0

I nves to r Presen ta t ion

N o v e m b e r , 2 0 1 6

1

Forward Looking Statements

Cautionary Statement Regarding Forward-Looking Information

This document and the exhibits included may contain 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, including, but not limited to

increases in interest rates, availability of credit, low consumer confidence, availability of labor, significant increase in

repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a slowdown in the economy,

increased material and component costs, availability of chassis and other key component parts, sales order cancellations,

slower than anticipated sales of new or existing products, new product introductions by competitors, the effect of global

tensions, integration of operations relating to mergers and acquisitions activities, any unexpected expenses related to

ERP, risks relating to the consummation of our acquisition of Grand Design RV; risks inherent in the achievement of cost

synergies and the timing thereof; risks that the pendency, financing, and efforts to consummate the transaction may be

disruptive to Winnebago Industries or Grand Design RV or their respective management; the effect of the transaction on

Grand Design RV’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other

third parties, risk related to compliance with debt covenants and leverage ratios, risks related to integration of the two

companies and other factors. Additional information concerning certain risks and uncertainties that could cause actual

results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and

Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or from the Company

upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any

forward looking statements contained in this release or to reflect any changes in the Company's expectations after the date

of this release or any change in events, conditions or circumstances on which any statement is based, except as required

by law.

Company Overview

3

3

Compelling Investment Opportunity

Established brand identity with broad appeal across outdoor lifestyle target markets

Well positioned in large, attractive markets: Motorhomes $4.8B, Towable RVs $7.4B1

Favorable economic and demographic backdrop driving industry growth

Focus on delivering operational efficiencies and continuous improvement driving

earnings leverage

Enhanced margin profile drives strong free cash flow

Strong liquidity position supports rapid de-levering, investment in growth initiatives

and dividend

Industry leader since 1958 with iconic brands known for quality and innovation

Strong and growing North American dealer network

Increased scale and a more balanced portfolio across motorized and towable RVs

following recent acquisition of Grand Design

Industry Leader

with Iconic Brand

Strength

Compelling Growth

and Expansion

Opportunities

Strong Financial

Profile

1) RVIA 2015 Industry Profile

Well-Positioned to Deliver Long-Term Shareholder Value

4

A Recognized Industry Leader

Winnebago snapshot Revenue by product class (August 2016 pro-forma)

Class A 26%

Class C 28%

Class B7%

Towables37%

Other3%

Broad and diversified lineup of innovative RV products including motorhomes,

travel trailers and fifth wheels

LTM 8/27/16 pro-forma revenue of $1.4 billion and Adjusted EBITDA of $132

million

Manufacturing facilities in Iowa, Indiana and Oregon and an executive office

presence in Minneapolis-Saint Paul

Non-union workforce of approximately 3,800

Strong, growing North American dealer network of 297 motorized and 303

towable locations

Strong relationships with leading wholesale financing providers

Class B

Class CClass A Gas Class A Diesel

Travel Trailer Fifth Wheel

Source: Company data and filings. Note: Winnebago and Grand Design LTM 08/16.

