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Oshkosh CorporationInvestor Presentation

MARCH 2018

March 2018Investor Presentation 2

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 January 25, 2018. All forward-looking statements speak only as of January 25, 2018. 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.

3

A different integrated global industrial

MOVE – Evolving to deliver more valuePositioned for long-term

success

Oshkosh Corporation Key Messages

March 2018Investor Presentation

Leading provider of specialty vehicles Celebrated 100 years strong

in 2017

A different integrated global industrial

Focused on delivering value to customers and shareholders

Serial innovator of game-changing new products

ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL

Build. Serve. Defend. Protect.


Oshkosh Corporation Profile - FY17

5

44%Access Equipment

27%Defense

15%Fire &

Emergency

14%Commercial

Revenue by Segment

74%United States

3%Other NA

17%EMEA

6%Rest of World

Revenue by Geography


FY17 global revenue of $6.8 billionacross four segments

Integrated approach drives opportunity/efficiency across enterprise

Fire Apparatus

6

Concrete Mixers/Batch Plants

#1

Military Tactical Wheeled Vehicles

Airport Products (ARFF/Snow Removal)

Aerial Work Platforms/Telehandlers

Refuse Collection Vehicles

Broad Industry Leadership

Strong Brands Value Creation

Wreckers & Carriers

(1) Company estimates

NORTH AMERICA RANK (1)

#1

#1

#1

#1

#2

GLOBAL RANK (1)

Investor Presentation March 2018

#1

A Different Global Industrial

7

Diverse End Markets

Integrated Operations


Take Advantage of Opportunities Unavailable to Many Companies

Defense

Access Equipment

Fire & Emergency

Commercial

Shared technology

Shared procurement

Shared production processes

Shared talent

8

Grow profitably by maintaining intense focus on customer experience

Optimize our costs and capital structure to provide value for customers and shareholders - Simplify

Lead in innovation over the product life cycle

Drive international growth in targeted geographies

Evolving to Deliver More Value


9March 2018Investor Presentation

People First Culture

Maturing the concept

Driving better results

Engage. Develop. Connect.

OSK Full Year Performance

Strong 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 4th consecutive year of

increasing dividends; goal of raising annually

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


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

Solid Start to FY18

Q1 adjusted EPS* of $0.84, exceeded expectations

Double digit percentage sales growth in defense, access and commercial segments

Generally solid performance across the enterprise

Strong backlogs across all four segments

Raising full year FY18 adjusted EPS* range to $5.00 - $5.45


OSK Fiscal Q1 Performance

Net Sales(billions) Adjusted EPS

$0.26

$0.84*

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

FY17 FY18

$1.21

$1.59

$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

FY17 FY18

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

Access EquipmentRecent Highlights National rental company

negotiations largely complete− Consistent positive customer outlook Q1 orders up 94% vs. prior year− Customers placed orders earlier− Ending backlog more than 2.5x prior

year level Continued solid international

demand (Latin America remains weak)

Incurred additional costs and inefficiencies implementing previously announced restructuring plan


Defense Recent Highlights Strong results driven by JLTV ramp

up and international M-ATV shipments

JLTV continues to track positively to the program schedule‒ Strong reliability test results‒ Received $100 million order in Q1− Constructive dialogue with

international customers Progress in pursuit of additional

international orders Awarded FMTV A2 production

contract in February, 2018 Solid funding for Oshkosh programs

in FY19 President’s Budget Request


Joint Light Tactical Vehicle (JLTV)U.S. JLTV Production Contract Overview

~$6.7 billion initial announced value Base award plus 8 order years Program scope includes:

– 4 Mission Package Configurations– Mission Kits– Interim Contractor Support (ICS)– Total Package Fielding (TPF)– System Technical Support (STS)– Technical Data Package

Quantity: 18,000+ vehicles(1)

