August 3, 2011

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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Corporate and

RV Industry Overview

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Winnebago Industries Overview

Founded in 1958

IPO 1966, NYSE 1970

Leading manufacturer of high-quality motor homes

Manufacturing facilities located in Iowa

Nonunion workforce of approximately 2,000 as of August 28, 2010

North American dealer network of approximately 235 locations

Executive management team with average of 25 years RV manufacturing experience

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Class A Gas29%

Class A

Diesel

34%Class B1%

Class C28%

Other8%

Revenues by Product Class (Trailing 12 Months – 5/11)

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 M.S.R.P.(Base) Class B 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 $91,700 – $111,000 Sightseer/Sunova $121,700 – $127,800 Adventurer/Suncruiser $146,700 – $168,700 Class A – Diesel Via/Reyo $121,700 – $123,800 Journey/Meridian $224,800 – $271,000 Tour/Ellipse $350,400 – $356,000

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RV Industry Class A & C

Retail Market Share

(Percent as reported by Statistical Surveys, Inc. CYTD/May 2011)

Top 6 Manufacturers = 87.4%

0

5

10

15

20

25 22.9

18.3

12.8 11.8 11.510.1

4.0 3.9 2.8 1.9

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Winnebago Industries Retail Market Share

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2011/May 2010 2009 2008 2007

Class A gas 21.6% 23.7% 22.9% 23.2% 21.9%

Class A diesel 16.8% 15.2% 11.4% 8.1% 8.9%

Total Class A 19.5% 19.5% 16.6% 15.3% 15.2%

Class C 16.9% 17.9% 22.7% 22.8% 24.0%

Total Class A and C* 18.3% 18.8% 19.1% 18.3% 18.5%

Class B 3.6% 15.9% 18.1% 3.5% 0.0%

2011/May 2010 2009 2008 2007

Class A gas 15.7% 14.9% 13.8% 18.4% 16.6%

Class A diesel 21.0% 9.9% 7.0% 5.3% 6.3%

Total Class A 18.0% 12.6% 10.0% 12.4% 11.9%

Class C 20.6% 13.8% 9.5% 19.5% 18.3%

Total Class A and C 19.4% 13.2% 9.8% 15.7% 14.4%

As reported by Statistical Surveys, Inc. by calendar year

* The states of Maine, Minnesota, North Dakota, South Dakota and Vermont are

experiencing delays. The May national contains 398 rentals for the month of May,

compared to 347 in May 2010.

U.S.

Canada

What Differentiates Us? The Winnebago brand

Why we have such significant brand strength:

Top quality

Longevity in the industry

First to mass produce motor homes in an automotive assembly-

line manufacturing style

Exceptional aftermarket sales and service support

Strong dealer network

Evidence of our brand strength:

Prevalent use of our product in TV and in movies

Winnebago is synonymous for “motor home”

Based on survey, Winnebago has 90% brand recognition

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What Differentiates Us?

Vertical Integration

Why we are vertically integrated: Our remote location

Have more control over our quality

Provides flexibility

Vertical integration processes: Aluminum extrusion

Cabinetry/wood working

Soft goods (furniture, curtains, upholstery)

Vacuum formed plastics

Rotational molding

Steel fabrication

Panel lamination

Multiple painting processes

Fiberglass manufacturing

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What Differentiates Us?

Quality

Why we have a 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

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Winnebago Industries

Towables

Why acquired 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 May 2011, which we plan to grow

Retain SunnyBrook brand and refresh offerings

Develop and market Winnebago brand travel trailer and fifth

wheel trailer

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Towable Family Tree Winnebago Industries Towables manufactures travel trailers

and fifth wheel trailers under the SunnyBrook brand name

59 floorplans available in 2012

M.S.R.P.(Base) Travel Trailers Sunset Creek* $16,400 – $37,900 Harmony $16,900 – $32,000 Brookside $22,900 – $36,500 Raven* $25,700 – $39,300 Bristol Bay $27,000 – $42,000 Fifth Wheels Harmony $30,200 – $36,600 Brookside $29,000 – $39,000 Raven* $32,200 – $54,000 Bristol Bay $35,000 – $60,000

* New/Redesigned for 2012

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Towable Products

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Fifth Wheel

Sunset Creek

Travel Trailer

Raven

Current RV Market Environment

Economic conditions stabilize:

Consumer confidence still lagging, but generally trending in the right direction

Unemployment levels appear to have stabilized and job growth appears to be starting

