Winnebago Industries Investor Presentation November 2016

1. 0
Investor Presentation
N o v e m b e r, 2 0 1 6

2. 1
Forward Looking Statements
Cautionary Statement Regarding Forward-Looking Information
This document and the exhibits included 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
increases in interest rates, availability of credit, low consumer confidence, availability of labor, significant increase in
repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a slowdown in the economy,
increased material and component costs, availability of chassis and other key component parts, sales order cancellations,
slower than anticipated sales of new or existing products, new product introductions by competitors, the effect of global
tensions, integration of operations relating to mergers and acquisitions activities, any unexpected expenses related to
ERP, risks relating to the consummation of our acquisition of Grand Design RV; risks inherent in the achievement of cost
synergies and the timing thereof; risks that the pendency, financing, and efforts to consummate the transaction may be
disruptive to Winnebago Industries or Grand Design RV or their respective management; the effect of the transaction on
Grand Design RV’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other
third parties, risk related to compliance with debt covenants and leverage ratios, risks related to integration of the two
companies 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.

3. Company Overview

4. 3
3
Compelling Investment Opportunity
 Established brand identity with broad appeal across outdoor lifestyle target markets
 Well positioned in large, attractive markets: Motorhomes $4.8B, Towable RVs $7.4B1
 Favorable economic and demographic backdrop driving industry growth
 Focus on delivering operational efficiencies and continuous improvement driving
earnings leverage
 Enhanced margin profile drives strong free cash flow
 Strong liquidity position supports rapid de-levering, investment in growth initiatives
and dividend
 Industry leader since 1958 with iconic brands known for quality and innovation
 Strong and growing North American dealer network
 Increased scale and a more balanced portfolio across motorized and towable RVs
following recent acquisition of Grand Design
Industry Leader
with Iconic Brand
Strength
Compelling Growth
and Expansion
Opportunities
Strong Financial
Profile
1) RVIA 2015 Industry Profile
Well-Positioned to Deliver Long-Term Shareholder Value

5. 4
A Recognized Industry Leader
Winnebago snapshot Revenue by product class (August 2016 pro-forma)
Class A
26%
Class C
28%
Class B
7%
Towables
37%
Other
3%
 Broad and diversified lineup of innovative RV products including motorhomes,
travel trailers and fifth wheels
 LTM 8/27/16 pro-forma revenue of $1.4 billion and Adjusted EBITDA of $132
million
 Manufacturing facilities in Iowa, Indiana and Oregon and an executive office
presence in Minneapolis-Saint Paul
 Non-union workforce of approximately 3,800
 Strong, growing North American dealer network of 297 motorized and 303
towable locations
 Strong relationships with leading wholesale financing providers
Class B
Class CClass A Gas Class A Diesel
Travel Trailer Fifth Wheel
Source: Company data and filings. Note: Winnebago and Grand Design LTM 08/16.
Leading Brand Equity in RV Industry
 Winnebago – American icon synonymous with motorhomes
 Grand Design – One of the fastest-growing towable RV manufacturers
 Recognized by Statistical Surveys, Inc. as top motorhome brand each year since
1974
 Strong connection and support of RV community with reputation for quality
craftsmanship, smart design and functionality
 Best in class aftermarket sales and service support
 Constant innovation of new products and floorplans

6. 5
Incorporated in Iowa
1958 1961
Adopted Current
Legal Name
1966
First IPO of Motorhome
Manufacturer
1970 1977
100,000th Unit Produced
Fortune 500 Debut
2000
Purchased Charles
City, IA Facility
20052010
2013 2015
Listed On NYSE
  
1986
Entered Towable Market by
Acquiring Sunnybrook
RV in Middlebury, IN
View/Navion Launch
Leased Lake Mills, IA
Facility; Travato Introduced
Purchased Waverly, IA Facility and
Former Country Coach Facilities
in Junction City, OR
History of Innovation and Expansion
January 2016
Michael Happe Appointed
President & Chief Executive
Officer
October 2016
 Announced Acquisition of Grand
Design RV

7. 6
Winnebago Paseo
Built on Ford Transit van chassis, offers fuel
efficient EcoBoost engine
Winnebago Destination
Luxury fifth wheel with upscale amenities
Winnie Drop
Retro tear drop trailer with modern amenities
Winnebago Vista
New floorplans at entry price points
Driving Organic Growth Through Innovation
Innovative new Winnebago branded products will provide incremental growth

