Oshkosh Corporation 2016 Analyst Day Presentation

Oshkosh Corporation Analyst Day
Executive Officer
(NYSE:OSK)
September 23, 2016

Pat Davidson
Vice President, Investor Relations
Executive Officer
(NYSE:OSK)
September 23, 2016

September 23, 2016Oshkosh Corporation Analyst Day 3
Forward-Looking Statements
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 press release, 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 and construction seasons; the Company’s estimates of access equipment demand which, among other
factors, is influenced by customer historical buying patterns and rental company fleet replacement strategies; the strength of the
dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S.
DoD and international defense customer procurement of products and services and acceptance and funding or payments thereof;
the Company’s ability to utilize material and components which it has committed to purchase from suppliers; higher material costs
resulting from production variability due to uncertainty of timing of funding or payments from international defense customers; risks
related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD
tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles,
including a future FMTV production contract; 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 facilities
expansion, consolidation 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;
projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that
may affect the Company, its suppliers or its customers; 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 compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and
regulations applicable to U.S. government contractors; cybersecurity 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 today. 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.

Agenda
8:00 am Welcome Pat Davidson
Oshkosh Overview & Strategy Wilson Jones
Defense John Bryant
Access Equipment Frank Nerenhausen
Commercial Brad Nelson
Fire & Emergency Jim Johnson
10:00 am Break
10:20 am Financial Summary Dave Sagehorn
Concluding Remarks Wilson Jones
11:00 am Q&A Panel All Presenters
12:00 pm Lunch/Wrap-up

Wilson Jones
President and Chief Executive Officer
(NYSE:OSK)
September 23, 2016

 A different integrated global industrial
 MOVE – Evolving to deliver more value
 Positioned for long-term success
6
Oshkosh Corporation Key Messages
September 23, 2016Oshkosh Corporation Analyst Day

 Leading provider of
specialty vehicles
 Nearly 100 years in business;
incorporated in 1917
 Focused on delivering value to
customers and shareholders
 Serial innovator of game-
changing new products
ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL
7
Moving the World at Work
Making a Difference

Oshkosh Corporation Profile – FY16YTD(1)
8
49%
Access Equipment
20%
Defense
15%
Fire &
Emergency
16%
Commercial
Revenue by Segment
77%
United States
4%
Other NA
12%
EAME
7%
Rest of
World
Revenue by Geography
 Revenue growth in Defense
and Fire & Emergency Segments
 Delivering a stronger
international mix
(1) Through 06/30/16

Fire Apparatus
9
Concrete Mixers/Batch Plants
#1Heavy Defense Trucks (Army & Marines)
Medium Defense Trucks (Army & Marines)
Light Defense Trucks (JLTV – beginning FY17)
Airport Products (Rescue and Firefighting & Snow Removal)
Aerial Work Platforms/Telehandlers
Refuse Collection Vehicles
Industry Leadership
Strong Brands  Value Creation
Wreckers & Carriers
(1) Company estimates
NORTH AMERICA RANK (1)
#1
#1
#1
#1
#1
#1
#2
GLOBAL RANK (1)
#1

MOVE Strategy Has Delivered
FY13 - FY15 strong operational results offset by weaker than
expected market recovery
10
 Focused execution
‒ Improved cost structure
‒ New game-changing products
 Strong results despite numerous
challenges
‒ Slower than expected domestic
construction rebound
‒ Slow growth in
international markets
‒ Impact of weak oil & gas prices
‒ Strong U.S. dollar
 Grew EPS(3) at ~10% CAGR

MOVE Impact at Oshkosh
Strong operational results
Gained share in North America, despite a
weaker than expected economic recovery
Refuse Collection Vehicles Fire Trucks
11September 23, 2016Oshkosh Corporation Analyst Day

12Oshkosh Corporation Analyst Day
Generated cost savings of $200M,
exceeding target by ~30%
Fire & Emergency Access Equipment
September 23, 2016

Extensive new product launches
across the enterprise
Ascendant two-axle ladder truck Revolutionary JLTV
Defense offering
Tier 4 compliant telehandlers
September 23, 2016

International product launches and
expanded sales & service presence
ARFF sales into Europe Growth in Middle East sales
with new M-ATV variants
Extending the reach
of access equipment
across the globe
September 23, 2016

A DIFFERENT INTEGRATED
GLOBAL INDUSTRIAL

Leveraging Our Unique Position
16
Diverse End
Markets
Leverage Best Attributes of Two Distinct Approaches
Integrated
Operations

Favorable and Diverse End Market Drivers
17
 Defense recovery
– JLTV ramp-up
– Solid U.S. base program funding
– International opportunities
 U.S. construction slowly
improving, though uneven – both
residential and non-residential
 Municipal spending recovering
 Aging fleets in multiple markets
 Significant access
equipment product adoption
opportunities globally
– Despite current market challenges
 Population growth
and urbanization
Mid to high single-digit FY16 to FY17 revenue growth –
despite Access Equipment Segment expected decline

$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E
Non-Defense Defense
Annual OSK Revenues
($inBillions)
(1)
1
2
3
4
Diversification strategy implemented in 1996 to grow organically and by acquisition
Defense begins to accelerate in early 2000s as a result of 9/11 attacks and U.S. response
Economic downturn of 2008-2010 and Middle East conflicts resulted in a more
defense-centric company
Non-defense businesses recovery in FY12 – FY15, led by Access Equipment,
helped to offset a significant cyclical downturn in Defense
Growing Defense business expected to drive performance beyond 2016
5
(1) Mid-point of Company guidance
(1)
18
Historical Benefits of Diverse End Markets
1
2
3
4
5

Integrated Enterprise Approach Drives
Opportunity/Efficiency Across Business Segments
19
 Global product development
 Enterprise-wide operations
 Global procurement and
supply chain
‒ Leverage scale of OSK
 One Oshkosh culture
‒ People, Purpose, Performance
Take Advantage of Opportunities
Unavailable to Many Companies

Global Product Development
20
 Common product development process
 Shared expertise and technology
‒ Material science
‒ Modeling and simulation
Structural design – booms and ladders
‒ Core technologies – electrical,
hydraulics, powertrain, software,
suspension/off-road expertise
‒ Design to cost
 Engineering resource planning
‒ Managing through cycles
‒ Retain knowledge, reduce cost

Enterprise-wide Operations
21
 Lean culture as a foundation
 Enterprise-wide capacity planning
‒ Leveraging standardized process drives
improved utilization
‒ Manufacturing Centers of Excellence to
optimize core competencies
 Inter-segment manufacturing integration
 Standardized manufacturing idea and
information sharing for best practices
 Strategic partnerships with preferred
equipment suppliers
‒ Facilitates resource commonization
and troubleshooting

