Earnings Conference Call
  Third Quarter Fiscal 2007
  August 1, 2007




    Robert G. Bohn
    Chairman, President and C...
Forward Looking Statements
    Our remarks that follow, including answers to your questions and these slides, include
    ...
Oshkosh Q3 2007 Highlights
• Sales increased 108% to
                                                              OSK Q3 ...
Access Equipment

                       • Craig Paylor named president
                         of segment
              ...
Defense
                                  • Strong performance driven by
                                    need for heav...
Fire & Emergency
                             • Tom Fenner named
                               president of segment
     ...
Commercial
                     • Lower concrete placement
                       sales due to:
                         –...
Consolidated Results
   Dollars in millions, except per share amounts
                            Third Quarter
          ...
Access Equipment
   Dollars in millions
                            Third Quarter
                                        ...
Defense
   Dollars in millions
                            Third Quarter
                                                 ...
Fire & Emergency
   Dollars in millions

                            Third Quarter
                                       ...
Commercial
   Dollars in millions
                             Third Quarter
                                             ...
Oshkosh Fiscal 2007 Estimates
                    Sales of $6.3 to $6.35 billion
                           Expectations:
...
Oshkosh Fiscal 2007 Estimates
                 Operating Income of $576 to $583 Million
                               Exp...
Oshkosh Fiscal 2007 Estimates
                             Other Estimates
                                           Fisc...
Oshkosh Fiscal 2007 Estimates
    • Raising full-year EPS estimate
      range to $3.35 to $3.40
    • Estimated Q4 EPS ra...
Oshkosh Fiscal 2008 Estimates
                    Sales of $7.0 to $7.2 billion
                                 Expectati...
Oshkosh Fiscal 2008 Estimates
                 Operating Income of $705 to $730 Million
                                 E...
Oshkosh Fiscal 2008 Estimates
                             Other Estimates
                                           Fisc...
Oshkosh Fiscal 2008 Estimates

