June 5, 2014

Deutsche Bank Global Industrials and Basic Materials Conference

Forward-Looking Statements & Non-GAAP Measures

This presentation contains forward-looking information regarding future events or the Company’s future financial performance based on the current expectations of Terex Corporation. In addition, when included in this presentation, the words “may,” “expects,” “intends,” “anticipates,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. The Company has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance.

Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Such risks and uncertainties,

many of which are beyond the control of Terex, include among others: Our business is cyclical and weak general economic conditions

affect the sales of our products and financial results; our ability to successfully integrate acquired businesses; the need to comply with

restrictive covenants contained in our debt agreements; our ability to generate sufficient cash flow to service our debt obligations and

operate our business; our ability to access the capital markets to raise funds and provide liquidity; our business is sensitive to government

spending; our business is very competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by

competitors; our ability to timely manufacture and deliver products to customers; our retention of key management personnel; the financial

condition of suppliers and customers, and their continued access to capital; our providing financing and credit support for some of our

customers; we may experience losses in excess of recorded reserves; impairment in the carrying value of goodwill and other indefinite-

lived intangible assets; our ability to obtain parts and components from suppliers on a timely basis at competitive prices; our business is

global and subject to changes in exchange rates between currencies, regional economic conditions and trade restrictions; our operations

are subject to a number of potential risks that arise from operating a multinational business, including compliance with changing

regulatory environments, the Foreign Corrupt Practices Act and other similar laws and political instability; a material disruption to one of

our significant facilities; possible work stoppages and other labor matters; compliance with changing laws and regulations, particularly

environmental and tax laws and regulations; litigation, product liability claims, patent claims, class action lawsuits and other liabilities; our

ability to comply with an injunction and related obligations resulting from the settlement of an investigation by the United States Securities

and Exchange Commission (“SEC”); our implementation of a global enterprise resource planning system and its performance; and other

factors, risks and uncertainties that are more specifically set forth in our public filings with the SEC. Non-GAAP Measures: Terex from time to time refers to various non-GAAP (generally accepted accounting principles) financial measures in this presentation. Terex believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses without the impact of special items. See the appendix at the end of this presentation as well as the Terex first quarter 2014 earnings release on the Investor Relations section of our website www.terex.com for a description and/or reconciliation of these measures.

2

Defining Who We Are

Lifting & Material Handling Solutions Company

Focused on Operational Improvement

Leader in Product Categories

Geographically Diverse

Cash Generator

Profitable

3

Why Invest in Terex?

• Growth in sales is expected to

accelerate in the next 2 to 3 years

• Margins should continue to improve

through initiatives and volume

• Committed to deploying capital

intelligently and efficiently

• Near term performance

expectations are positive

4

Adjusted EPS for Q1-14 of $0.28 vs. Q1-13 of $0.22 (Reported was $0.28 vs. $0.17)

Performance was mixed in the quarter

• Net sales flat and slight improvement in operating margins

• AWP delivered record first quarter sales and strong operating profit

• Construction, MP and MHPS performed inline with expectations

• Cranes performance was disappointing; backlog is improving

• Order activity and backlog improving across the Company

Free cash flow of $6 million in the quarter

Reaffirm 2014 guidance of $2.50 to $2.80 EPS, and free cash flow of $200 to $250

million

First Quarter Results

5

Terex Cranes (USD Millions)

Higher bookings and

book-to-bill ratio

indicative of an improved

second half of 2014

Trailing 6-month sales and

bookings comparison

passed the inflection point

early first quarter

6

Terex Book-to-Bill Trend (USD Millions)

7

Significant Sales Growth Expected

• Terex net sales are at 65% of prior peak…. Significant growth potential ahead

as markets improve

Note: Includes history for businesses acquired during the period (based on best-available data from predecessor companies)

and excludes the results of any divested businesses

• AWP category is growing worldwide. Is at 90% of prior peak in

2013, but Europe only at ~40% and ROW is growing

• Percentage of prior peak: MP 57%, Cranes 59%, MHPS 70%,

Construction 45%

8

Global Reach – Positioned for Growth

• Improvement in North America driving general improvement in results

• Well positioned in Europe in advance of expected recovery

• Continuing focus on U.S. recovery and on steady, higher margin growth in

other regions

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2005 2006 2007 2008 2009 2010 2011 2012 2013