Global Procurement and Supply Chain
 Diverse end markets lead to more
stable demand; drives investment
by OSK suppliers
‒ Vendor managed inventory
‒ Supplier Cost Reduction
Idea Program (SCRIP)
‒ Long-term supply agreements
‒ Quality performance investments
Oshkosh Corporation Analyst Day 22
 Integrated Enterprise approach
allows OSK to leverage size
and scale
‒ Common suppliers across segments
‒ Centralized logistics
‒ Material order quantity optimization
‒ Global process adherence
‒ Global sourcing capabilities
‒ Training and education
‒ Transferability of talent
September 23, 2016

23
One Oshkosh Culture
Motivated team members led by experienced management team
 Building a stronger and deeper Oshkosh culture
 Diverse and complementary backgrounds
 Continually developing/acquiring talent
 Acting decisively for shareholders
Oshkosh Corporation Analyst Day September 23, 2016

MOVE – EVOLVING TO
DELIVER MORE VALUE

25
Grow profitably by maintaining intense focus on
customer experience
Optimize our costs and capital structure to provide
value for customers and shareholders
Lead in innovation over the product life cycle
Drive international growth in targeted geographies
Evolving to Deliver More Value

Market Leader Delighting Customers
Grow profitably by maintaining intense focus on customer experience
26
Enhance customer experience by:
 Increasing use of standard
processes and tools to drive
consistent customer experience
 Providing total customer care
solutions over product life cycle
 Expanding use of Advanced
Product Quality Planning
 Utilizing Voice of Customer to deliver
superior products and solutions

27
Targeting ~$55 million yr/yr cost
reduction in FY17
 Build on current practices for
product, process and overhead
improvements
‒ Component commonality
‒ Supply chain optimization
‒ Weight reduction
 Incrementally improve margins
independent of volume through
simplification actions
Optimize Cost and Capital Structure
Optimize our costs and capital structure to provide value for customers and shareholders

Shared Production Facility in Mexico
Strategically positioned for long-term cost competitiveness
 Cross-segment facility designed for
growth
‒ Vertically integrated
 Cutting
 Bending
 Machining
 Welding
 Paint
 Final assembly
 Provides alternatives for regional
sourcing and distribution

29
Organizational Simplification
Focus on what drives value
20%
20%
80%
80%
Activities
Revenue
& Profit
‒ Focus
‒ Innovate
‒ Grow
 Data-driven process
 Provides a method to identify the “critical
few” in our business
 Objectively determines where to allocate
time and resources

30
Applying Simplification to the Business
Commercial Segment: Simplify business approach at IMT
Stable operating income despite
~20% revenue decline at IMT
Revenue OI %
Simplification Activities Completed
 Established core Simplify cross
functional team
 Segmented customers and products to
identify value drivers
 Reallocated resources to focus on
higher value activities
 Eliminated lower profitability/lower
volume product offerings
 Flattened organization to push down
ownership and responsibility
 Focused operations on eliminating
waste and driving process improvement

Value Innovation
Target 15 - 20% annual revenue(1) from new products in FY17
 Continue innovation leadership
 Further development of
value/global products
 Leverage benefits of multi-
generational product and
technology plans
(1) Revenues from new products tracked through the first 24 months following the initial sale for all new products
and new product development projects
Next generation protection and mobility
JLTV
Game-changing 107 foot two-axle aerial
Ascendant TM Aerial Ladder
Balances high payload,
low body weight
JLG 1500AJP Articulating Boom Lift
World’s tallest articulating
boom lift
Meridian Front-end Loader RCV

24%
0%
10%
20%
30%
40%
50%
FY16E FY17E
% of OSK Sales Outside U.S.
Emerging Market Growth
32
Drive international growth in targeted geographies
 ~15% - 20% increase in international sales
– From estimated $1.5 billion in FY16 to an
estimated $1.75 billion in FY17
– Driving international to 25% - 30% of OSK sales
 Growth driven by Defense and Access
Equipment
 Expanding our reach across the globe
(1)
25% - 30%
24%

POSITIONED FOR
LONG-TERM SUCCESS

Expecting to grow in FY17:
– Revenue
– Operating income
– EPS
 Favorable end markets for Defense,
Fire & Emergency and Commercial
 Managing costs and maintaining
market leadership in a lower access
equipment market
 Low FY17 free cash flow due to
increased working capital usage to
support increased international sales,
leads to strong free cash flow in FY18
Oshkosh Corporation (NYSE: OSK)
FY16E FY17E % Growth(1)
Revenue $6.1B - $6.2B $6.5B - $6.7B ~7%
Operating
Income
$360M - $375M(2) $390M - $430M ~11%
OI Margin % ~6.0%(2) 6.0% - 7.0% ~8%
EPS $2.85 - $3.00(2) $3.00 - $3.40 ~10%
(1) Calculated using rounded mid-point
of Company FY16 & FY17 guidance
(2) Non-GAAP results. See appendix
for reconciliation to GAAP results
(3) Source: NYSE/FactSet; calendar
year analyst estimates
2016–2017
EPS Growth(3)
S&P 500: ~14.0%
Industrials: ~9.0%
34
Oshkosh Corporation
The next 12 months

Positive Long-term Outlook
Convergence of favorable market dynamics and
benefits of MOVE position OSK to deliver strong results
 Favorable market dynamics
‒ JLTV provides multi-year visibility
for Defense
‒ Current access equipment
replacement demand headwind
becomes future tailwind
‒ Fleet ages help to drive Fire &
Emergency and Commercial
Segment demand
 MOVE strategy will continue to
drive results
 Expected strong free cash flow
over the cycle provides capital
allocation alternatives
A Different Integrated Global Industrial Company

36
A different integrated global industrial
MOVE – Evolving to deliver more value
Positioned for long-term success

John Bryant
President, Oshkosh Defense
(NYSE:OSK)
September 23, 2016

Defense Segment Key Messages
Targeting high single-digit operating income margins over the next few years
 #1 provider of light, medium, MRAP and heavy tactical
wheeled vehicles in the world(1)
 Winning strategy based on breakthrough technologies,
operational agility, life cycle value and defense expertise that
delivers exceptional technical, operational and economic
value for our military customers
 Solid budget visibility for the multi-year, multi-billion dollar U.S.
JLTV program, as well as international market potential

