JLG Industries, Inc. -...

1

JLG Industries, Inc.Focused on Access

SunTrust Robinson Humphrey Investor Conference

April 12, 2005

2SunTrust Robinson Humphrey Investor Conference April 12, 2005

Safe Harbor StatementSafe Harbor StatementForward Looking Statements represent the Company’s expectations or beliefs concerning future events. Actual results may differ materially. Any forward looking statements made by or on behalf of the Company may involve certain risks and uncertainties, including cyclical demand, a consolidating customer base, competition, continued innovation, product liability, availability of product components and other risks, as detailed in the Company’s SEC reports, including the report on Form 10-Q for the fiscal quarter ended January 30, 2005. Undue reliance should not be placed on any forward looking statements made by or on behalf of the Company. The Company undertakes no obligations to publicly update or revise any forward looking statement. Non-GAAP metrics included in this presentation reflect information that management believes is useful in analyzing the Company's performance. Reconciliation of these metrics to corresponding GAAP measures appears at the end of these presentation materials and/or on the investor relations section of our website www.jlg.com.


JLG Industries, Inc.JLG Industries, Inc.

Largest manufacturer of aerial work platforms in the worldLargest manufacturer of telehandlers in the U.S. and 3rd largest worldwide

Largest manufacturer of aerial work platforms in the worldLargest manufacturer of telehandlers in the U.S. and 3rd largest worldwide

The MarketLeaderThe MarketLeader

Three Principal Product Lines Three Principal Product Lines

Aerial work platforms—Boom, scissor and vertical lifts designed to position people at heightsTelehandlers—Telescopic material handlers for construction, agricultural and military applicationsExcavators—Highway speed telescopic hydraulic excavators Related parts, service and financing solutions

Aerial work platforms—Boom, scissor and vertical lifts designed to position people at heightsTelehandlers—Telescopic material handlers for construction, agricultural and military applicationsExcavators—Highway speed telescopic hydraulic excavators Related parts, service and financing solutions

GlobalManufacturer of AccessEquipment

GlobalManufacturer of AccessEquipment

Global manufacturer of access equipment with $1.4 billion in revenues*Manufacturing facilities in the U.S., Belgium and France with revenues and service operations on six continentsNearly 24% of revenues derived from outside of the U.S.*

Global manufacturer of access equipment with $1.4 billion in revenues*Manufacturing facilities in the U.S., Belgium and France with revenues and service operations on six continentsNearly 24% of revenues derived from outside of the U.S.*

* LTM ended 1/30/05


Other International

U.S.

Europe

76%

15%

9%

Aerial Work Platforms

Telehandlers

Excavators

58%

37%5%

JLG TodayJLG Today(LTM Sales Mix)(LTM Sales Mix)

Product MixBusiness Mix

Geographic Mix

Access Financial Solutions Machinery

EquipmentServices

1%

17% 82%

$1.4 billion in LTM ended 1/30/05 sales with 24% from outside of North America


Our Product PortfolioOur Product Portfolio

Hydraulic Telescopic ExcavatorScissor Lift

Vertical Mast LiftBoom Lift

European-Design Telehandler

Rear-Pivot Telehandler

All-Wheel Steer Telehandler

Military-Design Telehandler

Traversing Boom Telehandler


FiveFive--Year Strategic PlanYear Strategic PlanGrow business to $2 billion by focusing on core products

Diversify customer base to ensure no single distribution channel represents more than 30% in revenues

Expand after-market business and generate at least 35% of revenue from non-new machine sales

Eliminate $100 million of cost from entire business over 5 years, net of inflation

Institutionalize Six Sigma processes to develop 25% of net cost reductions

Grow through acquisitions, joint ventures and alliances to help drive 20% of revenues with return on invested capital of 15%

