Jefferies conference investor presentation final v2

MOVING THE WORLD AT WORK
Oshkosh Corporation
(NYSE:OSK)
Jefferies 2015 Global Industrials Conference
August 12, 2015

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 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; the Company’s estimates of access equipment demand; 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 DoD and international
defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures
in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the
Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment;
the Company’s ability to win a U.S. Joint Light Tactical Vehicle production contract award and finalize international contracts for a
significant quantity of M-ATVs, with sales beginning in fiscal 2016; 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 July 30, 2015. All forward-looking statements speak only as of
July 30, 2015. 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.
Forward-Looking Statements
2August 12, 2015Oshkosh Corporation Investor Presentation

Oshkosh Corporation
 Leading provider of specialty
vehicles
– Moving the World at Work
 Nearly 100 years in business;
incorporated in 1917
 Serial innovator of game changing
new products
 Market Capitalization(1): $2.9 billion
 FY14 Revenue: $6.8 billion
 Focused on delivering value to
customers and shareholders
3
(1) As of July 31, 2015
Access Equipment Defense Fire & Emergency Commercial
August 12, 2015Oshkosh Corporation Investor Presentation

MOVE Strategy Driving Performance…
 Focuses on drivers that
create highest
shareholder value
 Supports higher margin
targets across non-
defense businesses over
the cycle
…And Beyond FY15

Recent Performance
Some Success, Some Near-Term Challenges
 Access equipment demand
softened beginning in Q3
– Actively managing costs and
inventory levels
 Increased sales, operating income
and backlog in Q3 at Fire &
Emergency and Commercial
segments
 Inflection point in defense
earnings in Q4
– Re-starting FHTV production
– Backlog up 38% at June 30; first
increase since Q4 FY11
 International contracts expected
to drive return to growth in FY16
and FY17

Expectations for FY15**
Additional expectations
 Corporate expenses of $125 - $130 million
 Tax rate of ~ 32%
 CapEx of ~ $150 million
 Cash usage* ~ $150 million
 Assumes share count of ~ 79.5 million
Segment information
 Revenues of ~ $6.1 billion
 Adjusted operating income* of $400 million to $425 million
 Adjusted EPS* of $3.00 to $3.25
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
6
Q4 Commentary
 EPS lower than prior year as a result of lower
expected access equipment sales and operating
income
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
~ $3.4 ~ $0.9 ~ $0.8 ~ $1.0
Operating
Income Margin
~ 12.8%
Slightly Above
Break Even
~ 4.25% ~ 6.5%
** As of July 30, 2015.

Continuing to MOVE Forward
Overcoming Short-Term Challenges
Expectations:
 Solid EPS growth in FY16 and FY17
 Defense returning to meaningful growth
– From trough earnings in FY15
 Continued recovery in commercial and fire &
emergency segments
 Overcome mid-cycle dip in access equipment
demand in FY15/FY16
– Partially mitigate impact with cost reduction
 Resuming meaningful share repurchases
– Initially repurchase 2.9 million shares
(current authorization)

Basis for Outlook

Access Equipment –
The Market Leader
 MOVE is delivering
− Margin improvement remains a
top opportunity
− New products driving customer
demand
− Product adoption continues globally
− Market recovery element
continues to lag
 Believe longer-term fundamental
business drivers remain intact
– Improving residential and non-
residential construction
– Replacement demand in Europe
– Product adoption in developing markets
 Expect 5 – 10% sales decline in FY16
9
Reaching Out – Rising to Every Challenge

Slow U.S. Construction Recovery is Continuing
10
Source: U.S. Census Bureau, July 17, 2015 Source: U.S. Census Bureau, August 3, 2015
U.S. Housing Starts - Current Annual Forecasts (millions)
Date 2015 2016 2017
Global Insight May-15 1.08 1.30 1.45
Moody's - Slower Recovery Jul-15 1.04 1.20 1.64
Portland Cement Association Apr-15 1.18 1.34 1.53
Average Analyst Estimate 1.10 1.28 1.54
U.S. Nonresidential Construction (yr/yr Growth) - Current Analyst Estimates
Date 2015 2016 2017
Portland Cement Association Apr-15 8.8% 8.3% 6.3%
FMI Source Jun-15 8.0% 6.0% 5.0%
Global Insight Jun-15 1.8% 4.0% 2.8%
Moody's – Slower Recovery Jul-15 5.3% 6.2% 7.9%
Construction Market Data Aug-15 10.4% 7.8% N/A
Dodge Data & Analytics Aug-15 11.6% 12.8% N/A
Average Analyst Estimate 7.7% 7.5% 5.5%
Thousands $ Millions
U.S. Non-Residential SpendingHousing Starts
400
500
600
700
800
900
1,000
1,100
1,200
1,300
Jan‐2010
Jul‐2010
Jan‐2011
Jul‐2011
Jan‐2012
Jul‐2012
Jan‐2013
Jul‐2013
Jan‐2014
Jul‐2014
Jan‐2015
450,000
500,000
550,000
600,000
650,000
700,000
Jan‐2010
Jul‐2010
Jan‐2011
Jul‐2011
Jan‐2012
Jul‐2012
Jan‐2013
Jul‐2013
Jan‐2014
Jul‐2014
Jan‐2015

