baird's 2014 industrial conference

MOVING THE WORLD AT WORK

Oshkosh Corporation(NYSE:OSK)

Baird’s 2014 Industrial ConferenceNovember 11, 2014

On Track –Driving to FY15 MOVE Targets


Forward-Looking Statements

211/11/2014Baird's 2014 Industrial Conference

This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the strength of emerging market growth and projected adoption rates of work at height machinery; the expected level and timing of DoD and international defense customer procurement of products and services and funding thereof;risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertainDoD tactical wheeled vehicle strategy, including the Company’s ability to successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win a U.S. JLTV production contract award and international defense contract awards; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilitiesconsolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including foreign currency fluctuations and compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; cyber security risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed October 31, 2014. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.


Executing MOVE to TransformOshkosh Corporation

11/11/2014Baird's 2014 Industrial Conference 3


Oshkosh Corporation

Leading provider of specialty vehicles

– Moving the World at Work

Nearly 100 years in business; incorporated in 1917

Serial innovator of game changing new products

Market Capitalization(1): $3.8 billion

FY14 Revenue: $6.8 billion

Positive outlook

(1) As of October 31, 2014

Access Equipment Defense

Fire & Emergency Commercial



Outstanding Total Shareholder Returns Compared with “Outsiders”

Source: NYSE March 29,1996 to September 30, 2014


‐500

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Mar‐96

Sep‐96

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Mar‐10

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Mar‐11

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Total R

eturn (%

)

OSK

S&P 500

BRK.A

GD

TDY


Transforming to a Global IndustrialMoving the World at Work

Revenue growth expected in all non-defense segments– Construction recovery in progress

Global expansion continues Defense is smaller but provides significant upside opportunities

FY15E Sales (1)

FY11 Sales

Defense Non-Defense

Non-Defense Sales Become Significant Majority of Revenue in FY15

FY13 Sales

(1) Based on Company estimates as of October 31, 2014



What We Said at our 2012 Analyst Day…Target: Doubling EPS from FY12 to FY15

MOVE strategy expected to deliver higher margins throughout the cycle

The recovery from a deep cycle has commenced and is expected to overcome defense downturn

Oshkosh has the processes and team to deliver MOVE

$2.05 to $2.15

$4.00 to $4.50

Oshkosh CorporationEPS Opportunity

23%-30% CAGR

FY12E(1) FY15E

11/11/2014 7Baird's 2014 Industrial Conference

(1) Excludes costs to exit ambulance and European mobile medical businesses


FY15 Target

FY15 MOVE ScorecardOn Track to Achieve FY15 Adjusted EPS Target Range

(1) Compared with FY12 expectations as of September 2012 Analyst Day.(2) Net of investment costs and compared with consolidated FY11 operating income margins.

Initiative

…Bottom Line Results for Shareholders

FY15Estimate


* Non-GAAP results. See Appendix for reconciliation to GAAP results.


Capital Allocation Contributing to TSR (1)

Aggressively retiring shares at favorable prices; $605 million allocated to share repurchases in FY13 and FY14

Reinstated dividend with > 1% yield in December 2013; announced 13% increase to dividend in October 2014

(1) Total shareholder returnP = Projected


70

75

80

85

90

95

09/30/12 09/30/13 09/30/14

# Outstanding Shares

(Sha

res in m

illions)

>12% Reduction

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

FY13 FY14 FY15(P)

Annualized Dividend Payment

13% Increase


Powering our Transformation –The Oshkosh Operating System Customer-centric application

of lean principles– Develops talent to deliver value for

customers

Improves processes needed todeliver key elements of MOVE

Supports drive to improve margins and cash flow

Evolving to deliver more for customers

Company-wide foundation for building shareholder value



Oshkosh’s Positive Outlook



On the MOVE! Initial FY15 adjusted EPS(*) estimate range of $4.00 - $4.25

supports achievement of 2012 Analyst Day EPS target range

Non-Defense markets expected to remain in slow recovery

Expect to deliver higher operating income margins in non-defense segments in each of next few years

Defense segment continues to offer biggest upside opportunities

Strong free cash flow provides options to enhance returns


5.0%

7.0%7.5% ~ 8.0%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

FY12 FY13 FY14 FY15E Beyond

Adjusted Operating Income Margins (*)

E = Estimate(*) Non-GAAP results. See Appendix for reconciliation to GAAP results.