Attract, develop and retain high quality employees


$353

$282

$249

$425

$214

$156

$233

$160

$218

$307

$237

$156

$230

$207

$151

$319$292

$219 $209 $206

$234

$340

Our Business has Turned a Corner…Our Business has Turned a Corner…

Q1 Q2 Q3 Q4 Q1 Q2

FY2000 FY2001 FY2002 FY2003 FY2004 FY2005

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

$ in millions

Annual RevenueGrowth % 46.6 (8.7) (20.1) (2.5) 59.0 46.71

(1) Represents six months ended 1/30/05 versus six months ended 1/25/04(1) Represents six months ended 1/30/05 versus six months ended 1/25/04


……And Profitability is RecoveringAnd Profitability is RecoveringKey TakeawaysKey TakeawaysOperating MarginOperating Margin

Steel prices appear to have stabilized

Production inefficiencies from rapidramp-up dissipating

Price increases beginning to benefit margins

― 3% base price increase in January

― Increased steel surcharge from 2.755% (1.6% realization) to 3.5% in January

Q2 operating margin would have been 6.3%if price increases had been in effect from beginning of the quarter

Second half results will have the full benefit of pricing actions

Steel prices appear to have stabilized

Production inefficiencies from rapidramp-up dissipating

Price increases beginning to benefit margins

― 3% base price increase in January

― Increased steel surcharge from 2.755% (1.6% realization) to 3.5% in January

Q2 operating margin would have been 6.3%if price increases had been in effect from beginning of the quarter

Second half results will have the full benefit of pricing actions

4.5%

7.4%

(2.7%)

4.6%

6.3%

7.5%

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

Q1 Q2 Q3 Q4 Q1 Q2FY 2004 FY 2005

5.0%


The JLG OpportunityThe JLG Opportunity

10 broad line AWP manufacturers in 1997; 3 today 13 Telehandler manufacturers in 1997; 9 today More rational competition and better returns going forward

10 broad line AWP manufacturers in 1997; 3 today 13 Telehandler manufacturers in 1997; 9 today More rational competition and better returns going forward

Beneficiary ofMulti-Year Industry Consolidation

Beneficiary ofMulti-Year Industry Consolidation

SignificantNear-Term EarningsGrowth Potential

SignificantNear-Term EarningsGrowth Potential

AWP and Telehandler recovery underway following prolonged downturn

Rental companies making significant investments in new equipment

Economic fundamentals supporting increased demand

AWP and Telehandler recovery underway following prolonged downturn

Rental companies making significant investments in new equipment

Economic fundamentals supporting increased demand

Only access equipment company with the leading market positions in AWPs and TelehandlersBoth products purchased by the same customersStrength in telehandlers driving incremental AWP sales

Only access equipment company with the leading market positions in AWPs and TelehandlersBoth products purchased by the same customersStrength in telehandlers driving incremental AWP sales

Product Mix Driving Market Share GainsProduct Mix Driving Market Share Gains



Enormous Growth Potential in EuropeEnormous Growth Potential in Europe

European rental is moving towards a US model, which plays to ourstrengths, particularly in AWPs

We are just entering the European telehandler market, which is 2x larger than North America

European rental is moving towards a US model, which plays to ourstrengths, particularly in AWPs

We are just entering the European telehandler market, which is 2x larger than North America

Incremental Revenue and Margin Opportunity from Service

Incremental Revenue and Margin Opportunity from Service

Service is an underdeveloped marketFirst service center opened in Houston in July 2004; severalmore planned

Service is an underdeveloped marketFirst service center opened in Houston in July 2004; severalmore planned

North American distribution channel continues to evolveEntry of home centers into light equipment rental is significantDeveloping specialized products for big box retail and the military

North American distribution channel continues to evolveEntry of home centers into light equipment rental is significantDeveloping specialized products for big box retail and the military

Addressing New Channels with New Products

Addressing New Channels with New Products


We are the Beneficiary of a MultiWe are the Beneficiary of a Multi--YearYearIndustry ConsolidationIndustry Consolidation

JLG GenieGroveMECSnorkel (OmniQuip)

JLG GenieGroveMECSnorkel (OmniQuip)