– Vehicle deliveries expected through 2024


Utility

2 D

oor

4 D

oor

General Purpose Close Combat Weapons Carrier

Heavy Guns Carrier Future Variants

(1) Source: FY17 U.S. President’s Budget

U.S. JLTV Program Schedule


FY18 President’s Budget Funding Request

OrderQuantity

Expected SalesQuantity

FY16 804 ---

FY17(3) 1,803 ~600 to 650

FY18(4) 2,637 ~1,500 to 2,000

FY19(4) 5,032 ~3,000

FY20(4) 5,029 ~4,500

FY21(4) 3,865 ~5,000

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Deliveries& Testing

Armor Coupon Testing

Ballistic Testing

LRIP(1) YR 1 LRIP YR 2 LRIP YR 3

FRP(2) YR 1

Performance, Reliability & Live Fire Testing

Full Rate Production Milestone

Delivering unprecedented performance. On-time. On-budget.(1) Low Rate Initial Production(2) Full Rate Production(3) Actual(4) FY18-FY21 Order Quantity values based on FY18 and FY19 President's Budget Requests for U.S. Army and U. S. Marine Corps.

FRP YR 2

Army First Unit Equipped

Marine Corps Fielding Decision

Global Light TWV Market PotentialSignificant international interest / opportunity

Today’s HMMWV Installed Base(1)

240,000 HMMWVs

60 countries

30+ configurations

The Oshkosh JLTV Will Shape the History of Light Military Vehicles

53%47%

Armor CapableHMMWVUnarmoredHMMWV

JLTV is Next-Generation Protected Mobility for the Modern Battlefield

HMMWVJeep JLTV

(1) Source: Government publications, IHS Jane’s, SIPRI, AM General Website


Fire & Emergency Recent Highlights

Strong performance in FY17 continued in Q1 FY18

Lower international ARFF deliveries largely offset by higher fire apparatus sales

North American fire truck market grew 4% in FY17− Expect “flat to slightly positive” market

in FY18, supported by continued growing municipal tax receipts and aging fleets

Meaningful opportunities in international markets− Led by China and the Middle East


18

Housing prices and local property taxes have continued to recover

Aging fleets coupled with improving state and local tax receipts have led to steady growth in municipal demand

Domestic Fire Truck Market Drivers Gaining Momentum


Increasing Home Prices and Property Taxes

1990 1995 2000 2005 2010 2015

Data through Sept 2017

$ Billions

Commercial Recent Highlights Q1 results in line with expectations Implemented new organizational

structure − Supports greater accountability and

long-term strategy

Committed to improved performance− Driving lasting change through

simplification activities

Positive longer-term outlook for RCV and concrete mixer markets


20

Revenues of $7.1 to $7.3 billion

Adjusted operating income* of $550 million to $600 million

Adjusted EPS* of $5.00 to $5.45

Additional expectations Corporate expenses of ~$155 million Adjusted tax rate* of ~23% CapEx of ~$100 million Free Cash Flow* of ~$400 million Assumes share count of ~76.0 million

Segment information

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $3.3 - $3.4 ~ $1.8 – $1.85 ~ $1.1 ~ $0.975

Adj. Operating Income Margin 10.75% - 11.25%* 9.75% - 10.0% 10.75% - 11.25% 5.75% - 6.25%*


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

Q2 Expectations Higher adjusted earnings compared to Q2

FY17 Higher sales and adjusted operating income in

all non-defense segments Lower defense segment sales and operating

income as higher JLTV sales only partially offset lower international M-ATV sales

Lower tax rate

FY18 Expectations (as of January 25, 2018)

Investor Presentation 21

Responsible Capital Allocation Strategy

Long-term targeted capital

structure

Drives sales and

EPS growth Reinvest in core

business

Invest in external growth (M&A)

Return cash to shareholders

Reduce debt

Hold cash

Debt to EBITDA

target ~2.0X

Opportunistic levers to

drive additional shareholder

value

March 2018

Strong Balance Sheet and Liquidity Strong balance sheet(1)

– Debt/Capital ~27%– Total debt: $831 million

Responsible leverage profile– Target: Debt/EBITDA ~2x

Strong interest coverage– Consistently > 7x

Manageable debt maturities‒ Bank facility maturing in 2019

to be addressed in FY18‒ Potential refinance of note

maturing in 2022

$20 $315

$850

$250 $250

2017 2018 2019 2020 2021 2022 2023 2024 2025

Debt Maturities($ in millions)

Term Loan Revolver 2022 Notes 2025 Notes

(1) As of September 30, 2017.(2) Revolver undrawn as of December 31, 2017.(3) First callable in March 2017.(4) First callable in March 2020.