Leading Brand Equity in RV Industry

Winnebago – American icon synonymous with motorhomes

Grand Design – One of the fastest-growing towable RV manufacturers

Recognized by Statistical Surveys, Inc. as top motorhome brand each year since

1974

Strong connection and support of RV community with reputation for quality

craftsmanship, smart design and functionality

Best in class aftermarket sales and service support

Constant innovation of new products and floorplans

5

Incorporated in Iowa

1958 1961

Adopted Current

Legal Name

1966

First IPO of Motorhome

Manufacturer

1970 1977

100,000th Unit Produced

Fortune 500 Debut

2000

Purchased Charles

City, IA Facility

20052010

2013 2015

Listed On NYSE

1986

Entered Towable Market by

Acquiring Sunnybrook

RV in Middlebury, IN View/Navion Launch

Leased Lake Mills, IA

Facility; Travato Introduced Purchased Waverly, IA Facility and

Former Country Coach Facilities

in Junction City, OR

History of Innovation and Expansion

January 2016

Michael Happe Appointed

President & Chief Executive

Officer

October 2016

Announced Acquisition of Grand

Design RV

6

Winnebago PaseoBuilt on Ford Transit van chassis, offers fuel

efficient EcoBoost engine

Winnebago DestinationLuxury fifth wheel with upscale amenities

Winnie DropRetro tear drop trailer with modern amenities

Winnebago VistaNew floorplans at entry price points

Driving Organic Growth Through Innovation

Innovative new Winnebago branded products will provide incremental growth

7

Clear Strategic Priorities

Create Connected Customer Advocacy

Elevate Excellence in Operations

Expand into New Markets

Streamline and Strengthen the Core

Revitalize and Leverage Iconic Brands

Build a Performance Culture

Accelerating our Strategy: Grand Design Acquisition

9

Accelerates Winnebago’s expansion in the attractive towables segment

Provides greater scale and a more balanced portfolio across motorized and

towable RVs

Combines the industry’s fastest growing brand with the most well-known brand,

strengthening Winnebago’s position across the RV industry

Broadens and enhances dealer network, with limited current overlap

Expands Winnebago’s expertise and depth of talent through addition of Grand

Design’s world-class leadership team

Common focus on quality, value and service creates ideal cultural fit

Accretive to growth, margins and EPS excluding transaction costs and intangible

asset amortization

Grand Design Acquisition Accelerates Strategy

Driving Growth and Long-Term Value for Shareholders

10

A More Diversified, Profitable Winnebago

Greater

Scale(Revenue $mm)

Balanced

Revenue

Base

Enhanced

Margins(EBITDA Margin)

$975

$1,403$428

7.4%

14.0%

9.4%

91%

9%

100%

63%

37%

Motorized

Towables

Source: Company data and filings. Note: Winnebago and Grand Design LTM 08/16. EBITDA margin excludes the impact of synergies.

11

Balanced Portfolio Across Motorized and Towable RVs

12

Source: Statistical Surveys, Inc.

Note: Percent as reported for North America for Rolling 12 Months (September 2015-August 2016)

35%

24%

19%

7% 6%4%

6%

Thor Industries Forest River Winnebago Rev Group Tiffin Newmar Other

50%

36%

4% 1%8%

Thor Industries Forest River Winnebago +Grand Design

Gulfstream Coach Other

Peers Winnebago

Peers Winnebago PF for Grand Design

3%

1%

Motorized unit market share

Towables unit market share

Improved Position in a Consolidated Industry

Favorable Industry Dynamics

14

1 Kampgrounds of America (KOA) 2015 North American Camping Report

0

20,000,000

40,000,000

60,000,000

80,000,000

2010 2020 2030

Num

ber

of P

ers

ons 6

5+

Age 65–74 Age 75–85 Age 85+

Leisure travel and camping continue to be popular1

Only 22% of the 29 million North American households that camp are RV campers

Generation X and Millennials seek more active outdoor experiences

Younger campers (25-34 age) grew from 18% in 2012 to 23% in 2015

Increasing diversity among campers – ethnic groups represent growing portion of campers

Growth in use at sporting events and tournaments, craft shows, and collegiate sports activities

U.S. population aged 65+ through 2050

Nearly half of Winnebago’s

customers are 60+ years old

Winnebago’s core customer

population continues to expand

– U.S. population aged 65+ is

expected to grow 69% between

2012 and 2030

Demand for active and

outdoor lifestyle

creates additional

growth opportunities

Source: U.S. Bureau of the Census

Key Demographics Support Additional Industry Expansion

15

5.0

5.9 5.8 5.8

6.56.9

7.9

8.99.3

5%

6%

6%

7%

7%

8%

8%

0

2

4

6

8

10

1980 1984 1988 1993 1997 2001 2004 2011 2015

Perce

ntage o

f total U

.S. ho

use

ho

lds

# o

f h

ou

seh

old

s o

wn

ing

an R

V (

mm

)

U.S. households owning an RV Percentage of US Households

Source: RVIA

Compelling Growth Trends

RV Penetration in North America

16

13.2

25.2 24.828.2

38.344.0

47.352.2 53.9

21.9 24.1 24.025.8

33.538.9

2009 2010 2011 2012 2013 2014 2015 2016E 2017E

Wholesale shipments Retail Registrations

152.5

217.1 227.5257.6

282.8312.8 326.9

353.1 357.1

164.1186.0

205.9222.9

254.6280.3

2009 2010 2011 2012 2013 2014 2015 2016E 2017E

Wholesale shipments Retail Registrations

Motorized unit volumes (thousands)