Major AWP Manufacturers—1997Major AWP Manufacturers—1997

UprightSkyjackPinguely-HaulotteSimon/Mark (Terex)Condor

UprightSkyjackPinguely-HaulotteSimon/Mark (Terex)Condor

GradallOmniQuipCaterpillarManitou JCBTraverse

GradallOmniQuipCaterpillarManitou JCBTraverse

IRPettiboneMerloBarragaItalmacchineSambron

IRPettiboneMerloBarragaItalmacchineSambron

JLG Genie (Terex)Pinguely-HaulotteSkyjack (Linamar)

JLG Genie (Terex)Pinguely-HaulotteSkyjack (Linamar)

JCBManitouJLG MerloCaterpillar

JCBManitouJLG MerloCaterpillar

TerexGehlIRPettibone / Traverse

TerexGehlIRPettibone / Traverse

Major AWP Manufacturers—2005Major AWP Manufacturers—2005

Major Telehandler Manufacturers—1997Major Telehandler Manufacturers—1997 Major Telehandler Manufacturers—2005Major Telehandler Manufacturers—2005

3 full line manufacturers3 full line manufacturers

GehlGehl


Major Rental Companies are PlanningMajor Rental Companies are PlanningSignificant InvestmentsSignificant Investments……

RER Rank1 2000 2001 2002 2003 2004 United Rentals #1 $962 $497 $477 $336 $600

RSC #2 500 170 260 360 400

Hertz #3 675 404 260 260 510

NationsRent #6 248 20 16 160 130

Ameco #11 205 80 60 60 90

NES #5 181 15 61 34 80

Sunbelt #4 230 106 90 73 56

Neff #9 118 29 21 31 85

Home Depot #7 45 56 50 100 125

H&E #10 28 82 56 33 NA

Total $3,192 $1,459 $1,351 $1,447 $2,076 % Change — (54.3) (7.4) 7.1 43.5

JLG Revenues (Calendarized) 1,094 814 769 890 1,404 % Change 24.6 (25.6) (5.5) 15.7 57.8

Source: Daniel Kaplan Associates1 Rental Equipment Registry March 2004 ranking of the largest equipment rental companies in the US

$ in millions


……Fundamentals are PositiveFundamentals are Positive……

Source: Cyclecast and Global Insight

Forecasts

Indicator

Threshold to Support

Grow th 2005 2006 2007 2008 2009

Real GDP >2.5% 3.9% 3.1% 3.3% 2.7% 2.8%

Non-Res. Const. >1.0% +10.0% +7.8% +7.7% +4.5% +8.5%

Housing Starts >1.50M 2.05M 2.09M 1.90M 1.90M 1.70M

Interest Rates <8% <6% 6% 7% 8% ?

ThresholdNegativeNeutral Positive Modest Industry

Slowdown?

Strong Industry Growth


……And The Upside Potential Remains SignificantAnd The Upside Potential Remains Significant

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Scissors Booms

AWP shipments up 39% versus 2003, but still 47% below the 2000 peak

Telehandler shipments up 48% versus2003, but still 11% below the 1999 peak

Source: Association of Equipment Manufacturers

North American AWP MarketNorth American AWP Market North American Telehandler MarketNorth American Telehandler Market


Our Product Mix Is a Competitive Advantage…Our Product Mix Is a Competitive Advantage…

Skilled operators

Brand loyal

Willing to pay a premium

Skilled operators

Brand loyal

Willing to pay a premium

Varying levels of operator skill

Somewhat brand “aware”

Less willing to pay a premium

Varying levels of operator skill

Somewhat brand “aware”

Less willing to pay a premium

Terex telehandler is less differentiated

Skyjack does not have a telehandler

Haulotte does not have a telehandler

Terex telehandler is less differentiated

Skyjack does not have a telehandler

Haulotte does not have a telehandler

Top four telehandler brands in the U.S.

