Oshkosh Corporation Investor Presentation September 2020 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 overall impact of the COVID-19 pandemic on the Company’s business, results of operations and financial condition; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities and others to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of the COVID-19 pandemic on global economies and the Company’s customers, suppliers and employees; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement strategies; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and acceptance of and funding or payments for such products and services; the Company's ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; risks related to reductions in government expenditures in light of U.S. defense budget pressures and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather, natural disasters or pandemics that may affect the Company, its suppliers or its customers; performance issues with suppliers or subcontractors; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; risks that a trade war and related tariffs could reduce the competitiveness of the Company's products; the Company's ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches; the Company's ability to successfully identify, complete and integrate acquisitions and to realize the anticipated benefits associated with the same; and risks related to 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, including the Form 8-K filed July 30, 2020. All forward-looking statements speak only as of the date of this presentation. 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. Investor Presentation September 2020 2 Oshkosh Corporation key messages • A different integrated global industrial • Committed to disciplined capital allocation • Positioned for long-term success Investor Presentation September 2020 3 A Different Integrated Global Industrial Market leader Technology & Diverse end operational synergies markets Strong financial performance Scale Integrated approach reinforces Oshkosh value proposition Investor Presentation September 2020 4 Recognized leader in making a difference Team Member Engagement • People First. Strong and improving culture • Named one of the “Best Managed Companies of 2019” by the Wall Street Journal Customers • Innovation and quality drive market leadership • Received Magnus Hendrickson award for innovative achievement in vehicle dynamics Shareholders • Long-term focus on generating attractive returns • Three-year Adj. Operating Income* CAGR of +26% and +38% Adj. EPS* CAGR Ethics and Compliance • Ethisphere Institute’s 2020 World’s Most Ethical Companies list (5th consecutive year) Sustainability • Named as a member the Dow Jones Sustainability™ World Index in 2019 • #37 in Barron’s “Top 100 Most Sustainable Companies” (3rd consecutive year) * FY16 – FY19; Non-GAAP results. See appendix for reconciliation to GAAP results. Investor Presentation September 2020 5 Broad industry leadership North America Rank (1) Fire apparatus #1 Global Rank (1) Airport products (ARFF/Snow removal) #1 Aerial work platforms #1 & telehandlers Refuse collection vehicles #1 Military tactical wheel vehicles #1 Concrete mixer trucks #1 Strong Brands Value Creation Wreckers & carriers #2 (1) Company estimates Investor Presentation September 2020 6 Leveraging strengths with disruptive technologies Powertrain, Hybrid Mobility Systems & Telematics & & Electrification Advanced Suspensions Data Analytics Autonomy Active Safety Digital Manufacturing Investor Presentation September 2020 7 Innovation across our portfolio 858 patents for new product innovations 1350 global product developers 8 Investor Presentation September 2020 8 Access Equipment . Innovative world leader, designer and manufacturer of access equipment . Versatile and powerful equipment with unsurpassed training and service . Attractive opportunities with emerging markets and coming replacement cycle Investor Presentation September 2020 9 Defense . Global leader in the design, production and TWV supplier of record, with sustainment of best-in-class military vehicles and deliveries expected through: FHTV 2022 mobility systems JLTV 2024 . Provides sound foundation and multi-year visibility FMTV 2026 . Robust backlog extends into FY22 Investor Presentation September 2020 10 Global Light TWV Market Potential Significant international interest / opportunity Today’s HMMWV Installed Base* JLTV is next-generation protected mobility for the modern battlefield • 240,000+ HMMWVs • 60 countries Armor Capable 47% 53% HMMWV • 30+ configurations JLTV Jeep HMMWV The Oshkosh JLTV is shaping the future of light military vehicles * Source: Government publications, IHS Jane’s, SIPRI, AM General Website Investor Presentation September 2020 11 Fire & Emergency . North America’s leading manufacturer of custom fire apparatus . Industry’s largest and most comprehensive dealer and service network . Continually evolving to bring industry leading advancements and unmatched innovation to market Investor Presentation September 2020 12 Commercial . North America’s leader in ready-mixed concrete trucks and refuse collection vehicles . Setting the standard for reliability, durability and customer-driven innovation . Simplifying business with recent announcements Investor Presentation September 2020 13 Q3 results driven by strong execution $2.72 . Delivered solid performance despite $2.39 pandemic challenges . Disciplined execution throughout the (33.9%) company $1.58 (52.6%) . Benefited from Oshkosh culture $1.29 . Aided by temporary cost reductions . Remain focused on execution for long- term success – “controlling what we can control” . Recently announced permanent cost reduction actions FY19 FY20 FY19 FY20* . Maintained quarterly dividend at Net Sales Adjusted EPS $0.30 per share (billions) OSK Q3 Performance *Non-GAAP results. See appendix for reconciliation to GAAP results Investor Presentation September 2020 14 Well positioned for success Favorable market dynamics and benefits of MOVE position OSK to deliver solid long-term results • Attractive End Markets • Strong free cash flow over the cycle • Defense • Growth optionality • Fire trucks • Ensures strong balance sheet • Refuse collection • Integrated approach to cost containment • Secular Tailwinds • MOVE Strategy • Population growth • Simplification • Household formation Positive long-term outlook Investor Presentation September 2020 15 Contacts: Patrick N. Davidson Senior Vice President, Investor Relations [email protected]