March 28-29, 2011

Forward-Looking Statements

This presentation contains forward-looking statements

within the meaning of the Private Securities Litigation

Reform Act of 1995. Investors are cautioned that

forward-looking statements are inherently uncertain. A

number of factors could cause actual results to differ

materially from these statements. These factors are

contained in the Company’s filings with the Securities

and Exchange Commission over the last 12 months,

copies of which are available from the SEC or from the

Company upon request.

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Corporate and

RV Industry Overview

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Winnebago Industries Overview

Founded in 1958

IPO 1966, NYSE 1970

Leading manufacturer of high-quality motor homes

Manufacturing facilities located in Iowa

Nonunion workforce of approximately 2,000 as of August 28, 2010

North American dealer network of approximately 230 locations

Executive management team with average of 24 years RV manufacturing experience

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Class A Gas30%

Class A

Diesel

35%

Class B1%

Class C27%

Other7%

Revenues by Product Class (Trailing 12 Months – 2/11)

Motorized Family Tree Winnebago Industries manufactures three brands of Class A, B

and C motor homes: Winnebago, Itasca and ERA

68 floorplans available in 2011 – 45% new

M.S.R.P.(Base) Class C Access/Impulse $68,700 – $85,800 Access Premier*/Impulse Silver* $82,900 – $92,700 Aspect/Cambria $88,300 – $93,200 View/View Profile/Navion/Navion iQ $96,900 – $102,000 Class A – Gas Vista/Sunstar $90,700 – $108,800 Sightseer/Sunova $115,000 – $132,200 Adventurer/Suncruiser $142,900 – $165,400 Class A – Diesel Via/Reyo $129,500 – $130,900 Journey Express/Meridian V Class $211,400 – $219,200 Journey/Meridian $250,500 – $258,100 Tour*/Ellipse* $296,400 – $332,900

* New/Redesigned for 2011 5

Exciting New

2011 Products

Top-of-the-line Class A diesel

Winnebago Tour and Itasca Ellipse

were redesigned inside and out for

2011. A new triple-slide 42-foot tag

axle model also joins the lineup for

2011 bringing the offerings to four.

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Itasca Ellipse

The most fuel efficient Class A motor

home in the industry, the Winnebago

Via and Itasca Reyo, now have a new

25Q floorplan; the first double slide

Class A motor home on a Mercedes

Sprinter chassis.

Winnebago Via

Exciting New

2011 Products

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New Winnebago Access Premier

and Itasca Silver models include

exterior and interior appointments

that take these coaches to the

next level.

Winnebago Access Premier

Navion iQ

Winnebago View Profile and

Navion iQ feature a new 24G

floorplan featuring two slideout

rooms, the first Sprinter-based

Class C with this offering.

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RV Industry Class A & C

Retail Market Share

(Percent as reported by Statistical Surveys, Inc. Calendar 2010)

Top 5 Manufacturers = 72.4%

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RV Industry Class A & C

Retail Market Share

(Percent as reported by Statistical Surveys, Inc. CYTD/January 2011)

Top 5 Manufacturers = 71.8%

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Winnebago Industries Retail Market Share

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2011/Jan 2010 2009 2008 2007

Class A gas 25.5% 23.5% 22.9% 23.2% 21.9%

Class A diesel 16.0% 14.3% 11.4% 8.1% 8.9%

Total Class A 20.8% 18.9% 16.6% 15.3% 15.2%

Class C 19.5% 17.6% 22.7% 22.8% 24.0%

Total Class A and C 20.3% 18.3% 19.1% 18.3% 18.5%

Class B 0.0% 18.3% 18.1% 3.5% 0.0%

2011/Jan 2010 2009 2008 2007

Class A gas 15.8% 17.3% 13.8% 18.4% 16.6%

Class A diesel 15.0% 11.2% 7.0% 5.3% 6.3%

Total Class A 15.4% 14.5% 10.0% 12.4% 11.9%

Class C 8.0% 19.9% 9.5% 19.5% 18.3%

Total Class A and C 12.5% 17.3% 9.8% 15.7% 14.4%

As reported by Statistical Surveys, Inc. by calendar year

U.S.

Canada

What Differentiates Us? The Winnebago brand

Why we have such significant brand strength:

Top quality

Longevity in the industry

First to mass produce motor homes in an automotive assembly-

line manufacturing style

Exceptional aftermarket sales and service support

Strong dealer network

Evidence of our brand strength:

Prevalent use of our product in TV and in movies

Winnebago is synonymous for “motor home”

Based on survey, Winnebago has 90% brand recognition

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What Differentiates Us?

Vertical Integration

Why we are vertically integrated: Our remote location

Have more control over our quality

Provides flexibility

Vertical integration processes: Aluminum extrusion

Cabinetry/wood working

Soft goods (furniture, curtains, upholstery)

Vacuum formed plastics

Rotational molding

Steel fabrication

Panel lamination

Multiple painting processes

Fiberglass manufacturing

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What Differentiates Us?