92%
8%
Defense Sales(1)
U.S. DoD
International
Defense FY16 Estimates
Revenue: ~$1.35 billion
Operating income margin: ~8.5%
Defense Segment Overview
Tactical wheeled vehicles (TWV), integration & life cycle services for the
defense industry
 Global headquarters in Oshkosh, WI
 Founded in 1917
 The globally recognized leader in TWVs
– More than 150,000 vehicles delivered and sustained
– Customers in more than 20 countries
– Logistics and support network that spans 6 continents
– Comprehensive systems integration and life cycle
products and services
– Engineering and manufacturing advanced systems and
components that drive value for our customers
(1) FY15 sales from Oshkosh Corporation 10-K dated November 13, 2015

Oshkosh Defense Vehicle and
Systems Portfolio
Heavy TWV
Medium TWV
& ARFF
MRAP &
Light TWV
C4ISR & Systems
Integration
HEMTT
HET
LVSR
FMTV
MTVR
P-19R ARFF
M-ATV
L-ATV / JLTV
L-ATV / JLTV
Unmanned
Ground Vehicles
Suspension
Systems

Defense Aftermarket Products
and Services
Parts & Kits
Training
Technical
Support
Reset/Recap

Next-Generation Technologies from Shared
R&D Support Our Growth Roadmap
TAK-4® Family of Independent Suspension Systems
Command
Zone®
Integrated
Diagnostics
TerraMax® Unmanned Ground
Vehicle Technology
ProPulse®
Hybrid
Diesel
Electric
NetReady C4ISR &
Systems Integration

JLTV
A traditional 10+ year U.S. procurement
process with a sophisticated Best Value
evaluation methodology
M-ATV Family of Vehicles
An urgent U.S. requirement based on
technical performance and schedule,
followed by an Oshkosh-funded product
strategy to address international markets
FMTV
A competition to leverage the U.S.
Government owned technical data
package to reduce cost and
improve quality
Continuous investment in breakthrough technologies
Lean, agile operations
Focus on providing exceptional life cycle value
Defense contracting and compliance expertise
Defense Segment Strategy
Leveraging deep experience, technical expertise and a strong team for the winning approach

JLTV Redefining Light TWV Performance
Breakthrough technologies
Next-Generation Protected Mobility
Extending our portfolio of industry
leading suspension technology
Systems engineering for optimal
survivability; Armor manufacturing
Fully integrated networking and
C4ISR for field ready vehicles

Joint Light Tactical Vehicle (JLTV)
U.S. JLTV Production
Contract Overview
 ~$6.7 billion
 Base award plus 8 ordering years
 Program scope includes:
– 4 Mission Package Configurations
– Mission Kits
– Interim Contractor Support (ICS)
– Total Package Fielding (TPF)
– System Technical Support (STS)
– Technical Data Package
 Quantity: 18,000+ vehicles(1)
– Vehicle deliveries expected through 2024
Utility
2Door4Door
General Purpose
Close Combat
Weapons Carrier
Heavy Guns Carrier Future Variants
(1) Source: FY17 U.S. President’s Budget

U.S. JLTV Program Schedule
FY17 President’s Budget
Funding Request
Order
Quantity
Sales
Quantity
FY16 804
FY17 2,020 ~750
FY18 3,377 ~2,000
FY19 4,603 ~3,000
FY20 5,019 ~4,500
FY21 2,764 ~5,000
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Deliveries
& Testing
Armor Coupon Testing
Blast Hull Testing
LRIP(1) YR 1 LRIP YR 2 LRIP YR 3
FRP(2) YR 1
FRP YR 2 FRP YR 3
Performance, Reliability & Live Fire Testing
Full Rate Production Milestone
Delivering unprecedented performance. On-time. On-budget.
(1) Low Rate Initial Production
(2) Full Rate Production

Global Light TWV Market Potential
Today’s HMMWV Installed Base(1)
 240,000 HMMWVs
 60 countries
 30+ configurations
The Oshkosh JLTV Will Shape the History of Light Military Vehicles
53%47%
Armor Capable
HMMWV
Unarmored
HMMWV
JLTV is Next-Generation Protected
Mobility for the Modern Battlefield
HMMWVJeep JLTV
(1) Source: Government publications, IHS Jane’s, SIPRI, AM General Website

Delivering Long-Term Value
HEMTT 1981 2016
Heavy Expanded Mobility Tactical Truck 7,491 vehicles 35,000+ vehicles
M-ATV Family of Vehicles 2009 2016
Mine Resistant Ambush Protected All-Terrain Vehicle 2,244 vehicles 10,000+ vehicles
HEMTT A2 HEMTT A4 HEMTT Recap
Base UIK Upgrade M-ATV Family of VehiclesRPG Upgrade
HEMTT A0 HEMTT A1 HEMTT Reset
Training
JLTV 2015 2040E
Joint Light Tactical Vehicle 16,901 vehicles(1) 55,000+ vehicles(2)
(1) Estimate of customer contractual requirements as of initial award date
(2) Government stated estimate of quantity – subject to funding and production contract recompete

United States
$560.40
Western Europe
$217.03
Rest of Asia
$189.04
China
$181.98
Eastern Europe
$90.80
Middle East
$80.53
Saudi Arabia
$47.61
Africa
$38.77
Australia
$29.63
Brazil
$20.85
Rest of the Americas
$22.10
Canada
$14.66
Worldwide Defense Spending
$0 $400,000 $800,000
Rest of World
Next 15 countries
United States
$271,227
$661,776
$560,400
2015 Defense Spending (in millions, USD)
Source: IHS Jane’s Defense Budgets 9/1/16
Positioned for International Growth
via FMS* and DCS* Channels
* FMS = Foreign Military Sales; DCS = Direct Commercial Sales

Future Military Operating Environment
 Increased velocity of change
 Increased diversity of threats
 Wider access to lethal & disruptive
technologies
 Adaptive & unpredictable enemies
 Increased prevalence of urban warfare
 Nation-on-nation conflicts more likely
Budget
Constraints
Force
Reductions
Procurement
Reform
Increase
Readiness
Adaptable,
Agile Force
Multiple
Conflicts &
Threats
Sources: Institute of Land Warfare Report, Sept 2015; Multiple US DoD Strategy Documents
U.S. Defense Market Drivers & Constraints

Defense Revenue Expectations
$0
$1
$2
$3
$4
$5
$6
$7
$8
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY19E
Net Sales (in billions)
Revenue JLTV Non-JLTV
Family of Heavy Tactical Vehicles (FHTV)
Family of Medium Tactical Vehicles (FMTV)
Joint Light Tactical Vehicle (JLTV)
Medium Tactical Vehicle Replacement (MTVR)
Logistics Vehicle System Replacement (LVSR)
Global Integrated Product Support (GIPS) - Aftermarket
U.S. M-ATV Global MRAP All-Terrain Vehicle (M-ATV)
P-19R ARFF
Targeting
$1.7 - $2.0
billion of sales
in FY17 – FY19
JLTV
approaching
~50% of sales
by FY19
(1) (1)
(1) Mid-point of revenue range expectations

