investMNt Conference 2016

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.

FORWARD LOOKING STATEMENTS

2

COMPANY PROFILE

FOREST CITY ROOTS

3

• Founded in 1958

• Businessman John K. Hanson led Economic Development group that attracted a company to open a facility in Forest City

• Stock appreciated 462 percent in 1971

• Forest City’s campus houses 11 motorhome production buildings and 5 support facilities

INNOVATION T IMEL INE

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1963 1966 1974 1975 Itasca lines on

Chevrolet Chassis debut

200320052008

20092011 2015

Winnie Wagon Introduced

1994

Era Class B motorhome

introducedView/Navion first motorhomes built

on cutaway Sprinter chassis

Rialta motorhome introduced

Winnebago re-enters towable market

Winnebago unveils its largest and grandest motorhome –

Grand Tour 45RL

Develop first Class A diesel

on Sprinter chassis

First motorhome IntroducedThermo-Panel

technique developed

First Winnebago motorhome with triple

slides

• American icon—synonymous with motorhomes

• Prevalent use in TV and movies

• Participation in promotions to raise brand awareness

• Recognized by Statistical Surveys, Inc. as top selling motorhome brand every year since 1974

• Quality craftsmanship, smart design, functionality

• Connection and support of RV community

Strong

Brand Equity

BUILDING AN ICONIC BRAND

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TODAY ’S PROFILE

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Revenues of $976.5 million Fiscal 2015

EBITDA $64.4 million Fiscal 2015

• Non-union workforce of approximately 3,000

North American Locations in: North Iowa, Indiana, Minnesota and Oregon

Licensing and distribution agreements in New Zealand and Australia

• IPO in 1966

NYSE listed in 1970

INDUSTRY PROFILE

Unites States Consumer Confidence IndexAs Of 7-28-16

MARKET S IZE , CYCL ICALITY AND CATEGORIES

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Travel TrailersA towable RV mounted on wheels and designed to be towed by a motorized vehicle

Fifth WheelsA towable RV mounted on wheels and designed to be towed by a motorized vehicle by means of a towing mechanism that is mounted above or forward of the tow vehicle’s rear axle

50

100

150

200

250

300

350

400

Est. 2017, 357.1Towable Shipments

Class BConstructed on an

automotive van-type vehicle

Class CConstructed on a cut-

away truck chassis

Class A GasA gas-powered motorhome

constructed on a bare motor vehicle chassis

Class A DieselA diesel-powered

motorhome constructed on a bare motor vehicle

chassis

10

20

30

40

50

60

70

80

Est. 2017; 53.9

Motorized shipments

U.S. POPULATION AGED 65+ EXPECTED TO GROW 69% FROM 2012 TO 2030 NEARLY HALF OF WINNEBAGO’S OWNERS ARE 60+ YEARS OLD**

Population 65+ by Age: 2010-2050Source: U.S. Bureau of the Census

FAVORABLE DEMOGRAPHIC BACKDROP

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• Camping is a solid target market– Leisure travel and camping continue to be popular*– Only 22% of the 29 million North American households that camp are RV campers

• Increasingly diverse potential customer base– Hispanic, African American, Asian and other ethnicities grew from 13% in 2012 to 23% in 2015– Younger campers (25-34 age) grew from 18% in 2012 to 23% in 2015– Generation X and Millennials seek more active outdoor experiences – Growth in use at sporting events and tournaments, craft shows, and collegiate sports activities

for alumni and fans* Kampgrounds of America (KOA) 2015 North American Camping

Report

Economic Impact of RV Industry in North America

RVIA 2016 Industry Data

2,797Number of

RV Businesses

3,001Number of

RV Dealerships

$5.7 BillionTaxes

Paid by RV

Industry

$7.9 BillionDirect

Wages from RV Industry

155,608Direct Jobs

$27 BillionTotal Direct Economic

Output

$49.7 BillionOverall Industry Impact

RV S MOVE AMERICA

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Our Current Reality

WHERE WE ARE WINNING

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• Received the quality circle award from the Recreation Vehicle Dealers Association every year since the award’s inception in 1996

33.60%30.20%

19.30%

13.20%

0.40% 0.20%

Class B Market Share -N. America

2014 2015 2016*

6.2%

23.4%

28.4%

Towable Growth outpacing Industry

Industry WGO

• Top 3 overall motorized market share**as reported by Statistical Surveys, Inc. for North America for Rolling 12

Months (June 2015-May 2016)

• 2016 YTD • Industry information based

on RVIA Industry data

WINNEBAGO MARKET SHARE

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Thor Industries Forest River Grand Design Gulfstream Coach Winnebago Other