― Lull (OmniQuip)

― Skytrack (OmniQuip)

Top four telehandler brands in the U.S.

― Lull (OmniQuip)

― Skytrack (OmniQuip)

Telehandler End-User CharacteristicsTelehandler End-User Characteristics JLGJLG

AWP End-User CharacteristicsAWP End-User Characteristics Our AWP CompetitorsOur AWP CompetitorsLe

ss

Mor

e D

iffer

entia

tion

― Gradall

― JLG

― Gradall

― JLG


…That Drives Our Market Position…That Drives Our Market PositionJLG Market PositionJLG Market Position

#1 North America

#2 Europe

#1 North America

#2 Europe

#3 North America

#2 Europe

#3 North America

#2 Europe

#1 North America

Europe — New Entrant

#1 North America

Europe — New Entrant

#1 North America#1 North America

Primary CompetitorsPrimary Competitors

Genie (Terex)

Haulotte

Genie (Terex)

Haulotte

Skyjack (Linamar)Genie (Terex)

Genie (Terex)Haulotte

Skyjack (Linamar)Genie (Terex)

Genie (Terex)Haulotte

CaterpillarTerex

ManitouJCBMerlo

CaterpillarTerex

ManitouJCBMerlo

Badger EquipmentBadger Equipment

Boom LiftsBoom Lifts

Scissor LiftsScissor Lifts

TelehandlersTelehandlers

TelescopicHydraulicExcavators

TelescopicHydraulicExcavators

Genie (Terex)Genie (Terex)


Europe Represents an Enormous Opportunity…Europe Represents an Enormous Opportunity…

Equipment rental industry less developed than in the U.S.Lower penetration of AWPs relative to US2x larger telehandler market than the U.S.― 40% of the market is agricultural

― Telehandlers are equivalent of skid-steers in U.S.

― Less of a rental product; traditional distribution important

― JLG is just entering the marketFrance is largest market for AWPs and telehandlers

Equipment rental industry less developed than in the U.S.Lower penetration of AWPs relative to US2x larger telehandler market than the U.S.― 40% of the market is agricultural

― Telehandlers are equivalent of skid-steers in U.S.

― Less of a rental product; traditional distribution important

― JLG is just entering the marketFrance is largest market for AWPs and telehandlers

Market CharacteristicsMarket Characteristics Market Size—2004E Industry ShipmentsMarket Size—2004E Industry Shipments

Source: Association of Equipment Manufacturers and Off-Highway research

35,000

12,000

15,500

22,000

AWPs Telehandlers

North America Europe

(Units)


…And the Market is Moving in a Direction…And the Market is Moving in a DirectionThat Plays to Our StrengthsThat Plays to Our Strengths

JLG country-specific distributors

― Sold to end-users

― Sold to rental/hire companies

Direct sales

JLG had no local manufacturing

JLG country-specific distributors

― Sold to end-users

― Sold to rental/hire companies

Direct sales

JLG had no local manufacturing

JLG SSOs― National rental companies― Select industrial customers

JLG international direct sales― Large national rental companies

just emerging― OEM rental distribution

JLG country-specific distributors― Agriculture

Telehandler private label

JLG has two manufacturing facilities

JLG SSOs― National rental companies― Select industrial customers

JLG international direct sales― Large national rental companies

just emerging― OEM rental distribution

JLG country-specific distributors― Agriculture

Telehandler private label

JLG has two manufacturing facilities

Europe 5 Years AgoEurope 5 Years Ago Europe Now and Next YearEurope Now and Next Year

– Construction– Construction


We are Getting ResultsWe are Getting Results

Developing European-style products― Introduced construction telehandler in 2002― Introduced first agricultural telehandler in

2004Private label telehandler opportunity with established European agricultural distributor SAME Deutz-Fahr Enhancing AWP position― Acquired Manlift (Liftlux and Toucan brands)― Purchased French remanufacturing facility

Exploring other private label opportunitiesAdditional European acquisitions

Developing European-style products― Introduced construction telehandler in 2002― Introduced first agricultural telehandler in

