06 02-16 key banc conference presentation final

1. MOVING THE WORLD AT WORK
Oshkosh Corporation
(NYSE:OSK)
KeyBanc Industrial Conference
June 2, 2016

2. MOVING THE WORLD AT WORK
Forward-Looking Statements
2June 2, 2016Investor Handout
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 press release, 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, 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 purchased materials; the expected level and timing of U.S.
Department of Defense (“DoD”) and international defense customer procurement of products and services and funding or payments
thereof; the Company’s ability to utilize material and components which it has committed to purchase from suppliers; higher material
costs resulting from production variability due to uncertainty of timing of payment from international defense customers; risks related
to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical
wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles, including
a future FMTV production contract; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing
commodity and other raw material costs, particularly in a sustained economic recovery; 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; global economic uncertainty, 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;
projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that
may affect the Company, its suppliers or its customers; 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
related to production or shipment delays arising from quality or production issues; risks associated with international operations and
sales, including compliance with the Foreign Corrupt Practices Act; 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 a data security breach; 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 April 28, 2016. All forward-looking statements speak only as of
April 28, 2016. 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. MOVING THE WORLD AT WORK
Why Oshkosh Corporation?
3June 2, 2016Investor Handout
Defense , F&E and RCV
+ Solid market outlook
+ Strong backlogs
+ JLTV ramp & Int’l M-ATVs
+ Fire & Emergency and RCV share gains
+ Improving OI margins
Access Equipment / Concrete Mixers
+ Benefitting from construction growth
- Cautious approach by customers
- Soft replacement-driven access equipment
demand
OSK:
A Different
Integrated
Global
Industrial
Expected FCF Provides Options
+ Solid earnings
+ Working capital reduction

4. MOVING THE WORLD AT WORK
Oshkosh Corporation –
A Different Integrated Global Industrial
 Technology leader supplying
industry's top specialty vehicles
& access equipment
 Serial innovator of game
changing new products
 Focused on delivering value to
customers and shareholders
 Leverage cross segment
expertise and resources
4
(1) As of May 25, 2016
Access Equipment Defense
Fire & Emergency
June 2, 2016Investor Handout
Fire & Emergency Commercial
Incorporated 1917
- Nearly 100 Years
in Business
Market Cap (1) - $3.3 billion
OSK – NYSE ticker

5. MOVING THE WORLD AT WORK
MOVE Strategy Evolves to Drive Performance…
 Focuses on drivers that
create highest
shareholder value
 Supports higher margin
targets through the cycle
5June 2, 2016Investor Handout
…In FY16 and Beyond

6. MOVING THE WORLD AT WORK
Defense
Returning to Growth on a Strong Foundation
June 2, 2016Investor Handout 6
 Improved defense segment outlook
 JLTV ramp up gaining momentum
− Production ramp up (FY17-19) quicker
than previous expectations
 Positive multi-year domestic outlook
− FY16 contract awards
− FY17 budget request
 Continue to be active internationally
− Awarded contract for more than 1,000
M-ATVs (finalizing funding and delivery
schedule)
− Pursuing multiple other opportunities

7. MOVING THE WORLD AT WORK
Access Equipment
Positive Long-Term Outlook Despite Near Term Challenges
June 2, 2016Investor Handout 7
 Mixed global market conditions
continue
 Positive sentiment at recent trade
shows
− BAUMA 2016
− ARA Rental Show
 Strong new product launches
 Inventory reduction expected to
continue in second half of FY16
 Believe long-term trends are positive
− Construction growth
− Global product adoption
− New applications for access
equipment

8. MOVING THE WORLD AT WORK
Fire & Emergency
Improving Execution Driving Market Leadership to New Heights
June 2, 2016Investor Handout 8
 Continued modest market recovery
 Improved municipal spending
 Large city fleet replacement
 Revolutionary Ascendant™ two-axle
aerial ladder truck continues to gain
momentum
– Three new variants launched at FDIC
− Contributing to share gains
 Raising production rate in FY16
 Leveraging improved operational
performance
 Increased production rate in February
 Additional increase planned in Q4