Slow Construction Recovery is Continuing


Source: U.S. Census Bureau, October 17, 2014 Source: U.S. Census Bureau, November 3, 2014

U.S. Housing Starts ‐ Current Annual Forecasts (millions)Date 2014 2015 2016

Global Insight Aug‐14 1.02 1.30 1.54Moody's ‐ Slower Recovery Oct‐14 1.04 1.27 1.73Portland Cement Association Sep‐14 1.04 1.26 1.53Average Analyst Estimate 1.04 1.27 1.63

400

500

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Jan‐20

10

Apr‐20

10

Jul‐2

010

Oct‐201

0

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Apr‐20

11

Jul‐2

011

Oct‐201

1

Jan‐20

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Apr‐20

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Jul‐2

012

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Jan‐20

13

Apr‐20

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Jul‐2

013

Oct‐201

3

Jan‐20

14

Apr‐20

14

Jul‐2

014

Housing Starts

Housing Starts

Thou

sand

s

450

500

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Jan‐20

10

Apr‐20

10

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Oct‐201

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Oct‐201

2

Jan‐20

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Apr‐20

13

Jul‐2

013

Oct‐201

3

Jan‐20

14

Apr‐20

14

Jul‐2

014

U.S. Non‐Residential Spending

$’s in billions

U.S. Nonresidential Construction ‐ Current Analyst EstimatesDate 2014 2015 2016

Portland Cement Association Sep‐14 5.9% 8.7% 9.2%FMI Source Sep‐14 4.0% 6.0% 5.0%Global Insight Sep‐14 4.0% 1.8% 3.9%Moody's Sep‐14 7.2% 5.8% 7.3%Reed Jun‐14 4.0% 8.4%McGraw‐Hill Oct‐14 4.5% 10.8%Average Analyst Estimate 4.9% 6.9% 6.4%


North American Rental CompaniesRefreshing Fleets, Increasing Penetration

Rental Rate Trends

N.A. Rental Equipment Access - Fleet Age(AWP & TMH)

N.A. Rental Equipment Company Fleet Utilization

Recent Used Equipment Value Trends(OLV)

Source: Rouse Rental Report, October 2014

Based on International Rental News/Dan Kaplan sample of medium to large NA rental equipment companies (United Rentals, RSC, H&E). October 2014

(% T

ime

Util

izat

ion)

OLV

(% o

f Cos

t)

Source: Rouse Rental Report. Calendar year-end data for 2008-13, 2014YTD through July

(Age

in M

onth

s)

Source: Rouse Asset Services, October 2014Note: Rouse rebased the Rouse Value IndexTM in January 2014

40

45

50

55

60

2008 2009 2010 2011 2012 2013 2014YTD


0.951.001.051.101.151.201.251.301.351.40

Jan‐11

Mar‐11

May‐11

Jul‐1

1

Sep‐11

Nov

‐11

Jan‐12

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‐12

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‐13

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AWP ‐ Telescopic Booms Telehandlers

AWP ‐ Articulating Booms AWP ‐ Scissor Lifts

Rouse Rate Index

10.0

20.0

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60.0

Dec 06

Apr 0

7Au

g 07

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g 08

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g 09

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0Au

g 10

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1Au

g 11

Dec 11

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g 12

Dec 12

Apr 1

3Au

g 13

Dec 13

Apr 1

4Au

g 14

AWP ‐ Articulating Boom AWP ‐ Scissor LiftsAWP ‐ Telescopic Boom Telehandlers


Mixed Global Market Recovery Will Contribute

Expect slowly improving demand in Europe driven by high fleet ages

Construction healthy in Middle East

Labor shortages, higher wages, shorter lead times and safety initiatives drive access equipment penetration in Asia and Latin America

Global airport construction fuels airport products demand


1

2

3

4

5

2012 2013E 2014F 2015F 2016F

Europe & Central Asia

1

2

3

4

5

2012 2013E 2014F 2015F 2016F

Latin America & Caribbean

(% G

DP

Gro

wth

)

6

7

8

2012 2013E 2014F 2015F 2016F

East Asia & Pacific

(% G

DP

Gro

wth

)(%

GD

P G

row

th)

Source: World Bank Global Economic Prospects, June, 2014


Operating Income Margin Expansion Remains a Priority

Expect biggest impact years of optimize cost and value innovation initiatives yet to come


10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

FY14 FY15E Target

Access Equipment

(Ope

ratin

g In

com

e M

argi

n %

)

16%

17%

~ 15% 14.3%


Operating Income Margin Expansion Remains a Priority (cont’d)

Optimize cost initiatives continue Absorption benefits accelerate in market recovery


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

FY14 FY15E Target

Commercial

(Ope

ratin

g In

com

e M

argi

n %

)

10%+

~ 6.5% 6.2%


Operating Income Margin Expansion Remains a Priority (cont’d)

Margin expansion behind schedule, but improvement roadmap is solid

Roadmap to target doesn’t require market recovery


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

FY14 FY15E Target

Fire & Emergency

(Ope

ratin

g In

com

e M

argi

n %

)

10%+

~ 4.25% 3.5%


Defense Upside Opportunities

Canada MSVS program award decision expected by July 2015

$30 billion JLTV program award decision expected by late July 2015

– DOD projects initial 8 year contract over $9 billion

Continuing pursuit of thousands of M-ATVs

– Middle East and North Africa

– Eastern Europe

– Reset opportunities in U.S.



