oshkosh goldman_110508

Built strong.Building for the future.

Robert G. BohnChairman and Chief Executive Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Goldman Sachs ConferenceNovember 6, 2008

Built strong.Building for the future. 2

Forward Looking StatementsOur remarks that follow, including answers to your questions and these slides, include statements that we believe are “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 consequences of financial leverage associated with the JLG acquisition, especially given recent turmoil in the credit markets, the level of the Company’s borrowing costs and the Company’s ability to maintain compliance with financial covenants in its credit agreement; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global economic downturn and credit crisis; the Company’s ability to offset higher steel and raw material costs through other cost decreases or product selling price increases; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof; risks related to reductions in government expenditures and the uncertainty of government contracts; risks associated with international operations and sales, including foreign currency fluctuations; the Company’s ability to turn around its Geesink business; risks related to the collectibility of access equipment receivables; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors and assumptions is contained in our filings with the SEC, including our Form 8-K filed November 3, 2008. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.


Oshkosh At A GlanceGlobal leader in specialty vehicles4 business segments, each over $1B in sales:– Access Equipment– Defense– Fire & Emergency– Commercial

Broad product lines with leading market positions that generate significant free cash flow Growing international revenues and operations base


Oshkosh Fiscal 2008 HighlightsSales increased 13.2% to $7.1 billion

– International sales were $2.1 billion, or 30% of total sales

– Market share gains and record orders at Pierce and domestic refuse

Operating income decreased 1.5% to $582 million*

EPS decreased 5.9% to $3.37*

$283 million of debt reduction

Cost reductions of $100 million in annual savings

OSK Full Year Performance(millions)

$3,427

$6,307

$7,138

$325.9

$596.3 $582.0*

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2006 2007 2008$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

Net Sales Operating Income

Net

Sal

es

Operating Incom

e

* Figures exclude non-cash charges for asset impairment of $175.2 million or $2.31/share


Recent Highlights

Multiple defense contract awards

– Multi-year FHTV contract

– MTVR reducible-height armor kits

– UK Light Equipment Transporter (LET2) for 2010 – preferred bidder

Significant opportunities in domestic refuse collection vehicles

– Growth from customers ordering units to reduce fleet age

– CNG-powered units starting to gain momentum

Market share gains at Pierce and airport products

Strengthening leadership


Current State ConditionsMarket volatility and credit crisis make it very difficult to project fiscal 2009Defense, fire and domestic refuse backlogs partially mitigate difficultiesBetter positioned to address challenging conditions– Improved cost structure; eliminated an expected $100 million

of annual costs– Lowered debt and inventories– Actively sourcing in low-cost countries– Re-energizing operations with Global Manufacturing Services executive

Moving forward with plan seeking to avoid or delay credit agreement amendment in fiscal 2009– Action plans to drive $500 million or more in debt reduction– Will assess ability to achieve plan quarterly

Continuing to invest in limited strategic global and new product development initiatives


Access EquipmentKey Markets:

– Residential and non-residential construction, general industrial and military

Challenges:– Soft construction markets, economic

weakness in particularly North America and Europe

– Higher finished goods inventories

Our Actions:– Reducing cost structure: headcount, supply

chain and expenses– Responsible inventory reduction

Outlook for 2009:– N. America - lower– Europe - lower– ROW - higher


DefenseKey Markets:

– Vehicles; mostly U.S with some international– Parts & service; domestic and in-theater

Challenges:– Reset & recapitalization of equipment– Win new business– Margin pressure

Our Actions:– Expansion into armored vehicle sales– International bids

Outlook for 2009:– Growth in vehicles and parts & service

• Recent FHTV contract renewal• MTVR reducible-height armor kit order• UK LET2


Fire & EmergencyKey Markets:

– Municipal (North America), airport (global), general industrial, mobile broadcast and mobile medical (global), towing and recovery

Challenges:– Reduced tax receipts expected to lead to

soft municipal spending environment– Economic weakness in North America and

Europe

Our Actions:– New products and stronger distribution

leading to share gains– Lower cost structure, selected investments

in growth opportunities

Outlook for 2009:– Growth in fire apparatus and airport vehicles– Declines in most other markets


CommercialKey Markets:

– Residential and non-residential construction, refuse collection, mining, and general industrial

Challenges:– Soft construction markets– Economic weakness in North America and

EuropeOur Actions:

– Lowered cost structure; completed restructuring in Europe

– New products (CNG-powered vehicles) leading to share gains & growth outlook

– Expanding concrete products to more international markets

Outlook for 2009:– Continued weakness in concrete mixer and

batch plant markets– Strong refuse collection vehicle backlog– Improved results at Geesink Norba


$202 million debt reduction in Q4– In compliance with financial covenants at Sept. 30, 2008

Driving plan seeking to avoid or delay credit agreement amendment in fiscal 2009 that requires:

– Delivering earnings at higher end of estimate range– Achieving $500 million or more in debt reduction

Tightly managing spending– Further reductions likely if demand softens

Continuing actions to reduce working capital– Strong focus on inventory reduction– Negotiating European receivables sales program

Limiting capital expenditures to $60 millionSufficient liquidity, even if amendment is necessary

Oshkosh Financing Update


Global market conditions are volatile and difficult to project, but Oshkosh is moving forward with:– Powerful leading brands– Prudent investments in key global markets– Value-driven sourcing– Lower cost structure to mitigate weak market conditions– Manufacturing excellence initiatives– Cash generation to deliver debt reduction

The Oshkosh team is Built Strong and ……committed to Building for the Future

Oshkosh in Summary…


Why Invest in Oshkosh?Leader in key

marketsStrong operating team Business model

supports success

#1 or #2 playerInnovation leaderService second to none

Swift & decisive in response to weaknessStrong track record in variety of conditionsRealistic & conservative

Strong near-term outlook for defense, refuse and fireLong-term growth expected for access equip.Technology advantages

oshkosh goldman_110508

Economy & Finance

built strong

general industrial

companys ability

fire

financial covenants

residential construction

north america

risks related