Credit Suisse 4th Annual

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Credit Suisse 4th Annual Truck Builders
Conference March 2, 2006
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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. All of our
  statements, other than statements of historical
  fact, including statements regarding Oshkosh
  Trucks 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 2006 and beyond, the
  Companys ability to continue the turnaround of
  the business of the Geesink Norba Group
  sufficiently to support its valuation resulting
  in no non-cash impairment charge for Geesink
  Norba Group goodwill, the Companys ability to
  increase its operating income margins at
  McNeilus, the ability of the Company to recover
  steel and component cost increases from its
  customers, risks associated with a three-phase
  enterprise resource planning system
  implementation at McNeilus, the expected level of
  U.S. Department of Defense procurement of the
  Companys products and services, the cyclical
  nature of the Companys commercial and fire and
  emergency markets, risks related to reductions in
  government expenditures, the uncertainty of
  government contracts, the challenges of
  identifying, completing and integrating
  acquisitions, 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 February 2, 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 Truck Corporation

• Largest global specialty truck and truck body
  company
• Leading brands in each market
• Successful growth record and strategies to
  sustain growth
• Driving force in bringing new technologies to
  market

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Investment Highlights
Driving Forward
Strong ROIC
Superior Historic Returns
Share Price
ROIC
And, a positive outlook
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Significant Competitive Advantages

• Leading brand positions
• Extensive distribution capabilities
• Flexible and efficient manufacturing
• Proprietary component technologies
• Strong balance sheet

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Market Leadership
Estimated Market Share
Rank
Heavy Defense Trucks 1 100 Medium Marine
Trucks 1 100 Fire Apparatus 1 31 Wreckers
and Carriers 2 25 Airport Products 1 79 Ambu
lances 3 8 Rear-Discharge Concrete
Mixers 1 75 Front-Discharge Concrete
Mixers 1 51 Concrete Batch Plants 1 48 Refuse
Truck Bodies - U.S. 1/2 27
- Europe 1 20
Source Company estimates of its fiscal 2004
U.S. market share only, except for refuse truck
bodies - Europe.
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Core Growth Strategies

• Investing in innovation
• Lead in new product development in all markets
• Embracing lean principles
• Supported by chartered cost reduction teams
• Pursuing strategic acquisitions
• Expand globally
• New platforms and tuck-ins

ROIC .2 11.7 11.5 14.5 18.3 20.5
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Driving Growth Demand

• Growing requirements for remanufacturing/modularit
  y
• Continuing emphasis on homeland security
• Improving municipal markets
• Continuing strength in concrete placement and
  refuse in advance of 2007 engine emissions
  standards change

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Impact of Engine Emissions Standards Charge

• Usually a lag of 5 or more years before changes
  to engine emission standards affect new defense
  truck manufacturing
• Generally, limited impact on infrequent fire
  apparatus and airport product purchasers
• Largest cities most effected
• Emphasis on homeland security spending probably
  offsets impact
• Carriers, wreckers and ambulances generally more
  affected

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Impact of Engine Emissions Standards Charge

• 5 - 10 pre-buy anticipated in fiscal 2006
• Estimated fiscal 2007 impact
• 5 to 10 pre-buy in first quarter
• Downturn thereafter
• Fiscal 2003 post-change downturn of 15 to 20
  for vocational markets
• Over-the-road downturn estimated at 40
• Expect lower vocational market downturn than
  over-the-road downturn
• No impact on European refuse business
• Anticipating relatively flat commercial segment
  operating income from fiscal 2006 to fiscal 2007

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Driving Growth Company Tactics
Price Up, Cost Down

• Commercial segment turnaround in progress
• European refuse profitable in Q4 2005 expected
  to be profitable throughout fiscal 2006
• Anticipate domestic commercial margins to improve
  by Q2 of fiscal 2006
• Reduce cost structure through lean
• Chartered cost reduction teams
• Rationalize supply base

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Driving Growth Company Tactics

• Additional new products in the pipeline
• Launching at upcoming trade shows
• New business initiatives
• Expanding defense service capabilities globally
• Opening sales, service, procurement and MA
  office in Beijing

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Driving Growth Acquisitions

• M A pipeline improving
• Capitalizing on de-levered balance sheet
• Criteria
• Market leaders with either 1 or 2 market
  position
• Accretive in first year strong ROIC
• Significant potential synergies

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Fire Emergency
Annual Market 5,500 units (est.)