2004Private label telehandler opportunity with established European agricultural distributor SAME Deutz-Fahr Enhancing AWP position― Acquired Manlift (Liftlux and Toucan brands)― Purchased French remanufacturing facility

Exploring other private label opportunitiesAdditional European acquisitions

Key Growth StrategiesKey Growth Strategies JLG Europe RevenuesJLG Europe Revenues

% Growth (23.4) 22.8 42.1 40.2 53.9 41.0

$24

$40$48

$66

$37

$57

Q1 Q2 Q3 Q4 Q1 Q2

FY 2004 FY 2005

$ in millions


North American Access EquipmentNorth American Access EquipmentDistribution is EvolvingDistribution is Evolving

National Rental Companies― United Rentals― RSC― Hertz Equipment Rental― Sunbelt Rentals…

Mega Independent Rental Companies (“IRCs”)― Sunstate― Ahern Rentals― CAT Rental…

IRCs― Small regional or local― Mom & Pops

National Rental Companies― United Rentals― RSC― Hertz Equipment Rental― Sunbelt Rentals…

Mega Independent Rental Companies (“IRCs”)― Sunstate― Ahern Rentals― CAT Rental…

IRCs― Small regional or local― Mom & Pops

5 Years Ago5 Years Ago Now and Next YearNow and Next Year

National Rental CompaniesMega IRCsIRCsOEM Dealer Rental― Caterpillar― Volvo― Komatsu…

Small contractor rental― Home Depot― Lowe’s (NationsRent)

CatalogDirect sales to big box retailers and industrials― Commercial Solutions Group

National Rental CompaniesMega IRCsIRCsOEM Dealer Rental― Caterpillar― Volvo― Komatsu…

Small contractor rental― Home Depot― Lowe’s (NationsRent)

CatalogDirect sales to big box retailers and industrials― Commercial Solutions Group

New forJLG


New Products to Address New ChannelsNew Products to Address New Channels

Small AWPS (Catalog)

Triple-L Trailer (Home Center Channel)

Vertical Industrial Aerial (Direct Sales)

Trailer Mounts (Home Center Channel)

Agricultural Telehandlers (Agricultural Distribution)


We are Successfully Broadening ourWe are Successfully Broadening ourNorth American DistributionNorth American Distribution

16%

27%

34%

23%

22%

12%22%

44%

20%

10%

6% 64%

National Rental Chains Independents Industrials Dealers

FY 2000FY 2000 FY 2005EFY 2005E FY 2009 TargetFY 2009 Target

Goal: No single distribution channel represents more than 30% of revenues

23

Financial OverviewFinancial Overview


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1996 1997 1998 1999 2000 2001 2002 2003 2004 2005Guidance

$195

$215

$235

$255

$275

AWPs Telehandlers Excavators Equipment Services Non-Residential Construction

Revenue Growth and Mix: 1996Revenue Growth and Mix: 1996––2005E2005E($ in Millions, Fiscal Years Ended July 31) Approximately

$1.6 billion

Non-R

esidential Construction ($bn)

Source: Department of Commerce (non-residential construction)


Financial SummaryFinancial SummaryFiscal Year Ending July 31, 6 Months Ended 3 Months Ended($ in millions, except EPS)

2002 2003 2004 1/25/2004 1/30/2005 1/30/2005

Revenues $770 $751 $1,194 $450 $660 $353

% Growth (20.1%) (2.5%) 59.0% 44.4% 46.7% 49.4%

Gross Profit $132 $134 $225 $82 $80 $54

% Gross Margin 17.2% 17.9% 18.9% 18.2% 12.1% 15.3%

$95 $95 $149 $61 $70 $36SA&PD

% of Revenues 12.4% 12.7% 12.5% 13.6% 10.7% 10.3%

-$6 $3 - - -Restructuring Charges

$31 $36 $76 $20 $9 $18Operating Income

% Operating Margin 4.0% 4.8% 6.4% 4.5% 1.4% 5.0%

$13 $12 $27 $3 ($1) $7Net Income (Loss)1

$0.30 $0.29 $0.61 $0.06 ($0.03) $0.17Earnings (loss) per share11

(1) Before cumulative effect of change in accounting principle in Fiscal Year 2002


