Baird 2005 Industrial Conference

November 9, 2005

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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 2006, the Company’s ability to turnaround 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 Company’s ability to increase its operating income margin at McNeilus, the ability of the Company to recover steel and component cost increases from its customers, 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 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 November 1, 2005. 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

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Driving Forward

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Superior Historic Returns Strong ROIC

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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

Source: Company estimates of its fiscal 2004 U.S. market share only, except for refuse truck bodies - Europe.

Heavy Defense Trucks #1 100%Medium Marine Trucks #1 100%Fire Apparatus #1 31%Wreckers and Carriers #2 25%Airport Products #1 79%Ambulances #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%

RankEstimated

Market Share

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$0.4

$1.4

$1.7$1.9

$2.3

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$0.00

$0.74$0.86

$1.08

$1.57

$2.18

$0.0

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$1.0

$1.5

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$3.5

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EPS

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/modularity

• 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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Driving Growth: Company Tactics

• Commercial segment turnaround in progress– European refuse profitable in Q4;

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

Price Up, Cost Down

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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 M&A 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• 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

Source: Company estimates of U.S. fire apparatus sales and market shares

2004 Market Share

Rosenbauer8%

Pierce31%

E-One22%

KME10%

ALF8%

Other21%

Annual Market: 5,500 units (est.)

* 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

• 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

Source: Company estimates of U.S. unit sales and market shares

2004 Market Share

Oshkosh/McNeilus – 69%

Advance8%

Continental7%

Other16%

Front Discharge22%

Rear Discharge78%

Annual Market: 7,000 – 7,500 units (est.)

*Source: Portland Cement Association

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2004 Market Share

Source: Company estimates of U.S. unit sales and market shares

Heil27%

McNeilus 27%

Wittke/Leach13%

La Brie10%

Other14%

Neway9%

Front Loaders26%

Side Loaders23%

Multi-Compartment4%

Annual Market: 6,000 – 6,500 units (est.)

McNeilus Refuse• 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

Rear Loaders47%

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European Refuse

• Industry volumes down 20%; pricing down 5% - 10%

•Several unprofitable manufacturers

•Business turnaround based solely on cost reduction

– Executing on outsourcing strategy through 2006

Source: Company estimates of European unit sales and market shares

2004 Market Share

Geesink Norba Group20%

Faun18%

OMB9%

Ros Roca7%

Other23%

Farid/Brivio10%

Dennis Eagle9%

Heil4%

Rear Loaders73%

Front Loaders2%

Side Loaders13%

Minis8%

Other4%

Annual Market: 5,500 – 6,000 units (est.)

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Driving Force: New Technologies

• Hybrid-electric drive– Potential 20% - 40%

fuel savings– Run stealth capability

• Enhanced load handling system

• Completed 132-mile DARPA Grand Challenge desert race

• Most commercially viable technology

• Objective: Survivability of our troops

TerraMax™

HEMTT A3

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Driving Force: New Technologies

• First and only composite mixer

• 2,000 lb. weight reduction lowers cost per delivered yard

• Front-discharge Revolution planned for 2006

Revolution

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Financial Performance and Targets

• 10% annual organic sales growth, supplemented by acquisitions

• 9% consolidated operating income margin*, eventually 10%

• >15% EPS growth*

• >15% ROIC**In a recovery

ROIC 11.7% 11.5% 14.5% 18.3% 20.5%

$1,744$1,926

$2,262

$2,960

$1,445

6.4% 6.7%

8.0%

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6.8%

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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.

Sales - $ $1,445.3 $1,743.6 $1,926.0 $2,262.3 $2,959.9

- Growth 8.7% 20.6% 10.5% 17.5% 30.8%

Operating income - $ 98.3 111.1 129.2 180.4267.2

- Margin 6.8% 6.4% 6.7% 8.0% 9.0%

- Growth 0.2% 13.0% 16.3% 39.6% 48.1%

EPS (1) (2) - $/Share 0.74 0.86 1.08 1.57 2.18

- Growth 1.4% 16.2% 25.6% 45.4% 38.9%

Dollars in millionsFiscal 2001

Fiscal 2002

Fiscal 2003

Fiscal2004

Fiscal2005

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Strong Leverage and Capital Efficiency Ratios

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%

Fiscal2003

Fiscal 2004

Fiscal2005

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Fire & Emergency

Net Sales $599.7 $841.5

% Growth 12.1% 40.3%

Operating Income$ 55.0 $ 79.6

% Margin 9.2% 9.5%

% Growth 5.5% 44.9%

Dollars in millionsFiscal2004

Fiscal 2005

• Municipal spending rebounded• Homeland security funding also boosted demand• JerrDan and BAI contributed:

– Sales of $139.3 million

– Operating income of $11.8 million

Comments

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Defense

Net Sales $774.1 $1,061.1

% Growth 17.8% 37.1%

Operating Income$127.9 $ 210.2

% Margin 16.5% 19.8% % Growth 86.1% 64.4%

Fiscal2004

Dollars in millions

Fiscal2005

• Strong increase in new and remanufactured heavy-payload trucks• Parts and service sales approximately

doubled in both years• Life-to-date MTVR

margin adjustments:– 2005 - $24.7 million– 2004 - $19.5 million

•

Comments

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Commercial

Net Sales $907.3 $1,085.7

% Growth 22.3% 19.7%

Operating Income$ 34.8 $ 23.8

% Margin 3.8% 2.2% % Growth (13.3)% (31.6)%

Fiscal2004

Dollars in millions

Fiscal2005 Comments

• In U.S., selling price increases have not

kept pace with cost increases

– But demand is strong

• European refuse incurred operating losses in both years

– Earned a small operating profit in Q4 of 2005

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Capitalization

Dollars in Millions

Cash and Cash Equivalents$ 30.1 $127.5

Debt $ 75.9 $ 24.1

Shareholders’ Equity 636.1 818.7

Total Capitalization $712.0 $842.8

Total Debt/Total Capitalization10.7% 2.9%

Sept. 30,2004

Sept. 30,

2005

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Positioned to Sustain Growth in Fiscal 2006

Sales $3.25 - $3.35 billion

% growth 9.8% - 13.2%

Operating income $297.5 - $310.0

million % margin 9.2% - 9.3% % growth 11.3% - 16.0%

EPS $2.40 - $2.50 % growth 10.1% - 14.7%

• Expect defense and fire and emergency to report steady growth

• Targeting recovery of U.S. margins and a return to profitability in Europe in commercial segment

Estimates (1) Outlook

(1) Estimates as of November 1, 2005

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Favorable Fiscal 2007 Estimated Outlook• While defense downturn is a risk, the likelihood of

higher funding for remanufacturing/modularity demands is increasing

• 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