Winnebago Industries' presentation for the December 2018 BMO Conference

1. BMO Conference – December 4, 2018

2. LEADERSHIP
Bob Chiusano
Chairman of the Board
Michael Happe
President and CEO
Brian Hazelton
VP/GM Winnebago
Motorhomes
Ashis Bhattacharya
VP Strategic Planning
and Development
Don Clark
VP, Winnebago Industries,
President, Grand Design RV
Scott Degnan
VP/GM Winnebago
Towables
Bryan Hughes
VP and CFO
Jeff Kubacki
VP and Chief
Information Officer
Chris West
VP Operations
Bret Woodson
VP Human Resources and
Administration
Stacy Bogart
VP General Counsel &
Corporate Secretary
Steve Heese
VP, Winnebago Industries,
President, Chris-Craft
2

3. FORWARD LOOKING STATEMENTS
This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these
statements, including, but not limited to increases in interest rates, availability of credit, low consumer confidence, availability of labor, significant
increase in repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a slowdown in the economy, increased
material and component costs, availability of chassis and other key component parts, sales order cancellations, slower than anticipated sales of
new or existing products, new product introductions by competitors, the effect of global tensions, integration of operations relating to mergers and
acquisitions activities, business interruptions, any unexpected expenses related to ERP, risks related to compliance with debt covenants and
leverage ratios, and other factors. Additional information concerning certain risks and uncertainties that could cause actual results to differ
materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the last
12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking
to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any changes in the Company's
expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as
required by law.
3

4. OUR NORTH STAR
We help our customers
explore the outdoor lifestyle,
enabling extraordinary
experiences as they travel, live,
work and play.
We will be the trusted leader in
outdoor lifestyle solutions by
providing unmatched
innovation, quality and service
in the industries we engage.
To create lifetime advocates
through a relentless focus on
delivering an unsurpassed
customer experience.
4

5. THE WINNEBAGO DIFFERENCE
5
Outdoor
lifestyle
brands
Diversified – only
RV, marine and
specialty vehicle
public company
Premium quality,
service and
innovation
Vision not defined
by one product or
segment
Top talent that
is a blend of RV
and other
industry
experience
Significant
growth
runway

6. WINNEBAGO INDUSTRIES OVERVIEW
Junction City, OR
Lake Mills, IA
Forest City, IA
Charles City, IA
Waverly, IA
Eden Prairie, MN
Middlebury, IN (2) Sarasota, FL
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REVENUE ($M)
$89.4
9%
$881.4
90%
$4.5
1%
$685.2
44%$853.4
55%
$8.6
1%
$1,127.7
56%
$860.7
43%
$28.4
1%
Motorhomes Towables Other
$2.0B
FY18 REVENUE
$160.4M
OPERATING INCOME
$3.22
FY18 EPS
LEADING
BRAND EQUITIES
4,600+
HIGHLY SKILLED
EMPLOYEES
DIVERSIFIED
LINEUP OF RV + MARINE
PRODUCTS
FY16
FY17
FY18

7. STRATEGIC PRIORITIES
Elevate Excellence
in Operations
Drive Higher Levels of Safety,
Quality, and ProductivityStrengthen and Expand
Core RV Business
Re-energize Motorhome; Invest
in Towable Growth
2
1
Build a High-
Performance Culture
Create Unique Blend of
Leadership, Accountability
and Giving
3
Expand to New,
Profitable Markets
Investigate Diversification –
Inside and Outside of RVs
5
Leverage Innovation
and Digital Engagement
Create Connected Customer
Advocacy
4
7

8. WINNEBAGO IS DELIVERING SOLID FINANCIAL RESULTS
$104 $105 $113
$223
$300
2014 2015 2016 2017 2018
$945 $977 $975
$1,547
$2,017
2014 2015 2016 2017 2018
Net Revenue ($M) Gross Profit ($M)
$13
$29 $28
$83
$55
2014 2015 2016 2017 2018
Free Cash Flow ($M)
11.0% 10.7% 11.6% 14.4% 14.9%
$63 $60 $62
$139
$182
2014 2015 2016 2017 2018
Adjusted EBITDA ($M)
6.7% 6.1% 6.4% 9.0% 9.0%
8

9. CAPITAL ALLOCATION
A strong balance
sheet to execute
growth strategies
Optimize
the capital
structure
Return excess
cash to
shareholders
Ensure that liquidity
is adequate
Debt Leverage Ratio
2017
3.0
0
1.8
Net Debt to EBITDA
3.0
0
1.6
2018
3.0
0
1.5
0.9
ON-GOING
(TARGET)
9

10. BUSINESS DEVELOPMENT FRAMEWORK
PURSUING OPPORTUNITIES TO FUEL GROWTH
10

11. M&A
____________________
Sources: Recreation Vehicle Industry Association; Outdoor Industry Association; Industry news clips; Winnebago analysis
Adjacency FrameworkTypes of Opportunities
Accretive, profitable growth
11