Towable unit volumes (thousands)

Industry unit share

Mo

tori

ze

dT

ow

ab

les

Industry revenue share

13%

87%

Motorized Towables

39%

61%

Motorized Towables

Note: As of calendar year end

Source: RVIA 2015 Industry Profile; 2016 and 2017 represent RVIA estimates as of Fall RV Roadsigns report (8/2016)

Historical Industry Profile by Segment

Note: As of calendar year end

316.5

45.1

Financial Highlights

18

$803

$945 $977 $975

2013 2014 2015 2016¹

Consolidated net revenue ($mm) Gross profit ($mm)

$85

$104 $105

$113

2013 2014 2015 2016

$50

$69$64

$72

2013 2014 2015 2016

EBITDA ($mm) Free cash flow1,2 ($mm)

$6

$13

$29 $29

2013 2014 2015 2016

Core Winnebago Business: Delivering Solid Growth While Expanding Margins

Note: August fiscal year end1In 2016 WGO exited the aluminum extrusion and bus manufacturing segment which generated $26mm of revenue in 2015 and

$6mm in 2016

Note: August fiscal year end

Note: August fiscal year end Note: August fiscal year end1 Defined as cash from operations less capital expenditures2 Includes capex of $3.3mm and $7.8mm in FY15 and FY16, respectively, for new ERP system; FY16 includes purchase of

Junction City, OR facility for approximately $10mm

Margin 6.2% 7.3% 6.5% 7.4%

Growth 38.0% 17.7% 3.3% (0.1%) Margin 10.5% 11.0% 10.7% 11.6%

19

Continued Momentum in Q4 2016

$251

$263

Q4 2015 Q4 2016

Winnebago net revenue Winnebago gross profit

Fourth quarter ending 8/27/16

Q4 revenues were up 4.9% year over year, a 7.1% increase pro forma for the sale of its aluminum extrusion operations during the

year

Revenue growth was driven by higher shipments of 3% in Motorized units and 58% in Towables

Despite an increase in Motorized ASP, overall ASP declined due to a shift in product mix and strong Towables performance

Gross profit increased 14.3% year over year and gross margin improved 90 bps in the quarter

Lower raw material costs driven by strategic sourcing initiative, favorable product mix and lower warranty expense drove

improved Q4 gross profit

Opportunity to further expand margins

Cash flow increased compared to the prior quarter despite higher ERP capex due to higher earnings and lower working capital

Winnebago net revenue

$28

$32

Q4 2015 Q4 2016

Margin 11.2% 12.1%

20

Well-positioned to Delever While Supporting Future Growth Initiatives

Invest in organic growth or M&A opportunities

Should opportunities require financing, Winnebago is committed to maintaining a

manageable opening leverage profile with rapid deleveraging thereafter

Invest in the

Business

Winnebago will prioritize delevering the business immediately following the acquisition of

Grand Design

Winnebago’s goal is to have leverage to be less than 1.5X by FYE 2018

Pay Down Debt

Committed to delivering consistent dividend payments

Quarterly cash dividends—$0.10/share

$4 million remaining under existing share repurchase authorization

Return Capital to

Shareholders

Focused Capital Allocation Priorities

21

21

Compelling Investment Opportunity

Established brand identity with broad appeal across outdoor lifestyle target markets

Well positioned in large, attractive markets: Motorhomes $4.8B, Towable RVs $7.4B1

Favorable economic and demographic backdrop driving industry growth

Focus on delivering operational efficiencies and continuous improvement driving

earnings leverage

Enhanced margin profile drives strong free cash flow

Strong liquidity position supports rapid de-levering, investment in growth initiatives

and dividend

Industry leader since 1958 with iconic brands known for quality and innovation

Strong and growing North American dealer network

Increased scale and a more balanced portfolio across motorized and towable RVs

following recent acquisition of Grand Design

Industry Leader

with Iconic Brand

Strength

Compelling Growth

and Expansion

Opportunities

Strong Financial

Profile

1) RVIA 2015 Industry Profile

Well-Positioned to Deliver Long-Term Shareholder Value

22

23

Grand Design Overview

Grand Design is a rapidly growing manufacturer of premium towable fifth-wheel and travel trailers

Strategic

Focus

Long-term value

Customer focus

Owner involvement

Experienced workforce

Superior service

Class-leading warranty

Experienced

Leadership(Co-Founders Have

80 Years of

Combined Industry

Expertise)

Don Clark: CEO & Co-

Founder

Ron and Bill Fenech: Co-

Founders

Cam Boyer: CFO

Gerald McCarthy: VP,

Service Operations

Nate Goldenberg: GM,

Momentum and Solitude

Micah Staley: GM,

Reflection and Imagine

Source: Company data and RVIA.

