Alexander Blanton (Ingalls & Snyder): Could you give the names of those companies that have merged together?

Tim Ford: We do not want to do that. I do not think that is appropriate for us to do.

Alexander Blanton (Ingalls & Snyder): Could you give details on A.S.V?

Ronald M. DeFeo: When we say A.S.V. is doing well, it is doing well against the golden objectives that we have set for ourselves. We want A.S.V. to be an important contributor to the Terex Corporation. We have specific things we want to accomplish with that business, both to build the franchise in North America, to expand it more globally, to help integrate some of our other products, and we were the leadership team that is there and with their openness and willingness to participate in the same golden objectives that we have. In our opinion doing well at this stage is about seeing the same opportunity and at attacking that opportunity with passion and vigor. We do think that the US housing industry is down. We are glad we did not go along with the number one franchise in that industry because we think they will have a difficult time in the short-term but we think that provides are as opportunities.

Robert Isaman: We currently have A.S.V. in the Terex integration process, but if you look at their platform and their technology, there is a lot of runway to take their undercarriage technology integrated with our current light construction product line. There is tremendous opportunity to use the A.S.V. base in Minnesota as a manufacturing platform for the Americas, which will help to offset some of the FX risks that we have. There is tremendous runway for us to move that product line into Europe and they have recently got certification in Europe.

Alexander Blanton (Ingalls & Snyder): Have you done anything about that in terms of moving their business overseas?

Ronald M. DeFeo: Yes. We are into this less than two months.

Charles Brady (BMO Capital Markets): You highlighted the RT cranes as having a backlog not priced. Can you comment what it looks like beyond the 12 months for crawlers and for the all-terrain crane market?

Richard Nichols: We have build slots scheduled for our customers on the all-terrain cranes and the crawler cranes out through 2009 and into 2010 in some cases. We do have escalation built into protect this on price in most cases, so we are booked out further than the current backlog.

Ronald M. DeFeo: Our backlog is a 12-months backlog, it has product that we expect to deliver. In addition, we have that $210 million that we highlighted, but we do have customers that are reserving slots well past the next 12 months. What that tells us is two things, one that the opinion of our customers is that they expect infrastructure related projects to remain strong because it is mostly the big cranes that work. The kinds of things we are talking about is cranes to build nuclear power plants, cranes that build wind power, cranes that move massive bridges and it is the type of cranes that are not available from many other manufacturers in the world. If you are in the business of renting and positioning those cranes, you want to get build slots. It also tells us that in this crane business, we have to work to increase our capacity because customers waiting three years for cranes, if they can find an alternative are also not a particularly good position to be in.

Charles Brady (BMO Capital Markets): With regard to the capacity increase within Cranes and also in the Mining segment, would anything you are contemplating have an impact on 2008 or is that 2009 and beyond impact?

Ronald M. DeFeo: Primarily 2009. We should have some minor late fourth quarter 2008 incremental help on some primary fabrications, et cetera, but it is primarily 2009 and 2010.

Charles Brady (BMO Capital Markets): How do you define a temporary shortfall and when you might expect the volume opportunity and cost reduction opportunity to come through on the Motherwell, Scotland facility?

Robert Isaman: What we did in Motherwell, Scotland was we took two manufacturing lines that made artic. Articulated off-road trucks and combined them into one mixed-use line. We did that to free up space to be able to manufacture more rigid trucks in order to put more throughput through that manufacturing facility, and whenever you do that you have a temporary disruption in your ability to produce. That is a short-term one-time issue and we expect the second quarter to be back up higher than where we thought we are going to be in the first quarter.

Charles Brady (BMO Capital Markets): On the Roadbuilding segment, would you expect the first quarter to be the last quarter to see a loss in 2008 or are you still having some problem in the first-half?

Ronald M. DeFeo: My belief is that the loss in the first quarter is not acceptable performance between Roadbuilding and Utilities. There are a number of things that are challenging as I am not in a position to guarantee strong profitability, but I do believe our second-quarter and balance of the year performance will be improved as compared to our first quarter performance.

Stephen Volkmann (JPMorgan): There are a few things you are doing on the capacity side, which may be flows through into CapEx. Could you expand on that?

Phillip C. Widman: We are staying at our guidance level, the $160 million for the year, which includes several investments and capacity expansion. In terms of working capital, it is still one of our challenges. I would expect that we will see improvement as we go through the year, but with the large products in Mining and Cranes, it does cause some lumpiness. From a process standpoint and programs that we have got in place, we should see improvements as we through the year. Typically, we generate most of our cash in the back half however because of the high second quarter volume we have, it is going to be a neutral quarter than we generate in the third and in the fourth quarter periods.

Stephen Volkmann (JPMorgan): You changed your ROIC to after tax. Is that incentivizing the team to focus on the tax rate and try to bring that down?

Phillip C. Widman: It is the prime measure for near-term objectives. We believe we can make a big difference here, handicapping it immediately is challenging.