—		14.4		—			15.6
Total assets	$	5,816.0	$	3,703.6	$	5,240.8	$	(8,223.7	)	$	6,536.7

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	3.7	$	0.7	$	82.4	$	—		$	86.8
Trade accounts payable	14.0		221.7		453.4		—			689.1
Intercompany payables	46.9		97.2		154.5		(298.6		)	—
Accruals and other current liabilities	68.1		130.9		703.7		—			902.7
Current liabilities – discontinued operations	3.9		—		42.2		—			46.1
Total current liabilities	136.6		450.5		1,436.2		(298.6		)	1,724.7
Long-term debt, less current portion	1,271.0		4.8		614.1		—			1,889.9
Non-current intercompany payables	2,143.2		41.8		1,601.2		(3,786.2		)	—
Retirement plans and other non-current liabilities	75.1		27.1		545.5		—			647.7
Non-current liabilities – discontinued operations	—		—		5.7		—			5.7
Redeemable noncontrolling interest	—		—		53.9		—			53.9
Total stockholders’ equity	2,190.1		3,179.4		984.2		(4,138.9		)	2,214.8
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	5,816.0	$	3,703.6	$	5,240.8	$	(8,223.7	)	$	6,536.7

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2014

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(189.3	)	$	175.2		$	130.7		$	—		$	116.6
Cash flows from investing activities
Capital expenditures	(4.1		)	(21.7		)	(32.8		)	—			(58.6		)
Proceeds from disposition of discontinued operations	31.3			—			130.9			—			162.2
Proceeds from sale of assets	—			2.2			0.8			—			3.0
Intercompany investing activities (1)	212.6			—			—			(212.6		)	—
Other investing activities, net	—			—			(7.4		)	—			(7.4		)
Net cash provided by (used in) investing activities	239.8			(19.5		)	91.5			(212.6		)	99.2
Cash flows from financing activities
Repayments of debt	(752.0		)	(1.1		)	(766.8		)	—			(1,519.9		)
Proceeds from issuance of debt	794.2			7.3			610.2			—			1,411.7
Purchase of noncontrolling interest	—			—			(73.4		)	—			(73.4		)
Share repurchases	(61.5		)	—			—			—			(61.5		)
Dividends paid	(16.5		)	—			—			—			(16.5		)
Intercompany financing activities (1)	—			(163.6		)	(49.0		)	212.6			—
Other financing activities, net	2.1			—			(4.1		)	—			(2.0		)
Net cash provided by (used in) financing activities	(33.7		)	(157.4		)	(283.1		)	212.6			(261.6		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(17.8		)	—			(17.8		)
Net increase (decrease) in cash and cash equivalents	16.8			(1.7		)	(78.7		)	—			(63.6		)
Cash and cash equivalents at beginning of period	16.3			3.9			387.9			—			408.1
Cash and cash equivalents at end of period	$	33.1		$	2.2		$	309.2		$	—		$	344.5


(1)	Intercompany investing and financing activities include cash pooling activity between Terex Corporation and Wholly-Owned Guarantors.

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	$	324.1		$	(168.5	)	$	7.5		$	—		$	163.1
Cash flows from investing activities
Capital expenditures	(6.7		)	(18.0		)	(36.2		)	—			(60.9		)
Proceeds from disposition of discontinued operations	(2.8		)	—			3.5			—			0.7
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	—			—			(1.4		)	—			(1.4		)
Net cash provided by (used in) investing activities	(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		)
Share repurchases	(1.1		)	—			—			—			(1.1		)
Intercompany financing activities	—			174.0			153.2			(327.2		)	—
Other financing activities, net	2.4			—			7.2			—			9.6
Net cash provided by (used in) financing activities	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			3.1			(323.0		)	—			(307.4		)
Cash and cash equivalents at beginning of period	39.6			0.4			638.0			—			678.0
Cash and cash equivalents at end of period	$	52.1		$	3.5		$	315.0		$	—		$	370.6