9. MOVING THE WORLD AT WORK
Commercial
Strong RCV Fleet Replenishment and New Product Launches
June 2, 2016Investor Handout 9
 Fleet replenishment driving RCV
market growth
– OSK products achieving share gains
 New lighter weight Meridian front
end loader RCV began shipping in
1H FY16
− Market anticipation is high
 Improved concrete mixer order rates
in Q2; cautious tone remains
 Believe long-term concrete mixer
dynamics are favorable
− Increased construction activity
− Recently passed highway bill
(FAST Act)
− Fleets continue to age

10. MOVING THE WORLD AT WORK
Responsible Capital Allocation
Strong Free Cash Flow Provides Options
10June 2, 2016Investor Handout
 Reinvesting in core
business remains preferred
option
 Return of capital balanced
with continued investments
– Provides options for the
business
– Over $1.0 billion returned to
shareholders over the past
four years
– Dividend increased annually
since reinstatement in
November 2013 201.8
403.3
200.4
100.1
50.7
53.1
28.0
$0
$100
$200
$300
$400
$500
FY13 FY14 FY15 FY16YTD*
Share Repurchases Dividends
($millions)
Cash Returned to Shareholders
* Data current as of March 31, 2016
Capital Allocation Priorities

11. MOVING THE WORLD AT WORK
Going Forward with Oshkosh - Expectations
 MOVE strategy evolves
– Market leadership with a focus
on delighting customers
– Margin improvement
– Technology drives game-changing
new products
– Compete vigorously for business
around the world
 Defense to drive growth
– JLTV award is historic, provides strong
foundation and visibility into future
– Demand for international M-ATVs
 Solid results in 2H FY16 in Access
Equipment segment
 Continued improvement in Fire &
Emergency and Commercial segments
11June 2, 2016Investor Handout

12. MOVING THE WORLD AT WORK
For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
12
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com
June 2, 2016Investor Handout 12

13. MOVING THE WORLD AT WORK
Appendix: Commonly Used Acronyms
13June 2, 2016Investor Handout
ARFF Aircraft Rescue and Firefighting MRAP Mine Resistant Ambush Protected
AWP Aerial Work Platform MSVS Medium Support Vehicle System (Canada)
CapEx Capital Expenditures NOL Net Operating Loss
CNG Compressed Natural Gas NPD New Product Development
DGE Diesel Gallon Equivalent NRC National Rental Company
DoD Department of Defense OCO Overseas Contingency Operations
EAME Europe, Africa & Middle East OH Overhead
EMD Engineering & Manufacturing Development OI Operating Income
EPS Diluted Earnings Per Share OOS Oshkosh Operating System
FHTV Family of Heavy Tactical Vehicles OPEB Other Post-Employment Benefits
FMS Foreign Military Sales PLS Palletized Load System
FMTV Family of Medium Tactical Vehicles PUC Pierce Ultimate Configuration
GAAP U.S. Generally Accepted Accounting Principles R&D Research & Development
GAO Government Accountability Office RCV Refuse Collection Vehicle
HEMTT Heavy Expanded Mobility Tactical Truck RFP Request for Proposal
HET Heavy Equipment Transporter ROW Rest of World
HMMWV High Mobility Multi-Purpose Wheeled Vehicle SMP Standard Military Pattern (Canadian MSVS)
IRC Independent Rental Company TACOM Tank-automotive and Armaments Command
IT Information Technology TDP Technical Data Package
JLTV Joint Light Tactical Vehicle TPV Tactical Protector Vehicle
JPO Joint Program Office TWV Tactical Wheeled Vehicle
JROC Joint Requirements Oversight Council UCA Undefinitized Contract Action
JUONS Joint Urgent Operational Needs Statement UIK Underbody Improvement Kit (for M-ATV)
L-ATV Light Combat Tactical All-Terrain Vehicle UK United Kingdom
LVSR Logistic Vehicle System Replacement ZR Zero Radius
M-ATV MRAP All-Terrain Vehicle

14. MOVING THE WORLD AT WORK
Appendix: Expectations for FY16*
Additional expectations
 Corporate expenses of $140 - $145 million
 Tax rate of ~ 30%
 CapEx of ~ $100 million
 Free Cash Flow** ~ $275 million
 Assumes share count of ~ 74.5 million
Segment information
 Revenues of ~ $5.7 to $6.0 billion
 Operating income of $305 million to $345 million
 EPS of $2.30 to $2.70
* Information current as of April 28, 2016
** Non-GAAP results. See Appendix for reconciliation to GAAP results.
14
 Earnings weighted to second half
 Seasonality
 Cautious construction equipment customers
 Expect higher operating income margins compared
to first half in all segments, except defense segment
 Expect third quarter will be highest EPS quarter of
the year
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$2.8 to $2.95 $1.15 to $1.20 ~ $0.9 ~ $1.0
Operating
Income Margin
~10.0% ~ 5.25% ~ 6.0% ~ 7.0%
June 2, 2016Investor Handout

