This document provides an overview of Winnebago Industries and the RV industry. It discusses Winnebago's brands, market share, vertical integration, quality culture, and towable division. It also summarizes the current RV market environment and Winnebago's outlook. Key points include that Winnebago is the leading manufacturer of motorhomes and RVs, with a focus on quality and vertical integration. It discusses the company's motorhome and towable product lines and market share levels. The document also notes economic challenges in the RV market but that interest rates remain low.

1. December 7, 2011

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.
2

3. CORPORATE AND
RV INDUSTRY OVERVIEW

4. Winnebago Industries Overview
Revenues by Product Class
Fiscal 2011
Founded in 1958
IPO 1966, NYSE 1970
Leading manufacturer of high-quality
motor homes, travel trailers and fifth
wheels
Manufacturing facilities located in
Iowa and Indiana
Nonunion workforce of 2,130 as of
August 27, 2011
North American dealer network of
approximately 225 motorized and
170 towable locations
Executive management team with
average of 25 years RV
manufacturing experience
4

5. 5
Motorized Family Tree
Winnebago Industries manufactures three brands of
Class A, B and C motor homes: Winnebago, Itasca and Era
73 floorplans available in 2012 – 40% new
Class B M.S.R.P. (Base)
ERA $ 94,100
Class C
Access/Impulse $ 68,700 - $ 85,800
Access Premier/Impulse Silver $ 82,900 - $ 92,700
Aspect/Cambria $ 88,300 - $ 93,200
View/View Profile/Navion/Navion iQ $ 96,900 - $102,000
Class A – Gas
Vista/Sunstar $ 92,600 - $112,400
Sightseer/Sunova $123,000 - $129,200
Adventurer/Suncruiser $148,000 - $167,200
Class A – Diesel
Via/Reyo $121,700 - $123,800
Journey/Meridian $224,800 - $271,100
Tour/Ellipse $350,400 - $356,000
5

6. RV Industry Class A & C
U.S. Retail Market Share
(Percent as reported by Statistical Surveys, Inc. CYTD/September 2011)
Top 5 Manufacturers = 85.7%
6

7. Winnebago Industries Retail
Market Share
(As reported by Statistical Surveys, Inc. by calendar year)
Through September 30, Calendar Year
U.S. Retail Motorized: 2011 2010 2010 2009 2008
Class A gas 22.3% 23.2% 23.7% 22.9% 23.2%
Class A diesel 17.5% 14.2% 15.2% 11.4% 8.1%
Total Class A 20.2% 18.7% 19.5% 16.6% 15.3%
Class C 17.1% 17.2% 17.9% 22.7% 22.8%
Total Class A and C 18.8% 18.0% 18.8% 19.1% 18.3%
Class B 6.0% 17.8% 15.9% 18.1% 3.5%
Through September 30, Calendar Year
Canadian Retail Motorized: 2011 2010 2010 2009 2008
Class A gas 17.0% 15.1% 14.9% 13.8% 18.4%
Class A diesel 18.8% 9.4% 9.9% 7.0% 5.3%
Total Class A 17.7% 12.5% 12.6% 10.0% 12.4%
Class C 16.0% 14.1% 13.8% 9.5% 19.5%
Total Class A and C 16.8% 13.4% 13.2% 9.8% 15.7%
Through September 30,
Retail Towable: U.S. Canada
Travel trailer 0.6% 0.4%
Fifth wheel 0.4% 0.5%
Total Towables 0.6% 0.4%
* The states of Maine and Minnesota are experiencing delays. Year to date through September,
rentals accounted for 1,957 units, up 25% compared to 1,570 CYTD/September 2010.
7

8. What Differentiates Us?
Our Brands
Why we have such
Evidence of our
significant brand
brand strength:
strength:
Top quality Prevalent use of our
product in TV and in
Longevity in the industry movies
First to mass produce motor
homes in an automotive
assembly-line manufacturing Winnebago is synonymous
style for “motor home”
Exceptional aftermarket
sales and service support Based on survey,
Winnebago has 90% brand
Strong dealer network recognition
8

9. What Differentiates Us?
Vertical Integration
Why we are vertically integrated:
• Our location
• We have more control over our quality
• It provides more flexibility
Vertical integration processes:
• Aluminum extrusion
• Cabinetry/wood working
• Soft goods (furniture, curtains, upholstery)
• Vacuum
• Rotational molding
• Steel fabrication
• Panel lamination
• Multiple painting processes
• Fiberglass manufacturing
9

