CONSOLIDATING FINANCIAL STATEMENTS

During 2012, the Company sold and issued the 6% Notes and the 6-1/2% Notes (collectively the “Notes”) (see Note M – “Long-Term Obligations”). The Notes are jointly and severally guaranteed by the following wholly-owned subsidiaries of the Company (the “Wholly-owned Guarantors”): CMI Terex Corporation, Fantuzzi Noell USA, Inc., Genie Holdings, Inc., Genie Industries, Inc., Genie International, Inc., Powerscreen Holdings USA Inc., Powerscreen International LLC, Powerscreen North America Inc., Powerscreen USA, LLC, 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 MARCH 31, 2016

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	0.7		$	684.7		$	965.2		$	(223.7	)	$	1,426.9
Cost of goods sold	(0.5		)	(591.4		)	(832.7		)	221.2			(1,203.4		)
Gross profit	0.2			93.3			132.5			(2.5		)	223.5
Selling, general and administrative expenses	1.2			(72.9		)	(196.0		)	2.5			(265.2		)
Income (loss) from operations	1.4			20.4			(63.5		)	—			(41.7		)
Interest income	24.2			17.2			0.8			(40.9		)	1.3
Interest expense	(36.7		)	(2.1		)	(27.3		)	40.9			(25.2		)
Income (loss) from subsidiaries	(44.5		)	7.8			(2.5		)	39.2			—
Other income (expense) – net	(21.5		)	9.5			8.2			—			(3.8		)
Income (loss) from continuing operations before income taxes	(77.1		)	52.8			(84.3		)	39.2			(69.4		)
(Provision for) benefit from income taxes	5.8			(8.2		)	(2.6		)	—			(5.0		)
Income (loss) from continuing operations	(71.3		)	44.6			(86.9		)	39.2			(74.4		)
Gain (loss) on disposition of discontinued operations – net of tax	0.5			—			2.9			—			3.4
Net income (loss)	(70.8		)	44.6			(84.0		)	39.2			(71.0		)
Net loss (income) attributable to noncontrolling interest	—			—			0.2			—			0.2
Net income (loss) attributable to Terex Corporation	$	(70.8	)	$	44.6		$	(83.8	)	$	39.2		$	(70.8	)

Comprehensive income (loss), net of tax	$	(12.6	)	$	44.9		$	(30.2	)	$	(14.7	)	$	(12.6	)
Comprehensive loss (income) attributable to noncontrolling interest	—			—			0.1			—			0.1
Comprehensive income (loss) attributable to Terex Corporation	$	(12.6	)	$	44.9		$	(30.1	)	$	(14.7	)	$	(12.5	)

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED MARCH 31, 2015

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	0.8		$	732.7		$	979.7		$	(217.6	)	$	1,495.6
Cost of goods sold	(0.2		)	(625.0		)	(811.4		)	217.6			(1,219.0		)
Gross profit	0.6			107.7			168.3			—			276.6
Selling, general and administrative expenses	12.1			(71.4		)	(173.1		)	—			(232.4		)
Income (loss) from operations	12.7			36.3			(4.8		)	—			44.2
Interest income	27.1			17.0			1.0			(44.1		)	1.0
Interest expense	(40.9		)	(1.0		)	(31.7		)	44.1			(29.5		)
Income (loss) from subsidiaries	11.5			(1.1		)	(0.4		)	(10.0		)	—
Other income (expense) – net	(15.2		)	(8.6		)	18.2			—			(5.6		)
Income (loss) from continuing operations before income taxes	(4.8		)	42.6			(17.7		)	(10.0		)	10.1
(Provision for) benefit from income taxes	5.8			(8.7		)	(8.7		)	—			(11.6		)
Income (loss) from continuing operations	1.0			33.9			(26.4		)	(10.0		)	(1.5		)
Gain (loss) on disposition of discontinued operations – net of tax	—			—			3.1			—			3.1
Net income (loss)	1.0			33.9			(23.3		)	(10.0		)	1.6
Net loss (income) attributable to noncontrolling interest	—			—			(0.6		)	—			(0.6		)
Net income (loss) attributable to Terex Corporation	$	1.0		$	33.9		$	(23.9	)	$	(10.0	)	$	1.0