North America : Pro Forma Sales by Year ($M)

24% CAGR since '09

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

Western Europe: Pro Forma Sales by Year ($M)

Finding Bottom after"Double Dip"

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2005 2006 2007 2008 2009 2010 2011 2012 2013

ROW: Pro Forma Sales by Year ($M)

Continuing to focus on profitable growth

Sales shown are on a pro forma basis to show underlying trends in all current businesses over time; data are per best available historical information

9

2014 Outlook

* 2013 adjusted- Please see the reconciliations to GAAP provided in the appendix attached to this presentation.

** Outlook excludes the impact of future acquisitions, restructuring and other unusual items, as reiterated 5/1/2014 (1) Free Cash Flow = Cash from operations less capital expenditures

2013 2013 2014

Reported Adjusted* Outlook**

Net Sales $7,084 $7,084 $7,300 – 7,700

Operating Margin 5.9% 6.8% 7.5 - 8.5%

EPS (cont. ops) $1.78 $2.23 $2.50 – 2.80

Interest / Other Expense $128 $119 $125 - 130

Tax Rate 30% 29% 33 – 35%

Depreciation / Amortization $144 $144 $145 - 150

Free Cash Flow (1) $106 $200 - 250

Share Count 117 million 117 million ~118 million

(USD Millions, except Earnings per Share)

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Goals – Where We Are Heading

• It is expected the market will remain steady through

the first half of 2014 with improvements in the second

half of the year

• Remain focused on execution of internal initiatives to

drive EPS and ROIC growth

• Significant upside potential to performance with end

market improvement in North America and Europe

• $5+ EPS goal still appropriate, but more likely in 2016

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Questions?

Continuing Operations Results

* Please see reconciliation to US GAAP provided in the appendix attached to this presentation .

USD in Millions, except Earnings per Share Q1 2014 Q1 2013 Q1 2013

As Reported As Adjusted* As Reported

Net Sales $1,654.6 $1,653.7 $1,653.7

% Change Q1 2013 0.1%

Gross Profit $333.4 $324.4 $321.2

Gross Margin 20.1% 19.6% 19.4%

SG&A $258.4 $252.7 $255.6

% Net Sales 15.6% 15.3% 15.5%

Income From Operations $75.0 $71.7 $65.6

Operating Margin 4.5% 4.3% 4.0%

Other Income/ (Expense) ($32.0) ($30.6) ($33.3)

Effective Tax Rate 26.7% 42.8% 45.2%

Earnings per Share $0.28 $0.22 $0.17

Net Working Capital $1,828.6 $1,699.7

As a % of annualized sales 27.6% 25.7%

ROIC 8.6% 7.2%

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Segment Guidance*

USD Millions 2013 Reported 2014 Percentage Growth

AWP $2,131 High single digit/

low double digit growth

Construction $820 Flat sales

Cranes $1,926 Low single digit growth

MHPS $1,698 Low double digit growth

MP $628 Mid single digit growth

Total $7,084 $7,300 - 7,700

* Guidance for segments as of 2/19/2014 14

* Guidance for segments as of 2/19/2014

** Reflects the exclusion of certain items. Please see the reconciliations to GAAP provided in the appendix of this presentation.

