Oshkosh Truck to Acquire JLG

Oshkosh Truck Corp. recently announced it has signed a definitive agreement
to acquire JLG Industries Inc., a global leader in aerial work platforms and
telehandler vehicles. Oshkosh will acquire all outstanding shares of JLG for $28
per share. Total consideration, including transaction costs and assumed debt, is
$3.2 billion in cash on a fully diluted basis. This transaction will create a $6
billion global specialty vehicle manufacturer.

“We have consistently executed strategies to grow this company, creating
significant shareholder value during the last decade,” said Robert G. Bohn,
Oshkosh chairman, president and CEO. “The acquisition of JLG is the latest
broad-based initiative in the continuing transformation of Oshkosh Truck Corp.
It is aligned with our historic acquisition strategy as we expand into
complementary markets and it will be instrumental in building our global focus
and scale that are increasingly needed to continue to be successful. It also
meets our major acquisition criteria, which include market leadership, strong
management, double digit growth opportunities and the expectation of earnings in
excess of our cost of capital.”

JLG had $2.3 billion in revenues during fiscal 2006 and has estimated a 20 to
25 percent increase in sales in fiscal 2007. It has the top market position in
North America and Europe for aerial work platforms, according to JLG, and is the
top producer of telehandlers in the United States. JLG placed 22nd on
FORTUNE magazine’s 2006 list of the 100 Fastest-Growing Companies. The
ranking was based on three-year profit and sales growth through the first
quarter of 2006 and three-year total return to shareholders. “This transaction
is a good fit for JLG,” stated William M. Lasky, chairman, president and CEO of
JLG. “Oshkosh has a similar philosophy of offering premier products, creating
strong market positions and delivering after-sales service and support. For the
JLG team, this combination offers additional growth opportunities. For our
customers, JLG will become an even stronger partner in their future
success.”