Winnebago Industries Investor Relations Presentation from April 2019.

1. April 18, 2019

2. 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 competition and new product introductions by competitors, our
ability to attract and retain qualified personnel, business or production disruptions, sales order cancellations, risk related to compliance
with debt covenants and leverage ratios, stock price volatility, availability of labor, a slowdown in the economy, low consumer
confidence, the effect of global tensions, increases in interest rates, availability of credit, risk related to cyclicality and seasonality,
slower than anticipated sales of new or existing products, integration of operations relating to merger and acquisition activities
generally, inadequate liquidity or capital resources, inventory and distribution channel management, our ability to innovate, our reliance
on large dealer organizations, significant increase in repurchase obligations, availability and price of fuel, availability of chassis and
other key component parts, increased material and component costs, exposure to warranty claims, ability to protect our intellectual
property, exposure to product liability claims, dependence on information systems and web applications, any unexpected expenses
related to ERP, risk related to data security, governmental regulation, including for climate change, and risk related to anti-takeover
provisions applicable to us 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.
2

3. NOTICE TO AND UNDERTAKING BY PUBLIC-SIDERS
Winnebago Industries, Inc. (the “Company”) has represented and warranted to J.P. Morgan Securities LLC (“J.P. Morgan”) that the information
(the “Presentation Material”) contained herein DOES NOT CONSTITUTE OR CONTAIN ANY MATERIAL NON-PUBLIC INFORMATION with
respect to the Company or any party related thereto (collectively, “Parties”) or their respective securities for purposes of United States federal
and state securities laws.
However, the Presentation Material is subject to your agreements below and the Notice to and Undertaking by Recipients accompanying the
Presentation Material.
By proceeding to review the Presentation Material, you and your institution (collectively, “you”) acknowledge and agree, for the benefit of the
Parties and J.P. Morgan:
(i) to use the Presentation Material in accordance with your compliance policies, contractual obligations and applicable laws, including United
States federal and state securities laws; and
(ii) that (A) J.P. Morgan received the Presentation Material from the Company and the Presentation Material is provided to you for informational
purposes, (B) J.P. Morgan has no responsibility, and shall not be liable, for the accuracy or completeness or lack thereof of the Presentation
Material or any information contained therein, (C) no representation or warranty regarding the Presentation Material is made by J.P. Morgan, (D)
J.P. Morgan has not made any independent verification as to the accuracy or completeness of the Presentation Material and (E) J.P. Morgan
shall have no obligation to update or supplement the Presentation Material or otherwise provide additional information.
3

4. 4
Michael Happe (President and CEO)
Bryan Hughes (Vice President and CFO)
Bert Jameson (Treasurer)
PRESENTERS

5. EXECUTIVE
SUMMARY
5

6. $1,127.7
56%
$860.7
43%
$28.4
1%
$685.2
44%
$853.4
55%
$8.6
1%
WINNEBAGO INDUSTRIES OVERVIEW
Junction City, OR
Lake Mills, IA
Forest City, IA
Charles City, IA
Waverly, IA
Eden Prairie, MN
Middlebury, IN (2) Sarasota, FL
6
NET SALES ($M)
$1,145.2
57%
$819.4
40%
$60.2
3%
Motorhomes Towables Other
$2.0B
LTM 2/23/19 NET SALES
$155.5M
LTM 2/23/19 OPERATING INCOME
$179.9M
LTM 2/23/19 Adj. EBITDA
LEADING
BRAND EQUITIES
4,600+
HIGHLY SKILLED
EMPLOYEES
DIVERSIFIED
LINEUP OF RV + MARINE
PRODUCTS
FY17
FY18
LTM
2/23/18
Source: Company public filings

7. BROAD PRODUCT PORTFOLIO WITH LEADING BRANDS
Class A Class C Class B
Sterndrive
Outboard
Specialty
7
Travel TrailerFifth Wheel
Motorhome
Towable
Chris Craft

