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MOVING THE WORLD AT WORK

Third Quarter Fiscal 2017August 2, 2017

Wilson R. JonesPresident and Chief Executive Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President, Investor Relations

Oshkosh Corporation (NYSE:OSK)


Forward-Looking StatementsThis 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 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 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 U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and acceptance of and funding or payments for such products and services; 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 Family of Medium Tactical Vehicle 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 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 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.

August 2, 2017OSK Third Quarter 2017 Earnings Call 2


Continuing to Execute in FY17

Q3 adjusted EPS* of $1.84

− Sales growth in all four segments

Higher backlogs in allnon-defense segments

Outlook has improved since September 2016 Analyst Day

− Positive macroeconomic outlook

− Solid execution of MOVE strategy

Increasing full year FY17 adjusted EPS* outlook to$3.80 to $3.90

Net Sales(billions) Adjusted EPS

3

OSK Fiscal Q3 Performance

August 2, 2017OSK Third Quarter 2017 Earnings Call

$1.13

$1.84*

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

FY16 FY17

$1.75

$2.04

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

FY16 FY17

* Non-GAAP results. See appendix for reconciliation to GAAP results.


Access Equipment Strong Q3 performance Improved customer sentiment in

North America− Improved rental market conditions − Positive U.S. construction trends

despite replacement demand headwinds

− Expect continued responsible rental company capital expenditure approach

Solid market conditions in Europe and product adoption growth in Asia

Restructuring actions on track



Defense Strong Q3 results as international M-ATV

and domestic JLTV sales ramped JLTV program progressing and achieving

milestones‒ Logging significant government test time

− Encouraged by interest in higher JLTV quantities

Building solid base for FY18 Expect $1.7 billion sales visibility by

September 30, 2017

Ongoing discussions with international customers for defense products and vehicle sustainment (timing expected to allowfor sales beginning late FY18)

Submitted FMTV recompete proposal

2017 U.S. Defense Budget signed; monitoring progress of 2018 U.S. Defense Budget request



Fire & Emergency Achieved >10% operating income

margin in Q3 – significant milestone

− Continued execution of proven formula

− Committed to achieving annual OI

margin of 10% or more

Multiple new Ascendant models

launched at recent FDIC show

U.S. fire apparatus market remains

20% - 25% below pre-recession level

Strong U.S. dollar continues to

challenge international business



Commercial Revenue growth driven by higher RCV

sales Improved performance in the quarter

vs. 1H FY17, but short of targets Continued focus on simplification

activities− Encouraged by opportunities− Additional time needed to capture

improvement

U.S. RCV market climbed abovepre-recession levels

U.S. concrete mixer marketremained 20% - 25% belownormal pre-recession levels

Positive longer term market outlook



Consolidated Results

Sales impacted by:+ Higher sales in all segments, led

by defense

Adjusted EPS* impacted by:+ Higher defense, access

equipment and fire & emergency segment operating income

+ Lower tax rate

(Dollars in millions, except per share amounts)

Third Quarter

Net Sales $2,036.9 $1,747.5% Change 16.6% 8.4%

Adjusted Operating Income $222.5* $146.8

% Change 51.6% 7.5%% Margin 10.9% 8.4%

Adjusted EPS $1.84* $1.13% Change 62.8% 0.0%

2017 2016


Q3 Comments



FY17 Expectations

9

Revenues of ~$6.75 billion

Adjusted operating income* of $480 million to $490 million

Adjusted EPS* of $3.80 to $3.90

Additional expectations Corporate expenses of ~$150 million Adjusted tax rate* of ~32.5% CapEx of ~$90 million Free Cash Flow* of ~$150 million Assumes share count of ~76.0 million

Segment information

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) ~ $2.95 ~ $1.825 ~ $1.025 ~ $0.95

Adj. Operating Income Margin 9.75% - 10.0%* 11.0% - 11.2% ~9.7% 4.5% - 5.0%

OSK Third Quarter 2017 Earnings Call August 2, 2017



For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

Jeffrey D. WattDirector, Investor Relations(920) [email protected]



Appendix: Access Equipment


Net Sales $980.2 $952.5% Change 2.9% 2.1%

Adjusted Operating Income $140.8* $122.1

% Change 15.3% (10.4)%% Margin 14.4% 12.8%

Third Quarter2017 2016

(Dollars in millions)

