The document provides an investor presentation for Winnebago Industries, a manufacturer of motorhomes, travel trailers, and fifth wheels. It summarizes that Winnebago is an industry leader with a non-union workforce of 2,900, revenues of $913.5 million, and market share of 19.1% for motorhomes and 1% for towables. The presentation highlights the recovering RV market, new product opportunities, vertical integration advantages, and improving financial results as Winnebago leverages increased production volumes.

1. INVESTOR PRESENTATION September 17, 2014

2. Forward-Looking Statements
This presentation contains 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. These factors are contained in the Company’s filings with the Securities and Exchange Commission over the last 12 months, copies of which are available from the SEC or from the Company upon request.
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3. Industry Leader Since 1958
3
•Manufacturer of high-quality motorhomes, travel trailers and fifth wheels
•IPO in 1966, NYSE listed in 1970
•Revenues of $913.5 million (ttm)*
•Manufacturing facilities in Iowa and Indiana
•Non-union workforce of approximately 2,900
•Strong, growing North American dealer network of approximately 269 motorized and 216 towable locations
•U.S. motorhome market share of 19.1% Calendar 2013, has grown to 21.4% for Calendar 2014 through July
Class A Gas 28%
Class A Diesel 29%
Class C 27%
Class B 5%
Towables 6%
Other 5%
Revenue by Product Class*
*TTM, as of 5/31/14

4. Investment Highlights
4
•Large market size and opportunity—Motorhomes @ $3.9B*, Towables @ $6.5B*
•Favorable economic and demographic backdrop
•Improved demand—Company retail registrations for motorhomes and towables, up 34% and 6%, respectively, YOY on a rolling 12 month basis at May 31, 2014
•Improving financial results—Q3FY14 Revenues +13.5% and EPS +55.6%
•Strong financial returns—ROE of 25.0%, ROIC of 22.1%**
•Executive team averages 20 years industry experience and 17 years at company
•Successfully managed company through industry downturns
•Healthy balance sheet—no debt, $106.8 million cash, equivalents and receivables***
•Infrastructure allows for greater volume, providing leverage to margins and earnings
•American icon—synonymous with motorhomes
* Based on RVIA 2013 Industry Profile (Wholesale Value) ** ROE defined as net income (ttm) divided by average stockholders’ equity (Q3 14 and Q3 13); ROIC defined as net income (ttm) divided by the average (Q3 14 and Q3 13) of total assets, less cash and non-interest bearing current liabilities *** At May 31, 2014

5. Favorable Economic and Demographic Backdrop
5
•Greater access to wholesale and retail credit
•Historically low interest rates
•Improved fuel availability and relatively stable gas prices
•Increased consumer confidence
•Wealth effect —Generally improving home starts, home prices and stock market
•U.S. population aged 65+ expected to grow 69% from 2012 to 2030*—nearly half of Winnebago’s owners are 60+ years old**
* U.S. Census Bureau 2012 National Projections ** Based on internal Winnebago studies as of 2014

6. Brand Equity
6
•Industry leader since 1958
•American icon—synonymous with motorhomes
•Prevalent use in TV and movies
•Recognized by Statistical Surveys, Inc. as top selling motorhome brand every year since 1974
•Quality craftsmanship, smart design, functionality
•Connection and support of RV community
•Recreation Vehicle Dealer Association Quality Circle Award winner 18 consecutive years
•Best in class aftermarket sales and service support
•Constant innovation of new products and floorplans

7. Motorhome Lineup
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*Suggested base retail price
Class B
•$84,900 - $119,100*
•Travato
•Era
Class C
•$65,200 - $111,000*
•Minnie Winnie/Spirit
•Trend/Viva!
•Aspect/Cambria
•View/Navion
Class A Gas
•$88,600 - $188,900*
•Vista/Sunstar
•Sightseer/Sunova
•Adventurer/Suncruiser
Class A Diesel
•$126,100 - $421,100*
•Via/Reyo
•Forza/Solei
•Journey/Meridian
•Tour/Ellipse

8. Towable Lineup
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Travel Trailers
•$18,300 – 38,800*
•Micro Minnie
•Minnie
•Ultralite/One
*Suggested base retail price
Fifth Wheels
•$34,400 - $73,900*
•Voyage/Lite Five
•Latitude
•Destination