10. What Differentiates Us?
Quality
Why we have a corporate culture of quality:
• Essential to customer satisfaction
• Dedicated and experienced employees
• Tone at the top
• Extensive testing processes and equipment
Evidence of our quality:
• Only RV manufacturer to receive Quality Circle Award as part of Dealer
Satisfaction Index Program from RVDA every year since 1996
• Only RV manufacturer to receive Ford Motor Company “Fully Meets”
Classification as part of their Truck Quality Program every year since the
program’s inception in 1997
10

11. Winnebago Industries
Towables
Why SunnyBrook RV?
• Quality reputation
• Good product line with both travel trailer and fifth wheel choices
• Good fit with Winnebago Industries
Strategy:
• 0.5% market share as of August 2011, which we plan to grow
• Retain SunnyBrook brand and refresh offerings
• Develop and market Winnebago brand travel trailer and fifth wheel
trailer
• New Winnebago ONE introduced in August 2011
• New Winnebago Five Lite fifth wheel introduced in September 2011
11

12. Towable Family Tree
Winnebago Industries Towables manufactures travel trailers and fifth wheel trailers
under the SunnyBrook and Winnebago brand name
66 floorplans available in 2012
M.S.R.P. (Base)
Travel Trailers
SunnyBrook:
Sunset Creek Sport* $16,400 - $22,700
Sunset Creek* $22,700 - $25,000
Harmony $16,900 - $26,900
Brookside $22,900 - $24,400
Raven* $25,700 - $26,800
Bristol Bay $35,100 - $37,100
Winnebago:
ONE* $25,400 – 27,200
Fifth Wheels
SunnyBrook:
Brookside $29,000 - $33,600
Harmony* $30,200 - $34,100
Raven* $31,800 - $34,100
Bristol Bay $35,100 - $47,700
Winnebago:
Lite Five* $30,200 - $34,100
* New/Redesigned for 2012
12

13. Current RV Market Environment
Economic conditions:
• Consumer sentiment rose in November; however consumer confidence levels
still low
• Housing market appears to be still bottoming, foreclosure rates increased in
October 2011
• Continued stock market volatility
Financing conditions:
• Existing wholesale and retail players are focused on partnering with strong
manufacturers
• Marketplace is more competitive and rational – retail and wholesale
• Dealer inventory turns are appropriate
• Interest rates at historic low levels
13

14. Winnebago Industries’ Outlook
Retail sales key driver to improvement in motor home market
• Winnebago Industries’ motor home retail demand consistent for the
last three fiscal years (range of 4,100 – 4,500 units)
• Continue to keep production schedule in line with end retail demand
• Ample motor home capacity available with 10,500 to 12,200 units per
year depending on mix
Towable market is a substantial new revenue and earnings opportunity
• Towable market significantly larger than motorized market
• Current towable capacity of approximately 8,000 units
14

15. Financial Overview

16. Revenues/Gross Profit
(Fiscal Year – Revenues in Millions, Gross Profit as Percent of Net Revenues)
$1,200.0 20.0%
$1,114.2
14.6%
14.1% 13.4% 15.0%
12.4% 13.8%
$1,000.0 12.1%
11.4%
$992.0
$864.4 $870.2 10.0%
$825.3 $845.2
$800.0 5.8% 8.0%
5.8% 5.0%
$671.7
$604.4
$600.0 0.0%
$496.4
$449.5
-5.0%
$400.0
-10.0%
$211.5
$200.0
-15.0%
-14.5%
$0.0 -20.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Revenues Gross Profit (Deficit)
16

17. Winnebago Industries Recovery
We saw improvement during Fiscal 2011 in both net
revenues and in our operating performance.
• Increased revenues of 7.9% allowed for greater absorption of fixed
costs and labor efficiencies:
• Average selling price of our motor homes increased 6.7% due to
an improved mix of higher-priced Class A product sold
• Revenues also included eight months of towable product sales of
$16.7 million as a result of SunnyBrook Manufacturing acquisition
• Operating income of $11.3 million as compared to $520,000 in
FY2010.
• Retail registrations in Fiscal 2011 were up 10% compared to prior
year
17

18. EBITDA/Free Cash Flow
(Fiscal Year In Millions)
Free cash flow is defined as cash flow from operating activities less capital expenditures.
18