$4,365
$3,951
$3,050
$1,725
$940
~$1,350
~$1,850
12.4%
6.0%
7.4%
4.4%
1.0%
~8.5%
~9.5%
0%
2%
4%
6%
8%
10%
12%
14%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
FY11 FY12 FY13 FY14 FY15 FY16E FY17E
Revenue Operating Income Margin
Revenue & Margin on a Growth Trajectory
Revenue ($ in millions) OI Margin %
Estimates
Revenue Expectations
 FY16 and FY17 benefit from international
M-ATV sales
 Steady U.S. medium and heavy volumes
 JLTV sales ramp begins in FY17; full-rate
production begins in FY19
Operating Income Margin Expectations
 OI margin increase vs. FY15 driven by higher sales
volume, a balanced TWV product mix and steady
aftermarket performance
 Targeting high single-digit OI margin
in FY18 – FY19
Financial information presented on a GAAP basis

Defense Segment Summary
Targeting high single-digit operating income margins
over the next few years
 #1 provider of light, medium, MRAP and
heavy tactical wheeled vehicles in the world(1)
 Winning strategy based on breakthrough
technologies, operational agility, life cycle
value and defense expertise that delivers
exceptional technical, operational and
economic value for our military customers
 Solid budget visibility for the multi-year,
multi-billion dollar U.S. JLTV program,
as well as international market potential

Frank Nerenhausen
President, Access Equipment Segmentr
(NYSE:OSK)
September 23, 2016

 Global leader in access equipment
 Focused strategy built on simplifying the business, continuing to lead
in innovation and expanding aftermarket parts and services
 Well positioned for long-term global success as near-term headwind
of replacement demand cycle becomes a tailwind and product
adoption grows
Access Equipment Segment Key Messages
Targeting higher operating income margins across the cycle

 Global headquarters in Hagerstown, MD
 Founded in 1969
 Global market leader in access equipment
 Global footprint:
– 4 regional headquarters
– 10 manufacturing facilities/4 continents
– 19 sales and service centers
– 4 parts distribution centers
– 4 engineering centers
 Sales through 3,500+ customer
locations on 6 continents
 Leader in towing and recovery
48%
33%
19%
Access Equipment Sales(1)
Aerial Work
Platforms
Telehandlers
Other
Access Equipment Segment Overview
Aerial work platforms, telehandlers and towing equipment
57
Access Equipment FY16 Estimates
Operating income margin: ~9.6%(2)
(2) Non-GAAP results. See appendix for reconciliation to GAAP results

Telehandlers
(TMH)
Low Pivot
High Pivot
Private Label
Aerial Work Platforms
(AWP)
Boom Lifts Scissor Lifts
Vertical Lifts Low-Level
Access Wreckers
Towing
Equipment
Rotators
Carriers
58
Broad Product Portfolio

 Fleet replacement cycle
negatively impacting market as
fleet growth flattens in mature
markets (U.S. and Canada)
 Positive outlook for modest
growth in North American
residential and nonresidential
construction
 Adoption and growth in Mexico
while challenging business
environment continues in Brazil
Prior Peak 2012 2013 2014 2015 2016E 2017E
0
200
400
600
800
Residential
CAGR 7.9%
Nonresidential
CAGR 1.4%
North American Construction Forecast
(Billion US $)
Source: IHS Global Data; CAGR = 2012 to 2017
Source: Ducker Worldwide for IPAF; AWP = Booms, Scissor and Vertical Mast lifts
59
Access Equipment Market Trends: Americas

(1) June 2016 IHS estimates
(2) Internal modeling for industry unit shipments
• Machine replacement cycle of around 7 - 8 years was correlated with an economic
downturn in the previous 2 cycles (early 2000s and 2009/2010)
• U.S. GDP forecasts do not predict a recessionary component in the short to medium-term
view (current downturn driven by a pause in replacement only)
North American Access Equipment Market
Impact of business and replacement cycles
60
7 – 8 Years
N.A. Market Shipments(2)
Forecast N.A. Market Shipments(2)
U.S. GDP Growth
Forecast GDP Growth(1)
7 – 8 Years 7 – 8 Years

Current North America Fleet Replacement Demand
Negatively impacted by low sales during last recession…
(1) Rouse Services: Age composition of Access Equipment of “Rouse 8” fleets in North America as of 6/30/2016
61
… Believe Becomes a Demand Driver in Future Years
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2016
Partial
2015201420132012201120102009
Model Year of Fleet
Composition of Rental Fleet in 2016
as Percent of Total Units(1)
Current
Headwind

Access Equipment Market Trends: EMEA
 Construction trending flat
in Europe and Africa
 Fleet growth flattening in mature
European markets; Southern
European markets (Italy, Spain)
beginning to recover
 Volatility driving cautious approach
 Turkey, Poland, South Africa and
developing Middle East countries
key to future growth
 Rental fleet age in Europe
estimated to be significantly higher
than current North American fleet
0
200
400
600
800
1000
1200
1400
1600
1800
Prior
Peak
2012 2013 2014 2015 2016E 2017E
Residential
CAGR 1.3%
Nonresidential
CAGR 0.3%
Construction Forecast – Europe & Africa
(Billion 2010 US $)

 Growth rates have eased slightly
in Asia but remain elevated
versus other regions
 Rental model proliferating in
China, driving AWP growth
 Replacement demand growing
in Korea and Japan
 Australian market focused on
extending equipment life
 Other markets of interest
include: Taiwan, Thailand,
Vietnam and Malaysia
0
500
1000
1500
2000
2012 2013 2014 2015 2016 2017
Residential
CAGR 3.8%
Nonresidential
CAGR 9.2%
Construction Forecast – China
(Billion 2010 US $)
63
Access Equipment Market Trends: Asia-Pacific

AWP Market CAGR: 1% – 2%(1)
TMH Market CAGR: 4% – 6%(1)
North America
Latin America
EMEA
Pac Rim
Australia
Global AWP and TMH Market Outlook(1)
(1) FY16-FY21 CAGR based on internal estimates of market units

Simplify the business to reduce cost and complexity
Expand our portfolio of aftermarket services
Build on our history of innovation leadership
Access Equipment Strategy
Driving cash flow, creating leverage for the next cycle
65
Managing the business through the replacement cycle