Defense –
Returning to Growth with Upside Opportunities
 Believe FY15 will be trough year
for both revenues and operating
income
 Secured major contract orders for
FHTV recap and FMTV
 First year-over-year backlog
increase since FY11
 Pursuing thousands of international
M-ATV unit sales
– Broad family of variants
– Expect few hundred on contract in FY15
– Expect contract for > 1,000 in early
FY16; majority for FY16 delivery
– Expect additional contracts for
2,000+ M-ATV’s in FY16
for delivery after FY16
11
Mission Proven – World-Class Performance

August 12, 2015Oshkosh Corporation Investor Presentation 12

Oshkosh L-ATV is JLTV
Anything Else is Something Less
 Evaluated as leading JLTV offering
entering EMD phase
 Tested very well in EMD phase
 Highly protected, extreme mobility,
affordable
 Ready for full-rate production today to
meet any threat
 Growing international interest
 Expect DOD contract decision in
September 2015

Fire & Emergency –
Operational Improvements Leading the Way
 Continuing to execute
operational efficiency roadmap
− Completed assembly line changes
 Positive response to recent new
product launches
– Revolutionary Ascendant™ two
axle aerial ladder vehicle
 Modest market growth expected
in North America in FY15
– Strong orders at Pierce led to
share gains
 Additional international success
− ARFF orders in Asia, Australia
and Latin America
14
Recently Launched New Products Driving Customer Interest

Commercial –
Progress Continues
 MOVE investments continue
 Solid North American concrete
mixer market recovery over last
several years
− Driven by slowly improving
housing market
− Experienced order slowdown in
Q3 FY15
 Double digit sales growth in FY15 led
by RCV products
– Growing RCV share in a slowly improving
market
 Split Body Rear Loader and Automated
Side Loader RCV models generating
incremental demand
 Meridian Lightweight Front End Loader
commences production in Q2 FY16
15
North American Market Leader Split Body Rear Loader

Driving to the Future
Driving to the Future

What to Expect from Oshkosh?
 MOVE strategy evolves
– Margin improvement in non-
Defense segments
– Launch game-changing new
products
– Compete vigorously for business
around the world
 Target defense contract awards
 Maintain strong customer focus
 Increase industry-leading quality to
higher level
 Drive shareholder value

What Are Our Performance Targets?
Continued improvement
 Execute effectively to deliver
positive FY16/FY17 outlook
 Continue operating income margin
expansion
– Target 16% – 17% at Access Equipment
– Initially target 10% at other segments
 Prudent capital allocation
– Deploy cash with crocodile patience
 Reinvest in business
 Opportunistic share repurchases
– Target annual dividend increases
 Sustain talent and process
improvement to outperform with
Oshkosh Operating System
18
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
5.0%
7.0%
7.5% 6.5% – 7.0%
10.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY12 FY13 FY14 FY15E Target
Consolidated Adjusted
Operating Income Margins*

Oshkosh Corporation Profile - FY15 YTD
Source: Oshkosh Corporation Form 10-Q for quarter ended June 30, 2015
19Oshkosh Corporation Investor Presentation August 12, 2015
58%
14%
12%
16%
Revenue by Segment
Access Equipment Defense Fire & Emergency Commercial
79%
5%
8%
8%
Revenue by Geography
United States Other NA EAME Rest of World
 Continuing to evolve to a more global industrial
− Defense expected to contribute to global footprint

 Solid EPS growth in FY16 and FY17
 Defense returning to meaningful growth
– From trough earnings in FY15
 Continued recovery in commercial and fire and
emergency segments
 Overcome mid-cycle dip in access equipment
demand in FY15/FY16
– Partially mitigate impact with cost reduction
 Resuming meaningful share repurchases
– Initially repurchase 2.9 million shares
(current authorization)
20
Continuing to MOVE Forward
Overcoming Short-Term Challenges
Expectations:

For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
21
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com

22
Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle
AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
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
HEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection Vehicle
HET Heavy Equipment Transporter RFP Request for Proposal
HMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of World
IRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)
IT Information Technology TACOM Tank-automotive and Armaments Command
JLTV Joint Light Tactical Vehicle TDP Technical Data Package
JPO Joint Program Office TPV Tactical Protector Vehicle
JROC Joint Requirements Oversight Council TWV Tactical Wheeled Vehicle
JUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract Action
L-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)
LVSR Logistic Vehicle System Replacement UK United Kingdom
M-ATV MRAP All-Terrain Vehicle ZR Zero Radius

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):
Low High
Adjusted operating income (non-GAAP) 400.0$ 425.0$
OPEB curtailment gain 3.4 3.4
Operating income (GAAP) 403.4$ 428.4$
Adjusted earnings per share - diluted (non-GAAP) 3.00$ 3.25$
OPEB curtailment gain, net of tax 0.03 0.03
Debt extinguishment costs, net of tax (0.12) (0.12)
Earnings per share - diluted (GAAP) 2.91$ 3.16$
Fiscal 2015
Expectations
Net cash flows from operating activities 10.0$
Additions to property, plant and equipment (150.0)
Net additions to equipment held for rental (10.0)
Cash usage (150.0)$
Fiscal 2015 Expectations

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 :
Fiscal Year Ended
September 30,
2012 2013 2014 2015E
Consolidated operating income margins (non-GAAP) 5.0% 7.0% 7.5% 7.0%
Union contract ratification costs - -0.1% - -
Performance share valuation adjustment -0.1% - - -
Pension and OPEB curtailment gain - - 0.1% -
Tender offer and proxy contest costs -0.1% -0.2% - -
Impairment charge - -0.1% - -
Contract pricing adjustment for OPEB costs - - -0.2% -
Consolidated operating income margins (GAAP) 4.8% 6.6% 7.4% 7.0%

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