(3) (4)(2)

Positive Long-term OutlookConvergence of favorable market dynamics and benefits of MOVE position OSK to deliver strong results


Favorable market dynamics‒ JLTV provides multi-year visibility

for Defense‒ Access Equipment replacement

demand opportunities‒ Fleet ages help to drive Fire &

Emergency and Commercial Segment demand

MOVE strategy drives results

Expected strong free cash flow over the cycle will ensure strong balance sheet

Expect revenue and operatingincome margin growth to continue

A Different Integrated Global Industrial Company

For informationcontact:

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

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

Consolidated Results

• Sales impacted by:+ Higher sales in defense, access

equipment and commercial segments

• Adjusted EPS* impacted by:+ Higher adjusted operating

income in all segments+ Lower tax rate due to tax reform− Higher corporate expenses

(Dollars in millions, except per share amounts)

First Quarter

Net Sales $1,586.3 $1,211.4% Change 30.9% (3.2)%

Adjusted Operating Income $92.4* $36.2

% Change 155.2% 19.4%% Margin 5.8% 3.0%

Adjusted EPS $0.84* $0.26% Change 223.1% 36.8%

2018 2017


Q1 Comments


Appendix: Access Equipment


Net Sales $628.2 $489.2% Change 28.4% (7.7)%

Adjusted Operating Income $29.9* $24.4

% Change 22.5% 19.2%% Margin 4.8% 5.0%

First Quarter2018 2017

(Dollars in millions)

• Sales impacted by:+ Higher aerial work platform and

telehandler sales

• Adjusted operating income* impacted by:+ Higher sales volume− Higher material costs− Unfavorable miscellaneous

reserve adjustments and customer mix

− Adverse FX

• Backlog up 165% vs. prior year to $1.58 billion

Q1 Comments


Appendix: Defense

Net Sales $493.5 $294.5% Change 67.6% (7.4)%

Operating Income $65.2 $23.8% Change 173.9% 2.6%% Margin 13.2% 8.1%

First Quarter


2018 2017


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

• Operating income impacted by:+ Higher sales volume+ Improved manufacturing

performance− Adverse product mix

• Backlog down 17% vs. prior year to $1.85 billion

Q1 Comments

Appendix: Fire & Emergency

• Sales impacted by:− Lower international ARFF

deliveries+ Higher fire truck sales

• Operating income impacted by:+ Improved pricing+ Improved operational execution− Higher SG&A expenses

• Backlog up 9% vs. prior year to $985 million


Net Sales $229.1 $232.5% Change (1.5)% 12.0%




Q1 Comments

Appendix: Commercial


Net Sales $241.4 $199.2% Change 21.2% (0.6)%

Adjusted OperatingIncome $10.8* $4.6

% Change 134.8% (47.9)%% Margin 4.5% 2.3%



• Sales impacted by:+ Higher concrete mixer and RCV

unit volume

• Adjusted operating income* impacted by:+ Higher sales volume

• Backlog up 58% vs. prior year to $374 million

Q1 Comments


Appendix: Consolidated Results

Comments

(Dollars in millions, except per share amounts)

Full Year

Net Sales $6,829.6 $6,279.2% Change 8.8% 3.0%

Adjusted OperatingIncome* $506.3 $391.8

% Change 29.2% (1.6)%% Margin 7.4% 6.2%

Adjusted EPS* $4.25 $3.14% Change 35.4% 4.0%

2017 2016



Sales impacted by:+ Higher sales in defense and

fire & emergency

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

emergency and access equipment segment operating income

+ Lower tax rate− Lower commercial segment

operating income

Appendix: Access Equipment


Net Sales $3,026.4 $3,012.4% Change 0.5% (11.4)%

Adjusted Operating Income* $302.4 $291.2

% Change 3.8% (28.9)%% Margin 10.0% 9.7%

Full Year2017 2016


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

Adjusted operating income* impacted by:+ Improved absorption+ Favorable mix‒ Higher incentive compensation