12. THE CALL OF THE OUTDOORS IS STRONG
49% of Americans, or 146 million people age 6 and over, reported participating in at least one outdoor activity
in 2017
▪ An increase of 1.7 million participants since 2016
▪ Most popular activities: running, fishing, hiking, bicycling, camping
▪ 46% of people (69.8 million) who did not participate in an outdoor activity have a desire to do so
Sources: KOA 2018 North American Camping Report, Outdoor Recreation
Participation Topline Report 2017, 2018 Outdoor Industry Association
Report, * 2016 National Boating Participation Study
Significant
Outdoor
Activity
Participation
High Interest
in Camping
and Boating
Seeking Health
and Wellness
$887 billion spent on outdoor activities in 2016
Aspirational: Across all age groups, camping ranked as #1 or #2 most popular aspirational outdoor activity
(i.e. activities that most interest non-participants)
73% of respondents* have gone boating; 36% are active boaters
Of those surveyed, key reasons cited for outdoor activities include
▪ spending more time with family and friends
▪ Getting exercise and keeping physically fit
▪ improving overall emotional well-being and health
12

13. CAMPING PARTICIPATION ON THE RISE
21%
2015-17 AVG
RV AS PRIMARY ACCOMMODATION FOR NEW CAMPERS
32,029,000
34,884,000 37,117,000 38,558,000
2014 2015 2016 2017
ANNUAL CAMPER HOUSEHOLDS HAVE GROWN 20% SINCE 2014
61% of U.S. households camp at least occasionally
6.0 million new U.S. households became campers over the last 3 years
(2014-2017)
MILLENNIAL PROFILE
• Comprise 37% of all RVers
• 22% say an RV is the primary type of camping accommodation
• 30% who don’t own an RV would consider purchasing one
24% of campers use an RV (compared to 22% avg the last 4 years)
64% increase in number of campers from 2014-2017 who camp three times or
more each year
____________________
Source: Kampgrounds of America (KOA) 2018 camping report
13

14. RVs AND CLASSES
MOTORHOME PRODUCT OVERVIEW TOWABLE PRODUCT OVERVIEW
Class A
▪ Built on a heavy
truck chassis
▪ Diesel and Gas
models
▪ Ability to tow a
small vehicle
Class C
▪ Built on a
medium truck
chassis
▪ Similar features
and amenities to
Class A models
Class B
▪ Built by adding
taller roof and
amenities to
existing van
▪ Easy to
maneuver
Travel Trailer
▪ Towed by means
of a hitch
attached to the
frame of the
vehicle
Fifth Wheel
▪ Constructed with
a raised forward
section that is
connected to the
vehicle with a
special fifth
wheel hitch
Specialty
▪ Mobile medical
▪ Bloodmobiles
▪ Mammography
▪ Event marketing
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15. TOTAL RV WHOLESALE MARKET
NORTH AMERICAN SHIPMENTS (UNITS ‘000s)
____________________
Sources: Historical Data: Recreation Vehicle Industry Association; Calendar year 2018 and 2019 represents RVIA estimate as of winter RV Roadsigns, published in November 2018
15
255
391 391
166 166
505
479 466
1997
2006
2006
2009
2009
2017
2018E
2019E
5% CAGR -25% CAGR 15% CAGR -5.1%
Conservative: 439.8
-8.2%
Aggressive: 466.0
-2.7%%
Forecast: 453.2
-5.4%

16. TOTAL RV RETAIL
NORTH AMERICAN UNITS - % GROWTH VS. LAST YEAR
____________________
Sources: Statistical Surveys, Inc. through September 2018
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6.8%
3.5%
0.1%
26.0%
21.4%
17.5%
Trailing 12 months Trailing 6 months Trailing 3 months
Industry WGO IND
Share Gain: +1.3 pp +1.2 pp +1.3 pp

17. TOWABLES SEGMENT DEVELOPMENTS
▪ Grand Design RV momentum
▪ Winnebago Towable expansion
▪ New product investments
▪ Dealer and retail share gains
▪ Strong margin performance
TRANSCEND
17
IMAGINEMINNIE SOLITUDESPYDER TOY HAULERMICRO MINNIE 5TH WHEEL

18. TOWABLE SEGMENT OVERVIEW
WINNEBAGO TOWABLES KEY STRATEGIES GRAND DESIGN RV KEY STRATEGIES
$89
$685
$1,128
2016 2017 2018
50%
34%
8%
1%
7%
Thor Industries Forest River Winnebago
Industries
Gulfstream
Coach
Other
Towable Segment Market Share
Towable Segment Net
Revenue ($M)
Source: Statistical Surveys, Inc.; percent as reported for North America for rolling 12 months ended September 2018
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19. MOTORIZED SEGMENT DEVELOPMENTS
▪ Product line revitalization
▪ Strengthening dealer relationships
▪ Manufacturing transformation
▪ Brand development
▪ Technology innovation
ADVENTURERREVEL VITA/PORTO
19
OUTLOOK