8. Adj. EBITDA ($M) Free Cash Flow1 ($M) ROIC
WINNEBAGO IS DELIVERING SOLID FINANCIAL RESULTS
$105 $113
$223
$300 $307
2015 2016 2017 2018 F19 Q2
TTM
$945 $977 $975
$1,547
$2,017 $2,025
2014 2015 2016 2017 2018 F19 Q2
TTM
$13
$29 $28
$83
$55
$80
2014 2015 2016 2017 2018 F19 Q2
TTM
10.8% 11.6% 14.4% 14.9% 15.2%
$63 $60 $62
$139
$182 $180
2014 2015 2016 2017 2018 F19 Q2
TTM
6.7% 6.1% 6.4% 9.0% 9.0% 8.9%
8
18.4%
19.2%
20.0%
2017 2018 F19 Q2 TTM
13.0%
13.5%
14.8%
2017 2018 F19 Q2 TTM
Net Sales ($M) Gross Profit ($M) ROE
Source: Company public filings
1. Defined as Cash Flow From Operations - CapEx

9. 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.
9

10. THE WINNEBAGO DIFFERENCE
10
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

11. 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
sales 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
11
* As communicated at the Company’s Investor Day in November 2017

12. OUR JOURNEY THUS FAR….
• Revenue has surpassed $2B and doubled over past
two years
• Market share now at 10%*.....versus 3% in F16
• Adj. EBITDA and Cash flow 3x versus 2016
• Stronger balance sheet to support further growth
12
Growing 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
• 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!
Clear Path Forward
* Rolling 3 months retail market share, as published by SSI report dated February 2019

13. KEY CREDIT
HIGHLIGHTS

14. 1
WINNEBAGO KEY CREDIT HIGHLIGHTS
14
2
3
4
5
6
7
Well Recognized Brands and Continued Diversification Across Products
Top 3 U.S. RV Manufacturer with Growing Market Share
Differentiated Performance vs. Peers
Strong Free Cash Flow With Highly-Variable Cost Structure
Industry Tailwinds Driven by Increased Interest in Camping and Favorable Demographic
Shift Toward Younger Buyers
Seasoned Management Team Building Strong Momentum
Proven Track Record of Rapid Debt Paydown Following Acquisitions

15. WELL RECOGNIZED BRANDS AND CONTINUED
DIVERSIFICATION ACROSS PRODUCTS
Financial Transformation Current Product Offering Breadth and Scope
Pre-Grand Design Mix (F2016) Meaningful Diversification Today(1)
Adj. EBITDA(2)Net Sales Adj. EBITDA(1,2)
1. Per WGO 10-Q filed 3/26/2019, for the twelve months ended 2/23/2019, except sales by geography which is provided in each fiscal year.
2. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other adjustments made in order
to present comparable results from period to period.
▪ Net Sales: $975 million
▪ Adj. EBITDA: $62 million
▪ Margin: 6.4%
▪ Units: 13,506
▪ Net Sales: $2,025 million
▪ Adj. EBITDA: $180 million
▪ Margin: 8.9%
▪ Units: 45,376
Pre-Grand Design (F2016) Today(1)
Net Sales
15
108%
172%
236%
2.5%
2.1x
2.7x
3.4x
1.4x
Motrohome
21%
Towable
79%
Motrohome
40%
Towable
57%
Other
3%
United States
92%
International
8%
Motrohome
97%
Towable
3%
Motrohome
91%
Towable
9%
United States
96%
International
4%
1

16. 16
-5.8% -5.2%
2.2%
5.4% 7.1%
19.1%
Trailing 3 months Trailing 6 months Trailing 12 months
Industry WGO IND
Share: 10.0% 9.7% 8.8%
Share Gain: +1.1 pp +1.1 pp +1.2 pp
Share History:
F16 Y/E: 3.0%
F17 Y/E: 7.1%
F18 Y/E: 8.4%
Feb’19(1): 10.0%
50%
34%
8%
1%
7%
Thor Industries Forest River Winnebago
Industries
Gulfstream Coach Other
39%
22%
16%
6% 6% 5% 5%
Thor Industries Forest River Winnebago
Industries
Rev Group Tiffin Newmar Other
Motorhome Segment Market Share(2)Towable Segment Market Share(2)
2
North American Units – YoY Change
TOP 3 U.S. RV MANUFACTURER WITH GROWING
MARKET SHARE
Source: Statistical Surveys, Inc. through February 2019
1. Trailing 3 months
2. Trailing 12 months as of January 2019