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

Comments


Appendix: Defense

Net Sales $1,820.1 $1,351.1% Change 34.7% 43.8%

Operating Income $207.9 $122.5% Change 69.7% 1,983.1%% Margin 11.4% 9.1%

Full Year


2017 2016


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

Operating income impacted by:+ Higher sales volume‒ Higher SG&A

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

Comments

Appendix: Fire & Emergency

Sales impacted by:+ Improved pricing+ Higher content units+ Increased volume

Operating income impacted by:+ Improved pricing



Net Sales $1,030.9 $953.3% Change 8.1% 16.9%


Full Year2017 2016


Comments

Appendix: Commercial


Net Sales $970.3 $979.2% Change (0.9)% 0.1%

Operating Income $43.8 $67.6% Change (35.2)% 4.8%% Margin 4.5% 6.9%

Full Year2017 2016


Sales impacted by:‒ Lower RCV volume+ Higher package sales+ Higher concrete mixer volume

Operating income impacted by:− Lower sales volume− Operational inefficiencies


Comments


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

Appendix: GAAP to Non-GAAP Reconciliation

2017 2016

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

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

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

Net income (GAAP) 285.6$ 216.4$ Long-lived asset impairment charge - 16.7 Restructuring-related costs, net of tax 36.2 0.8 Adjusted net income (non-GAAP) 321.8$ 233.9$

Fiscal Year EndedSeptember 30,




2017 2016

Access equipment segment operating income (GAAP) 13.8$ 24.4$ Costs and inefficiencies related to restructuring actions 16.1 - Adjusted access equipment segment operating income (non-GAAP) 29.9$ 24.4$

Commercial segment operating income (GAAP) 8.3$ 4.6$ Restructuring-related costs 2.5 - Adjusted commercial segment operating income (non-GAAP) 10.8$ 4.6$

Consolidated operating income (GAAP) 73.8$ 36.2$ Costs and ineffciencies related to restructuring actions 18.6 - Adjusted consolidated operating income (non-GAAP) 92.4$ 36.2$

Provision for income taxes (GAAP) 4.7$ 5.2$ Income tax benefit of costs and inefficiencies related to restructuring actions 4.5 - Revaluation of net deferred tax liabilities 23.9 - Repatriation tax (17.4) - Adjusted provision for income taxes (non-GAAP) 15.7$ 5.2$

Earnings per share-diluted (GAAP) 0.74$ 0.26$ Costs and inefficiencies related to restructuring actions, net of tax 0.18 - Revaluation of net deferred tax liabilities (0.31) - Repatriation tax 0.23 - Adjusted earnings per share-diluted (non-GAAP) 0.84$ 0.26$

Three Months EndedDecember 31,




Low High

Consolidated operating income (GAAP) 520.0$ 570.0$ Costs and inefficiencies related to restructuring actions 30.0 30.0 Adjusted consolidated operating income (non-GAAP) 550.0$ 600.0$

Earnings per share-diluted (GAAP) 4.75$ 5.20$ Costs and inefficiencies related to restructuring actions, net of tax 0.33 0.33 Revaluation of net deferred tax liabilities (0.31) (0.31) Repatriation tax 0.23 0.23 Adjusted earnings per share-diluted (non-GAAP) 5.00$ 5.45$

Access equipment segment operating income margin (GAAP) 9.95% 10.5%Costs and inefficiencies related to restructuring actions 0.80% 0.75%Adjusted access equipment segment operating income margin (non-GAAP) 10.75% 11.25%

Commercial segment operating income margin (GAAP) 5.35% 5.85%Restructuring related costs 0.40% 0.40%Adjusted commercial segment operating income margin (non-GAAP) 5.75% 6.25%

Fiscal Year EndedSeptember 30, 2018 Expectations


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


Fiscal 2018Expectations

Net cash flows provided by operating activities 500.0$ Additions to property, plant and equipment (100.0) Free cash flow 400.0$

Low HighEffective income tax rate (GAAP) 21.8% 21.8%Impact of costs and inefficiencies related to restructuring actions (0.1%) (0.1%)Revaluation of net deferred tax liabilities 5.1% 4.7%Repatriation tax (3.8%) (3.4%)Adjusted effective income tax rate (non-GAAP) 23.0% 23.0%

Fiscal Year EndedSeptember 30, 2018 Expectations

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 Radius

LRIP Low Rate Initial Production

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