8. 7
Clear Strategic Priorities
 Create Connected Customer Advocacy
 Elevate Excellence in Operations
 Expand into New Markets
 Streamline and Strengthen the Core
 Revitalize and Leverage Iconic Brands
 Build a Performance Culture

9. Accelerating our Strategy:
Grand Design Acquisition

10. 9
 Accelerates Winnebago’s expansion in the attractive towables segment
 Provides greater scale and a more balanced portfolio across motorized and
towable RVs
 Combines the industry’s fastest growing brand with the most well-known brand,
strengthening Winnebago’s position across the RV industry
 Broadens and enhances dealer network, with limited current overlap
 Expands Winnebago’s expertise and depth of talent through addition of Grand
Design’s world-class leadership team
 Common focus on quality, value and service creates ideal cultural fit
 Accretive to growth, margins and EPS excluding transaction costs and intangible
asset amortization
Grand Design Acquisition Accelerates Strategy
Driving Growth and Long-Term Value for Shareholders

11. 10
A More Diversified, Profitable Winnebago
Greater
Scale
(Revenue $mm)
Balanced
Revenue
Base
Enhanced
Margins
(EBITDA Margin)
$975
$1,403$428
7.4%
14.0%
9.4%
91%
9%
100%
63%
37%
Motorized
Towables
Source: Company data and filings. Note: Winnebago and Grand Design LTM 08/16. EBITDA margin excludes the impact of synergies.

12. 11
Balanced Portfolio Across Motorized and Towable RVs

13. 12
Source: Statistical Surveys, Inc.
Note: Percent as reported for North America for Rolling 12 Months (September 2015-August 2016)
35%
24%
19%
7% 6%
4%
6%
Thor Industries Forest River Winnebago Rev Group Tiffin Newmar Other
50%
36%
4% 1%
8%
Thor Industries Forest River Winnebago +
Grand Design
Gulfstream Coach Other
Peers Winnebago
Peers Winnebago PF for Grand Design
3%
1%
Motorized unit market share
Towables unit market share
Improved Position in a Consolidated Industry

14. Favorable Industry Dynamics

15. 14
1 Kampgrounds of America (KOA) 2015 North American Camping Report
0
20,000,000
40,000,000
60,000,000
80,000,000
2010 2020 2030
NumberofPersons65+
Age 65–74 Age 75–85 Age 85+
 Leisure travel and camping continue to be popular1
 Only 22% of the 29 million North American households that camp are RV campers
 Generation X and Millennials seek more active outdoor experiences
 Younger campers (25-34 age) grew from 18% in 2012 to 23% in 2015
 Increasing diversity among campers – ethnic groups represent growing portion of campers
 Growth in use at sporting events and tournaments, craft shows, and collegiate sports activities
U.S. population aged 65+ through 2050
 Nearly half of Winnebago’s
customers are 60+ years old
 Winnebago’s core customer
population continues to expand
– U.S. population aged 65+ is
expected to grow 69% between
2012 and 2030
Demand for active and
outdoor lifestyle
creates additional
growth opportunities
Source: U.S. Bureau of the Census
Key Demographics Support Additional Industry Expansion

16. 15
5.0
5.9 5.8 5.8
6.5
6.9
7.9
8.9
9.3
5%
6%
6%
7%
7%
8%
8%
0
2
4
6
8
10
1980 1984 1988 1993 1997 2001 2004 2011 2015
PercentageoftotalU.S.households
#ofhouseholdsowninganRV(mm)
U.S. households owning an RV Percentage of US Households
Source: RVIA
Compelling Growth Trends
RV Penetration in North America

17. 16
13.2
25.2 24.8
28.2
38.3
44.0
47.3
52.2 53.9
21.9 24.1 24.0
25.8
33.5
38.9
2009 2010 2011 2012 2013 2014 2015 2016E 2017E
Wholesale shipments Retail Registrations
152.5
217.1 227.5
257.6
282.8
312.8 326.9
353.1 357.1
164.1
186.0 205.9
222.9
254.6
280.3
2009 2010 2011 2012 2013 2014 2015 2016E 2017E
Wholesale shipments Retail Registrations
Motorized unit volumes (thousands)
Towable unit volumes (thousands)
Industry unit share
MotorizedTowables
Industry revenue share
13%
87%
Motorized Towables
39%
61%
Motorized Towables
Note: As of calendar year end
Source: RVIA 2015 Industry Profile; 2016 and 2017 represent RVIA estimates as of Fall RV Roadsigns report (8/2016)
Historical Industry Profile by Segment
Note: As of calendar year end
316.5
45.1