• Strong consistent performance
• Pierce growth outpaces industry
• Pierce
• 3-year CAGR 2.8
• 10-year CAGR 6.1
• Industry
• 3-year CAGR (1.1)
• 10-year CAGR 1.1
• Investing 18.5 million to expand Pierce
  facilities
• JerrDan and BAI integration on schedule
• Look for new products at trade shows

2004 Market Share
ALF 8
KME 10
Rosenbauer 8
E-One 22
Other 21
Pierce 31
Source Company estimates of U.S. fire apparatus
sales and market shares
Company estimates based on units
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Defense

• Potential for significant troop levels in Iraq
  for next four years
• Remanufacturing and armor are long-term
  priorities
• New facility opened summer of 2005
• Modularity initiative expected to drive new truck
  volume
• Expanding parts and service opportunities
• Heavy investment in product development

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McNeilus Oshkosh Concrete Placement
Annual Market 7,000 7,500 units (est.)

• 75,000 mixers in operation
• Cement supplies are tight in selected regions
• Stronger nonresidential construction expected to
  offset any cooling in residential construction
• Pre-buy expected in 2006

Front Discharge 22
Rear Discharge 78
2004 Market Share
Oshkosh/McNeilus 69
Source Company estimates of U.S. unit sales and
market shares
Source Portland Cement Association
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McNeilus Refuse
Annual Market 6,000 6,500 units (est.)

• 114,000 vehicles in operation
• Big Three account for nearly 50 of purchases
• Increasing purchases to reduce operation and
  maintenance costs
• Municipal demand expected to continue to improve

Multi-Compartment 4
Rear Loaders 47
Side Loaders 23
Front Loaders 26
2004 Market Share
Source Company estimates of U.S. unit sales and
market shares
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European Refuse
Annual Market 5,500 6,000 units (est.)

• Industry volumes down 20 pricing down
  5 - 10
• Several unprofitable manufacturers
• Business turnaround based solely on cost
  reduction
• Executing on outsourcing strategy through 2006

Minis 8
Other 4
Side Loaders 13
Front Loaders 2
Rear Loaders 73
2004 Market Share
Dennis Eagle 9
OMB 9
Ros Roca 7
Farid/Brivio 10
Heil 4
Other 23
Faun 18
Geesink Norba Group 20
Source Company estimates of European unit sales
and market shares
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Driving Force New Technologies
TerraMax

• Completed 132-mile DARPA Grand Challenge desert
  race
• Most commercially viable technology
• Objective Survivability of our troops

HEMTT A3

• Hybrid-electric drive
• Potential 20 - 40 fuel savings
• Run stealth capability
• Enhanced load handling system

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Driving Force New Technologies
Revolution?

• First and only composite mixer
• 2,000 lb. weight reduction lowers cost per
  delivered yard
• Front-discharge Revolution? launched in January
  2006

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Financial Performance and Targets

• 10 annual organic sales growth, supplemented by
  acquisitions
• 9 consolidated operating income margin,
  eventually 10
• gt15 EPS growth
• gt15 ROIC