What to Look for in FY15


MOVE Investments Providing Returns

Additional cost take-out– Focus on product, process

and overhead costs– Dedicated teams leveraging

the Oshkosh Operating System

More innovation coming to market Increased international

orders/sales Recovering demand for

non-defense businesses in North America



Responsible Capital Allocation

Expect to continue share repurchases Increased dividend by 13% – annualized $0.68 / share beginning December 2014 Increase in capital spending in 2015 to support vertical integration initiatives, new

product launches and information technology improvements

Return capital to shareholders

Re-invest in core business

Invest in external growth

opportunities

Hold cash

Reduce debt

Long-term targeted capital

structure



Continue to Advance OOS CultureThe OOS Journey

Phase Zero:Exploration

Phase One:Building the foundation

Phase Two:Expanding with tools and deeper thinking

Phase Three:Integration and reinforcement

Phase Four:Building the momentum


From Jamie Flinchbaugh and Andy Carlino, Hitchhiker’s Guide to Lean



Expectations for FY15• Revenues of $6.5 billion to $6.6 billion• Operating income of $510 million to $540 million• Adjusted EPS* of $4.00 to $4.25

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0

Operating Income Margin ~15.0% Slightly above

break even ~4.25% ~6.5%

Segment information

Additional expectations Corporate expenses of $140 - $145 million Refinancing of 8.5% Sr. Notes Tax rate of ~31% CapEx of ~$150 million Free cash flow* ~$200 million Assumes share count of ~80 million

Q1 Commentary Expect EPS lower by ~2/3 vs. Q1 FY14 EPS

Large sales decline and higher NPD spendingin defense segment

Adverse mix and NPD timing in access equipment segment Lower sales volume in fire & emergency segment

Expect significant cash usage driven byseasonal factors



On Track –Driving to FY15 MOVE Targets


Why Consider Oshkosh? MOVE strategy driving shareholder value

– MOVE initiatives driving margin expansion– Large number of new product launches in FY15

Positive near term outlook– Benefiting from improving housing starts; expect follow on growth in

non-residential construction– Defense provides significant upside opportunities

Expect strong free cash flow generation to provide options



For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

Jeffrey D. WattDirector, Investor Relations(920) [email protected]



Appendix




Consolidated Results(Dollars in millions, except per share amounts)

Fiscal Year Comments

Net Sales $6,808.2 $7,665.1% Change (11.2)% (5.8)%

Adjusted Operating Income** $512.2 $534.8

% Change (4.2)% 32.2%% Margin 7.5% 7.0%

Adjusted EPS** $3.62 $3.74% Change (3.2)% 62.6%

2014 2013* Sales impacted by:‒ Lower defense segment sales

+ Higher access equipment and commercial segment sales

EPS impacted by:‒ Lower defense segment

operating income

+ Higher access equipment segment operating income

+ Impact of FY14 share repurchases

* Continuing operations only.

** Non-GAAP results. See Appendix for reconciliation to GAAP results.




Appendix: Access Equipment(Dollars in millions)

Net Sales $3,506.5 $3,120.8% Change 12.4% 6.9%

AdjustedOperating Income* $501.1 $388.6

% Change 28.9% 69.6%% Margin 14.3% 12.5%

2014 2013 Sales impacted by: Improved global demand Prior year sales of U.S. military

telehandlers Operating income impacted by:

Higher sales volume Cost reduction initiatives Pricing Higher NPD and operating costs

Backlog up 4.5% vs. prior year to $384 million





(Dollars in millions)

2014 2013

Appendix: Defense

Net Sales $1,724.5 $3,049.7% Change (43.5)% (22.8)%

Adjusted Operating Income* $85.3 $228.7

% Change (62.7)% (3.5)%% Margin 4.9% 7.5%

Sales impacted by: Lower sales to U.S. DoD

Operating income impacted by: Lower sales to U.S. DoD

Backlog down 57.6%vs. prior year to $780 million






2014 2013

Appendix: Fire & Emergency

Net Sales $756.5 $792.4% Change (4.5)% 3.1%

Operating Income $26.6 $23.8% Change 11.7% 120.7%% Margin 3.5% 3.0%

Sales impacted by: Lower shipments resulting from

lower production Improved pricing

Operating income impacted by: Improved pricing Lower sales volume






2014 2013

Appendix: Commercial

Net Sales $865.9 $766.9% Change 12.9% 10.0%

Operating Income $53.9 $41.3% Change 30.5% 28.8%% Margin 6.2% 5.4%

Sales impacted by: Higher concrete mixer volume Lower intersegment sales

Operating income impacted by: Higher sales volume Investments in MOVE initiatives