Change in Revenues by ProductChange in Revenues by Product

$22.6

$62.2

$0.4

$4.2

$8.3

$19.5

($0.3)

Aerial Work Platforms

Telehandlers

Excavators

Service Parts

Equipment Services

AFS

+57%

+32%

+32%

+29%

+158%

Other

$70.2

$97.4

$0.5

$4.9

$16.1

$22.2

($1.3)

+49%

+49%

+23%

+28%

+89%

($ in millions)($ in millions)

Fiscal Second QuarterFiscal Second Quarter Year-to-DateYear-to-Date

Note: Second quarter and year-to-date ending January 30, 2005.


Change in Revenues by RegionChange in Revenues by Region

$29.3

$4.6

$6.2

$19.8

$151.4

($1.3)

+44%

+46%

+101%

+101%

+92%

$16.4

$82.2

$11.8

$2.6

$4.2

($0.3)

North America

Europe

Pacific Rim

Latin America

Australia

AFS

+47%

+41%

+302%

+68%

+107%

(9%)

Fiscal Second QuarterFiscal Second Quarter Year-to-DateYear-to-Date

($ in millions)($ in millions)

Note: Second quarter and year-to-date ending January 30, 2005.


Second Quarter 2004Second Quarter 2004––2005 Bridge2005 BridgeNet RevenuesNet Revenues EBITDAEBITDA Net IncomeNet Income EPSEPS

$ in millions, except per share dataFavorable (Unfavorable)

FY2004 Actual $236.5 $19.7 $2.2 $0.05Sales volume 116.9 30.6 19.9 0.44Product & sales mix (3.0) (2.0) (0.04)Price / Currency 0.5 0.3 0.01Product costs 6.2 4.0 0.09Estimated net unrecovered steel costs (21.0) (13.6) (0.30) Integration expense 1.4 0.9 0.02Other (4.2) (2.7) (0.06)

Gross profit contribution 116.9 10.5 6.9 0.16SA&PD (4.6) (3.0) (0.07)Integration expense 1.6 1.0 0.02Currency (0.6) (0.4) (0.01)

Operating profit contribution 116.9 6.9 4.5 0.10Interest expense - 0.8 0.02Miscellaneous (2.1) (1.4) (0.03)Currency gains and losses 2.4 1.6 0.03Tax rate - (0.2) 0.00Add back depreciation & amortization of intangibles 0.2 - -

FY2005 Actual $353.4 $27.1 $7.5 $0.17


Fiscal Year 2005 Six Month 2004Fiscal Year 2005 Six Month 2004--2005 Bridge2005 BridgeNet RevenuesNet Revenues EBITDAEBITDA Net IncomeNet Income EPSEPS

$ in millions, except per share dataFavorable (Unfavorable)

FY2004 Actual $450.1 $37.0 $2.7 $0.06Sales volume 210.0 48.6 31.5 0.71Product & sales mix (1.1) (0.8) (0.01)Price / Currency 5.9 3.8 0.09Product costs 0.2 0.2 0.00Estimated net unrecovered steel costs (47.8) (30.8) (0.70) Integration expense 3.1 1.9 0.05Other (11.0) (7.1) (0.16)

Gross profit contribution 210.0 (2.1) (1.2) (0.02)SA&PD (9.2) (5.9) (0.13)Integration expense 1.9 1.2 0.03Currency (1.8) (1.2) (0.03)

Operating profit contribution 210.0 (11.2) (7.1) (0.15)Interest expense - 1.4 0.03Miscellaneous (1.9) (1.2) (0.03)Currency gains and losses 4.6 3.0 0.06Tax rate - - -Add back depreciation & amortization of intangibles 0.8 - -