 Commercialize life cycle
management by expanding
the aftermarket portfolio
 Grow in mature markets
– West coast U.S. parts distribution
center
– Increase mobile service
– Drive toward connectivity
 Australia model well
developed and successful
– Australian service model has
generated approximately 10%
more service and parts revenue,
as a percentage of sales, vs.
current North American model
66
Expanding Our Aftermarket Portfolio

ADAPTATIONS FOR
ADJACENT MARKETS
CORE
PRODUCTS
 New R Series
Scissors
MARKET
EXPANDERS
 World’s Tallest
Articulating Boom
 Hybrid 340AJ
 53 ft Rough
Terrain Scissor
 New Compact
Crawler Boom
 14 ft LiftPod
 New Agriculture
Spec TMH
 Power Towers
Product Family
EXPERIMENTAL/
BLUE OCEAN IDEAS
67
Innovation Leadership
Fielded 24 innovative products in fiscal 2016

TRAINING ACCIDENT AVOIDANCE ROBOTICS
 Training Simulators
 Augmented Reality
 SkyGuard
 RFID
 Obstruction Detection
 Proactive Sensors
 Autonomous Products
68
Innovation Leadership
Pioneering new safety solutions

$3.21
$2.05
$2.92
$3.12
$3.51
$3.40
~$2.95
$2.7 – $2.8
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY08 FY11 FY12 FY13 FY14 FY15 FY16E FY17E
 North American replacement demand
pressures revenue in the short term
 Low growth in EMEA and continued
double-digit growth in Asia Pacific not
sufficient to offset North America
replacement demand declines
 Focused on margin improvement initiatives
through the North American replacement cycle
 Cost reduction and simplification efforts
mitigating a portion of volume, price and
material cost headwinds
Estimates
69
Revenue and Operating Income Outlook
Managing cost during a period of lower demand
7.75%–8.5%
~9.6%(1)
12.0%
14.3%
12.2%
7.9%
3.2%
11.3%
(1) Non-GAAP results. See appendix for reconciliation to GAAP results. Other financial information presented on a GAAP basis
Revenue ($ in billions) OI Margin %

Access Equipment Summary
Targeting higher operating income margins
across the cycle
70
 Global leader in access equipment
 Focused strategy built on simplifying
the business, continuing to lead in
innovation and expanding aftermarket
parts and services
 Well positioned for long-term global
success as near-term headwind of
replacement demand cycle becomes
a tailwind and product adoption grows

Brad Nelson
President – Commercial Segment
(NYSE:OSK)
September 23, 2016

 Differentiated leader in North American refuse collection vehicle
and concrete mixer markets with broad product lineup,
operational scale and well-respected brands
 Strategy focused on innovation, simplification and supporting
customers through the product life cycle
 Promising market fundamentals and elevated customer fleet
ages drive performance opportunities
Commercial Segment Key Messages
Targeting 10% operating income margins over time
Oshkosh Corporation Analyst Day 72September 23, 2016

Commercial Segment Overview
 Global headquarters in Dodge Center, MN
 Founded in 1970
 Market-leading provider of RCVs, concrete
mixers, mechanics trucks and concrete
batch plants
 Industry-leading scale and footprint:
– Operations in U.S., Mexico and Canada
– Outstanding service delivered through 30
company-owned branches with close
proximity to customers
– 76 domestic and 48 international dealers
September 23, 2016 73
39%
47%
14%
Commercial Sales(1)
Refuse
Concrete
Other
Refuse collection vehicles (RCV), concrete placement, field service vehicles
Commercial FY16 Estimates

Diversified Market and Customer Balance
74
 Industry leader in North America
 Strong presence in Latin America
provides balance
 Diversified across multiple product lines
and customer segments
– Fleet
– Independent/Private
– Municipalities
 Strong aftermarket parts and service
helps stabilize revenue across cycle
 Scale, scope and localized presence
valued by customers of all sizes

Aftermarket
Concrete
Mixers
Rear Discharge
Industry Leader with Broadest Product Line
75
Refuse Collection
Vehicles
Mechanics Trucks,
Truck Mounted Cranes,
Concrete Batch Plants
Front Discharge Batch Plants
Rear Loader
Side Loader
Dominator
Articulating Cranes
Front Loader
BridgeMaster™
Branch Network
Mobile Service
eCommerce

Technology and Innovation Leadership

0
2
4
6
8
10
12
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Average concrete mixer fleet age¹
Average fleet age in years
77
North American Concrete Mixer Market Outlook
Poised for growth due to housing fundamentals and advanced fleet age
 Concrete mixer market strongly
correlated to housing starts
 Fleet age is high; ~10 years
 North American rear discharge
concrete mixer market still below
(~25%) long-term average
 Despite solid construction
activity, concrete mixer customers
remain cautious
 Home ownership at lowest level
in 50 years
 Slight tailwind expected from
highway bill (FAST act)
0
50
100
150
200
250
300
350
400
450
500
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Rear discharge Front discharge Concrete yards poured
Concreteyardspoured(000s)
Concretemixerunits
September 23, 2016
Concrete mixer market and yards of concrete poured²
(1) Source: 2001-2014 Truck Mixer Manufacturing Bureau (TMMB)
(2) Source: Mixer Units through 2015 from TMMB, Concrete Yards Poured through 2014 from National Ready Mix Association,
2016-2017 units company estimates, 2015-2016 yards poured company estimates

0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
225
235
245
255
265
275
285
FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15
MunicipalSolidWaste(tonsinmillions)
U.S. Refuse collection vehicles and MSW¹
WASTEC Units MSW Generated
-60%
-40%
-20%
0%
20%
40%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15
U.S.RCVmarketYOYChange
U.S. Refuse collection vehicles and
single-family housing starts YOY change³
RCV domestic market YOY Change
Single Family Housing Starts YOY change
Single-familyhousingstartsYOYchangeU.S.RCVsales(units)
6.5% CAGR FY 11-16
U.S. Refuse Collection Vehicle Market Outlook
Steadiness driven by fleet age, growth
in GDP, construction and population
78
 Fleet age elevated
– Large operators >8 years(2)
 Fleets seeing volume growth due to
increase in waste generation
 Share growth past 2 years
 Solid municipal spending as tax
receipts rebound
 Expect waste hauling market
consolidation to continue
– Trend toward privatization
 Housing starts drive higher
waste volumes
(1) Municipal Solid Waste (MSW) 1999-2013 as reported by EPA, 2014 – 2016 OSK internal estimates, Refuse Collection
Vehicles 1999 – 2015 Waste Equipment Technology Association (WASTEC), 2016 OSK Internal Estimates
(2) Estimates based on publicly traded refuse company information and OSK internal estimates
(3) Refuse Collection Vehicles 2005 – 2015 WASTEC, single-family housing starts as reported by IHS