17. ($ millions) Actual vs. LY Q2 Actual vs. LY Q2 Actual vs. LY Q1 Actual vs. LY Q1
Net Sales $1,291 (35%) $433 (8%) $1,756 (21%) $494 10%
Motorized 372 (34%) 165 (17%) 431 (24%) 181 (4%)
Towables 882 (36%) 251 (6%) 1,279 (21%) 293 13%
Gross Margin % 11.0% (270) bps 15.4% 100 bps 11.8% (310) bps 14.4% 40 bps
Adj. EPS
(excl acq. costs)
$0.65 (57%) NA NA $1.28 (47%) NA NA
Field Inventory
(Units)
137,900 (11%) 23,953 17% 131,500 5% 21,120 30%
Warranty Costs
(% of Rev)
3.5% 30 bps 2.4% flat 4.0% 110 bps 2.4% flat
17
Q2 Comparison Industry Leader vs. WGO Q1 Comparison Industry Leader vs. WGO
DIFFERENTIATED PERFORMANCE VS. PEERS3
Source: Company public filings
Industry Leader WGO Industry Leader WGO

18. STRONG FREE CASH FLOW WITH HIGHLY-VARIABLE
COST STRUCTURE
18
• Track record of maintaining ample liquidity to protect against downturns and provide opportunities for
growth
 Average of over $100 million of liquidity over the past 10 years
• Winnebago typically finances working capital and other expenditures through operating cash flow, rather
than through debt facilities
 No formal credit facility in place until the end of 2008
 Minimal revolver utilization over the past 10 years
• Ability to reduce working capital to improve cash flow in a downside scenario
• Variable cost structure allows the Company to preserve free cash flow and cut costs in times of economic
weakness
 80% – 85% of its COGS and SG&A expenses are variable, with ~75% attributable to materials
• Low level of maintenance capital expenditures (1% of sales) allows the Company to continue to generate
positive free cash flow even during cyclical downturns
Actions Taken Since Last RecessionStrong Liquidity and Flexible Cost Structure
• During the last recession, Winnebago demonstrated the flexibility of its cost structure, decreasing SG&A by
30% in FY 2009 through a combination of:
 28% reduction in headcount (in addition to 32% reduction in FY 2008)
 Compensation reductions of 3 – 20%, 401(k) match reduction by 50%, and two weeks mandatory
unpaid time off
 Advertising and promotional expense reductions
 Facility closures
 Minimized capital expenditures
• Company diversification into Towables and Marine segment (Motorized now just 40% of sales vs. 95%
during the last recession) to help mitigate magnitude of sales reductions during cyclical downturns
$56 $69
$108 $23
($18) $5
$31
($12) ($2) $6 $13 $29 $28 $83 $55 $80
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2/23/19
Historical Free Cash Flow1 Trends ($M)
1. Defined as Cash Flow From Operations - CapEx
4
$1,114 $992 $864 $870 $604 $212 $449 $496 $582 $803 $945 $977 $975 $1,547 $2,017 $2,025
31.8% (11.0%) (12.9%) 0.7% (30.5%) (65.0%) 112.5% 10.4% 17.2% 38.1% 17.7% 3.3% (0.1%) 58.6% 30.4%
$120 $105 $71 $62 ($3) ($55) $4 $14 $11 $46 $63 $60 $62 $139 $182 $180
Net Sales
% Growth
EBITDA
: Pre-Grand Design Acquisition : Post-Grand Design Acquisition

19. 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)
21% of new campers use an RV as primary accommodation
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
19
40%
38%
34%
31%
36%
34%
28%
27%
19%
21%
28%
31%
5%
7%
10%
5%
2107
2016
2015
Census
Millennials Gen Xers Baby Boomers Mature
Millennials & Gen Xers Campers Continue To Grow and Outpace The General
Population
5 INDUSTRY TAILWINDS DRIVEN BY INCREASED
INTEREST IN CAMPING AND FAVORABLE DEMOGRAPHIC
SHIFT TOWARD YOUNGER BUYERS