15. MOVING THE WORLD AT WORK
Appendix: Consolidated Results
 Sales impacted by:
 Lower access equipment volume
 Higher defense, fire &
emergency and commercial
segment sales
 EPS impacted by:
 Lower access equipment
segment results
 Higher corporate expenses
 Higher defense, fire &
emergency and commercial
segment results
 Discrete tax items
 Lower share count
Q2 Comments
(Dollars in millions, except per share amounts)
Second Quarter
Net Sales $1,524.3 $1,554.2
% Change (1.9)% (7.4)%
Operating Income $91.4 $109.7
% Change (16.7)% (8.1)%
% Margin 6.0% 7.1%
Adjusted EPS $0.76 $0.81*
% Change (6.2)% 1.3%
2016 2015
* Non-GAAP results for 2015. See Appendix for reconciliation to GAAP results.
June 2, 2016Investor Handout 15

16. MOVING THE WORLD AT WORK
Net Sales $754.3 $981.8
% Change (23.2)% 13.4%
Operating Income $75.7 $136.9
% Change (44.7)% 17.4%
% Margin 10.0% 13.9%
Second Quarter
(Dollars in millions)
2016 2015
Appendix: Access Equipment
 Sales impacted by:
 Lower North American volume,
primarily telehandlers
 Operating income impacted by:
 Lower sales volume
 Challenging pricing
 Prior year favorable vendor
recovery
 Unfavorable absorption
 Lower spending on emissions
standards changes
 Backlog up 2% vs. prior year to
$665 million
Q2 Comments
June 2, 2016Investor Handout 16

17. MOVING THE WORLD AT WORK
Appendix: Defense
 Sales impacted by:
 FHTV sales
 International M-ATV sales
 Operating income impacted by:
 Higher sales volume
 Favorable product mix
 Backlog up 193% vs. prior year
to $1.68 billion*
Q2 Comments
Net Sales $297.0 $158.7
% Change 87.1% (67.2)%
Operating
Income / (Loss) $27.8 $(12.0)
% Change 333.0% (134.6)%
% Margin 9.4% (7.5)%
Second Quarter
(Dollars in millions)
2016 2015
June 2, 2016Investor Handout 17
* Recently received international contract for more than 1,000 M-ATVs not
included in defense segment March 31, 2016 backlog

18. MOVING THE WORLD AT WORK
Net Sales $240.4 $202.9
% Change 18.5% 30.0%
Operating Income $14.9 $9.0
% Change 66.0% 750.1%
% Margin 6.2% 4.4%
Second Quarter
(Dollars in millions)
2016 2015
Appendix: Fire & Emergency
 Sales impacted by:
 Higher fire apparatus volume
 Operating income impacted by:
 Higher sales volume
 Improved operational efficiencies
 Backlog up 26% vs. prior year
to $903 million
Q2 Comments
June 2, 2016Investor Handout 18

19. MOVING THE WORLD AT WORK
Appendix: Commercial
 Sales impacted by:
 Higher RCV volume
 Operating income impacted by:
 Improved product mix
 Higher sales volume
 Backlog down 1% vs. prior year
to $289 million
Q2 Comments
Net Sales $236.7 $220.9
% Change 7.1% 21.2%
Operating Income $17.2 $8.6
% Change 99.0% 59.9%
% Margin 7.3% 3.9%
Second Quarter
(Dollars in millions)
2016 2015
June 2, 2016Investor Handout 19

20. MOVING THE WORLD AT WORK
June 2, 2016Investor Handout 20
Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share amounts):
Three Months Ended
March 31, 2015
Adjusted earnings per share-diluted (non-GAAP) 0.81$
Debt extinguishment costs, net of tax (0.12)
Earnings per share-diluted (GAAP) 0.69$
Fiscal 2016
Expectations
Net cash flows provided by operating activities 375.0$
Additions to property, plant and equipment (100.0)
Free cash flow 275.0$