18. Financial Highlights

19. 18
$803
$945 $977 $975
2013 2014 2015 2016¹
Consolidated net revenue ($mm) Gross profit ($mm)
$85
$104 $105
$113
2013 2014 2015 2016
$50
$69
$64
$72
2013 2014 2015 2016
EBITDA ($mm) Free cash flow1,2 ($mm)
$6
$13
$29 $29
2013 2014 2015 2016
Core Winnebago Business:
Delivering Solid Growth While Expanding Margins
Note: August fiscal year end
1In 2016 WGO exited the aluminum extrusion and bus manufacturing segment which generated $26mm of revenue in 2015 and
$6mm in 2016
Note: August fiscal year end
Note: August fiscal year end Note: August fiscal year end
1 Defined as cash from operations less capital expenditures
2 Includes capex of $3.3mm and $7.8mm in FY15 and FY16, respectively, for new ERP system; FY16 includes purchase of
Junction City, OR facility for approximately $10mm
Margin 6.2% 7.3% 6.5% 7.4%
Growth 38.0% 17.7% 3.3% (0.1%) Margin 10.5% 11.0% 10.7% 11.6%

20. 19
Continued Momentum in Q4 2016
$251
$263
Q4 2015 Q4 2016
Winnebago net revenue Winnebago gross profit
Fourth quarter ending 8/27/16
 Q4 revenues were up 4.9% year over year, a 7.1% increase pro forma for the sale of its aluminum extrusion operations during the
year
 Revenue growth was driven by higher shipments of 3% in Motorized units and 58% in Towables
 Despite an increase in Motorized ASP, overall ASP declined due to a shift in product mix and strong Towables performance
 Gross profit increased 14.3% year over year and gross margin improved 90 bps in the quarter
 Lower raw material costs driven by strategic sourcing initiative, favorable product mix and lower warranty expense drove
improved Q4 gross profit
 Opportunity to further expand margins
 Cash flow increased compared to the prior quarter despite higher ERP capex due to higher earnings and lower working capital
Winnebago net revenue
$28
$32
Q4 2015 Q4 2016
Margin 11.2% 12.1%

21. 20
Well-positioned to Delever While Supporting Future Growth Initiatives
 Invest in organic growth or M&A opportunities
 Should opportunities require financing, Winnebago is committed to maintaining a
manageable opening leverage profile with rapid deleveraging thereafter
Invest in the
Business
 Winnebago will prioritize delevering the business immediately following the acquisition of
Grand Design
 Winnebago’s goal is to have leverage to be less than 1.5X by FYE 2018
Pay Down Debt
 Committed to delivering consistent dividend payments
 Quarterly cash dividends—$0.10/share
 $4 million remaining under existing share repurchase authorization
Return Capital to
Shareholders
Focused Capital Allocation Priorities

22. 21
21
Compelling Investment Opportunity
 Established brand identity with broad appeal across outdoor lifestyle target markets
 Well positioned in large, attractive markets: Motorhomes $4.8B, Towable RVs $7.4B1
 Favorable economic and demographic backdrop driving industry growth
 Focus on delivering operational efficiencies and continuous improvement driving
earnings leverage
 Enhanced margin profile drives strong free cash flow
 Strong liquidity position supports rapid de-levering, investment in growth initiatives
and dividend
 Industry leader since 1958 with iconic brands known for quality and innovation
 Strong and growing North American dealer network
 Increased scale and a more balanced portfolio across motorized and towable RVs
following recent acquisition of Grand Design
Industry Leader
with Iconic Brand
Strength
Compelling Growth
and Expansion
Opportunities
Strong Financial
Profile
1) RVIA 2015 Industry Profile
Well-Positioned to Deliver Long-Term Shareholder Value