20. $63 $60 $62
$139
$182
7% 6% 6% 9% 9%
2014 2015 2016 2017 2018
20
Net Sales
/ Scale
Gross
Profit &
Margin
Adjusted
EBITDA &
Margin
$945 $977 $975
$1,547
$2,017
2014 2015 2016 2017 2018
$104 $105 $113
$223
$300
11% 11% 12% 14% 15%
2014 2015 2016 2017 2018
Bob Chiusano
Chairmanofthe Board
Michael Happe
Presidentand CEO
Brian Hazelton
VP/GM Winnebago
Motorhomes
Ashis Bhattacharya
VP StrategicPlanning
and Development
Don Clark
VP,WinnebagoIndustries,
President,GrandDesignRV
Scott Degnan
VP/GM Winnebago
Towables
Bryan Hughes
VP and CFO
Jeff Kubacki
VP and Chief
InformationOfficer
Chris West
VP Operations
Bret Woodson
VP HumanResourcesand
Administration
Stacy Bogart
VP GeneralCounsel& Corporate
Secretary
Steve Heese
VP,WinnebagoIndustries,
President,Chris-Craft
Denotes executives hired in or after 2016.
• Winnebago’s management team led by CEO Mike Happe, most of which joined in or after 2016, has transformed the business
• The team has significantly diversified the Company’s sales mix and increased market share, while continuing to focus on profitability
 Since 2016, WGO has increased its market share from 3% to 10%
 WGO sales CAGR of 44%
SEASONED MANAGEMENT TEAM BUILDING STRONG
MOMENTUM
6
($M) ($M) ($M)

21. 21
PROVEN TRACK RECORD OF RAPID DEBT PAYDOWN
FOLLOWING ACQUISITIONS
7
Net Leverage Ratio by Fiscal Quarter
$325 $327
$270
$248
$225
$252
$221
$296
$259
$2802.7x
2.6x
2.0x
1.8x
1.4x
1.5x
1.3x
1.6x
1.4x
1.6x
Nov'16 Feb'17 May'17 Aug'17 Nov'17 Feb'18 May'18 Aug'18 Nov'18 Feb'19
Net Debt Net Leverage Ratio
Source: Company public filings
Note: Net Debt defined as Total Debt (excluding debt issuance costs) – Cash; Net Leverage defined as Net Debt / Adj. EBITDA
1. Acquisition of Chris Craft
(1)
Company Targets a Net Leverage Ratio Between 0.9x – 1.5x

22. WINNEBAGO’S TAILWINDS AND OPPORTUNITIES FOR
CONTINUED OUTPERFORMANCE
22
Continued Market Share Gains in Towables and Concerted Efforts on Stabilizing
Motorhome
Very Strong Momentum in Grand Design Business, With Growing Retail Customer
Preference for Grand Design Products
Increasingly Diversified Product Mix
Growing Outdoor Lifestyle Demand
Strong Consumer Confidence and Access to Capital
Recent Inventory Destocking Trends
Recessionary Risk and Impact to Business
Tariffs on Imports






23. INDUSTRY OVERVIEW

24. 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
24

25. Percent of 2018 RV ShipmentsLegend
NORTH AMERICA RV MARKET OVERVIEW
RV Segmentation North American Market (units in thousands)
Average Retail Price
$161k
$94k
$113k
$22k
$51k
$9k
$19k
Class A
Class C
Class B
Travel Trailers
Fifth Wheels
Folding Camping
Truck Campers
31% 24%
NM NM
(17%)
47%
(3%)
Travel
Trailers
Fifth Wheel Folding
Camping
Truck Class A Class B Class C
MotorhomesTowables
WGO Market Share
12%
88%
Towables – YoY Growth of 28% Motorhomes – YoY Growth of 1%
WGO – YoY Unit Growth 2017 – 2018 of 21% (units in thousands)
Source: RV Industry Association, RVIA Presentation 24-Jan-18, 2017 RVIA Industry Profile, Statistical Surveys, Inc., WGO public filings
Note: Average retail price for 2017. WGO market share data for trailing three month period ending Dec-18 per Statistical Survey; D = diesel; G = gas. 2019E North America market size estimate
per RVIA winter RV Roadsigns, published in Nov-18. 2019E North America market share assumes 88% and 12% share for Towables and Motorhomes, respectively, equal to the actual share in
both 2017 and 2018. WGO YoY data for the LTM period ending Nov-18 per WGO filings.1
25
9%
16%
1% NM
2% NM
21% 16%
77% 7%
10% 41%
52% 14%
38% D:7% G:15%
298
209
153 217
228 258 283 313 327
376
442 426 399
55
28
13
25 25
28
38
44 47
55
63 58
54
353
237
166
242 252
286
321
357 374
431
505 484
453
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E
Towables Motorhomes