*** Outlook excludes restructuring and unusual items.

USD Millions 2013 2013 Margin

2014 Margin Outlook*** (Adjusted**) (Adjusted*)

AWP $328 15.4% Stable

Mid-teens

Construction ($22) (2.7)% Continued Improvement

Breakeven

Cranes $121 6.3% Moderate Improvement

Mid/ upper single digits

MHPS $4 0.3% Solid Improvement Low/ mid single digits

MP $72 11.4% Stable

Low double digits

Total $480 6.8% 7.5% – 8.5%

Segment Guidance*

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Net Sales Bridge Q1-13 to Q1-14

16

Net Sales remained flat versus prior year

• AWP’s record first quarter was fueled by growth in North America, Europe and the Middle East

• Cranes sales were below Q1 2013 levels in most regions, except Europe

• MHPS grew in North America and Europe, with the delivery of some of the major port

automation projects

Operating Profit Bridge Q1-13 to Q1-14

17

Operating profit up 4.6%; slight improvement in operating margins

versus prior year

• AWP increased profitability on higher sales while maintaining strong margins

• Construction losses narrow compared to prior year

• Cranes performance disappointing with lower than expected sales volume, decline in margin

driven in part by underutilized factories, and increased Tier IV engineering costs

• MHPS reduced losses as sales volume improved and cost reductions took effect

Backlog Bridge

Prior Year

Mar 13 to Mar 14

Sequential

Dec 13 to Mar 14

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Backlog Trend (USD Millions)

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FY 2013 Adjustments

FY 2013 As Reported

Debt

Reduction

Roadbuilding

Related

Restructuring &

Related Items

Redeemable

NCI FY 2013

As Adjusted

Net Sales $7,084.0 - - - - $7,084.0

Gross Profit 1,439.5 - 3.2 29.0 - 1,471.7

SG&A (1,020.4) - 0.2 28.6 - (991.6)

Income from Operations 419.1 - 3.4 57.6 - 480.1

Interest Expense - Net (119.4) - - - - (119.4)

Other Income (Expense) (8.4) 5.2 2.7 4.5 (3.1) 0.9

Provision for Inc. Taxes (87.4) (1.7) (2.2) (14.2) - (105.5)

Non-controlling Interest 5.1 - - - - 5.1

Income from Cont. Ops. $209.0 3.5 3.9 47.9 (3.1) $261.2

Earnings per share $1.79 0.03 0.03 0.41 (0.03) $2.23

(USD Millions, except Earnings

per Share)

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FY 2012 Adjustments

FY 2012

As Reported

Acquisition

Note Write

Down

Debt

Reduction

Restructuring &

Related RB Sale

Other

Items

FY 2012

As Adjusted

Net Sales $6,982.2 - - - - - 6,982.2

Gross Profit 1,400.1 - - 17.0 12.3 7.7 1,437.1

SG&A (1,033.3) 12.3 - 12.5 3.0 3.1 (1,002.4)

Income (Loss) from

Operations 366.8 12.3 - 29.5 15.3 10.8 434.7

Interest Income (Expense) -

Net (155.8) - - - - - (155.8)

Other Income (Expense) (84.7) - 80.6 - - - (4.1)

(Provision for) benefit from

Income Taxes (51.5) (28.6) (10.0) (5.3) (2.1) (97.5)

Non-controlling Interest 2.2 - - - - - 2.2

Income (Loss) from

Continuing Operations $77.0 12.3 52.0 19.5 10.0 8.7 $179.5

Earnings per share $0.68 0.11 0.46 0.17 0.09 0.07 $1.58

(USD Millions, except Earnings

per Share)

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Income from Operations Segment

* Reflects the exclusion of certain items. Please see the reconciliations to GAAP provided in the appendix of this presentation.

USD Millions 2013 Adjustments 2013

Reported Roadbuilding

Related

Restructuring &

Related (Adjusted*)

AWP $326 - $2 $328

Construction ($25) $4 ($1) ($22)

Cranes $111 - $10 $121

MHPS ($42) - $46 $4

MP $72 - - $72

Total $419 $4 $57 $480

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Q1 2013 Adjustments

(USD Millions, except Earnings

per Share)

FY 2013 As Reported

Debt

Reduction

Roadbuilding

Related

Restructuring &

Related Items

Redeemable

NCI FY 2013

As Adjusted

Net Sales $7,084.0 - - - - $7,084.0

Gross Profit 1,439.5 - 3.2 29.0 - 1,471.7

SG&A (1,020.4) - 0.2 28.6 - (991.6)