 • Estimated annual EPS range
   of $4.15 to $4.35

 • Anticipated capital spending
   of a...
Q3 2007 Summary
      • Very strong performance by access equipment
      • Defense business coming on strong, with margin...
22
August 1, 2007
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  1. 1. Earnings Conference Call Third Quarter Fiscal 2007 August 1, 2007 Robert G. Bohn Chairman, President and Chief Executive Officer Charles L. Szews Executive Vice President and Chief Financial Officer Patrick N. Davidson 1 Vice President of Investor Relations August 1, 2007
  2. 2. Forward Looking Statements Our 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. All of our statements, other than statements of historical fact, including statements regarding Oshkosh Truck’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of words such as “expect,” “intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot give any assurance that such expectations will prove to be correct. Some factors that could cause actual results to differ materially from our expectations include the accuracy of assumptions made with respect to our expectations for fiscal 2007 and fiscal 2008, the Company’s ability to integrate the JLG Industries, Inc., Oshkosh Specialty Vehicles and Iowa Mold Tooling Co., Inc. acquisitions, the consequences of financial leverage associated with the JLG acquisition, the Company’s ability to turn around the Geesink Norba Group and Medtec businesses sufficiently to support their valuations resulting in no non-cash impairment charges for goodwill, the expected level of U.S. Department of Defense procurement of the Company’s products and services, the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, risks related to reductions in government expenditures, the uncertainty of government contracts, risks associated with international operations and risks related to the collectibility of access equipment receivables. Additional information concerning these and other factors is contained in our filings with the SEC, including our Form 8-K filed August 1, 2007. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements. 2 August 1, 2007
  3. 3. Oshkosh Q3 2007 Highlights • Sales increased 108% to OSK Q3 Performance $1.85 billion (millions) • Operating income increased $2,000 $250.0 133% to $192.7 million $1,847 $1,800 $1,600 $200.0 • EPS up 68% to $1.21 Operating Income Sales Revenue $1,400 $192.7 $1,200 $150.0 • Increased fiscal 2007 EPS $1,000 $888 estimate range to $3.35 to $819 $800 $100.0 $600 $3.40; initiated fiscal 2008 $82.6 $400 $50.0 $63.0 EPS estimate range of $200 $0 $0.0 $4.15 to $4.35 2005 2006 2007 • Oshkosh pursuit of MRAP Sales Revenue Operating Income business continues 3 August 1, 2007
  4. 4. Access Equipment • Craig Paylor named president of segment • Integration efforts continue to yield success • Strong international markets, particularly in Europe • Strong aerial work platform business in U.S., but softer telehandler business 4 August 1, 2007
  5. 5. Defense • Strong performance driven by need for heavy and medium tactical trucks • Increased levels of: – Employees – Truck production rates • Continuing pursuit of MRAP- type contracts, with significant available capacity: – Prime – Subcontractor Killeen, Texas – Teaming (ex. the Bull™) 5 August 1, 2007
  6. 6. Fire & Emergency • Tom Fenner named president of segment • Strong performance at fire apparatus maker Pierce • Recent new product launches continue to gain traction • Large airport products contracts ship in Q4 • OSV integration is progressing 6 August 1, 2007
  7. 7. Commercial • Lower concrete placement sales due to: – Slowdown after engine emissions pre-buy – Weakness in U.S. residential construction • U.S. refuse sales remained strong • Necessary steps being taken at Geesink Norba Group • IMT integration continues on track 7 August 1, 2007
  8. 8. Consolidated Results Dollars in millions, except per share amounts Third Quarter Comments 2006 2007 Net Sales $1,847.3 $887.9 • Access equipment % Growth 108.1% 8.4% and defense led the Operating Income $ 192.7 $ 82.6 way % Margin 10.4% 9.3% • JLG accretive to EPS % Growth 133.2% 31.2% by $0.35 per share Earnings Per Share $ 1.21 $ 0.72 • Debt reduced by % Growth 68.1% 38.5% $23 million 8 August 1, 2007
  9. 9. Access Equipment Dollars in millions Third Quarter Comments 2006 2007 • Sales up in all regions Net Sales $873.8 NA - Particularly strong in % Growth N/A NA Europe Operating Income $ 98.3 NA • Purchase accounting charges: % Margin 11.3% NA - $2.0 million inventory % Growth N/A NA revaluation - $16.8 million recurring amortization and depreciation • Backlog up 38.2%(1) (1) Compared to JLG stand-alone results. 9 August 1, 2007
  10. 10. Defense Dollars in millions Third Quarter Comments 2006 2007 Net Sales $376.3 $291.4 • Production ramp-up in full swing % Growth 29.1% 3.7% • Strong volumes in new Operating Income $ 65.3 $ 49.0 and remanufactured % Margin 17.3% 16.8% trucks % Growth 33.1% 6.7% • Sharply lower aftermarket sales • Backlog up 65.4% 10 August 1, 2007
  11. 11. Fire & Emergency Dollars in millions Third Quarter Comments 2006 2007 • Growth in U.S. fire Net Sales $290.2 $255.3 apparatus % Growth 13.7% 14.7% • Higher-margin airport Operating Income $ 29.0 $ 29.8 product sales heavily weighted to Q4 % Margin 10.0% 11.7% • Supplier issues in 2006 % Growth (2.7)% 28.7% affect comparison • Includes $31.9 million of sales from OSV • Backlog up 9.4%, including OSV 11 August 1, 2007
  12. 12. Commercial Dollars in millions Third Quarter Comments 2006 2007 • Concrete placement Net Sales $317.8 $350.6 demand declined after % Growth (9.3)% 8.8% ’07 engine pre-buy Operating Income $ 17.8 $ 25.4 • U.S. refuse sales up 14.4% % Margin 5.6% 7.2% • Geesink Norba performance improved % Growth (29.7)% 252.0% from Q2 • Includes $25.4 million of sales from IMT • Backlog down 51.1%, including IMT 12 August 1, 2007
  13. 13. Oshkosh Fiscal 2007 Estimates Sales of $6.3 to $6.35 billion Expectations: • Access equipment sales of approximately $2.5 billion • Defense sales to grow about 10% • Fire and emergency sales to increase over 20% • Commercial sales to grow about 5% 13 August 1, 2007
  14. 14. Oshkosh Fiscal 2007 Estimates Operating Income of $576 to $583 Million Expectations: • Access equipment margins slightly greater than 9.5%, including purchase accounting charges of $65 to $67 million • Defense margins to decline by approximately 100 to 150 bps • Fire & emergency margins to be slightly lower than previous year • Commercial margins to decline by 50 to 100 bps 14 August 1, 2007
  15. 15. Oshkosh Fiscal 2007 Estimates Other Estimates Fiscal 2007 Estimates Interest expense and other $195 to $200 million (expense) Effective tax rate 36.0% Equity in earnings $7.0 million (income) Average shares outstanding 75,000,000 15 August 1, 2007
  16. 16. Oshkosh Fiscal 2007 Estimates • Raising full-year EPS estimate range to $3.35 to $3.40 • Estimated Q4 EPS range of $0.90 to $0.95 • Anticipated capital spending of approximately $105 million • Debt expected to be approximately $3.0 to $3.1 billion at fiscal year-end 16 August 1, 2007
  17. 17. Oshkosh Fiscal 2008 Estimates Sales of $7.0 to $7.2 billion Expectations: • Access equipment sales to increase 15.0% to 20.0% • Defense sales to grow over 20.0% • Fire and emergency sales to increase approximately 5.0% • Commercial sales to be up slightly 17 August 1, 2007
  18. 18. Oshkosh Fiscal 2008 Estimates Operating Income of $705 to $730 Million Expectations: • Access equipment margins to improve by 100 to 150 bps • Defense margins to decline by approximately 200 to 250 bps • Fire & emergency margins to improve by 50 to 100 bps • Commercial margins to improve by 100 to 150 bps • Corporate expense to grow by approximately $30 million 18 August 1, 2007
  19. 19. Oshkosh Fiscal 2008 Estimates Other Estimates Fiscal 2008 Estimates Interest expense and other $220 to $230 million (expense) Effective tax rate 34.5% Equity in earnings $3.0 million (income) Average shares outstanding 76,500,000 19 August 1, 2007
  20. 20. Oshkosh Fiscal 2008 Estimates • Estimated annual EPS range of $4.15 to $4.35 • Anticipated capital spending of approximately $110 million • Debt expected to be approximately $2.65 to $2.75 billion by September 30, 2008 20 August 1, 2007
  21. 21. Q3 2007 Summary • Very strong performance by access equipment • Defense business coming on strong, with margins moving into lower, more sustainable range – Remain in hunt for MRAP-type business • Commercial segment in the down cycle of the engine emissions pre-buy • Favorable outlook through fiscal 2008 • Success of diversification strategy is evident 21 August 1, 2007
  22. 22. 22 August 1, 2007
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