51%36%

3% 2% 1% 5%

*Percent as reported by Statistical Surveys, Inc. for North America for Rolling 12 Months (June 2015-May 2016)

Thor Industries Forest River Winnebago REV Group Tiffin Newmar Other

34%25%

19%

7% 6% 4% 5%

Mot

orize

d M

arke

t Sh

are*

Tow

able

Mar

ket

Shar

e*

2009 2010 2011 2012 2013 2014 2015 2015 thru Q3

2016 thru Q3*

$(1.16)

$0.35 $0.41 $0.25

$1.14

$1.64 $1.53

$1.09 $1.20

EPS*

FINANCIAL PERFORMANCE

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2009 2010 2011 2012 2013 2014 2015 2015 thru Q3

2016 thru Q3*

$211.5

$449.5 $496.4 $581.7

$803.2

$945.2 $976.5

$725.5 $712.0

Consolidated Net Revenue

2009 2010 2011 2012 2013 2014 2015 2015 thru Q3

2016 thru Q3*

-14.5%

5.8%8.0% 7.5%

10.5% 11.0% 10.7% 10.6% 11.4%

Gross Margin

*Excludes impact of tax valuation allowances

2009 2010 2011 2012 2013 2014 2015 2015 thru Q3

2016 thru Q3*

-28.1%

0.1%2.3% 1.6%

5.5% 6.8% 6.1% 5.9% 6.6%

Operating Margin

2009 2010 2011 2012 2013 2014 2015

-24.4%

1.5%3.4% 2.5%

6.1% 7.2% 6.5%

EBITDA %

FINANCIAL PERFORMANCE

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2009 2010 2011 2012 2013 2014 2015

-30.0%

4.6% 5.1%

17.1%

10.7%13.5% 11.4%

ROA

2009 2010 2011 2012 2013 2014 2015

-59.2%

10.8% 11.5%

35.5%

20.3% 24.8% 19.9%

ROE

2009 2010 2011 2012 2013 2014 2015

-41.9%

8.4% 10.7%

31.9%

19.0%24.0%

20.0%

ROIC

ROADMAP TO SUCCESS

THE JOURNEY

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Setting a Vision

• New Corporate Vision• Updated Values

• Refreshed Leadership & Org. Design• Define Future MSP Value• Modernize/Align Employee Incentives

• Normalize Major Initiatives (ERP, Oregon & Sourcing)• Fuel Towables Growth• Seed Strategic Competencies & Partnership• Brand Revitalization

• Create 3-5 Year Strategy• Identify Target NBD Segments

Case for

Change

LRP + NBD

2017 Bridge

Staging the

Organ-ization

2020 Initiative

• Multi-Year Employee Drive Initiative• Market and Financial BHAGs

• Employee, Customer, Channel and Investor Feedback• Independent Assessments

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Our PurposeWe help our customers explore the outdoor lifestyle, enabling extraordinary experiences as

they travel, live, work and play.

Our VisionWe will be the trusted leader

in outdoor lifestyle solutions by providing unmatched innovation,

quality and service in the industries we engage.

Our MissionTo create lifetime advocatesthrough a relentless focus on

delivering an unsurpassed customer experience.

Our ValuesCustomer-Centric Results Driven Innovative Quality-Focused Collaborative

Trusted

WINNEBAGO INDUSTRIES VIS ION

FUTURE STRATEGIC PRIORITIES

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Build a Performance Culture

Revitalize & Leverage Our Iconic Brand

Streamline & Strengthen the Core

Expand Within / To New Markets

Elevate Excellence in Operations

Create Connected Customer Advocacy

1. Drive Profitable Organic Growth

2. Deliver Consistent and Increasing Dividends

3. Smart Acquisitions

4. Share Buyback

CAPITAL ALLOCATION PRIORITIES

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* RVIA 2015 Industry Profile (Retail Value)** Internally reported*** At May 28, 2016

INVESTMENT HIGHLIGHTS

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• Large market size and opportunity—Motorhomes $6.8B*, Towables $9.7B*• Solid demand— WGO retail registrations for Motorhomes and Towables up

9.1% and 25.3%, respectively, YOY on a rolling 12 month basis at May 30, 2016**

• Iconic brand synonymous with motorhomes• Favorable economic and demographic backdrop• Executive team reorganized to facilitate growth and profitability• Healthy balance sheet—no debt, $137 million cash, equivalents and

receivables***• Quarterly cash dividends—$0.10/share • Infrastructure and continuous improvement opportunities allow for greater

volume, providing leverage to margins and earnings

MOVING FORWARD