1. Earnings Conference Call
Third Quarter Fiscal 2008
August 1, 2008
Robert G. Bohn
Chairman and Chief Executive Officer
Charles L. Szews
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President and Chief
Financial Officer
Patrick N. Davidson
Vice President of Investor Relations

2. Forward Looking Statements
Our 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 of 1995. All statements other than statements of historical fact, including
without limitation, statements regarding the Company’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans
and objectives of management for future operations, are forward-looking statements. When used in
this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”
“should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are
generally intended to identify forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond the Company’s control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. These factors
include the consequences of financial leverage associated with the JLG acquisition and the level of
the Company’s associated borrowing costs; the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, especially during a recession, which many
believe the U.S. has already entered; the Company’s ability to offset rising steel, fuel and other
costs through other cost decreases or product selling price increases; the expected level and timing
of U.S. Department of Defense procurement of products and services and funding thereof; risks
related to reductions in government expenditures and the uncertainty of government contracts; risks
associated with international operations and sales, including foreign currency fluctuations; risks
related to the collectibility of access equipment receivables; the Company’s ability to turn around its
Geesink business; and the potential for increased costs relating to compliance with changes in laws
and regulations. Additional information concerning these and other factors and assumptions is
contained in our filings with the SEC, including our Form 8-K filed August 1, 2008. Except as set
forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.
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3. Oshkosh Fiscal Q3 2008 Highlights
Sales increased 6.6%
OSK Q3 Performance
to $1.97 billion
(millions)
Operating income* decreased $2,500 $300.0
5.9% to $181.2 million
Operating Income*
Sales Revenue
$250.0
$1,969
$2,000 $1,847
EPS* decreased 1.7% to $200.0
$1,500 $192.7
$1.19 $150.0
$181.2
$1,000 $888
$100.0
Revised FY 2008 EPS* $500 $82.6
$50.0
estimate range of
$0 $0.0
$3.15 to $3.30 2006 2007 2008
Sales Revenue Operating Income*
$78.6 million of debt pay
down
* Figures exclude non-cash charges to operating income for
asset impairment of $175.2 million or $173.1 million net of tax
3

4. Managing Proactively for
Market Conditions
Launched multiple cost reduction initiatives
– Reducing operating expenses
– Expanding global sourcing initiatives
Aggressively raised pricing as previously announced
Increasing focus on cash flow generation
– Inventory reduction
Continuing to invest in areas of growth
4

5. Access Equipment
Europe:
– Double-digit growth in Q3, even with
reduced outlook
– Mixed results expected in 2009
North America:
– IRC demand remained strong in Q3
Continuing to expand presence in
emerging markets
Adjusted production rates
New pricing effective October 1 to
address cost pressures
5

6. Defense
Significant parts & service growth
in quarter
Recently signed supplemental
supports strong sales outlook
Ramp-up of Harrison Street
facility is complete
JLTV downselect decision
expected late summer or fall
6

7. Fire & Emergency
Strong orders and market share
gains for Pierce in a down market
New product innovations continue
to drive customer activity at
Pierce
Continued strong international
airport products activity, primarily
in Asia
Weakness remains for towing &
recovery and mobile medical
markets
7

8. Commercial
Geesink Norba Group update:
– Impairment charges of $175.2 million
due to reduced outlook and higher
operating costs as announced on
June 26
– New managing director reinvigorating
team
– Restructuring actions expected to yield
improved performance
U.S. concrete markets remain soft
Domestic refuse collection product
sales grew over prior year quarter in
slightly down market
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9. Consolidated Results
(Dollars in millions, except per share amounts)
Third Quarter Comments
2008* 2007 Solid results in access
equipment and defense
Net Sales $1,969.3 $1,847.3
Challenging market
% Growth 6.6% 108.1%
conditions impacting
commercial and fire &
emergency segments
Operating Income $ 181.2 $ 192.7
Limited third quarter
% Margin 9.2% 10.4%
impact from rising steel
% Growth (5.9)% 133.2% and other commodity
prices
Debt reduction of $78.6
Earnings Per Share $ 1.19 $ 1.21
million
% Growth (1.7)% 68.1%
* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million, or $173.1 million net of tax ($2.33/share)
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10. Access Equipment
(Dollars in millions, except per share amounts)
Comments
Third Quarter
2008 2007 Double-digit European
sales growth vs. prior year
Net Sales $920.2 $873.8
Lower North American
% Growth 5.3% NA
performance driven by
weak economy
Operating Income $125.2 $ 98.3
Improvement driven by:
% Margin 13.6% 11.3% – Currency
– Aftermarket parts & service
% Growth 27.3% NA
– Product mix
Backlog down 51.7%
vs. prior year
10