• Differentiate through innovation and customer intimacy
• Simplify
• Diversify through the cycle
• Enable our winning team
Expand leadership positions in our markets through MOVE
Commercial Segment Strategy

Case Study: Aftermarket
80
Opportunity Initiatives and Timing Results
Differentiation: Growth, stability and profit across the cycle
 Investing in new branches
and mobile service expansion
 Customer proximity; now 30
parts and service locations
 Capturing full product life
cycle value
 Compressed Natural Gas
installs and inspections
provide adjacent opportunity
 Best in class eCommerce
platform
Whole Good Unit
Sale:
~45% of potential
life cycle profit
Annuity Parts
and Service:
~30% of potential
life cycle profit
Drum
Replacement:
~15% of potential
life cycle profit
Used Truck
Disposition:
~10% of potential
life cycle profit
 Commercial Segment
aftermarket sales have
grown at 14% CAGR
from FY10 – FY15 Over half of total
product life cycle profit
comes after initial sale
Concrete Mixer
FY10 FY11 FY12 FY13 FY14 FY15
Commercial Aftermarket Sales
CommercialAftermarket
Revenue
14% CAGR FY10-FY15

$565
$697
$767
$866
$978 ~$1,000 ~$1,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
200
400
600
800
1,000
1,200
 Operating income margin CAGR of 46%
(FY11-17E)
 MOVE investments in FY17 support long-term
margin improvement
Estimates
81
Long-Term Positive Outlook
Near-term growth tempered by concrete mixer market caution
 Share gains and increased
aftermarket sales contributed to
historical revenue growth
 Market fundamentals and MOVE
initiatives drive future growth
September 23, 2016
0.7%
4.6%
5.3%
6.2%
6.6%
~6.75%
~6.75%
Revenue ($ in millions)
OI Margin %

82September 23, 2016
Targeting 10% operating income margins over time
 Differentiated leader in North American
refuse collection vehicle and concrete mixer
markets with broad product lineup,
operational scale and well-respected brands
 Strategy focused on innovation,
simplification and supporting customers
through the product life cycle
 Promising market fundamentals and
elevated customer fleet ages drive
performance opportunities
Commercial Segment Summary

Jim Johnson
President – Fire & Emergency Segment Officer
(NYSE:OSK)
September 23, 2016

 Leader in U.S. fire truck and global airport products(1) with
industry-leading brands, products and distribution network
 Strategy focused on operational excellence, simplification and
continuing to lead in innovation
 Aging fleets and steady growth in municipal demand support
solid outlook
Fire & Emergency Segment Key Messages
Targeting double-digit operating income margins in the near term
(1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal

85
Fire & Emergency Segment Overview
Fire trucks, airport products, communications vehicles
75%
18%
7%Fire & Emergency Sales(1)
Fire Trucks
Airport Products
Other
 Global headquarters in Appleton, WI
 Founded in 1913
 Operations in Wisconsin and Florida
 Global distribution network with the
strongest dealer network in the industry
 Industry’s innovation and
technology leader
 Leading North American fire truck and
airport products manufacturer
Fire & Emergency FY16 Estimates
Revenue: ~$950 million
(1) FY15 sales breakdown per internal Company financial data

Pumpers
Superior Product Portfolio
86
Aerials
Rescues Military Simulators
Blowers
Brooms
Broadcast
Command
ARFF
Pierce®
Fire Trucks
Oshkosh Airport
Products
Frontline
Communications

• Operational excellence and simplification methodology to
tailor the customer experience
• First to market with disruptive technology and market-
shaping new products
• Leverage best-in-class global sales and service network
• Collaborative environment that fosters empowerment, trust
and personal initiative
Innovate, Simplify, Serve
87
Fire & Emergency Strategy
Leveraging the power of our brands and strength in technology to expand sales
and operating margins globally

88
AerialsPumpersRescues
Tankers
Ladder Tiller Rear Mount Platform Mid Mount Platform
Custom Custom PUC Commercial Mini Pumper
Non-Walk-In Walk-In Dryside Elliptical
Pierce Engineers and Builds a Full Spectrum of
Vehicles for the Fire Service

89
Continual Launch of New Products and
Technology, Disruptive to the Industry
TAK-4® Suspension
Ascendant Aerial
Command Zone™
 Legacy of industry firsts
- Independent suspension - Side and frontal airbags
- Electronic stability control - Foam retardant systems
- Multiplexing
 Voice of customer: 10,000 – 12,000 visits per year

Leading Dealer Network, Investing for Growth
90
 Leading dealer network in
North America, with global
reach of sales, service
and parts
 In past 18 months, 11
dealers made investments
totaling 200,000 sq feet
of expansion
 Pierce dealer MacQueen
Equipment Group’s service
facility in Saint Paul, MN
MacQueen Equipment Service Center
Sponsored video in
Times Square
Golden State Fire
New Sacramento, CA Facility

91
 Housing prices and local property taxes have continued to recover
 Aging fleets coupled with improving state and local tax receipts have led
to steady growth in municipal demand
Domestic Fire Truck Market Drivers
Gaining Momentum
Increasing Home Prices and Property Taxes
1990 1995 2000 2005 2010 2015

MARKET
EXPANDERS
92
EXPERIMENTAL/
BLUE OCEAN IDEAS
 U.S. fire truck market has grown
modestly off recession lows
 New product innovations and broad
product lineup driving share gains
 Large cities placing multiple unit,
multiple year orders has become
more common
 Pierce dealer network continues to
invest in new sales and service
infrastructure
Trends for U.S. Fire Truck Market
U.S. Fire Truck Market (units)
U.S. Fire Truck market hasn’t recovered to pre-recession levels
0
1000
2000
3000
4000
5000
6000
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

93
Winning in Global Fire Truck and
ARFF Markets(1)
Latin America
EMEA
APAC
North America
Mexico Airport
Authority
18 ARFF
Peru and
Puerto Rico
25 ARFF
Australian Military
28 Air Transportable ARFF
Multiple Provinces
in China
Over 100 Pierce
Civil Aviation
Authority, Philippines
41 ARFF
Saudi Aramco,
Saudi Arabia
22 Pierce
Kuwait Fire Service
11 ARFF
(1) Select bookings and deliveries from FY15 and FY16, in units

