Goldman Sachs Global Capital Goods Conference

2005

2

Forward Looking StatementsOur 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 2006, the Company’s ability to turnaround the business of the Geesink Norba Group sufficiently to support its valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill, the Company’s ability to turnaround its McNeilus business, 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, the effects of rapidly rising steel and component costs, risks related to reductions in government expenditures, the uncertainty of government contracts, the challenges of identifying, completing and integrating acquisitions 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 November 1, 2005. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

3

Oshkosh Truck Corporation• Largest global

specialty truck and truck body company

• Leading brands in each market

• Successful growth record and strategies to sustain growth

• Driving force in bringing new technologies to market

4

Investment Highlights

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Driving Forward

RO

IC

Sh

are

P

rice

And, a positive outlook

Superior Historic Returns Strong ROIC

5

Significant Competitive Advantages• Leading brand positions

• Extensive distribution capabilities

• Flexible and efficient manufacturing

• Proprietary component technologies

• Strong balance sheet

6

Market Leadership

Source: Company estimates of its fiscal 2004 U.S. market share only, except for refuse truck bodies - Europe.

Heavy Defense Trucks #1 100%Medium Marine Trucks #1 100%Fire Apparatus #1 31%Wreckers and Carriers #2 25%Airport Products #1 79%Ambulances #3 8%Rear-Discharge Concrete Mixers #1 75%Front-Discharge Concrete Mixers #1 51%Concrete Batch Plants #1 48%Refuse Truck Bodies - U.S. #1/#2 27% - Europe #1 20%

RankEstimated

Market Share

7

$0.4

$1.4

$1.7$1.9

$2.3

$3.0

$0.00

$0.74$0.86

$1.08

$1.57

$2.18

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

1996 20012002 2003 20042005S

ale

s (

in b

illio

ns

)$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

EPS

Core Growth Strategies• Investing in

innovation– Lead in new product

development in all markets

• Embracing lean principles– Supported by

chartered cost reduction teams

• Pursuing strategic acquisitions– Expand globally– New platforms and

tuck-ins

ROIC .2% 11.7% 11.5% 14.5% 18.3% 20.5%

8

Introducing Revolutionary Technologies into Mature Markets• R & D investment

includes development of proprietary technologies

• Seek to substantially improve product performance– While reducing

customers whole life costs

9

Excellent Financial Trends

(1) Beginning in fiscal 2002, goodwill and indefinite-lived assets are no longer amortized under U.S. GAAP. Fiscal 2001 EPS includes $0.10 in charges, net of tax related to this amortization.

(2) Restated for August 2005 two-for-one stock split.

Sales - $ $1,445.3 $1,743.6 $1,926.0 $2,262.3 $2,959.9

- Growth 8.7% 20.6% 10.5% 17.5% 30.8%

Operating income - $ 98.3 111.1 129.2 180.4267.2

- Margin 6.8% 6.4% 6.7% 8.0% 9.0%

- Growth 0.2% 13.0% 16.3% 39.6% 48.1%

EPS (1) (2) - $/Share 0.74 0.86 1.08 1.57 2.18

- Growth 1.4% 16.2% 25.6% 45.4% 38.9%

Dollars in millionsFiscal 2001

Fiscal 2002

Fiscal 2003

Fiscal2004

Fiscal2005

10

Positioned to Sustain Growth in Fiscal 2006

Sales $3.25 - $3.35 billion

% growth 9.8% - 13.2%

Operating income $297.5 - $310.0

million % margin 9.2% - 9.3% % growth 11.3% - 16.0%

EPS $2.40 - $2.50 % growth 10.1% - 14.7%

• Expect defense and fire and emergency to report steady growth

• Targeting recovery of U.S. margins and a return to profitability in Europe in commercial segment

Estimates (1) Outlook

(1) Estimates as of November 1, 2005

11

Favorable Fiscal 2007 Estimated Outlook• While defense downturn is a risk, the likelihood

of higher funding for remanufacturing/modularity demands is increasing

• Fire and emergency and homeland security demand is expected to remain strong

• 2007 emission standards expected to impact commercial demand, but margin enhancement initiatives should offset much of the impact

• Expect cost reduction, new product development and acquisition initiatives to realize benefits for 2007