9. Innovative New Products Provide Incremental Growth and Diversification
9
TRAVATO—First Class B to market on Ram ProMaster chassis
FORZA and SOLEI—All-new offerings in Class A diesel pusher segment
METROLINK—New transit bus with nation- wide distribution partner now in place
TREND and VIVA!—All-new first Class C’s on the Ram ProMaster chassis

10. Innovative New Products Provide Incremental Growth and Diversification
10
Brave and Tribute—The Brow Is Back – Blending vintage with a modern twist in exciting new Class A gas offering. Three versatile floorplans are available with unique features and a price to fit the budget of a young family.
Grand Tour and Ellipse Ultra — Takes Winnebago’s flagship offering to the next level in luxury. Unique high end features such as a large skylight with powered shade in the front lounge area and Multiplex switch panels throughout the all- electric coach that enable control of lights, hydraulic jacks, MCD power shades, slideout rooms, and more.

11. Vertical Integration Contributes to Operational Excellence
11
•Only RV manufacturer to produce in automotive assembly-line manufacturing style
•Increases margin leverage and profitability in times of higher volume
•Ensures consistent quality and improves reputation
•Rotational molding, thermoforming of plastics, soft goods manufacturer, aluminum extrusions, wood components, metal stamping for chassis prep, and fiberglass
•Excess capacity utilized to produce other manufactured products for customers, including aluminum extrusions, which generates additional revenues

12. North American Class A, B & C Motorized Opportunities
7
•Strongest brand in category
•Total market size @ $3.9 billion**
•Significant recovery opportunity—industry unit shipments forecast for Calendar 2014 are 38% below peak***
•Retail registrations up 34%****
•Capacity to produce up to 2,800 additional units=incremental revenue opportunity over $250 million*****
•New product introductions in strong demand
•Expanding distribution/dealer network
0
10
20
30
40
50
60
70
80
Industry Motorhome Shipment History*
*** Most recent peak shipment volume was 71,800 in Calendar 2004. **** Rolling 12-month basis at May 31, 2014 YOY ***** Based on $90,000 ASP and highly mix dependent
38% off peak
*Unit shipments in thousands ** According to RVIA 2013 Industry Profile (Wholesale Value) ***Estimate for Calendar 2014 from RV RoadSigns Fall 2014 report by Dr. Richard Curtin of the University of Michigan Consumer Survey Research Center.

13. Towable Opportunities
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•North American market share @ 1%
•Total market size of $6.5 billion*
•Large growth opportunity for Winnebago to participate in this market
Acquired SunnyBrook December 2010
Broadened product line to focus on Winnebago branded offerings
•Retail registrations up 6%**
•Capacity to produce up to 4,800 additional units=incremental revenue opportunity over $115 million***
* According to RVIA 2013 Industry Profile (Wholesale Value) ** Rolling 12-month basis at May 31, 2014 YOY *** Based on $24,000 ASP and highly mix dependent
•Towables accretive and continuing to grow in profitability
•Capturing 5% market share=incremental revenue opportunity over $260 million

14. Winnebago Motorhome Deliveries and Retail Registrations*
14
2,196
4,433
4,395
4,642
6,821
1,978
2,331
4,165
4,083
4,481
4,673
6,094
1,736
2,783
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
FY09
FY10
FY11
FY12
FY13
Q313
Q314
Wholesale Deliveries
Retail Registrations
*Class A, B & C
•Wholesale deliveries CAGR of 33% FY09- FY13, up 18% in Q3 YOY
•Retail registrations CAGR of 10% FY09-FY13, up 60% in Q3 YOY

15. Winnebago Towable Deliveries and Retail Registrations*
15
769
2,338
2,535
713
727
723
1,939
2,289
846
724
-
500
1,000
1,500
2,000
2,500
3,000
FY11
FY12
FY13
Q313
Q314
Wholesale Deliveries
Retail Registrations
*Travel trailers and fifth wheels
•Wholesale deliveries CAGR of 82% FY11-FY13, up 2% in Q3 YOY
•Retail registrations CAGR of 78% FY11- FY13, down 14% in Q3 YOY

16. 1,694
2,044
1,958
1,927
2,654
2,634
3,798
0
0
966
1,365
1,611
1,642
1,775
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY09
FY10
FY11
FY12
FY13
Q313
Q314
Motorhomes
Towables
Dealer Inventory*
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*Class A, B & C motorhomes and travel trailers & fifth wheels
•Motorhome dealer inventory CAGR of 12% FY09-FY13, up 44% in Q3 YOY
•Towables dealer inventory CAGR of 29% FY09-FY13, up 8% in Q3 YOY

17. Motorhome Backlog*
17
940
818
681
1,473
3,409
2,846
2,357
$0
$50
$100
$150
$200
$250
$300
$350
$400
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY09
FY10
FY11
FY12
FY13
Q313
Q314
Dollar Value ($mm)
Units
Units
Dollar Value
*Class A, B & C
•Motorhome backlog units CAGR of 38% FY09-FY13
•Motorhome backlog unit decline of 17% Q3 YOY, primarily a result of increased production rates. Level remains robust.