Quality

Why we have a culture of quality: Essential to customer satisfaction

Dedicated and experienced employees

Tone at the top

Extensive testing processes and equipment

Evidence of our quality: Only RV manufacturer to receive Quality Circle Award as part of

Dealer Satisfaction Index Program from RVDA every year since

1996

Only RV manufacturer to receive Ford Motor Company “Fully

Meets” Classification as part of their Truck Quality Program

every year since the program’s inception in 1997

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Winnebago Industries

Towables

Why acquired SunnyBrook RV: Quality reputation

Good product line with both travel trailer and fifth wheel choices

Good fit with Winnebago Industries

Strategy: Retain SunnyBrook brand

Develop and market Winnebago brand travel trailer and fifth

wheel trailer

Ranked #19 in market share, which we plan to grow

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Towable Family Tree Winnebago Industries Towables manufactures travel trailers

and fifth wheel trailers under the SunnyBrook brand name

60 floorplans available in 2011

M.S.R.P.(Base) Travel Trailers Edgewater $14,000 – $22,000 Harmony $14,000 – $25,000 Sunset Creek $17,000 – $25,000 Brookside $20,000 – $25,000 Bristol Bay $27,000 – $35,000 Fifth Wheels Harmony $24,000 – $ 30,000 Brookside $25,000 – $ 35,000 Bristol Bay $32,000 – $ 50,000 Titan - SURV $45,000 – $ 55,000 Westpointe $80,000 – $100,000

* New/Redesigned for 2011 15

Towable Products

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Fifth Wheel

Sunset Creek

Travel Trailer

West Pointe

Current RV Market Environment

Economic conditions stabilize:

Consumer confidence still lagging, but trending in the right direction

Unemployment levels appear to have stabilized and job growth appears to be starting

Financing conditions stabilize:

Existing wholesale and retail players are focused on partnering with strong manufacturers

Marketplace is more competitive and rational – retail and wholesale

Dealer inventory turns are appropriate and aged inventory significantly reduced

Interest rates at historic low levels

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We believe that retail sales will be the key driver to sustain our recovery and for continued growth Results from most Fall and Winter Shows significantly better than last

year

We continue to review retail activity to ensure our production schedule is in line with end retail demand

Ample available physical capacity despite facility consolidation; motor home capacity estimated to be 10,500 to 12,200 units per year depending on mix; towable capacity approximately 8,000 units

While primary goal is profitability, it is important to “give back” to employees who worked so hard throughout the recession. Didn’t pass on health care premium increases to employees in January

2011

Restored salaries reduced in March of FY2009 effective March of FY2011

Stock granted to key management in March of FY 2011

Diversification: We continue to analyze additional diversification opportunities

Outlook

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Financial Overview

Revenues/Gross Profit (Fiscal Year – Revenues in Millions, Gross Profit as Percent of Net Revenues)

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$671.7

$825.3 $845.2

$1,114.2

$992.0 $864.4 $870.2

$604.4

$211.5

$449.5

$191.5 $230.3

12.4% 14.1% 13.4%

14.6% 13.8%

12.1% 11.4%

5.8%

-14.5%

5.8%

2.8%

9.8%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 First 6Months

2010

First 6Months

2011

Revenues Gross Profit (Deficit)

Significant improvement noted in the first six months of FY2011 due to the following: Added volume which resulted in greater fixed cost absorption and

improved labor efficiencies

Increased average selling price of our product of 10.3% due to an increased mix of higher-priced Class A product sold

Reduced discounting and retail programs due to reasonable dealer inventory levels and improved retail registrations, which were up 20% as compared to prior year

As a result, we saw significant improvements throughout Fiscal

2011 in both net revenues and in our operating performance.

Winnebago Industries Recovery

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EBITDA/Free Cash Flow (Fiscal Year In Millions)

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Free cash flow is defined as cash flow from operating activities less

capital expenditures.

Dealer Inventory of

Winnebago Industries Product (Class A, B & C - Fiscal Year)

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Winnebago Industries: Motor Home Shipments,

Retail Activity and Dealer Inventory

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Wholesale Retail Dealer Order

(In units and presented in fiscal quarters) Deliveries Registrations Inventory Backlog

3rd Quarter 2009 620 1,214 2,324 382

4th Quarter 2009 605 1,235 1,694 940

1st Quarter 2010 794 921 1,567 1,521

2nd Quarter 2010 1,109 654 2,022 1,159

Rolling 12 months (March 2009 through Feb 2010) 3,128 4,024

3rd Quarter 2010 1,366 1,388 2,000 935

4th Quarter 2010 1,164 1,120 2,044 818

1st Quarter 2011 1,115 1,093 2,066 698

2nd Quarter 2011 909 796 2,179 957

Rolling 12 months (March 2010 through Feb 2011) 4,554 4,397

Wholesale Retail Dealer Order

Key Comparisons: Deliveries Registrations Inventory Backlog

Rolling 12 month comparison (Feb 2011 to Feb 2010) 1,426 373

45.6% 9.3%

2nd quarter 2011 as compared to 2nd quarter 2010 (200) 142 157 (202)