Appendix: Commonly Used AcronymsARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability VehicleAWP Aerial Work Platform MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEAME Europe, Africa & Middle East OH OverheadEMD Engineering & Manufacturing Development OI Operating IncomeEPS Diluted Earnings Per Share OOS Oshkosh Operating SystemFHTV Family of Heavy Tactical Vehicles OPEB Other Post-Employment BenefitsFMS Foreign Military Sales PLS Palletized Load SystemFMTV Family of Medium Tactical Vehicles PUC Pierce Ultimate ConfigurationGAAP U.S. Generally Accepted Accounting Principles R&D Research & DevelopmentHEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection VehicleHET Heavy Equipment Transporter RFP Request for ProposalHMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of WorldIRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)IT Information Technology TACOM Tank-automotive and Armaments CommandJLTV Joint Light Tactical Vehicle TDP Technical Data PackageJPO Joint Program Office TPV Tactical Protector VehicleJROC Joint Requirements Oversight Council TWV Tactical Wheeled VehicleJUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract ActionL-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)LVSR Logistic Vehicle System Replacement UK United KingdomM-ATV MRAP All-Terrain Vehicle



Appendix: Non-GAAP to GAAP Reconciliation

• The tables below present a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

Low High

Adjusted earnings per share from continuing operations-diluted (non-GAAP) 4.00$ 4.25$ Debt extinguishment costs, net of tax (0.11) (0.11)Earnings per share from continuing operations-diluted (GAAP) 3.89$ 4.14$

Fiscal 2015 Expectations

Fiscal 2015Expectations

Net cash flows provided by operating activities 368.0$ Additions to property, plant and equipment (150.0) Additions to equipment held for rental (18.0) Free cash flow 200.0$




• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures:

Fiscal Year EndedSeptember 30,

2012 2013 2014 2015E

Consolidated operating income margins (non-GAAP) 5.0% 7.0% 7.5% 8.0%Union contract ratification costs - -0.1% - -Performance share valuation adjustment -0.1% - - -Pension curtailment and settlement loss - - -0.1% -OPEB curtailment gain - - 0.2% -Tender offer and proxy contest costs -0.1% -0.2% - -Impairment charge - -0.1% - -Contract pricing adjustment for OPEB costs - - -0.2% -Consolidated operating income margins (GAAP) 4.8% 6.6% 7.4% 8.0%




• The tables below present a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions): Fiscal Year Ended

September 30,2014 2013

Adjusted access equipment segment operating income (non-GAAP) $ 501.1 $ 388.6 Intangible asset impairment charge - (9.0)Access equipment segment operating income (GAAP) $ 501.1 $ 379.6

Adjusted defense segment operatingincome (non-GAAP) $ 85.3 $ 228.7

Contract pricing adjustment for OPEB costs (10.7) -OPEB curtailment gain 10.0 -Pension curtailment and settlement loss (8.2) -Union contract ratification costs - (3.8)Defense segment operating income (GAAP) $ 76.4 $ 224.9

Adjusted consolidated operating income (non-GAAP) $ 512.2 $ 534.8 Pension curtailment and settlement loss (8.2) -OPEB curtailment gain 10.0 -Tender offer and proxy contest costs - (16.3)Impairment charge - (9.0)Union contract ratification costs - (3.8)Contract pricing adjustment for OPEB costs (10.7) -Consolidated operating income (GAAP) $ 503.3 $ 505.7




• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures:

Fiscal Year EndedSeptember 30,

2014 2013

Adjusted earnings per share from continuingoperations-diluted (non-GAAP) $ 3.62 $ 3.74

Reduction of valuation allowance on netoperating loss carryforward 0.14 -

Debt extinguishment costs, net of tax (0.08) -Contract pricing adjustment for OPEB costs, net of tax (0.08) -OPEB curtailment gain, net of tax 0.07 -Pension curtailment and settlement loss, net of tax (0.06) -Tender offer and proxy contest costs, net of tax - (0.12)

Intangible asset impairment charge, net of tax - (0.06)Union contract ratification costs, net of tax - (0.03)Earnings per share from continuing

operations-diluted (GAAP) $ 3.61 $ 3.53

baird's 2014 industrial conference

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