23. 22

24. 23
Grand Design Overview
Grand Design is a rapidly growing manufacturer of premium towable fifth-wheel and travel trailers
Strategic
Focus
Long-term value
Customer focus
Owner involvement
Experienced workforce
Superior service
Class-leading warranty
Experienced
Leadership
(Co-Founders Have
80 Years of
Combined Industry
Expertise)
 Don Clark: CEO & Co-
Founder
 Ron and Bill Fenech: Co-
Founders
 Cam Boyer: CFO
 Gerald McCarthy: VP,
Service Operations
 Nate Goldenberg: GM,
Momentum and Solitude
 Micah Staley: GM,
Reflection and Imagine
Source: Company data and RVIA.
* 2016 financial data as of LTM from August of 2016
Net Sales $428M
2016 Financial Overview*
EBITDA ~$60M
2.5%
7.0%
8.5%
9.1%
2013 2014 2015 2016
YTD
Towable Fifth Wheel
Market Share
EBITDA Margin 14%
$85
$238
$336
$428
2013 2014 2015 2016*
Revenue
(in millions)
TOP TIER

25. 24
Attractive, Premium Towable Product Portfolio
Product
Category
Fifth Wheel Toy Hauler
Luxury Extended Stay
Fifth Wheel
Mid-Profile Fifth Wheel Upscale Travel Trailer Lightweight Travel Trailer
Brands
Models
Year of
introduction
2013 2013 2013 2014 2015
Luxury
Interior
Superior
Consumer
Value
Extraordinary living and
extreme play
A Brand new Era in
Extended Stay
A celebration of Luxury,
value and Towability
Towing light without
compromise
Significantly Increases Winnebago’s Portfolio of Towable RVs

26. 25
Grand Design’s Business Model
Product
Strategy
Dealer
Strategy
Quality and
Service
Strategy
 One brand per market segment and no “cloning” of models
 Cross-functional R&D led by GMs and Product Managers–constant market
feedback loop
 One dealer per market representing all products
 Strict adherence to MSRP advertising
 Does not partner with internet-based dealers
 Equalized pricing for all dealers
 Rigorous ~200 point pre-delivery inspection (“PDI”) process
 Organization-wide focus on quality and customer service
 Dedicated training and support provided to territory dealers
 Central administration of all supplier warranties with immediately available service
professionals
Winnebago’s Primary Focus is Retaining Grand Design’s Promise to
Prioritize Dealer and Customer Satisfaction

27. 26
• The following information provides reconciliations of non-GAAP financial measures from operations, which are presented in the
accompanying presentation, to the most comparable financial measures calculated and presented in accordance with accounting
principles generally accepted in the U.S. (“GAAP”). The company has provided non-GAAP financial measures, which are not
calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in
the accompanying presentation that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures
should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the
GAAP financial measures presented in the presentation. The non-GAAP financial measures in the accompanying presentation may
differ from similar measures used by other companies. The following tables reconcile the non-GAAP measure of Earnings Before
Interest, Taxes, Depreciation and Amortization (“EBITDA”) referred to in this presentation to the most directly comparable GAAP
measure reflected in the Company’s financial statements.
Reconciliation of Non-GAAP Measures
(1) Reported Net Income excluding stock based compensation
LTM Through August 2016
WGO GD(1) Pro Forma
Net Income $ 45,496 $ 59,131 $ 104,627
Interest Expense - - -
Provision for Taxes 20,702 158 20,860
Depreciation & Amortization 5,745 798 6,543
EBITDA $ 71,943 $ 60,087 $ 132,030

28. 27
 Winnebago recently announced the termination of its remaining postretirement health care benefits to all participants.
 Beginning January 1, 2017, postretirement health care benefits will be discontinued for retirees under age 65.
 As a result of this plan termination, remaining long-term liabilities for postretirement health care benefits of approximately $6.0
million will be eliminated as well as the corresponding deferred tax asset of $2.3 million with a corresponding increase to prior
service credit included within accumulated other comprehensive income, net of tax.
 Effective in the first quarter of Fiscal 2017, this plan termination will result in a significant acceleration of amortization of
postretirement prior service benefits, net of actuarial losses reducing operating expenses in the first two quarters of Fiscal
2017, as all benefits will be fully amortized by January 1, 2017.
 The following table illustrates the estimated current year quarterly impact as compared to the prior year:
Postretirement Health Plan Termination
In millions Fiscal 2017 Fiscal 2016
Q1 $ 12.6 $ 1.3
Q2 11.8 1.6
Q3 -- 1.6
Q4 -- 1.6
Total postretirement health
care benefit income
$ 24.4 $ 6.1