18. Strength of Brand Provides Brand Licensing Opportunities
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•Recent brand licensing agreement with Brandgenuity, a licensing specialist
•“Never Stand Still”
•Provides further promotion and leverage for brand
•Extends name and values into camping gear, apparel, outdoor furniture and more
•Key brand attributes—Innovative, high quality, clever and smart, well-built, reliable, durable, sustainable

19. Revenues (In millions)
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$211.5
$449.5
$496.4
$581.7
$803.2
$588.9
$699.2
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
FY09
FY10
FY11
FY12
FY13
9 Mo
FY13
9 Mo
FY14
•Revenue CAGR of 40% FY09- FY13
•Revenue growth of 18.7% in first nine months FY14 YOY primarily driven by motorhome unit increase of 30%, partly offset by lower ASPs of 8%

20. 20
-14.5%
5.8%
8.0%
7.5%
10.5%
10.0%
10.8%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
FY09
FY10
FY11
FY12
FY13
9 Mo
FY13
9 Mo
FY14
Gross Margin
•80 basis point improvement for First 9 months FY14 YOY primarily a result of higher delivery volumes, which resulted in greater absorption of fixed overhead costs

21. 21
-28.1%
0.1%
2.3%
1.6%
5.5%
4.9%
6.5%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
FY09
FY10
FY11
FY12
FY13
9 Mo
FY13
9 Mo
FY14
Operating Income Margin
•160 Basis point improvement for first nine months FY14 YOY primarily a result of stronger gross margin, coupled with leverage of operating expenses, which contributed 80 basis points* to the increase
*Excludes $629,000 gain on a sale of real estate

22. EBITDA
22
-$51.7
$6.9
$16.8
$14.4
$49.2
$32.3
$48.6
-$55
-$35
-$15
$5
$25
$45
$65
FY09
FY10
FY11
FY12
FY13
9 Mo 13
9 Mo 14
+50%

23. 23
-$1.16
$0.35
$0.41
$0.25
$1.13
$0.76
$1.16
-$1.50
-$1.00
-$0.50
$0.00
$0.50
$1.00
$1.50
FY09*
FY10
FY11
FY12**
FY13
9 Mo
FY13
9 Mo
FY14
Earnings Per Share
+53%
* Excludes non-cash charges related to the establishment of a full valuation allowance against deferred tax assets ** Excludes non-cash tax benefit of the reduction in valuation allowance

24. Well Positioned for Future Growth Opportunities
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RV market continues to recover
Capacity for additional unit volume
Margin expansion opportunities
Healthy balance sheet
New products provide additional avenues for growth
Strong brand equity

25. Non-GAAP Reconciliation - EBITDA
25
First 9 Months First 9 Months
FY '14 FY '13 FY '13 FY '12 FY '11 FY '10 FY '09
Ending Ending Ending Ending Ending Ending Ending
5/31/14 6/1/13 8/31/13 8/25/12 8/27/11 8/28/10 8/29/09
Net income (loss) $ 32,124 $ 21,337 $ 31,953 $ 44,972 $ 11,843 $ 10,247 $ (78,766)
Provision (credit) for taxes 14,259 8,468 13,141 (34,865) 94 (9,505) 20,703
Non-operating (income) expense (752) (739) (696) (581) (658) (222) (1,452)
Depreciation 2,962 3,190 4,764 4,872 55,492 6,340 7,834
EBITDA $ 48,593 $ 32,256 $ 49,162 $ 14,398 $ 16,771 $ 6,860 $ (51,681)

26. 26
Sheila M. Davis Public Relations/Investor Relations Manager P.O. Box 152  605 W. Crystal Lake Road  Forest City, IA 50436 PH: 641/585-6803  FAX: 641/585-6966 Email: sdavis@wgo.net
Investor Contact