-18.0% 21.7% 7.8% -17.4%

2nd quarter 2011 as compared to 1st quarter 2011 (206) (297) 113 259

-18.5% -27.2% 5.5% 37.1%

As of Quarter End

Winnebago Industries Backlog

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Units % (1) Units % (1)

Class A gas 253 26.4% 372 32.1% -119 -32.0%

Class A diesel 157 16.4% 263 22.7% -106 -40.3%

Total Class A 410 42.8% 635 54.8% -225 -35.4%

Class B 82 8.6% 16 1.4% 66 412.5%

Class C 465 48.6% 508 43.8% -43 -8.5%

Total motor home backlog (2)957 100.0% 1,159 100.0% -202 -17.4%

Fifth wheel 87 57.6% — —% 87

Travel trailer 64 42.4% — —% 64

Total towable backlog (2)151 100.0% — —% 151

(1) Percentages may not add due to rounding differences.

(2) We include in our backlog all accepted purchase orders from dealers to be shipped w ithin the next six months.

Orders in backlog can be cancelled or postponed at the option of the purchaser at any time w ithout penalty and,

therefore, backlog may not necessarily be an accurate measure of future sales.

As Of

February 26, 2011 Increase

(Decrease)

February 27, 2010

Summary

Industry Growth Opportunities Positive Demographic Trends

Baby Boom market of 78 million Americans continues to grow 350,000 per month

Ages of motor home owners continue to broaden with younger buyers coming into the market as young as 35 and older owners remaining healthy and active in RV lifestyle

Trade cycle is 5 to 7 years – 2004 was the peak year for motor home retail purchases

Married unemployment (February 2011 Dept. of Labor Statistics) has run at 5.6%, vs. 8.9% for singles – nearly 90% of our owners are married

Go RVing

Successful national advertising campaign

Target of Baby Boomers w/kids and Empty Nesters

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Our Brand Highest brand recognition in the industry

Vertical Integration Increased profitability in times of high volume

Quality Reputation Quality Circle Award winner 15 consecutive years

Best in Class aftermarket service support

Sustainability Successfully managed through previous industry downturns

during our 52-year history

Strong balance sheet ($62.8 million in cash and no long-term debt)

Continued focus on new product development and potential diversification for future growth

Winnebago Industries Advantages

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www.winnebagoind.com

Motor Home Industry: Wholesale and Retail

Motor Home Industry Wholesale Shipments & Retail Registrations

Motor Home Industry Shipment History – Class A, B and C

Winnebago Industries’ Products

Appendices

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Motor Home Industry: Wholesale and Retail

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Increase Increase

2010 2009 (Decrease) Change 2010 2009 (Decrease) Change

1st quarter 5,700 2,400 3,300 137.5% 4,900 4,800 100 2.1%

2nd quarter 7,800 3,200 4,600 143.8% 8,300 7,100 1,200 16.9%

3rd quarter 6,200 3,300 2,900 87.9% 6,000 5,800 200 3.4%

4th quarter 5,600 4,300 1,300 30.2% 4,500 4,200 300 7.1%

Total 25,300 13,200 12,100 91.7% 23,700 21,900 1,800 8.2%

Increase Increase

2011 2010 (Decrease) Change 2011 2010 (Decrease) Change

January 2,000 1,500 500 33.3% 1,200 1,200 - 0.0%

February 1,900 2,000 (100) (5.0)% 1,600

March 2,600 2,200 400 18.2% 2,100

2nd quarter 7,800 7,800 - 0.0% 8,300

3rd quarter 6,800 6,200 600 9.7% 6,000

4th quarter 5,900 5,600 300 5.4% 4,500

Total 27,000 25,300 1,700 6.7% (3) 23,700

(1) Class A, B and C wholesale shipments as reported by RVIA, rounded to the nearest hundred.

(2) Class A, B and C retail registrations as reported by Statistical Sureys for the US and Canada rounded to the nearest hundred.

(3) Statistical Surveys has not issued a projection for 2010 retail demand.

Calendar Year Calendar Year

US and Canada Industry Class A, B & C Motor Homes

Industry Shipments (1) Retail Registrations (2)

Motor Home Industry Wholesale

Shipments & Retail Registrations (January 2008 – January 2011)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

Wholesale (A,B,C) Retail (A,B,C)

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Motor Home Industry

Shipment History (Class A, B & C in Thousands – Calendar Year)

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* Estimates for 2011

Winnebago Industries’ Products

Class A - Gas Conventional motor homes constructed

directly on medium-duty truck chassis,

which include a gas-powered engine and

drivetrain components.

Class A - Diesel Conventional motor homes constructed

directly on medium-duty truck chassis,

which include a diesel-powered engine

and drivetrain components.

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Winnebago Industries’ Products

Class C

Mini motor homes built on van-type

(cutaway) chassis.

Class B Panel-type truck to which RV

manufacturer adds any two of the

following conveniences: sleeping,

kitchen and toilet facilities, also 110-

volt hookup and freshwater.

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