We have audited the consolidated financial statements prepared by Demag Cranes AG, Düsseldorf/Germany - comprising the statement of comprehensive income, the balance sheet, the cash flow statement, the statement of changes in equity and the notes to the financial statements – and the report on the position of the Company and the Group for the business year from 1 October 2009 to 30 September 2010. The preparation of the consolidated financial statements and the report on the position of the Company and the Group in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), and the regulations under [German] commercial law as complementarily applicable under § 315a (1) German Commercial Code (HGB) is the responsibility of the Company's Board of Directors. Our responsibility is to express an opinion on the consolidated financial statements and the report on the position of the Company and the Group based on our audit.

We conducted our audit of the annual and consolidated financial statements in accordance with § 317 HGB ("German Commercial Code") and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer. Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the report on the position of the Company and the Group are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the consolidated financial statements and the report on the position of the Company and the Group are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by the Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements and of the report on the position of the Company and the Group. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the results of our audit, the consolidated financial statements of Demag Cranes AG, Düsseldorf/Germany, comply with IFRS, as adopted by the EU, and the regulations under [German] commercial law as complementarily applicable under § 315a (1) German Commercial Code (HGB) and give a true and fair view of the Group's net assets, financial position and results of operations in accordance with these regulations. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group's position and suitably presents the opportunities and risks of future development.

Düsseldorf, 29 November 2010

Deloitte & Touche GmbH
Wirtschaftsprüfungsgesellschaft

Crampton                              
(Wirtschaftsprüfer)              
[German Public Auditor]     

Schmelzer
(Wirtschaftsprüfer)
[German Public Auditor]