20. MOTORHOME OVERVIEW
KEY STRATEGIES
$881 $853 $861
2016 2017 2018
39%
22%
16%
7% 6% 5% 5%
Thor
Industries
Forest
River
Winnebago
Industries
Rev Group Tiffin Newmar Other
Market Share Net Revenue ($M)
Source: Statistical Surveys, Inc.; percent as reported for North America for rolling 12 months ended September 2018
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21. SPECIALTY VEHICLES BUSINESS UNIT
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Mobile medical Mobile dental
DUI/BAT Bloodmobiles
Mammography Classrooms
Event marketing Bookmobiles
ABILITY EQUIPPEDCOMMERCIAL SHELLSSPECIALTY
NEW! All-Electric Zero-Emission Option!
33' and 38' Class A commercial platforms
100% Battery Electric Vehicle
Range of 85 to 125 miles
Ideal for fixed-base applications
One of the only RV manufacturers to
build motorhomes specifically tailored
for those individuals with physical
challenges.
Wheelchair lifts, roll-in showers,
conveniently located controls, and a
host of other items.

22. ICONIC BRAND WITH DEEP HERITAGE
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23. BROAD PORTFOLIO OF STERNDRIVE AND OUTBOARD BOATS
CAPRI SERIES
Sizes: 21’ 27’
LAUNCH GT
Sizes: 28’ 35’
CALYPSO SERIES
Sizes: 26’ 30’
CATALINA SERIES
Sizes: 26’ 30’ 34’
STERNDRIVEOUTBOARD
CORSAIR SERIES
Sizes: 27’ 30’ 34’
LAUNCH SERIES
Sizes: 23’ 27’ 30’ 34’ 38’
23

24. ▪ Global brand recognized worldwide for providing an iconic marine experience and a symbol of American boating for over 140 years
▪ Experienced management team that has been in place since 2001
▪ Portfolio of 18 boat models ranging from 21’-38’ with distinct design appeal and highly customizable configurations suitable for a range
of recreational activities
▪ Carefully controlled “built-to-order” manufacturing and dealer inventory management – provides opportunity to share best practices
with similar Winnebago model
▪ 170,000 square foot, non-union, integrated manufacturing facility in Sarasota, FL
▪ Opportunity to increase scale through additional investment
CHRIS-CRAFT OVERVIEW
Brand, Leadership
and Product Lineup
Manufacturing
Capabilities
Global
Distribution &
Customer Base
▪ Multi-brand network of over 90 contracted dealers and 123 global sales locations
▪ Boats sold in over 50 different countries since 2010
▪ Luxury customer base that is typically less sensitive to fluctuations in the economic cycle
Brand, Leadership
and Product Lineup
24

25. A NATURAL ADJACENCY FOR WINNEBAGO
(1) Source: NMMA Recreational Boating Participation Study
Brand Positioning
Winnebago has a successful history of nurturing
iconic brands with a common focus on
better/best market segments
Dealers
Both Winnebago and Chris-Craft are focused on
strategic channel partner relationships, especially
with independent dealers
Manufacturing & Design
Similar manufacturing processes and components
with a focus on finely crafted interior/exterior
design; vertical integration is a core competency
for both companies
Supply Chain
Meaningful supply segment overlap, which is
expected to increase efficiency of design and
manufacturing processes and improve customer
service experience
Lifestyle Intersection
Shared draw of customers to outdoor lifestyle;
similar customer demographics and significant
(>30%) boat and RV ownership crossover(1)
Customer-First Model
Similar business models and focus on the owner
experience; passionate owners and strong post-
sale relationships
25

26. 5 MONTHS IN – INTEGRATION PRIORITIES
Key Chris-Craft leadership integration with ELT and BOD
Sourcing synergies
Manufacturing and design best practices
Capacity and capital requirements
FY19 financial and operational plans synched with WGO IND
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27. 3-YEAR
LONG RANGE PLAN
27

28. FY2020 GOALS
10% unit market share of
the North American RV
market at the end of
FY2020; compares to 3%
at the end of FY2016.
10% Operating Income
at the end of FY2020;
compares to 8.1% at
the end of FY2017.
10% of FY2020
revenue will come
from RV segments or
businesses we weren’t
in at the end of
FY2017.
Every employee will
be asked to engage in
an activity related to
one of the following
every year:
▪ Safety
▪ Quality
▪ Productivity
▪ Giving
28

29. EXECUTIVE
SUMMARY
29

30. OUR JOURNEY THUS FAR….
Growing
• Revenue has surpassed $2B and doubled over past two years
• Market share of 8.2% (August TTM) +1.3 bps versus LY and on track for 10%+ in 2020
• Adj EBITDA and Cash flow ~2-3x versus 2016
• Stronger balance sheet to support further growth
Diversifying
• Balanced portfolio in RV segment (Towables now >55% of total versus 5% prior to F17)
• More new products and products represented across all price tiers
• Increase in number of channel partners
• Acquired Chris-Craft…..now have three strong brands with full line potential
A Clear Path Forward
• Company purpose, vision, and mission is clear and understood across the organization
• Strong management team and growing talent pool in the broader organization
• 3 year plan that grows shareholder value by increasing revenue, share and profit
LONG RUNWAY AHEAD AND MUCH WORK TO DO!
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31. WINNEBAGO INDUSTRIES: THREE LEADING BRANDS
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32. WinnebagoInd.com