Sales (in millions)
Operating Income Margin
ROIC 11.7 11.5 14.5 18.3
20.5
In a recovery
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Excellent Financial Trends
(1) Beginning in fiscal 2002, goodwill and
indefinite-lived assets are no longer amortized
under U.S. GAAP. Fiscal 2001 EPS includes 0.10
in charges, net of tax related to this
amortization. (2) Restated for August 2005
two-for-one stock split.
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Strong Leverage and Capital Efficiency Ratios
Fiscal 2005
Fiscal 2004
Fiscal 2003
Days of net working capital 6 12 9 Debt to
capital ratio 9.3 10.7 2.9 Debt to TTM
EBITDA .3x .4x .1x TTM return on
equity 16.5 19.5 21.5 TTM return on invested
capital 14.5 18.3 20.5
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Consolidated First Quarter Results
Dollars in millions, except earnings per share
Comments
First Quarter
2005
2006
Net Sales 790.3 644.9 Growth 22.5
30.8 Operating Income 87.0 67.6
Margin 11.0 10.5 Growth 28.6
44.7 Earnings Per Share 0.72 0.56
Growth 28.6 33.3

• Defense drove results
• Favorable defense adjustments totaling 12.2
  million in 2005 (0.10 per share)
• Favorable product liability settlements
  totaling 4.2 million at Corporate in 2005
  (0.04 per share)

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Fire Emergency
Dollars in millions
First Quarter 2006
Fiscal 2005
First Quarter Comments

• Strong fire apparatus sales and improved
  pricing benefited earnings
• Lower airport product sales
• Expansion-related costs also impacted quarter
• Backlog up 4.1

Net Sales 216.4 841.5 Growth 11.5
40.3 Operating Income 20.9 79.6
Margin 9.7 9.5 Growth 13.4 44.9
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Defense
Dollars in millions
First Quarter 2006
First Quarter Comments
Fiscal 2005

• Truck and parts and service sales each up more
  than 60
• MTVR adjustment of 8.5 million in
  2005
• Recovery of pre-contract costs of 3.7 million
  in 2005
• Backlog down 3.0, but bridge supplemental
  funding not yet under contract

Net Sales 363.1 1,061.1 Growth 68.5
37.1 Operating Income 72.6 210.2
Margin 20.0 19.8 Growth 40.5
64.4
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Commercial
Dollars in millions
First Quarter 2006
First Quarter Comments
Fiscal 2005

• Sales impacted by ERP implementation
• European refuse profitable in Q1 2.6
  million operating loss in 2005
• Price increases beginning to benefit earnings
  
• Backlog up 29.1

Net Sales 221.2 1,085.7
Growth (8.4) 19.7 Operating Income 8.3
23.8 Margin 3.8 2.2
Growth 47.6 (31.6)
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Capitalization
Sept. 30, 2005
Dec. 31, 2005
Dollars in Millions
Cash and Cash Equivalents 81.0
127.5 Debt 23.2 24.1 Shareholders
Equity 874.7 818.7 Total
Capitalization 897.9 842.8 Total Debt/Total
Capitalization 2.6 2.9
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Positioned to Sustain Growth in Fiscal 2006
Estimates (1)
Outlook

• Sales 3.3 - 3.4 billion
• growth 11.5 - 15.0
• Operating
• income 316.5 - 329.0 million
• margin 9.6 - 9.7
• growth 18.0 - 23.0
• EPS 2.55 - 2.65
• growth 17.0 - 21.6

• Expect defense and fire and emergency to report
  steady growth
• Targeting recovery of U.S. margins and a return
  to annual profitability in Europe in commercial
  segment

(1) Estimates as of February 2, 2006
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Favorable Fiscal 2007 Estimated Outlook

• Expect higher funding for remanufacturing /
  modularity in defense
• Fire and emergency and homeland security demand
  is expected to remain strong
• 2007 emission standards expected to impact
  commercial demand, but margin enhancement
  initiatives should offset much of the impact
• Expect cost reduction, new product development
  and acquisition initiatives to realize benefits
  for 2007

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Driving Forces

• Strong historic returns,
• Successful core strategies, and
• Favorable demand and Company tactics,
• Are expected
  to drive Oshkosh
  forward full
  
  throttle in 2006

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(No Transcript)