26. TOTAL RV WHOLESALE MARKET
Sources: Historical Data: Recreation Vehicle Industry Association; 2019 represents RVIA estimate as of spring RV Roadsigns, published in
February 2019
26
255
391 391
166 166
505
484
460
1997
2006
2006
2009
2009
2017
2018
2019E
5% CAGR -25% CAGR 15% CAGR -4%
Conservative: 444.5
-8.1%
Aggressive: 475.5
-1.7%
Forecast: 460.1
-4.9%
MH: 0%
TOW: 6%
MH: -39%
TOW: -23%
MH: 22%
TOW: 14%
MH: -8%
TOW: -4%
North American Shipments (Units ‘000s)

27. 9% 8%
12%
-2% -11%
11%
-12% -29%
-11%
-20%
-22%
-40% -15%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
0
10
20
30
40
50
60
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2017 2018 2019 % chg vs LY
Note: month of February 2019 not adjusted for usual SSI range of error (+4-6 pp)
1. As of February, 2019
RV Wholesale Shipments are Declining at an Accelerated Rate As Dealers Aggressively Reduce Inventories;
Retail Remains Soft Since September, but Showing Stabilization in a Range of Flat to Down MSD
12%
8%
3%
9%
6%
6%
3%
-7%
-2%
-6%
-1%
-5%
-11%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
RV MARKET
RV Wholesale Unit Shipments
RV Retail Units - % Change Since Prior Year
‘18 ‘19‘18 ‘18 ‘18 ‘18 ‘18 ‘18 ‘18 ‘18 ‘18 ‘19‘18
Trailing 3
Months(1)
(6%) (5%) 2%
Trailing 6
Months(1)
Trailing 12
Months(1)
Trailing 3
Months(1)
Trailing 6
Months(1)
Trailing 12
Months(1)
(26%) (23%) (11%)
27
RVIA
Calendar 2018 Actual -4%
Calendar 2019 Forecast -4.9%

28. Private Consumption(1) Consumer Prices(1)
Consumer Confidence
Source: FactSet
1. Data indexed to 100.
28
KEY CONSUMER INDICATORS
Unemployment Rate
90
100
110
120
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
90
100
110
120
130
140
150
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
0
30
60
90
120
150
180
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
0%
3%
6%
9%
12%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Canada U.S.
Canada U.S.
Canada U.S.
Canada U.S.

29. APPENDIX
29

30. Net Sales ($M)
TOWABLE SEGMENT OVERVIEW
$89
$685
$1,128 $1,145
2016 2017 2018 F19 Q2
TTM
50%
34%
8%
1%
7%
Thor Industries Forest River Winnebago
Industries
Gulfstream
Coach
Other
Source: Statistical Surveys, Inc.; percent as reported for North America for rolling 12 months ended January 2019
30
1.9%
13.1% 13.9%
13.0%
2016 2017 2018 F19 Q2
TTM
Winnebago Towables Key Strategies Grand Design Rv Key Strategies
Towable Segment Market Share Adj. EBITDA (% of Rev.)

31. TOWABLES SEGMENT DEVELOPMENTS
 Grand Design RV momentum
 Winnebago Towable expansion
 New product investments
 Dealer and retail share gains
 Strong margin performance
TRANSCEND
31
IMAGINEMINNIE SOLITUDESPYDER TOY HAULERMICRO MINNIE 5TH
WHEEL

32. MOTORHOME OVERVIEW
$881 $853 $861 $819
2016 2017 2018 F19 Q2
TTM
39%
22%
16%
6% 6% 5% 5%
Thor
Industries
Forest River Winnebago
Industries
Rev Group Tiffin Newmar Other
Source: Statistical Surveys, Inc.; percent as reported for North America for rolling 12 months ended January 2019
32
7.5%
6.6%
4.1%
5.0%
2016 2017 2018 F19 Q2
TTM
Net Sales ($M)Motorhome Segment Market Share Adj. EBITDA (% of Rev.)
Key Strategies

33. MOTORIZED SEGMENT DEVELOPMENTS
 Product line revitalization
 Strengthening dealer relationships
 Manufacturing transformation
 Brand development
 Technology innovation
ADVENTURERREVEL VITA/PORTO
33
OUTLOOK
INTENT

34. SPECIALTY VEHICLES BUSINESS UNIT
34
Mobile medical Mobile dental
DUI/BAT Bloodmobiles
Mammography Classrooms
Event marketing Bookmobiles
ACCESSIBILITY ENHANCEDCOMMERCIAL
SHELLS
SPECIALTY
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.