FY2005 Actual $660.1 $29.3 ($1.2) ($0.03)


We Are Addressing the Steel SituationWe Are Addressing the Steel SituationSteel prices began rising dramatically in the Spring of 2004 and continued into the SummerWe have responded with:― 2.755% steel surcharge in March 2004 (realized only 1.6% through calendar year end)― Increased steel surcharge to 3.5% in January 2005 (announced in September)― Increased base machine prices 3.0% in January 2005 (announced in September)― Reduced discounts by 1% in January 2005

Full effect of pricing actions will be realized in the second half of the fiscal year― ~6.0% increase in FQ3 versus prior year

Combination of price increases and cost reductions should neutralize raw material prices going forward

Steel prices began rising dramatically in the Spring of 2004 and continued into the SummerWe have responded with:― 2.755% steel surcharge in March 2004 (realized only 1.6% through calendar year end)― Increased steel surcharge to 3.5% in January 2005 (announced in September)― Increased base machine prices 3.0% in January 2005 (announced in September)― Reduced discounts by 1% in January 2005

Full effect of pricing actions will be realized in the second half of the fiscal year― ~6.0% increase in FQ3 versus prior year

Combination of price increases and cost reductions should neutralize raw material prices going forward

FQ3 FQ4 FQ1 FQ2 FQ3

FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR Steel SurchargeSteel Surcharge

Base Price IncreaseBase Price Increase

Total Total

2.755% (only 1.6% realized given contracts)

1.6%

3.5%

3.0%

7.5%

Summary of Pricing Actions

Reduced DiscountsReduced Discounts 1.0%


Transaction OverviewTransaction OverviewTransaction SourcesTransaction Sources CapitalizationCapitalization

Transaction Uses

Redeem 35% of Sr. Sub. Notes $61.3 Redemption Premium plus interest through redemption date

6.9

Fees & Expenses 6.8 General Corporate Purposes (Cash) 51.3

Total Uses $126.3

As of January 30, 2005 Actual As AdjustedCash and Cash Equivalents $24.3 $76.8 Revolving Credit Facility 0.0 0.0 Cash Management Facility 1.9 1.9 8.25% Senior Notes Due 2008 125.0 125.0 8.375% Senior Sub. Notes Due 2012 175.0 113.8 Other Debt 1 4.0 2.2 $305.9 $242.9

Off-Balance Sheet Debt 4.5 4.5 Less: Cash & Cash Equilavents (24.3) (76.8) Net Debt $286.1 $170.6 Stockholders’ Equity $284.7 $400.8

Selected Credit Statistics: Net Debt / LTM EBITDA (x)2 2.9 1.7 Net Debt / Net Debt plus Stockholders’ Equity (%)

50.1

29.9

Common Stock $126.3 Total Sources $126.3

Transaction Uses

Equity clawback expireson June 15, 2005

(1) Includes fair value of interest rate swaps, current portion of long-term debt and other misc. debt(2) Based on LTM EBITDA of $98.0 million (1) Includes fair value of interest rate swaps, current portion of long-term debt and other misc. debt(2) Based on LTM EBITDA of $98.0 million


Capital Structure Capital Structure

$114 M* 8.375% June 14, 2012$113 M** 8.25% May 1, 2008$175 M Revolver Sept 23, 2006

Financial CovenantsFinancial CovenantsLeverage ratios: Net Funded Debt / EBITDA 5 : 1

Net Funded Senior Debt / EBITDA 2 : 1Fixed charge coverage ratio: Fixed charges / EBITDA 2 : 1Tangible net worth: < $194 million + 50% Net Income

*Adjusted for equity share offering and clawback transaction

**Adjusted for recent open market repurchases

AmountAmount MaturityMaturityCouponCoupon


OutlookOutlook

Fiscal year 2005• Continuing global demand for access products• Revenue growth 30 to 35% for full year• Full effect of pricing structure in second half• Stabilizing component availability• Steel costs stable• EPS target of $1.05 to $1.15*