Financing conditions stabilize:

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 and aged inventory significantly reduced

Interest rates at historic low levels

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We believe that retail sales will be the key driver to sustain our

recovery and for continued growth We continue to review retail activity to ensure our production schedule is

in line with end retail demand Ample available physical capacity despite facility consolidation; motor

home capacity estimated to be 10,500 to 12,200 units per year depending on mix; towable capacity approximately 8,000 units

While primary goal is profitability, it is important to “give back” to

employees who worked so hard throughout the recession. Didn’t pass on health care premium increases to employees in January

2011 (annual impact of $1.2M) Restored salaries reduced in March of FY2009 effective March of FY2011

(annual impact of $1.1M) Reinstated merit hourly increases that were frozen in March of FY2009

effective March of FY2011 (annual impact of $300K) Stock granted to key management in March of FY 2011 (approx. $1.2M

noncash expense in Fiscal 2011)

Diversification: We continue to analyze additional diversification opportunities

Outlook

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Financial Overview

Revenues/Gross Profit (Fiscal Year – Revenues in Millions, Gross Profit as Percent of Net Revenues)

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$671.7

$825.3 $845.2

$1,114.2

$992.0 $864.4 $870.2

$604.4

$211.5

$449.5

$326.4 $365.9

12.4% 14.1% 13.4%

14.6%

13.8% 12.1% 11.4%

5.8%

-14.5%

5.8%

4.6%

8.5%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 First 9Months

2010

First 9Months

2011

Revenues Gross Profit (Deficit)

Improvement noted in the first nine months of FY2011 due to the following: Added volume which resulted in greater fixed cost absorption and

improved labor efficiencies

Average selling price of our product increased 6.9% due to an improved mix of higher-priced Class A product sold

Reduced discounting and retail programs due to reasonable dealer inventory levels and improved retail registrations, which were up 5% as compared to prior year

As a result, we have seen improvements throughout Fiscal

2011 in both net revenues and in our operating performance.

Winnebago Industries Recovery

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EBITDA/Free Cash Flow (Fiscal Year In Millions)

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Free cash flow is defined as cash flow from operating activities less

capital expenditures.

Dealer Inventory of

Winnebago Industries Product (Class A, B & C - Fiscal Year)

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Winnebago Industries: Motor Home Shipments,

Retail Activity and Dealer Inventory

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Wholesale Retail Dealer Order

(In units and presented in fiscal quarters) Deliveries Registrations Inventory Backlog

4th Quarter 2009 605 1,235 1,694 940

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

Rolling 12 months (June 2009 through May 2010) 3,874 4,198

4th Quarter 2010 1,164 1,120 2,044 818

1st Quarter 2011 1,115 1,093 2,066 698

2nd Quarter 2011 909 796 2,179 957

3rd Quarter 2011 1,283 1,395 2,068 648

Rolling 12 months ( June 2010 through May 2011) 4,471 4,404

Wholesale Retail Dealer Order

Key Comparisons: Deliveries Registrations Inventory Backlog

Rolling 12 month comparison (May 2011 to May 2010) 597 206

15.4% 4.9%

3rd quarter 2011 as compared to 3rd quarter 2010 (83) 7 68 (287)

-7.5% 1.1% 3.4% -30.7%

3rd quarter 2011 as compared to 2nd quarter 2011 374 599 (111) (309)

33.5% 54.8% -5.4% -32.3%

As of Quarter End

Winnebago Industries Backlog

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Units % (1) Units % (1)

Class A gas 187 29.1% 323 34.5% (136) (42.1) %

Class A diesel 113 17.6% 234 25.0% (121) (51.7) %

Total Class A 300 46.7% 557 59.6% (257) (46.1) %

Class B 130 20.2% 34 3.6% 96 282.4 %

Class C 212 33.0% 344 36.8% (132) (38.4) %

Total motor home backlog (2)642 100.0% 935 100.0% (293) (31.3) %

Fifth wheel 46 28.0%

Travel trailer 118 72.0%

Total towable backlog (2)164 100.0%

(1) Percentages may not add due to rounding differences.

(2) We include in our backlog all accepted purchase orders from dealers to be shipped w ithin the next six months.

Orders in backlog can be cancelled or postponed at the option of the purchaser at any time w ithout penalty and,

therefore, backlog may not necessarily be an accurate measure of future sales.