19. Dealer Inventory of
Winnebago Industries Product
(Class A, B & C - Fiscal Year)
19

20. Winnebago Industries
Shipments, Retail Activity and Dealer Inventory
Motor Home Towable
As of Quarter End As of Quarter End
Wholesale Retail Dealer Order Wholesale Retail Dealer Order
Deliveries Registrations Inventory Backlog Deliveries Registrations Inventory Backlog
1st Quarter 2010 794 921 1,567 1,521
2nd Quarter 2010 1,109 654 2,022 1,159
3rd Quarter 2010 1,366 1,388 2,000 935
4th Quarter 2010 1,164 1,120 2,044 818
Fiscal 2010 4,433 4,083
1st Quarter 2011 1,115 1,093 2,066 698 - - - -
2nd Quarter 2011 909 796 2,179 957 85 100 891 151
3rd Quarter 2011 1,283 1,394 2,068 642 326 189 1,028 164
4th Quarter 2011 1,088 1,198 1,958 681 365 426 967 293
Fiscal 2011 4,395 4,481 776 715
• Wholesale deliveries essentially flat in Fiscal 2011 • Acquired Towables during 2nd quarter of Fiscal
as compared to 2010 which resulted in a similar 2011.
level of dealer inventory.
• Re-designed existing brands and developed the
• Retail registrations up 10% in Fiscal 2011 over Raven product during spring and summer.
2010, and 8% higher than Fiscal 2009.
• Began bringing Winnebago product offerings to
market late summer.
20

21. Winnebago Industries Backlog
As of Change
August 27, 2011 August 28, 2010 %
Units % Units % Units Change
Class A gas 230 33.2% 272 33.2% (42) (15.4%)
Class A diesel 177 26.0% 218 26.7% (41) (18.8%)
Total Class A 407 59.8% 490 59.9% (83) (16.9%)
Class B 71 10.4% - - 71 100.0%
Class C 203 29.8% 328 40.1% (125) (38.1%)
(1)
Total motor home backlog 681 100.0% 818 100.0% (137) (16.7%)
Travel trailer 187 63.8%
Fifth wheel 106 36.2%
(1)
Total towable backlog 293 100.0%
Total approximate backlog
revenue dollars (in 000's):
Motor home $ 74,704 $ 82,773 ($8,069) (9.7%)
Towable 6,669 -
(1)
Our backlog includes all accepted orders from dealers to be shipped within the next six months.
Orders in backlog can be canceled or postponed at the option of the purchaser at any time without penalty
and, therefore, backog may not necessarily be an accurate measure of future sales.
21

22. Summary

23. Winnebago Industries
Advantages
Our Brand
• Highest brand recognition in the industry
Vertical Integration
• Increased profitability in times of high volume
Quality Reputation
• Quality Circle Award winner 16 consecutive years
• Best in Class aftermarket service support
Sustainability
• Successfully managed through previous industry downturns during our 53-year history
• Strong balance sheet ($69.3 million in cash and no long-term debt)
• Continued focus on new product development and potential diversification for future
growth
23

24. www.winnebagoind.com

25. Appendices
• Motor Home Industry: Wholesale and Retail
• Towable Industry: Wholesale and Retail
• Motor Home Industry Wholesale Shipments & Retail Registrations
• Recreation Vehicle Industry Shipment History
• Motor Home Sales vs. New Single Family Home Starts
• RV Deliveries Compared with Index of Consumers’ Buying Attitudes
• Winnebago Industries’ Products
25