Sales impacted by:+ Higher AWP volume− Lower telehandler volume

Adjusted operating income* impacted by:+ Higher sales volume+ Favorable mix+ Favorable material usage

Backlog up 39.6% vs. prior year to $523 million

Q3 Comments



Appendix: Defense

Net Sales $482.7 $264.3% Change 82.6% 36.1%

Operating Income $62.4 $19.1% Change 226.7% 369.3%% Margin 12.9% 7.2%

Third Quarter


2017 2016


Sales impacted by:+ M-ATV international sales+ Ramp-up of JLTV program− Lower FMTV sales

Operating income impacted by:+ Higher sales volume

Backlog down 16.8% vs. prior year to $1.9 billion

Q3 Comments


Appendix: Fire & Emergency

Sales impacted by:+ Higher unit volume+ Improved pricing

Operating income impacted by:+ Improved pricing+ Higher sales volume



Net Sales $282.9 $248.5% Change 13.8% 24.4%

Operating Income $30.8 $19.7% Change 56.3% 105.0%% Margin 10.9% 7.9%



Q3 Comments


Appendix: Commercial


Net Sales $295.2 $287.9% Change 2.5% (2.1)%

Operating Income $21.6 $23.8% Change (9.2)% 6.2%% Margin 7.3% 8.3%



Sales impacted by:+ Higher RCV unit volume

Operating income impacted by:− Operational inefficiencies


Q3 Comments



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):

Three Months Ended

June 30, 2017

Adjusted diluted earnings per share (Non-GAAP) 1.84$ Restructuring-related costs, net of tax (0.15) Diluted earnings per share (GAAP) 1.69$

Consolidated adjusted operating income (Non-GAAP) 222.5$ Restructuring-related costs (10.6) Consolidated operating income (GAAP) 211.9$

Access equipment segment adjusted operating income (Non-GAAP) 140.8$ Restructuring-related costs (10.6) Access equipment segment operating income (GAAP) 130.2$




• 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):

Low High

Adjusted access equipment operating income margin (Non-GAAP) 9.75% 10.00%Restructuring-related costs (1.40%) (1.40%)Access equipment operating income margin (GAAP) 8.35% 8.60%

Adjusted consolidated operating income (Non-GAAP) 480.0$ 490.0$ Restructuring-related costs (41.0) (41.0) Consolidated operating income (GAAP) 439.0$ 449.0$

Adjusted diluted earnings per share (Non-GAAP) 3.80$ 3.90$ Restructuring-related costs (0.47) (0.47) Diluted earnings per share (GAAP) 3.33$ 3.43$

Fiscal Year2017 Expectations




• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions):

Fiscal Year 2017Expectations

Net cash flows provided by operating activities 225.0$ Additions to property, plant and equipment (90.0) Proceeds from sale of equipment held for rental, net of additions 15.0 Free cash flow 150.0$

Adjusted effective income tax rate (Non-GAAP) 32.5%Impact of restructuring-related costs on effective income tax rate 2.0%Effective income tax rate (GAAP) 34.5%


Appendix: Commonly Used Acronyms

18August 2, 2017OSK Third Quarter 2017 Earnings Call

ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System ReplacementAWP Aerial Work Platform M-ATV MRAP All-Terrain VehicleAMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEMD Engineering & Manufacturing Development OCO Overseas Contingency OperationsEMEA Europe, Middle East & Africa OH OverheadEPS Diluted Earnings Per Share OI Operating IncomeFAST Act Fixing America’s Surface Transportation Act OOS Oshkosh Operating SystemFDIC Fire Department Instructors Conference OPEB Other Post-Employment BenefitsFHTV Family of Heavy Tactical Vehicles PLS Palletized Load SystemFMS Foreign Military Sales PUC Pierce Ultimate ConfigurationFMTV Family of Medium Tactical Vehicles R&D Research & DevelopmentGAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection VehicleGAO Government Accountability Office RFP Request for ProposalHEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of WorldHET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments CommandIRC Independent Rental Company TDP Technical Data PackageIT Information Technology TPV Tactical Protector VehicleJLTV Joint Light Tactical Vehicle TWV Tactical Wheeled VehicleJPO Joint Program Office UCA Undefinitized Contract ActionJROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)JUONS Joint Urgent Operational Needs Statement UK United KingdomL-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius

LRIP Low Rate Initial Production

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