* Excluding one-time charge associated with early extinguishment of debt



Largely an AWP company

Limited presence in Europe

10 AWP competitors globally

13 telehandler competitors globally

Irrational competitors

100% rental focus

Largely an AWP company

Limited presence in Europe



Irrational competitors

100% rental focus

Last PeakLast Peak Next PeakNext Peak

North American market leader in AWPs and telehandlers

Growing presence in Europe



More rational competitors

Better cost structure

Multiple distribution channels

North American market leader in AWPs and telehandlers

Growing presence in Europe



More rational competitors

Better cost structure

Multiple distribution channels


QuestionsQuestions


Reconciliations ofReconciliations ofNonNon--GAAP MeasuresGAAP Measures

To GAAPTo GAAP


EBITDA ReconciliationEBITDA Reconciliation

EBITDA(in thousands)

Thee Months Ended Three Months Ended Six Months Ended Six Months EndedJanuary 30, January 25, January 30, January 25,

2005 2004 2005 2004Net income (loss) $7,484 $2,158 ($1,245) $2,691Interest expense 8,322 9,548 17,318 19,424Income tax provision (benefit) 4,347 1,297 (823) 1,594Depreciation and amortization 6,958 6,766 14,046 13,252EBITDA $27,111 $19,769 $29,296 $36,961

We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings before interest, taxes and depreciation and amortization. EBITDA as presented differsfrom measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.


Trailing Twelve Month EBITDA ReconciliationTrailing Twelve Month EBITDA ReconciliationTRAILING TWELVE MONTH EBITDA

(in thousands)

January 30,2005

Net income $22,713Interest expense 35,992Income tax provision 12,815Depreciation and amortization 26,475EBITDA $97,995

We monitor our EBITDA, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. EBITDA also is an indicator of profitability, particularly in our capital-intensive industry. EBITDA reflects our earnings before interest, taxes and depreciation and amortization. EBITDA as presented differsfrom measures of EBITDA calculated for purposes of financial covenants in our note indentures and senior credit facilities.


Net Debt ReconciliationNet Debt ReconciliationPro forma (1)January 30, January 30,

2005 2005Revolving credit facilities -$ -$ $15 million cash management facility 1,944 1,944 $125 million senior notes 125,000 125,000 $175 million senior subordinated notes 113,750 175,000 Miscellaneous debt 5,128 5,128 Fair value of interest rate swaps (6,120) (6,120) Gain on terminated interest rate swap 3,238 4,981 Bank debt and notes 242,940 305,933 Limited recourse debt from finance receivables monetizations * 77,601 77,601 Total balance sheet debt 320,541 383,534 Net present value of off-balance sheet rental fleet lease 755 755 Net present value of off-balance sheet production equipment leases 3,709 3,709 Total off-balance sheet financing 4,464 4,464 Total balance sheet debt and off-balance sheet financing 325,005 387,998 Less: cash 76,781 24,305 Less: limited recourse debt from finance receivables monetizations 77,601 77,601 Net debt $170,623 $286,092

Shareholders' Equity $400,802 $284,746

Net Debt-to-Net Debt plus Shareholders' Equity 30% 50%

Total Balance Sheet Debt-to-Total Balance Sheet Debt plus Shareholders' Equity 44% 57%

Net Debt-to-TTM EBITDA 1.7 x 2.9 x

* Maximum loss exposure from finance receivables monetizations $27,203 $27,203

We monitor our net debt, which is a supplemental measure to GAAP that provides additional information concerning our leverage position and our historical ability to meet debt service and capital expenditure and working capital requirements. We define net debt as the sum of total balance sheet debt and other off-balance sheetfinancing, minus cash and limited recourse debt arising from our monetizations of customer finance receivables.

(1) Includes the impact of our common stock offering of 5,750,000 shares and the redemption of $61.25 million of our senior subordinated notes due 2012.

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