1. Robert G. Bohn
Earnings Conference Call
Chairman, President and Chief Executive Officer
Fourth Quarter Fiscal 2006
October 31, 2006 Charles L. Szews
Executive Vice President and Chief Financial Officer
Patrick N. Davidson
Vice President of Investor Relations

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, the Company’s ability to close and
integrate the JLG Industries, Inc. acquisition and integrate the AK Specialty Vehicles and Iowa
Mold Tooling Co., Inc. acquisitions, the consequences of financial leverage associated with the
JLG acquisition, the Company’s ability to turnaround the Geesink Norba Group business
sufficiently to support its valuation resulting in no non-cash impairment charge for Geesink Norba
Group goodwill, the Company’s ability to grow operating income in fiscal 2007 at certain of its
business units that anticipate lower industry demand resulting from changes to diesel engine
emissions standards effective January 1, 2007, the expected level of U.S. Department of Defense
procurement of the Company’s products and services, the cyclical nature of the Company’s
commercial and fire and emergency markets, risks related to reductions in government
expenditures, the uncertainty of government contracts, the success of the launch of the
Revolution® drum, and risks associated with international operations. Additional information
concerning these and other factors is contained in our filings with the SEC, including our Form
8-K filed October 31, 2006. Except as set forth in such Form 8-K, we disclaim any obligation to
update such forward-looking statements.
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3. Oshkosh Fiscal 2006 Highlights
• Tenth consecutive year of
improving financial performance
– Sales increased 15.8% to $3.43
billion
– Operating income increased
22.0% to $325.9 million
– Operating income margins up 50
b.p. to 9.5%
– EPS up 26.6% to $2.76; higher
than previous estimates
• Closed two tuck-in acquisitions;
expected to add $245 million of
annual sales
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4. Oshkosh Fiscal 2006 Highlights (cont.)
• Improved business execution
– All segments reported at least
double-digit percentage gains in
operating income
– Commercial segment operating
income margins began recovery
– Geesink Norba Group restored to
annual profitability
• Lean initiative gaining steam
– Chartered cost reduction teams
making a difference
• Continued innovation leadership
– Launched Velocity® and Impel®
– Awarded LVSR contract
– Special services vehicle for
command & communications
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5. Recent Oshkosh Highlights
Announced Agreement to Acquire JLG Industries, Inc.
• Outstanding track record of
shareholder value creation and
acquisition integration
• JLG is the world leader in aerial
work platforms and telehandlers
• Acquisition objectives:
– Support growth rate of >15%
Our Kind of Company – Diversify to complement fast-
growing defense business
– Execute within goals of long-term
acquisition strategy
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6. Oshkosh Fourth Quarter 2006 Highlights
• Record Q4 financial results
Fourth Quarter Results
– Sales increased 9.8%
$1,000 $90
– Operating income grew 3.5% $76.6
$900 $80
Operating Income (in millions)
$74.0
– EPS increased 13.8% $800 $70
$904.4
Sales (in millions)
$49.4
$700
– Exceeded previous estimates $60
$600 $823.7 $50
• Spent $272.8 million for $500
$651.1 $40
acquisitions $400
$30
$300
• Reaffirmed Oshkosh stand-alone $20
$200
fiscal 2007 EPS estimate range of $10
$100
$3.05 - $3.15 $0 $0
2004 2005 2006
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7. Fire and Emergency
• Robust orders in Q4
support fiscal 2007
outlook
• Began integration of AKSV
– Strong team
– Larger than anticipated
U.K. order
• Inventory write-off and
other charges at
ambulance facility
hampered results
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8. Defense • Slow parts and service business
in Q4
– Expect recovery in first half of
fiscal 2007
• 2007 Defense Appropriations
bill and Iraqi supplemental
favorable to Oshkosh
– Largely benefits fiscal 2008
• DoD planning for 140,000
troops in Iraq through 2010
• Increasing demand for armored
troop carriers
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9. Commercial
• Margin recovery continued
in Q4
• Orders remained strong
in North America
• Chassis issues in France
pausing Geesink Norba Group
recovery
• Began integration of IMT
– Strong team
– Excellent synergy potential
• Poised to implement third
and final phase of ERP
installation in Q1, 2007
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10. Consolidated Results
Dollars in millions
Comments
Fourth Quarter
2005
2006
• Commercial results
Net Sales $904.4 $823.7
up sharply
% Growth 9.8% 26.5%
• Fire and emergency
Operating Income $ 76.6 $ 74.0
also reported strong
% Margin 8.5% 9.0%
results
% Growth 3.5% 49.6%
• Defense parts and
Earnings Per Share $ 0.66 $ 0.58
service business
% Growth 13.8% 38.1%
declined
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11. Fire and Emergency
Dollars in millions
Comments
Fourth Quarter
2005
2006 • Improved airport
product sales mix,
Net Sales $268.4 $211.4
partially offset by
% Growth 27.0% 6.4%
charges at
Operating Income $ 21.4 $ 19.0
ambulance business
% Margin 8.0% 9.0%
• Includes $16.5
% Growth 12.6% 0.4%
million of sales
from AK
• Backlog up 22.2%
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12. Defense
Dollars in millions
Comments
Fourth Quarter
2005
2006 • Parts and service
sales and earnings
Net Sales $328.6 $355.0
down due to tight
% Growth (7.4)% 58.1%
budget
Operating Income $ 54.8 $ 63.2
• Remanufactured and
% Margin 16.7% 17.8%
new truck sales up
% Growth (13.2)% 87.4%
• Backlog down 29.0%
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13. Commercial
Dollars in millions
Comments
Fourth Quarter
• Sales rose in concrete
2005
2006
placement
Net Sales $319.1 $266.5
• Price increases
% Growth 19.7% 13.7% benefiting earnings
Operating Income $ 17.2 $ 4.5 • $0.9 million operating
% Margin 5.4% 1.7% loss in European refuse
in 2006
% Growth 278.4% (6.6)%
• Includes $15.9
million of sales from IMT
• Backlog up 92.2%
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14. Oshkosh Stand-Alone Fiscal 2007 Estimates
Sales of $3.65 - $3.75 billion
• Fire and emergency sales,
including AK Specialty, expected to
rise by mid-teens percentage
• Defense sales expected to grow by
$125-$175 million
• Commercial sales, including Iowa
Mold Tooling, expected to decline
slightly
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15. Oshkosh Stand-Alone Fiscal 2007 Estimates
Operating Income of $373.0 - $385.0 Million
• Anticipate fire and emergency
margins to be up about 50 basis
points
• Expect flat margins in defense
• Expect commercial margins to
improve over 100 basis points
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16. Oshkosh Stand-Alone Fiscal 2007 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2007
Estimates
Interest expense and other $6.5 (expense)
Effective tax rate 37.0%
Minority interest $0.8 (expense)
Equity in earnings $1.8
Average shares outstanding 76,000,000
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17. Oshkosh Stand-Alone Fiscal 2007 Estimates
• Annual EPS estimate range
of $3.05 - $3.15
Global Technology Center
• Q1 EPS estimate range of
$0.50 - $0.55
• Capital spending expected
to approximate $65 million
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18. Impact of JLG Acquisition on Fiscal 2007
Estimates
• Expect acquisition to close
in December or January
• Anticipate acquisition to be
modestly accretive in fiscal
2007
– Higher accretion
anticipated in fiscal 2008
• Oshkosh expects to provide
further details in February
2007, post-closing
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