$754 $769 $792 $757
$815
~$950 ~$1,000
2.3%
1.1%
3.0%
3.5%
5.4%
~6.75%
~8.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
200
400
600
800
1,000
1,200
94
 Recovering municipal spending coupled
with share gains result in record backlog
 Efficiency gains and capacity improvements
yield improved output, revenue growth
 Simplification activities, line rate increases
and successful product launches all
contributing to margin improvement
Revenue Growth on Path to Exceed
$1 Billion; Approaching Double-Digit Margin
EstimatesRevenue ($ in millions)
OI Margin %

Fire & Emergency
Segment Summary
Targeting double-digit operating income
margins in the near term
 Leader in U.S. fire truck and global airport
products(1)
with industry-leading brands,
products and distribution network
 Strategy focused on operational excellence,
simplification and continuing to lead
in innovation
 Aging fleets and steady growth in municipal
demand support solid outlook
(1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal
95Oshkosh Corporation Analyst Day September 23, 2016

Dave Sagehorn
Chief Financial Officer
Executive Officer
(NYSE:OSK)
September 23, 2016

Oshkosh Corporation
Focused on creating shareholder value
 Defense, Fire & Emergency and Commercial Segments’ performance
offsetting near-term Access Equipment Segment headwinds
 Expected strong free cash flow over the cycle
 Responsible capital allocation strategy

MACRO OVERVIEW AND
FINANCIAL OUTLOOK

U.S. GDP and Housing Starts
2.7%
1.8%
-0.3%
-2.8%
2.5%
1.6%
2.3% 2.2% 2.4% 2.6%
1.8% 2.4% 2.3%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
U.S. GDP
(YoY % change)
U.S. Housing Starts
(Millions)
Current Forecast(1)
Actual
(1) Source: U.S. GDP and Housing Starts average of PCA, IHS, Moody’s and ITR projections as of August 24, 2016
 Positive, slow growth
expected for GDP and
housing starts(1)
 Population growth
expected to continue to
support higher
projected housing starts
over the long term
 Macroeconomic growth
coupled with aging fleet
dynamics supports
demand drivers
1.8
1.3
0.9
0.6 0.6 0.6
0.8 0.9 1.0 1.1 1.2 1.3 1.4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
September 23, 2016

U.S. Non-residential Construction and
Municipal Spending
5.1%
15.4%
7.3%
-7.0%
-13.7% -5.9%
4.0%
-3.2%
3.6%
7.9%
4.1% 2.3% 3.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
U.S. Non-residential Construction
(YoY % change)
0.9%
1.5%
0.3%
1.6%
-2.7%
-3.3%
-1.9%
-1.0%
0.6%
2.8% 2.4%
3.5% 3.1%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
U.S. Municipal Spending
(YoY % change)
Current Forecast(1)
Actual
(1) Source: U.S. Non-residential Construction average of PCA, IHS, Moody’s and ITR projections as of August 24, 2016;
U.S. Municipal Spending from ITR Economics dated June 7, 2016.
 Moderating, but still
positive, non-residential
construction growth
expected in 2017
and 2018
 Municipal spending
expected to continue
to grow over the
forecast horizon
September 23, 2016

International Macroeconomic Outlook
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 2014 2015 2016 2017
Euro Area Australia China Mexico Brazil
Global GDP(1)
(YoY % change)
 Continued slowing of GDP
growth rate in China
 Slow economic growth
environment for Europe,
Australia and Mexico
 China and Mexico present
continued product adoption
opportunities
 Brazil continues
to struggle with political and
fiscal crises
(1) Source: OECD - June 1, 2016
September 23, 2016

Updated Estimates for FY16
Additional estimates
– Corporate expenses of
$150 - $155 million
– Tax rate of ~31%
– CapEx of ~$100 million
– Free Cash Flow(1) ~$400 million
– Assumes share count of ~74.5 million
– Sale of ~325 international M-ATVs in Q4
(~600 total units in FY16)
 Revenues of $6.1 to $6.2 billion
 Adjusted operating income of $360 million to $375 million(1)
 Adjusted EPS of $2.85 to $3.00(1)
(1) Non-GAAP results. See appendix for reconciliation to GAAP results.
103
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
~$2.95 ~$1.35 ~$0.95 ~$1.0
Operating Income
Margin
~9.6%(1) ~8.5% ~6.75% ~6.75%

$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
FY16E Revenue
Mid-point
Access Defense Commercial F&E FY17E Revenue
$6.15
($Billions)
$6.5 - $6.7
104
FY17 Revenue Estimates
Annual Revenues
 Defense Segment benefits from ramp of JLTV production and ~1,000
international M-ATVs
 Modest Fire & Emergency and Commercial Segment sales growth
 Access Equipment continues to be impacted by lower North American market
replacement demand
(1)
(1) Mid-point of company FY16 Revenue guidance

$0
$100
$200
$300
$400
$500
$600
$700
FY16E OI
Mid-point
Access Defense Commercial F&E Corporate FY17E OI
$370
$390 - $430
($Millions)
105
FY17 Operating Income Estimates
 Defense Segment growth driven by international M-ATV shipments and JLTV
production ramp
 Higher operating income margins expected for Fire & Emergency and
Defense Segments
 Access Equipment Segment managing headwinds and cost structure in
softer market
Operating Income
(1,2)
(1) Rounded mid-point of company FY16 Operating Income guidance

$0.00
$1.00
$2.00
$3.00
$4.00
FY16E EPS
Mid-point
Access
Equipment
Defense Commercial F&E Corporate &
Other
FY17 EPS
Range
$2.90
EPS
FY17 Earnings Per Share Estimates
(1) Rounded mid-point of company FY16 EPS guidance
(3) Versus rounded mid-point of company FY16 EPS guidance
 EPS growth(3)
of ~10% at mid-point despite Access Equipment Segment
sales decline
 Defense Segment biggest driver of EPS growth
(1,2)
$3.00 - $3.40
September 23, 2016

$0
$100
$200
$300
$400
$500
$600
$700
FY16 FCF FY17 Net
Income
Non-Cash
add back
Working
Capital
Cap-Ex Other FY17 FCF FY18 FCF
~$400
$0 - $50
($Millions)
Free Cash Flow (FCF) Outlook
107
 FY17 working capital use due to international M-ATV contract (drives strong
cash generation from working capital in FY18)
 Target ~100% free cash flow conversion over a cycle
Free Cash Flow(1)
(2) Driven by earnings and cash generation from working capital.