Comprehensive income (loss), net of tax	$	(198.8	)	$	33.7		$	(161.0	)	$	127.9		$	(198.2	)
Comprehensive loss (income) attributable to noncontrolling interest	—			—			(0.6		)	—			(0.6		)
Comprehensive income (loss) attributable to Terex Corporation	$	(198.8	)	$	33.7		$	(161.6	)	$	127.9		$	(198.8	)

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2016

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	0.5	$	3.4	$	319.7	$	—		$	323.6
Trade receivables – net	8.7		286.7		723.2		—			1,018.6
Intercompany receivables	73.1		80.3		56.5		(209.9		)	—
Inventories	0.1		465.7		1,088.5		—			1,554.3
Prepaid assets	67.2		54.2		135.5		—			256.9
Other current assets	6.0		—		0.8		—			6.8
Total current assets	155.6		890.3		2,324.2		(209.9		)	3,160.2
Property, plant and equipment – net	55.7		148.9		484.5		—			689.1
Goodwill	—		181.8		880.8		—			1,062.6
Non-current intercompany receivables	1,412.4		2,556.5		6.3		(3,975.2		)	—
Investment in and advances to (from) subsidiaries	4,102.0		210.0		191.2		(4,393.5		)	109.7
Other assets	66.1		235.7		414.1		—			715.9
Total assets	$	5,791.8	$	4,223.2	$	4,301.1	$	(8,578.6	)	$	5,737.5

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	—	$	0.7	$	161.3	$	—		$	162.0
Trade accounts payable	30.1		250.3		471.5		—			751.9
Intercompany payables	5.7		53.1		151.1		(209.9		)	—
Accruals and other current liabilities	73.9		116.2		530.6		—			720.7
Total current liabilities	109.7		420.3		1,314.5		(209.9		)	1,634.6
Long-term debt, less current portion	1,220.7		1.0		447.2		—			1,668.9
Non-current intercompany payables	2,555.7		22.3		1,397.2		(3,975.2		)	—
Retirement plans and other non-current liabilities	50.6		34.7		459.5		—			544.8
Total stockholders’ equity	1,855.1		3,744.9		682.7		(4,393.5		)	1,889.2
Total liabilities and stockholders’ equity	$	5,791.8	$	4,223.2	$	4,301.1	$	(8,578.6	)	$	5,737.5

TEREX CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

(in millions)



	Terex Corporation		Wholly-owned Guarantors		Non-guarantor Subsidiaries		Intercompany Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	91.6	$	3.1	$	371.8	$	—		$	466.5
Trade receivables – net	5.2		254.9		679.1		—			939.2
Intercompany receivables	96.6		70.0		42.3		(208.9		)	—
Inventories	—		431.2		1,014.5		—			1,445.7
Prepaid assets	55.4		33.5		132.5		—			221.4
Other current assets	55.7		0.1		11.6		—			67.4
Total current assets	304.5		792.8		2,251.8		(208.9		)	3,140.2
Property, plant and equipment – net	57.9		146.6		471.3		—			675.8
Goodwill	—		180.1		843.1		—			1,023.2
Non-current intercompany receivables	1,354.0		2,629.9		0.9		(3,984.8		)	—
Investment in and advances to (from) subsidiaries	3,975.6		203.9		187.9		(4,263.6		)	103.8
Other assets	29.3		115.1		528.6		—			673.0
Total assets	$	5,721.3	$	4,068.4	$	4,283.6	$	(8,457.3	)	$	5,616.0

Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt	$	—	$	0.7	$	79.5	$	—		$	80.2
Trade accounts payable	21.4		230.8		485.5		—			737.7
Intercompany payables	3.1		63.8		142.0		(208.9		)	—
Accruals and other current liabilities	60.2		122.1		458.4		—			640.7
Total current liabilities	84.7		417.4		1,165.4		(208.9		)	1,458.6
Long-term debt, less current portion	1,138.0		1.2		590.7		—			1,729.9
Non-current intercompany payables	2,563.2		22.3		1,399.3		(3,984.8		)	—
Retirement plans and other non-current liabilities	58.0		35.4		422.1		—			515.5
Total stockholders’ equity	1,877.4		3,592.1		706.1		(4,263.6		)	1,912.0
Total liabilities and stockholders’ equity	$	5,721.3	$	4,068.4	$	4,283.6	$	(8,457.3	)	$	5,616.0

TEREX CORPORATION

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2016

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(27.5	)	$	(93.8	)	$	(4.2	)	$	(3.7	)	$	(129.2	)
Cash flows from investing activities
Capital expenditures	(0.3		)	(12.8		)	(9.1		)	—			(22.2		)
Acquisitions, net of cash acquired	—			—			(3.2		)	—			(3.2		)
Intercompany investing activities (1)	(137.7		)	—			(20.8		)	158.5			—
Other investing activities, net	—			1.9			14.6			(17.0		)	(0.5		)
Net cash provided by (used in) investing activities	(138.0		)	(10.9		)	(18.5		)	141.5			(25.9		)
Cash flows from financing activities
Repayments of debt	(57.5		)	(0.3		)	(108.3		)	—			(166.1		)
Proceeds from issuance of debt	139.5			—			37.5			—			177.0
Dividends paid	(7.6		)	—			—			—			(7.6		)
Intercompany financing activities (1)	—			105.3			32.5			(137.8		)	—
Other financing activities, net	—			—			(0.6		)	—			(0.6		)
Net cash provided by (used in) financing activities	74.4			105.0			(38.9		)	(137.8		)	2.7
Effect of exchange rate changes on cash and cash equivalents	—			—			9.5			—			9.5
Net increase (decrease) in cash and cash equivalents	(91.1		)	0.3			(52.1		)	—			(142.9		)
Cash and cash equivalents at beginning of period	91.6			3.1			371.8			—			466.5
Cash and cash equivalents at end of period	$	0.5		$	3.4		$	319.7		$	—		$	323.6


(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

THREE MONTHS ENDED MARCH 31, 2015

(in millions)



	Terex Corporation			Wholly-owned Guarantors			Non-guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(307.5	)	$	143.6		$	53.2		$	—		$	(110.7	)
Cash flows from investing activities
Capital expenditures	(0.2		)	(12.7		)	(13.3		)	—			(26.2		)
Acquisitions, net of cash acquired	—			(21.1		)	(1.0		)	—			(22.1		)
Intercompany investing activities (1)	161.1			—			—			(161.1		)	—
Other investing activities, net	(3.5		)	—			1.5			—			(2.0		)
Net cash provided by (used in) investing activities	157.4			(33.8		)	(12.8		)	(161.1		)	(50.3		)
Cash flows from financing activities
Repayments of debt	(114.8		)	(5.5		)	(6.0		)	—			(126.3		)
Proceeds from issuance of debt	225.8			—			11.6			—			237.4
Share repurchases	(40.2		)	—			—			—			(40.2		)
Dividends paid	(6.4		)	—			—			—			(6.4		)
Intercompany financing activities (1)	—			(103.9		)	(57.2		)	161.1			—
Other financing activities, net	0.6			—			(0.6		)	—			—
Net cash provided by (used in) financing activities	65.0			(109.4		)	(52.2		)	161.1			64.5
Effect of exchange rate changes on cash and cash equivalents	—			—			(30.4		)	—			(30.4		)
Net increase (decrease) in cash and cash equivalents	(85.1		)	0.4			(42.2		)	—			(126.9		)
Cash and cash equivalents at beginning of period	99.0			1.9			377.3			—			478.2
Cash and cash equivalents at end of period	$	13.9		$	2.3		$	335.1		$	—		$	351.3


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