11. Defense
(Dollars in millions, except per share amounts)
Comments
Third Quarter
2008 2007 Strong performance
from both parts &
Net Sales $489.5 $376.3
service and truck
% Growth 30.1% 29.1%
deliveries
Margin impacted by
Operating Income $ 66.5 $ 65.3 product mix &
% Margin 13.6% 17.3% development costs
% Growth 2.0% 33.1% Backlog down 21.9%
vs. prior year
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12. Fire & Emergency
(Dollars in millions, except per share amounts)
Third Quarter Comments
2008 2007
Solid performance by
domestic fire apparatus
Net Sales $281.3 $290.2
and international airport
% Growth (3.1)% 13.7%
products offset by towing
& recovery and mobile
medical
Operating Income $ 17.9 $ 29.0
Margins impacted by:
% Margin 6.4% 10.0%
–Lower volumes
% Growth (38.2)% (2.7)%
–Product mix
–Facility work stoppage
Backlog up 10.3% vs.
prior year
12

13. Commercial
(Dollars in millions, except per share amounts)
Comments
Third Quarter
Geesink inefficiencies
2008* 2007
and lower concrete
Net Sales $294.5 $317.8
mixer sales drove loss
% Growth (7.3)% (9.3)%
Continued solid
domestic refuse
Operating Income $ (6.2) $ 17.8 collection orders
% Margin (2.1)% 5.6% Backlog up 11.6% vs.
prior year
% Growth (134.5)% (29.7)%
* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million
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14. Oshkosh Fiscal 2008 Estimates
Revenue of $7.03 to $7.10 billion
Expectations:
Access Equipment sales to
increase approximately 20%
Defense sales to
increase approximately 35%
Fire & Emergency sales
to increase slightly
Commercial sales to
decrease approximately 15%
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15. Oshkosh Fiscal 2008 Estimates
Operating Income* of $560 to $575 million
Expectations:
Access Equipment margins to
improve by 80 to 100 bps
Defense margins to
decline by 330 to 350 bps
Fire & Emergency margins
to decline by 150 to 170 bps
Commercial operating loss*
of 2.5% to 3.0% of sales
Corporate expense to
increase by approximately
$20 million
* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million
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16. Oshkosh Fiscal 2008 Estimates
Other Estimates
Interest expense and other Approximately $215 million (expense)
Effective tax rate 34%*
Equity in earnings $8.0 to $8.5 million (income)
Average shares outstanding 75 million
* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million
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17. Oshkosh Fiscal 2008 Estimates
FY08 EPS* estimate range
of $3.15 to $3.30
Q4 EPS estimate range
of $0.50 to $0.65
Capital spending expected to
approximate $85 million
Expect debt between $2.85 and
$2.90 billion at fiscal year-end
* Figures exclude non-cash charges for asset impairment of $2.31/share
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18. Oshkosh Fiscal 2009 Comments
Segment outlooks:
– Defense
Top line growth with modestly lower operating income margin
– Fire & Emergency
Steady performer with solid backlog
– Commercial
Recent restructuring actions expected to yield improved
performance at Geesink
Slightly improved outlook for concrete mixers and domestic
refuse collection
– Access Equipment
Growth in select markets, but lower expected total revenue
Driving cost reduction and resizing of operations
Focus on cash flow
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19. Appendix: Non-GAAP Financial Measures
Fiscal 2008 Estim ates
The tables below present reconciliations of the Company’s presented non-GAAP measures
Low High
to the most directly comparable GAAP measures (in millions, except per share amounts):
End End
Three Months Non-GAAP pre-tax incom e $ 345 $ 360
Ended Intangible asset im pairm ent charges (175) (175)
June 30, 2008 GAAP pre-tax incom e $ 170 $ 185
Non-GAAP operating incom e $ 181.2 Non-GAAP incom e tax expense $ 118 $ 122
Intangible asset im pairm ent charges (175.2) Incom e tax benefit associated w ith intangible
GAAP operating incom e $ 6.0 asset im pairm ent charges (2) (2)
GAAP incom e tax expense $ 116 $ 120
Non-GAAP net incom e $ 88.8
Intangible asset im pairm ent charges (175.2) Non-GAAP effective incom e tax rate 34.0% 34.0%
Incom e tax benefit assoicated w ith intangible GAAP effective incom e tax rate 68.2% 64.9%
asset im pairm ent charges 2.1
GAAP net (loss) incom e $ (84.3) Non-GAAP EPS $ 3.15 $ 3.30
Intangible asset im pairm ent charges per share (2.31) (2.31)
Non-GAAP EPS $ 1.19 GAAP EPS $ 0.84 $ 0.99
Intangible asset im pairm ent charges per share (2.33)
GAAP (loss) earnings per share $ (1.14) Non-GAAP fiscal 2008 operating incom e $ 560 $ 575
Intangible asset im pairm ent charges (175) (175)
Non-GAAP com m ercial segm ent operating loss $ (6.2) GAAP fiscal 2008 operating incom e $ 385 $ 400
Intangible asset im pairm ent charges (175.2)
GAAP com m ercial segm ent operating loss $ (181.4) Non-GAAP com m ercial segm ent
operating loss m argin (3.0)% (2.5)%
Effect of intangible asset im pairm ent charges (17.0)% (16.0)%
GAAP com m ercial segm ent
operating loss m argin (20.0)% (18.5)%
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