Oshkosh Corporation Analyst Day September 14, 2012 2012 Oshkosh Corporation Analyst Day September 14, 2012 Pat Davidson Investor Relations Oshkosh Corporation Analyst Day September 14, 2012 2012 Oshkosh Corporation Analyst Day September 14, 2012 Forward-Looking Statements This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially in the current environment where there are conflicting signs regarding the future global economic outlook; the expected level and timing of the U.S. Department of Defense (DoD) procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; risks that profit on the definitization of contracts with the DoD could differ from the Company’s estimates; increasing commodity and other raw material costs, particularly in a sustained economic recovery; the ability to increase prices to raise margins or offset higher input costs; risks related to the Company’s exit from its ambulance and European mobile medical businesses, including the amounts of related costs and charges; risks related to facilities consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; the Company’s ability to produce vehicles under the FMTV contract at targeted margins; the duration of the ongoing global economic weakness, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; the potential for the U.S. government to competitively bid the Company’s Army and Marine Corps contracts; the consequences of financial leverage, which could limit the Company’s ability to pursue various opportunities; risks related to the collectabilityof receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; risks related to actions of activist shareholders; and the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all. 3 2012 Oshkosh Corporation Analyst Day September 14, 2012 Charlie Szews CEO Oshkosh Corporation Analyst Day September 14, 2012 2012 Oshkosh Corporation Analyst Day September 14, 2012 Doubling EPS by FY15 • MOVE strategy expected to Oshkosh Corporation deliver higher margins EPS Opportunity throughout the cycle $4.00 to $4.50 • The recovery from a deep cycle has commenced and is expected to overcome defense downturn $2.05 to $2.15 • Oshkosh has the processes 23%-30% and team to deliver MOVE CAGR FY12E(1) FY15E (1) Excludes costs to exit ambulance and European mobile medical businesses 5 2012 Oshkosh Corporation Analyst Day September 14, 2012 Agenda Welcome Pat Davidson Doubling into a Global Industrial Charlie Szews MOVE Delivers Wilson Jones Frank Nerenhausen John Urias Supporting Our Recovery Outlook Jim Johnson Todd Fierro Processes and Team to Deliver MOVE: • Quality & Continuous Improvement Colleen Moynihan • Global Procurement & Supply Chain Greg Fredericksen • Innovation Gary Schmiedel Financial Summary Dave Sagehorn Concluding Remarks Charlie Szews Q & A Panel All Presenters 6 2012 Oshkosh Corporation Analyst Day September 14, 2012 Oshkosh’s Rich History 2012 Oshkosh Corporation Analyst Day September 14, 2012 Mission Driven • 95 years performing mission critical work • Innovative, high performance culture • 13,000 dedicated employees working for customers around the world • Board of Directors and management team committed to driving shareholder value 8 2012 Oshkosh Corporation Analyst Day September 14, 2012 Moving the World at Work • Our vehicles move people and materials at work – Most protect people or property – Many lift people or property – All do so safely and efficiently • Often share common customers/ distribution channels – JLG, Jerr-Dan, IMT, McNeilus and Pierce sell into rental channel – Every segment sells to the U.S. federal government • Share common components/suppliers, technologies and manufacturing processes 9 2012 Oshkosh Corporation Analyst Day September 14, 2012 History of Growth and Successful Transition Annual Revenues $10.0 $8.0 $6.0 $4.0 ($ in Billions) $2.0 $0.0 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 • Predominantly a small specialty truck company (1917 – mid 1990s) • Diversification strategy implemented in 1996 to grow organically and by acquisition; grew into Fortune 500 (#337 in 2011) • Expanding global industrial company prior to recession • Economic downturn of 2008-2010 and Middle East conflicts resulted in a more defense-centric company (1) From FY96 through FY08 10 2012 Oshkosh Corporation Analyst Day September 14, 2012 Doubling into a Global Industrial 2012 Oshkosh Corporation Analyst Day September 14, 2012 Transitioning Again – Global Industrial Non-Defense Sales Become Significant Majority of Revenue by FY15 FY10 Sales FY15 Sales (1) Defense Non-Defense • Defense led strong results in FY10 and FY11 • Defense spending downturn requires another transition • Industrial recovery now in early stages • MOVE strategy expected to drive global expansion, higher margins and superior shareholder returns over the cycle • Defense expected to remain profitable on significantly lower volumes (1) Based on Company estimates on September 14, 2012 12 2012 Oshkosh Corporation Analyst Day September 14, 2012 The Route to Doubling Earnings 2012 Oshkosh Corporation Analyst Day September 14, 2012 MOVE – The Right Strategy • Focuses on drivers that create highest shareholder value • Recognizes constraints of markets, balance sheet and business valuations • Expected to drive higher incremental margins across non-defense businesses over cycle • Targeting 23%-30% CAGR in EPS through FY15 14 2012 Oshkosh Corporation Analyst Day September 14, 2012 Market Recovery Overcomes Defense Downturn • Key North American markets in slow recovery – Old fleets need to be renewed – Construction recovery expected to strengthen in FY13 and beyond • Mining, infrastructure and economic development aiding key Oshkosh markets in Latin America, Australia, Middle East & Asia • European recovery delayed, but expected to extend AWP cycle • Green solutions, rising safety standards and productivity requirements suggest stronger demand for Oshkosh products • Oshkosh will manage its defense business to remain profitable 15 2012 Oshkosh Corporation Analyst Day September 14, 2012 Leveraging a Common Structure: Oshkosh Operating System • Customer-centric application • Improves processes needed to of lean principles deliver key elements of MOVE – Sets guiding principles for • Supports drive to improve relationships with customers cash flow • Implementation gaining momentum • Company-wide foundation for building shareholder value 16 2012 Oshkosh Corporation Analyst Day September 14, 2012 Focused Board and Management Team • Successfully navigated through unprecedented economic conditions • Diverse & complementary backgrounds – Continually developing/acquiring talent • Incentive compensation objectives strongly aligned with shareholder interests • Acting decisively for shareholders 17 2012 Oshkosh Corporation Analyst Day September 14, 2012 MOVE is Delivering in FY12 • Raised outlook by one-third as year Total Shareholder Return progressed (CAGRs) Since 1996(2) • Capturing access equipment recovery OSK 19.2% • Addressing challenges All Peers 10.9% – FMTV profitable; margins have continued to improve S&P 500 6.6% – Exiting underperforming non-core businesses • International sales up 31% YTD(1)