Earnings Conference CallFourth Quarter Fiscal 2006October 31, 2006

Robert G. BohnChairman, President and Chief Executive Officer

Charles L. SzewsExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President of Investor Relations

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Forward Looking StatementsOur 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. All of our statements, other than statements of historical fact, including statements regarding Oshkosh Truck’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of words such as “expect,”“intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot give any assurance that such expectations will prove to be correct. Some factors that could cause actual results to differ materially from our expectations include the accuracy of assumptions made with respect to our expectations for fiscal 2007, the Company’s ability to close and integrate the JLG Industries, Inc. acquisition and integrate the AK Specialty Vehicles and Iowa Mold Tooling Co., Inc. acquisitions, the consequences of financial leverage associated with the JLG acquisition, the Company’s ability to turnaround the Geesink Norba Group business sufficiently to support its valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill, the Company’s ability to grow operating income in fiscal 2007 at certain of its business units that anticipate lower industry demand resulting from changes to diesel engine emissions standards effective January 1, 2007, the expected level of U.S. Department of Defense procurement of the Company’s products and services, the cyclical nature of the Company’s commercial and fire and emergency markets, risks related to reductions in government expenditures, the uncertainty of government contracts, the success of the launch of the Revolution® drum, and risks associated with international operations. Additional information concerning these and other factors is contained in our filings with the SEC, including our Form 8-K filed October 31, 2006. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

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Oshkosh Fiscal 2006 Highlights• Tenth consecutive year of

improving financial performance– Sales increased 15.8% to $3.43

billion– Operating income increased

22.0% to $325.9 million– Operating income margins up 50

b.p. to 9.5%– EPS up 26.6% to $2.76; higher

than previous estimates

• Closed two tuck-in acquisitions; expected to add $245 million of annual sales

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Oshkosh Fiscal 2006 Highlights (cont.)• Improved business execution

– All segments reported at least double-digit percentage gains in operating income

– Commercial segment operating income margins began recovery

– Geesink Norba Group restored to annual profitability

• Lean initiative gaining steam– Chartered cost reduction teams

making a difference• Continued innovation leadership

– Launched Velocity® and Impel®– Awarded LVSR contract– Special services vehicle for

command & communications

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Recent Oshkosh Highlights

• Outstanding track record of shareholder value creation and acquisition integration

• JLG is the world leader in aerial work platforms and telehandlers

• Acquisition objectives:– Support growth rate of >15%– Diversify to complement fast-

growing defense business– Execute within goals of long-term

acquisition strategy

Our Kind of Company

Announced Agreement to Acquire JLG Industries, Inc.

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Oshkosh Fourth Quarter 2006 Highlights

• Record Q4 financial results– Sales increased 9.8%

– Operating income grew 3.5%

– EPS increased 13.8%

– Exceeded previous estimates

• Spent $272.8 million for acquisitions

• Reaffirmed Oshkosh stand-alone fiscal 2007 EPS estimate range of $3.05 - $3.15

Fourth Quarter Results

$49.4

$74.0$76.6

$651.1

$823.7

$904.4

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Fire and Emergency

• Robust orders in Q4 support fiscal 2007 outlook

• Began integration of AKSV– Strong team

– Larger than anticipated U.K. order

• Inventory write-off and other charges at ambulance facility hampered results

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Defense• Slow parts and service business

in Q4– Expect recovery in first half of

fiscal 2007• 2007 Defense Appropriations

bill and Iraqi supplemental favorable to Oshkosh– Largely benefits fiscal 2008

• DoD planning for 140,000 troops in Iraq through 2010

• Increasing demand for armored troop carriers

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Commercial• Margin recovery continued

in Q4

• Orders remained strong in North America

• Chassis issues in France pausing Geesink Norba Group recovery

• Began integration of IMT– Strong team

– Excellent synergy potential

• Poised to implement third and final phase of ERP installation in Q1, 2007

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Consolidated Results

Net Sales $904.4 $823.7

% Growth 9.8% 26.5%

Operating Income $ 76.6 $ 74.0

% Margin 8.5% 9.0%

% Growth 3.5% 49.6%

Earnings Per Share $ 0.66 $ 0.58

% Growth 13.8% 38.1%

Dollars in millions

Comments

• Commercial results up sharply

• Fire and emergency also reported strong results

• Defense parts and service business declined

2006 2005

Fourth Quarter

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Fire and Emergency

Net Sales $268.4 $211.4

% Growth 27.0% 6.4%

Operating Income $ 21.4 $ 19.0

% Margin 8.0% 9.0%

% Growth 12.6% 0.4%

Dollars in millions

Comments

• Improved airport product sales mix, partially offset by charges at ambulance business

• Includes $16.5 million of sales from AK

• Backlog up 22.2%

2006 2005

Fourth Quarter

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Defense

Net Sales $328.6 $355.0

% Growth (7.4)% 58.1%

Operating Income $ 54.8 $ 63.2

% Margin 16.7% 17.8%

% Growth (13.2)% 87.4%

Dollars in millions

Comments

• Parts and service sales and earnings down due to tight budget

• Remanufactured and new truck sales up

• Backlog down 29.0%

2006 2005

Fourth Quarter

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Commercial

Net Sales $319.1 $266.5

% Growth 19.7% 13.7%

Operating Income $ 17.2 $ 4.5

% Margin 5.4% 1.7%

% Growth 278.4% (6.6)%

Dollars in millions

Comments• Sales rose in concrete

placement

• Price increases benefiting earnings

• $0.9 million operating loss in European refuse in 2006

• Includes $15.9 million of sales from IMT

• Backlog up 92.2%

2006 2005

Fourth Quarter

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Oshkosh Stand-Alone Fiscal 2007 Estimates

• Fire and emergency sales, including AK Specialty, expected to rise by mid-teens percentage

• Defense sales expected to grow by $125-$175 million

• Commercial sales, including Iowa Mold Tooling, expected to decline slightly

Sales of $3.65 - $3.75 billion

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Oshkosh Stand-Alone Fiscal 2007 Estimates

• Anticipate fire and emergency margins to be up about 50 basis points

• Expect flat margins in defense

• Expect commercial margins to improve over 100 basis points

Operating Income of $373.0 - $385.0 Million

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Oshkosh Stand-Alone Fiscal 2007 Estimates

Interest expense and other $6.5 (expense)

Effective tax rate 37.0%

Minority interest $0.8 (expense)

Equity in earnings $1.8

Average shares outstanding 76,000,000

Fiscal 2007

Estimates

Other Estimates (Dollars in millions)

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Oshkosh Stand-Alone Fiscal 2007 Estimates

• Annual EPS estimate range of $3.05 - $3.15

• Q1 EPS estimate range of $0.50 - $0.55

• Capital spending expected to approximate $65 million

Global Technology Center

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Impact of JLG Acquisition on Fiscal 2007 Estimates

• Expect acquisition to close in December or January

• Anticipate acquisition to be modestly accretive in fiscal 2007

– Higher accretion anticipated in fiscal 2008

• Oshkosh expects to provide further details in February 2007, post-closing