FY17 Early View Estimates
108
 Revenues of $6.5 to $6.7 billion
 Operating income of $390 million to $430 million
 EPS of $3.00 to $3.40
Assumptions
– No recession
– Sale of ~1,000 International M-ATVs
– Continued caution by construction equipment customers
– Slow recovery of N.A. fire apparatus market continues
– Modest refuse collection vehicle market growth
– Working capital build to support international
defense sales
Additional estimates
– Corporate expenses of $140 - $145 million
– Tax rate of ~33%
– CapEx of ~$100 million
– Free Cash Flow(1) of $0 to $50 million
– Assumes share count of ~74.5 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$2.7 to $2.8 ~$1.85 ~$1.0 ~$1.0
Operating Income
Margin
7.75% - 8.5% ~9.5% ~8.5% ~6.75%

Responsible Capital Allocation Strategy
Long-term
targeted capital
structure
Drives
sales and
EPS growth
Reinvest in core
business
Invest in external
growth (M&A)
Return cash to
shareholders
Reduce debt
Hold cash
Debt to
EBITDA
target ~2.0X
Opportunistic
levers to
drive additional
shareholder
value
September 23, 2016

Strong Balance Sheet, Credit and Liquidity
 Strong balance sheet(1)
– Debt/Capital ~30%
– Total debt: $855 million
 Responsible leverage profile
– Target: Debt/EBITDA ~2x
 Strong interest coverage
– Consistently > 7x
 Manageable debt maturities
9/30/15 9/30/16E
Debt/EBITDA(2) 1.8x 1.7x
EBITDA(2)/Interest Exp. 9.3x 8.4x
Debt/Total Capital 32.9% 30.0%
Debt $939M $855M
Liquidity $766M $963M
$5 $20 $20 $315
$850
$250 $250
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt Maturities
($ Millions)
Term Loan Revolver 2022 Notes 2025 Notes
(1) Estimated at 09/30/16.
Rating Outlook
S&P BB+ Stable
Moody’s Ba2 Stable
September 23, 2016

70
75
80
85
90
95
09/30/12 09/30/13 09/30/14 9/30/2015 6/30/2016
# Outstanding Shares
(Millions)
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
FY14 FY15 FY16
Annualized Dividend Payment
Committed to Returning Capital
to Shareholders
112
* Through 06/30/16
~27%
Increase
~20%
Reduction
 Repurchased shares at favorable prices; ~$900 million in share
repurchases from FY13 - FY16 YTD*
 Reinstated dividend in Q1 FY14; increased annually since reinstatement
– Targeting regular annual dividend increases
 Target returning ~50% of free cash flow to shareholders over the cycle

M&A Strategy Summary
 Historically a large part of Oshkosh strategy
 Strong expected free cash flow provides opportunities
 Industrial transaction valuations have remained high;
OSK continues to be selective and patient
 More likely to consider bolt-ons as opposed to
transformational acquisitions
 Characteristics of targets include the following:
– Market leaders
– Technology-oriented and complementary products to
OSK businesses
– Return profile (ROIC, EPS accretion) that delivers clear value
creation over time
– Strong synergy opportunities
– Ideally less cyclical than existing businesses
– Open to various geographies

Oshkosh Corporation
Focused on creating shareholder value
 Defense, Fire & Emergency and Commercial Segments’ performance
offsetting near-term Access Equipment Segment headwinds
 Expected strong free cash flow over the cycle
 Responsible capital allocation strategy

116
A different integrated global industrial
MOVE – Evolving to deliver more value
Positioned for long-term success

Appendix:
Non-GAAP to GAAP Reconciliation
The table below presents a reconciliation of the Company’s presented non-GAAP measures to
the most directly comparable GAAP measures (in millions, except per share amounts):
2012 2015
Adjusted earnings per share - diluted (non-GAAP) 2.30$ 3.02$
Debt extinguishment costs, net of tax - (0.12)
Pension and OPEB curtailment/settlement, net of tax (0.02) 0.03
Performance share valuation adjustment, net of tax (0.05) -
Tender offer and proxy contest costs, net of tax (0.05) -
Discrete tax benefits 0.49 -
Restructuring charges, net of tax - (0.03)
Earnings per share - diluted (GAAP) 2.67$ 2.90$
Low High
Operating income
As presented 360.0$ 375.0$
Restructuring charges (27.0) (27.0)
GAAP 333.0$ 348.0$
Earnings per share - diluted
As presented 2.85$ 3.00$
Restructuring charges, net of tax (0.23) (0.23)
GAAP 2.62$ 2.77$
Fiscal 2016
Estimates
Access Equipment operating income margin
As presented ~9.6%
Restructuring charges ~(0.9)%
GAAP ~8.7%
September 30,
Fiscal 2016 Estimates

The table below presents a reconciliation of the Company’s presented non-GAAP measures
to the most directly comparable GAAP measures (in millions):
Fiscal 2016
Estimates Low High
Net cash flows provided by operating activities 500.0$ 100.0$ 150.0$
Additions to property, plant and equipment (100.0) (100.0) (100.0)
Free cash flow 400.0$ -$ 50.0$
Fiscal 2015 Low High
Operating income (GAAP) 398.6$ 333.0$ 348.0$
Depreciation 64.9 73.0 73.0
Amortization of purchased intangibles 53.2 53.0 53.0
OPEB curtailment gain (3.4) - -
Restructuring charges 2.9 27.0 27.0
EBITDA 516.2$ 486.0$ 501.0$
Appendix:
Non-GAAP to GAAP Reconciliation

Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement
AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle
AMPS Aftermarket parts & service MRAP Mine Resistant Ambush Protected
C4ISR
Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance
MSVS Medium Support Vehicle System (Canada)
CAGR Compound Annual Growth Rate NOL Net Operating Loss
CapEx Capital Expenditures NPD New Product Development
DCS Direct Commercial Sales NRC National Rental Company
DoD Department of Defense OCO Overseas Contingency Operations
EMEA Europe, Middle East & Africa OH Overhead
EMD Engineering & Manufacturing Development OI Operating Income
EPS Diluted Earnings Per Share OOS Oshkosh Operating System
FAST Act Fixing America’s Surface Transportation Act OPEB Other Post-Employment Benefits
FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System
FMS Foreign Military Sales PUC Pierce Ultimate Configuration
FMTV Family of Medium Tactical Vehicles R&D Research & Development
GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle
GAO Government Accountability Office RFP Request for Proposal
HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World
HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)
HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command
IRC Independent Rental Company TDP Technical Data Package
IT Information Technology TMH Telescopic Material Handler
JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle
JPO Joint Program Office UCA Undefinitized Contract Action
JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)
JUONS Joint Urgent Operational Needs Statement UK United Kingdom
L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius

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