35. 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’
35

36.  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
36

37. O
R
M
N
IA
IN
FL
Facility
Locations
Location Facility Type / Use Segment # of Buildings Owned / Leased Sq. Ft. (000's)
Forest City, IA Manufacturing, maintenance, service & office Motorhome 33 Owned 1,547
Forest City, IA Warehouse Motorhome 3 Owned 459
Charles City, IA Manufacturing Motorhome 2 Owned 161
Waverly, IA Manufacturing Motorhome 1 Owned 33
Junction City, OR Manufacturing, service, and office Motorhome 10 Owned 305
Middlebury, IN Manufacturing and office Towable 4 Owned 445
Lake Mills, IA Manufacturing Motorhome 1 Leased 99
Middlebury, IN Manufacturing, service, and office Towable 10 Leased 1,045
Eden Prairie, MN Corporate Motorhome 1 Leased 30
Sarasota, FL Manufacturing and office Corporate / All Other 7 Owned 189
72 4,312
WGO – MANUFACTURING, PRODUCTION & OPERATIONS
OVERVIEW
Winnebago Has 10 Facilities Across 5 States: Iowa, Indiana, Oregon, Minnesota, and Florida
▪ Track record of introducing innovative, fast
turning and highest-grossing products in the
RV space
▪ 4.3 million square
feet under roof
▪ ~3,500
manufacturing
employees
▪ Operating factories in
5 states, 8 campuses
today(1)
▪ Vertically integrated in North
Iowa Motorhome business
37
1. The Company announced on 2/4/2019 it will shift manufacturing and assembly of its diesel vehicles from Junction City to its Forest City manufacturing facility; Junction City will continue to operate as an
aftermarket and RV parts support facility. It is anticipated following the transition, ~30 positions will remain at the Oregon campus. The additional assembly presence in Forest City, Iowa will result in a projected
increase of 175 positions at that site by the end of FY2020 and it is expected the move will help the Company save approximately $4M annually in 2021 and following.
(1)

38. FREE CASH FLOW & ADJ. EBITDA RECONCILIATION
Source: Company public filings
38
Free Cash Flow
Adj. EBITDA
($mm) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2/23/19
Cash Flow From Operations $67 $79 $113 $28 ($14) $8 $33 ($10) $0 $10 $23 $45 $53 $97 $83 $120
(CapEx) (11) (10) (5) (5) (4) (3) (2) (2) (2) (4) (10) (17) (25) (14) (29) (40)
Free Cash Flow $56 $69 $108 $23 ($18) $5 $31 ($12) ($2) $6 $13 $29 $28 $83 $55 $80
($mm) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2/23/19
Net Income $71 $65 $45 $42 $3 ($79) $10 $12 $45 $32 $45 $41 $45 $71 $102 $106
Interest Expense -- -- -- -- -- -- -- -- -- -- -- 0 -- 17 18 17
Provision for Income Taxes (Benefit) 42 36 23 20 (8) 21 (10) 0 (35) 13 20 18 21 37 40 33
Depreciation & Amortization 10 10 11 10 10 8 6 5 5 5 4 5 6 32 19 22
EBITDA $122 $111 $79 $72 $4 ($50) $7 $17 $15 $50 $69 $64 $72 $157 $180 $179
Postretirement Health Care Benefit 0 (3) (3) (3) (3) (3) (3) (3) (4) (4) (5) (4) (6) (25) -- --
Legal Settlement -- -- -- -- -- -- -- -- -- -- -- -- (3) -- -- --
Transaction Costs -- -- -- -- -- -- -- -- -- -- -- -- 0 7 2 2
Restructuring Expense -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 0
Non-Operating Expense (Income) (1) (3) (5) (7) (4) (1) (0) (1) (1) (1) (1) (0) (0) (0) (0) (1)
Adj. EBITDA $120 $105 $71 $62 ($3) ($55) $4 $14 $11 $46 $63 $60 $62 $139 $182 $180