As Of

May 28, 2011 May 29, 2010 Increase

(Decrease)

Summary

Industry Growth Opportunities Positive Demographic Trends

Baby Boom market of 78 million Americans continues to grow 350,000 per month

Ages of motor home owners continue to broaden with younger buyers coming into the market as young as 35 and older owners remaining healthy and active in RV lifestyle

Trade cycle is 5 to 7 years – 2004 was the peak year for motor home retail purchases

Married unemployment (June 2011 Dept. of Labor Statistics) is 5.9%, vs. 9.2% for singles – nearly 90% of our owners are married

Go RVing

Successful national advertising campaign

Target of Baby Boomers w/kids and Empty Nesters

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Our Brand Highest brand recognition in the industry

Vertical Integration Increased profitability in times of high volume

Quality Reputation Quality Circle Award winner 15 consecutive years

Best in Class aftermarket service support

Sustainability Successfully managed through previous industry downturns

during our 53-year history

Strong balance sheet ($65.5 million in cash and short term investments, and no long-term debt)

Continued focus on new product development and potential diversification for future growth

Winnebago Industries Advantages

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www.winnebagoind.com

Motor Home Industry: Wholesale and Retail

Motor Home Industry Wholesale Shipments & Retail Registrations

Motor Home Industry Shipment History – Class A, B and C

Winnebago Industries’ Products

Appendices

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Motor Home Industry: Wholesale and Retail

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Increase Increase

2010 2009 (Decrease) Change 2010 2009 (Decrease) 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 5,600 4,300 1,300 30.2% 4,500 4,200 300 7.1%

Total 25,300 13,200 12,100 91.7% 23,700 21,900 1,800 8.2%

Increase Increase

2011 2010 (Decrease) Change 2011 2010 (Decrease) Change

1st quarter 6,900 5,700 1,200 21.1% 5,000 4,900 100 2.0%

April 2,800 2,600 200 7.7% 2,600 2,800 (200) (7.1)%

May 2,700 2,700 - 0.0% 2,600 2,800 (200) (7.1)%

June 2,300 2,500 (200) (8.0)% 2,700

3rd quarter (4) 6,000 6,200 (200) (3.2)% 6,000

4th quarter 5,400 5,600 (200) (3.6)% 4,500

Total 26,100 25,300 800 3.2% 10,200 (3) 23,700

(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 US and Canada rounded to the

nearest hundred. Maine, Minnesota, North Dakota, South Dakota and Vermont experiencing delayed reporting.

(3) Statistical Surveys has not issued a projection for 2011 retail demand.

(4) Shaded Area reflects RVIA forecast

Calendar Year Calendar Year

US and Canada Industry Class A, B & C Motor Homes

Industry Shipments (1) Retail Registrations (2)

Towable Industry: Wholesale and Retail

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2010 2009 (Decrease) Change 2010 2009 (Decrease) 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% 31,900 31,100 800 2.6%

April 20,000 19,800 200 1.0% 27,400 21,600 5,800 26.9%

May 23,200 19,900 3,300 16.6% 23,800 23,400 400 1.7%

June 22,800 22,600 200 0.9% 24,500

3rd quarter (4) 53,600 48,600 5,000 10.3% 57,200

4th quarter 43,400 39,000 4,400 11.3% 28,300

Total 217,200 199,200 18,000 9.0% 83,100 (3) 186,100 7,000 3.8%

(1) Travel Trailer and Fifth Wheel wholesale shipments as reported by RVIA, rounded to the nearest hundred.

(2) Travel Trailer and Fifth Wheel retail registrations as reported by Statistical Sureys for the US and Canada rounded to

the nearest hundred. Maine and Minnesota are experiencing delayed reporting.

(3) Statistical Surveys has not issued a projection for 2011 retail demand.

(4) Shaded area reflects RVIA forecast.

US and Canada Travel Trailer & Fifth Wheel Industry

Industry Shipments (1) Retail Registrations (2)

Motor Home Industry Wholesale

Shipments & Retail Registrations (January 2008 – June 2011)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

Wholesale (A,B,C) Retail (A,B,C)

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Retail registrations not yet available for June 2011

Motor Home Industry

Shipment History (Class A, B & C in Thousands – Calendar Year)

0

10

20

30

40

50

60

70

80

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* Estimates for 2011

Towable Industry Shipment History (Travel Trailers and Fifth Wheels in Thousands – Calendar Year)

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* Estimates for 2011

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.

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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.

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