Income from Operations 419.1 - 3.4 57.6 - 480.1

Interest Expense - Net (119.4) - - - - (119.4)

Other Income (Expense) (8.4) 5.2 2.7 4.5 (3.1) 0.9

Provision for Inc. Taxes (87.4) (1.7) (2.2) (14.2) - (105.5)

Non-controlling Interest 5.1 - - - - 5.1

Income from Cont. Ops. $209.0 3.5 3.9 47.9 (3.1) $261.2

Earnings per share $1.79 0.03 0.03 0.41 (0.03) $2.23

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Adjusted OP by Segment – Q1 2013

USD in millions Q1 2013 MHPS Charge Q1 2013

As Reported As Adjusted

AWP$72.4 - - $72.4

Construction($14.5) $3.4 - ($11.1)

Cranes$32.5 - - $32.5

MHPS($29.1) - $2.7 ($26.4)

MP$11.7 - - $11.7

Corporate($7.4) - - ($7.4)

Consolidated $65.6 $3.4 $2.7 $71.7

Sale of

Roadbuilding

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Q1 2013 ROIC Calculation

See reconciliation of adjusted amounts below on table following ROIC table. Amounts are as of and for the three months ended for the periods referenced in

the table below.

Provision for (benefit from) income taxes $ 14.6 $ (9.2) $ 7.4 $ 40.7

Divided by: Income (loss) before income taxes 32.3 (40.7) 32.9 112.0

Effective tax rate 45.2% 22.6% 22.5% 36.3%

 

Income (loss) from operations as adjusted $ 66.1 $ 21.4 $ 127.8 $ 162.5

Multiplied by: 1 minus Effective tax rate 54.8% 77.4% 77.5% 63.7%

Adjusted net operating income (loss) after tax $ 36.2 $ 16.6 $ 99.0 $ 103.5

 

Debt (as defined above) $ 2,082.5 $ 2,098.7 $ 2,063.8 $ 2,402.8 $ 2,608.5

Less: Cash and cash equivalents (729.7) (678.0) (542.6) (841.5) (973.2)

Debt less Cash and cash equivalents $ 1,352.8 $ 1,420.7 $ 1,521.2 $ 1,561.3 $ 1,635.3

 

Total Terex Corporation stockholders’ equity as adjusted $ 2,053.8 $ 2,103.7 $ 2,149.2 $ 2,089.2 $ 1,881.0

 

Debt less Cash and cash equivalents plus Total Terex

Corporation stockholders’ equity as adjusted$ 3,406.6 $ 3,524.4 $ 3,670.4 $ 3,650.5 $ 3,516.3

March 31, 2013 ROIC 7.2%

Adjusted net operating income (loss) after tax (last 4

quarters)$

255.3

Average Debt less Cash and cash equivalents plus

Total Terex Corporation stockholders’ equity as adjusted

(5 quarters)

$ 3,553.6

Reconciliation of loss from operations:

Income (loss) from operations as reported $ 65.6 $ 23.0 $ 127.1 $ 162.0

(Income) loss from TFS 0.5 (1.6) 0.7 0.5

Income (loss) from operations as adjusted $ 66.1 $ 21.4 $ 127.8 $ 162.5

Reconciliation of Terex Corporation stockholders’ equity:

Total Terex stockholders’ equity as reported $ 1,957.5 $ 2,007.7 $ 2,054.6 $ 1,989.6 $ 1,996.7

Less: TFS Assets (147.5) (150.9) (142.3) (129.9) (115.7)

Redeemable noncontrolling interest 243.8 246.9 236.9 229.5 0.0

Total Adjusted Stockholders' Equity $ 2,053.8 $ 2,103.7 $ 2,149.2 $ 2,089.2 $ 1,881.0

Jun '12 Mar '12

Mar '13 Dec '12 Sep '12 Jun '12 Mar '12

Mar '13 Dec '12 Sep '12

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