* 2016 financial data as of LTM from August of 2016

Net Sales $428M

2016 Financial Overview*

EBITDA ~$60M

2.5%

7.0%

8.5%9.1%

2013 2014 2015 2016YTD

Towable Fifth Wheel Market Share

EBITDA Margin 14%

$85

$238

$336

$428

2013 2014 2015 2016*

Revenue(in millions)

TOP TIER

24

Attractive, Premium Towable Product Portfolio

Product

CategoryFifth Wheel Toy Hauler

Luxury Extended Stay

Fifth WheelMid-Profile Fifth Wheel Upscale Travel Trailer Lightweight Travel Trailer

Brands

Models

Year of

introduction2013 2013 2013 2014 2015

Luxury

Interior

Superior

Consumer

Value

Extraordinary living and

extreme play

A Brand new Era in

Extended Stay

A celebration of Luxury,

value and Towability

Towing light without

compromise

Significantly Increases Winnebago’s Portfolio of Towable RVs

25

Grand Design’s Business Model

Product

Strategy

Dealer

Strategy

Quality and

Service

Strategy

One brand per market segment and no “cloning” of models

Cross-functional R&D led by GMs and Product Managers–constant market

feedback loop

One dealer per market representing all products

Strict adherence to MSRP advertising

Does not partner with internet-based dealers

Equalized pricing for all dealers

Rigorous ~200 point pre-delivery inspection (“PDI”) process

Organization-wide focus on quality and customer service

Dedicated training and support provided to territory dealers

Central administration of all supplier warranties with immediately available service

professionals

Winnebago’s Primary Focus is Retaining Grand Design’s Promise to

Prioritize Dealer and Customer Satisfaction

26

• The following information provides reconciliations of non-GAAP financial measures from operations, which are presented in the

accompanying presentation, to the most comparable financial measures calculated and presented in accordance with accounting

principles generally accepted in the U.S. (“GAAP”). The company has provided non-GAAP financial measures, which are not

calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in

the accompanying presentation that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures

should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the

GAAP financial measures presented in the presentation. The non-GAAP financial measures in the accompanying presentation may

differ from similar measures used by other companies. The following tables reconcile the non-GAAP measure of Earnings Before

Interest, Taxes, Depreciation and Amortization (“EBITDA”) referred to in this presentation to the most directly comparable GAAP

measure reflected in the Company’s financial statements.

Reconciliation of Non-GAAP Measures

(1) Reported Net Income excluding stock based compensation

LTM Through August 2016

WGO GD(1) Pro Forma

Net Income $ 45,496 $ 59,131 $ 104,627

Interest Expense - - -

Provision for Taxes 20,702 158 20,860

Depreciation & Amortization 5,745 798 6,543

EBITDA $ 71,943 $ 60,087 $ 132,030

27

Winnebago recently announced the termination of its remaining postretirement health care benefits to all participants.

Beginning January 1, 2017, postretirement health care benefits will be discontinued for retirees under age 65.

As a result of this plan termination, remaining long-term liabilities for postretirement health care benefits of approximately $6.0

million will be eliminated as well as the corresponding deferred tax asset of $2.3 million with a corresponding increase to prior

service credit included within accumulated other comprehensive income, net of tax.

Effective in the first quarter of Fiscal 2017, this plan termination will result in a significant acceleration of amortization of

postretirement prior service benefits, net of actuarial losses reducing operating expenses in the first two quarters of Fiscal

2017, as all benefits will be fully amortized by January 1, 2017.

The following table illustrates the estimated current year quarterly impact as compared to the prior year:

Postretirement Health Plan Termination

In millions Fiscal 2017 Fiscal 2016

Q1 $ 12.6 $ 1.3

Q2 11.8 1.6

Q3 -- 1.6

Q4 -- 1.6

Total postretirement health

care benefit income$ 24.4 $ 6.1