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MOVING THE WORLD AT WORK

Fourth Quarter Fiscal 2017October 31, 2017

Wilson R. JonesPresident and Chief Executive Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonSenior Vice 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; 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 Vehicles 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; 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 data security threats and breaches; 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.

October 31, 2017OSK Fourth Quarter 2017 Earnings Call 2

Q4 Drove Strong Finish to FY17

Q4 adjusted EPS* of $1.38

Q4 results exceeded expectations

Sales growth in all four segments

Higher backlogs in allnon-defense segments

Announced 14% dividend increase effective November 16

Net Sales(billions) Adjusted EPS*

3

OSK Fiscal Q4 Performance

October 31, 2017OSK Fourth Quarter 2017 Earnings Call

$1.05

$1.38

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

FY16 FY17

$1.76$1.96

$0.0$0.2$0.4$0.6$0.8$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.

OSK Full Year Performance

Impressive Performance During 100th Year

Access equipment, defense and fire & emergency segments all achieved full year adjusted operating income* margin ≥10%

People First culture maturing Focus on simplifying our

businesses Announcing full year FY18

adjusted EPS* estimate range of $4.25 to $4.65

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

4October 31, 2017OSK Fourth Quarter 2017 Earnings Call

Net Sales(billions) Adjusted EPS*

$3.14

$4.25

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

FY16 FY17

$6.3$6.8

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

FY16 FY17

Access Equipment

Strong close to FY17 – full year results higher than expected

Customer sentiment and demand remain solid in North America− Metrics support positive outlook Generally positive U.S. construction

trends Positive outlook for international

markets in FY18 Restructuring activities on track to

achieve targeted improvements Expecting to grow in FY18


Defense Strong results driven by JLTV ramp and international shipments

JLTV program on track‒ Pleased with results during

government testing and evaluation activities

− International interest is growing

Strong backlog supports FY18 outlook

FMTV recompete winner expected to be announced in Q2 FY18

U.S. operating under Continuing Resolution− Not expected to impact segment in

FY18, but FY19 could be impacted if budget delays persist


Fire & Emergency

Achieved >10% full year operating income margin− Earlier than anticipated − Disciplined commitment to

simplification U.S. fire apparatus market stable in

FY17 compared to FY16− Aging fleets and solid municipal tax

receipts support positive outlook Solid Q4 international contribution

and positive outlook − China 5-yr Plan targets 260

international airports by 2020


Commercial Q4 results in line with expectations Committed to improved performance− Driving lasting change through

simplification activities− Time needed to translate into

meaningfully better financial results

U.S. RCV market grew in FY17− Now above pre-recession levels

U.S. concrete mixer market remains well below pre-recession levels− Fleets continue to age

Positive longer-term market outlook


Consolidated Results

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

by defense

Adjusted EPS* impacted by:+ Higher defense and fire &

emergency segment operating income

+ Lower tax rate

− Higher incentive compensation

(Dollars in millions, except per share amounts)

Fourth Quarter

Net Sales $1,963.0 $1,755.4% Change 11.8% 11.2%

Adjusted Operating Income* $150.0 $123.3

% Change 21.7% 37.7%% Margin 7.6% 7.0%

Adjusted EPS* $1.38 $1.05% Change 31.4% 56.7%

2017 2016


Q4 Comments


FY18 Expectations

10

Revenues of $6.9 to $7.1 billion

Adjusted operating income* of $515 million to $565 million

Adjusted EPS* of $4.25 to $4.65

Additional expectations Corporate expenses of ~$150 million Adjusted tax rate* of ~30.5% CapEx of ~$100 million Free Cash Flow* of ~$350 million Assumes share count of ~76.0 million

Segment information

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $3.1 - $3.2 ~ $1.8 – $1.85 ~ $1.1 $0.95 - $0.975

Adj. Operating Income Margin 10.5% - 11.0%* 9.5% - 9.75% 10.5% - 11.0% 5.75% - 6.25%

OSK Fourth Quarter 2017 Earnings Call October 31, 2017


Q1 Commentary Expect higher yr/yr sales and adjusted

earnings driven by defense segment Higher access equipment segment sales;

incremental margins adversely impacted by higher material costs

For informationcontact:

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

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


Appendix: Access Equipment


Net Sales $833.8 $775.8% Change 7.5% 0.8%

Adjusted Operating Income* $77.9 $73.0

% Change 6.7% 23.7%% Margin 9.3% 9.4%

Fourth Quarter2017 2016

(Dollars in millions)

Sales impacted by:+ Higher aerial work platform and

telehandler sales

Adjusted operating income* impacted by:+ Higher sales volume+ Favorable mix− Higher material costs− Higher incentive compensation

Backlog up 152.2% vs. prior year to $452 million

Q4 Comments


Appendix: Defense

Net Sales $596.8 $471.8% Change 26.5% 48.5%

Operating Income $73.0 $52.4% Change 39.3% 183.4%% Margin 12.2% 11.1%

Fourth Quarter


2017 2016


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

Operating income impacted by:+ Higher sales volume

Backlog down 10.6% vs. prior year to $2.1 billion

Q4 Comments

Appendix: Fire & Emergency

Sales impacted by:+ Improved pricing+ Higher content units

Operating income impacted by:+ Improved pricing+ Improved labor performance− Higher incentive compensation



Net Sales $278.0 $256.9% Change 8.2% 4.7%

Operating Income $34.6 $22.3% Change 55.2% (5.8)%% Margin 12.4% 8.7%



Q4 Comments

Appendix: Commercial


Net Sales $259.9 $254.3% Change 2.2% 0.6%

Operating Income $11.6 $17.7% Change (34.5)% (15.9)%% Margin 4.5% 7.0%



Sales impacted by:+ Higher concrete mixer volume− Lower package (third party

chassis) sales

Operating income impacted by:− Adverse product mix− Warranty campaign


Q4 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):

2017 2016 2017 2016

Adjusted earnings per share-diluted (non-GAAP) 1.38$ 1.05$ 4.25$ 3.14$ Long-lived asset impairment charge, net of tax - (0.22) - (0.22) Restructuring-related costs, net of tax (0.15) (0.01) (0.48) (0.01) Earnings per share-diluted (GAAP) 1.23$ 0.82$ 3.77$ 2.91$

Adjusted consolidated operating income (non-GAAP) 150.0$ 123.3$ 506.3$ 391.8$ Long-lived asset impairment charge - (26.9) - (26.9) Restructuring-related costs (15.5) (0.9) (43.3) (0.9) Consolidated operating income (GAAP) 134.5$ 95.5$ 463.0$ 364.0$

Adjusted access equipment segment operating income (non-GAAP) 77.9$ 73.0$ 302.4$ 291.2$ Long-lived asset impairment charge - (26.9) - (26.9) Restructuring-related costs (15.5) (0.9) (43.3) (0.9) Access equipment segment operating income (GAAP) 62.4$ 45.2$ 259.1$ 263.4$

Three Months EndedSeptember 30,

Fiscal Year EndedSeptember 30,



• 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 EndedSeptember 30, 2017

Net cash flows provided by operating activities 246.5$ Additions to property, plant and equipment (85.8) Proceeds from sale of equipment held for rental, net of additions 22.1 Free cash flow 182.8$



• 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 earnings per share-diluted (non-GAAP) 4.25$ 4.65$ Restructuring-related costs, net of tax (0.05) (0.05) Earnings per share-diluted (GAAP) 4.20$ 4.60$

Adjusted consolidated operating income (non-GAAP) 515.0$ 565.0$ Restructuring-related costs (5.0) (5.0) Consolidated operating income (GAAP) 510.0$ 560.0$

Adjusted access equipment operating income margin (Non-GAAP) 10.5% 11.0%Restructuring-related costs (0.2%) (0.2%)Access equipment operating income margin (GAAP) 10.3% 10.8%

September 30, 2018 ExpectationsFiscal Year Ended



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

Fiscal 2018Expectations

Net cash flows provided by operating activities 450.0$ Additions to property, plant and equipment (100.0) Free cash flow 350.0$

Adjusted effective income tax rate (Non-GAAP) 30.5%Impact of restructuring-related costs on effective income tax rate (0.2%)Effective income tax rate (GAAP) 30.3%

Appendix: Commonly Used Acronyms


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 RadiusLRIP Low Rate Initial Production

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