26. Motor Home Industry: Wholesale and Retail
US and Canada Industry Class A, B & C Motor Homes
Industry Shipments (1) Retail Registrations (2)
Calendar Year Calendar Year
(In units) 2010 2009 Increase Change 2010 2009 Increase Change
1st quarter 5,700 2,400 3,300 137.5% 4,900 4,800 100 2.1%
2nd quarter 7,800 3,200 4,600 143.8% 8,300 7,100 1,200 16.9%
3rd quarter 6,200 3,300 2,900 87.9% 6,000 5,800 200 3.4%
4th quarter 5,500 4,300 1,200 27.9% 4,600 4,200 400 9.5%
Total 25,200 13,200 12,000 90.9% 23,800 21,900 1,900 8.7%
Increase Increase
(In units) 2011 2010 (Decrease) Change 2011 2010 (Decrease) Change
1st quarter 6,900 5,700 1,200 21.1% 5,100 4,900 200 4.1%
2nd quarter 7,800 7,800 - 0.0% 8,000 8,300 (300) (3.6)%
3rd quarter 5,300 6,200 (900) (14.5)% 6,000 6,000 - 0.0%
(4)
October 2,000 2,000 - 0.0% 2,000
(3) (4)
November 1,600 1,600 - 0.0% 1,400
(3) (4)
December 1,500 1,900 (400) (21.1)% 1,200
Total 25,100 25,200 (100) (0.4)% 19,100 23,800 (100) (0.5)%
(1)
Class A, B and C wholesale shipments as reported by RVIA, rounded to the nearest hundred.
(2)
Class A, B and C retail registrations as reported by Statistical Surveys for the U.S. and Canada combined, rounded to the nearest hundred.
Maine and Minnesota are experiencing delayed reporting.
(3)
Based upon forecasted 2011 Class A, B and C wholesale shipments as reported by RVIA in the Roadsigns Fall 2011 issue.
(4)
Statistical Surveys has not issued a projection for 2011 retail demand.
26

27. Towable Industry: Wholesale and Retail
US and Canada Travel Trailer & Fifth Wheel Industry
Industry Shipments (1) Retail Registrations (2)
2010 2009 Increase Change 2010 2009 Increase Change
1st quarter 49,300 24,800 24,500 98.8% 31,100 28,900 2,200 7.6%
2nd quarter 62,300 34,600 27,700 80.1% 69,400 60,000 9,400 15.7%
3rd quarter 48,600 41,500 7,100 17.1% 57,200 49,900 7,300 14.6%
4th quarter 39,000 37,400 1,600 4.3% 28,300 25,300 3,000 11.9%
Total 199,200 138,300 60,900 44.0% 186,000 164,100 21,900 13.3%
Increase Increase
2011 2010 (Decrease) Change 2011 2010 (Decrease) Change
1st quarter 54,200 49,300 4,900 9.9% 33,400 31,100 2,300 7.4%
2nd quarter 66,000 62,300 3,700 5.9% 74,800 69,400 5,400 7.8%
3rd quarter 47,500 48,600 (1,100) (2.3)% 58,500 57,200 1,300 2.3%
(4)
October 16,300 13,600 2,700 19.9% 12,500
(3) (4)
November 12,000 10,900 1,100 10.1% 9,200
(3) (4)
December 11,000 14,500 (3,500) (24.1)% 6,500
Total 207,000 199,200 7,800 3.9% 166,700 186,000 9,000 5.7%
(1)
Towable wholesale shipments as reported by RVIA, rounded to the nearest hundred.
(2)
Towable retail registrations as reported by Statistical Sureys for the US and Canada combined rounded to
the nearest hundred. Maine and Minnesota are experiencing delayed reporting.
(3)
Based upon forecasted 2011 Towable wholesale shipments as reported by RVIA in the Roadsigns Fall 2011 issue.
(4)
Statistical Surveys has not issued a projection for 2011 retail demand.
27

28. Monthly Motor Home Industry Wholesale
Shipments & Retail Registrations
(January 2008 – August 2011)
28

29. Recreation Vehicle Industry
Shipment History
(In Thousands – Calendar Year)
Towables Motorized
* Estimates for 2011/2012
29

30. Motor Home Sales Vs. New Home Starts
(Private Homes)
(In Millions) (In Thousands)
30

31. 31

32. WINNEBAGO INDUSTRIES’ PRODUCTS
Class A - Gas
Conventional motor homes constructed
directly on medium-duty truck chassis,
which include a gas-powered engine and
drivetrain components.
Class A - Diesel
Conventional motor homes constructed
directly on medium-duty truck chassis,
which include a diesel-powered engine
and drivetrain components.
32

33. Winnebago Industries’ Products
Class C
Mini motor homes built on van-type
(cutaway) chassis.
Class B
Panel-type truck to which RV
manufacturer adds any two of the
following conveniences: sleeping,
kitchen and toilet facilities, also 110-
volt hookup and freshwater.
33

34. Winnebago Industries’ Products
Fifth Wheel
A towable RV mounted on wheels and
designed to be towed by a motorized
vehicle by means of a towing mechanism
that is mounted above or forward of the
tow vehicle’s rear axle.
Travel Trailer
A towable RV mounted on wheels
and designed to be towed by a
motorized vehicle that is constructed
with a roof and sidewalls made of
rigid materials.
34