INVESTOR PRESENTATION AUGUST 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

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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* RVIA 2015 Industry Profile (Retail Value)

** Internally reported*** At May 28, 2016

INVESTMENT HIGHLIGHTS

3

INDUSTRY UPDATE

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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STRONG CONSUMER CONFIDENCE HISTORICALLY LOW INTEREST RATES

Unites States Consumer Confidence IndexAs Of 7-28-16

Interest Rate Swaps - USD - 10 Year - Rate ValueAs Of 7-28-16

FAVORABLE ECONOMIC BACKDROP

5

LOW FUEL PRICES WEALTH EFFECT/IMPROVING STOCK MARKET

Unites States Gasoline Monthly Price - Dollars per GallonAs Of 7-28-16

NYSE Composite Index ValueAs Of 7-28-16

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

20092010201120122013201420150

50100150200250300350400

Towables All Motorhomes

TOTAL SHIPMENTS TO RETAILERS BY CATEGORY

In T

hous

ands

of U

nits

AVERAGE SELLING PRICE

Motorhome~$128,000

Towable~$29,000

INDUSTRY DYNAMICS

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RECREATION VEHICLE INDUSTRY ASSOCIATION (RVIA) FORECAST MAY 2016

• Calendar 2016 wholesale shipments for all RV categories should increase 5.9% over calendar year 2015.*Source: RVIA 2015 Industry Profile

COMPANY UPDATE

HISTORICAL T IMELINE

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Incorporated in Iowa.Entered Towable

Market.

1958 1961Adopted Current

Legal Name

1966 First

Motorhome. IPO

1970 1977 100,000th Unit

Produced

Fortune 500 Debut

2000Purchased

Charles City, IA Facility

20052010

2011 2013 2015

Listed On NYSE

1986

Acquired SunnybrookRV in Middlebury, IN View/Navion

Launch

Re-entered Towable Market

Leased Lake Mills, IA Facility; Travato

Introduced

Purchased Waverly, IA Facility and Former Country Coach

Facilitiesin Junction City, OR

• Manufacturer of high-quality motorhomes, travel trailers and fifth wheels with facilities in Iowa, Indiana and Oregon• Non-union workforce of approximately 3,000 employees • Strong, growing North American dealer network• Strong Brand Equity

o American icon—synonymous with motorhomeso Prevalent use in TV and movieso Recognized by Statistical Surveys, Inc. as top selling motorhome brand every

year since 1974o Quality craftsmanship, smart design, functionalityo Connection and support of RV communityo Best in class aftermarket sales and service supporto Constant innovation of new products and floorplans

INDUSTRY LEADER S INCE 1958

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• Strongest brand in the industry • Diversified line of innovative motorhome and towables product using same strong

flagship brand• Commitment to industry-leading product quality and structural integrity• Key vertical integration value streams allow Winnebago to control quality and

material flow effectively• Excellent relationships with dealers, lenders, suppliers and consumers• Financial strength (solid balance sheet) allows investment in business, ability to

honor warranty / repurchase agreements, and sustain cyclical downturn• Thousands of employees who have spent their career dedicated to the RV

industry and to making the best products possible

COMPETITIVE ADVANTAGES

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*Suggested base retail price

Class B$90,910 - $124,100*• Travato• Era

Class C$70,567 - $125,574*• Minnie

Winnie/Spirit• Fuse• Trend• Aspect/Cambria• View/Navion

Class A Gas$93,545 - $202,433*• Vista/Sunstar• Vista LX/Sunstar

LX• Sightseer/

Sunova• Adventurer/ Suncruiser

Class A Diesel$133,420 - $467,670*• Via• Forza• Journey/Meridian• Tour/Ellipse• Grand

Tour/Ellipse Ultra

MOTORHOME L INEUP

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Travel Trailers$15,798 – $42,616*• Micro Minnie• Winnie Drop• Minnie• Instinct• Ultralite• Spyder Toy

Hauler

Fifth Wheels $34,793 - $74,305*• Voyage• Latitude• Destination• Scorpion Toy Hauler

*Suggested base retail price

TOWABLE L INEUP

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TOWABLE OPPORTUNITIES

13

2011 2012 2013 2014 2015 2015 thru Q3

2016 thru Q3

$16.7

$56.8 $54.7 $58.1

$71.7

$48.9

$62.8

Revenue Growth

In Millions

33.8% CAGR

1% 5% 10% 20%

$88.0

$440.0

$880.0

$1,760.0

Net Revenue at Various Market Shares*

Current WGO Towable Market

Share

Emphasis on WGO Brand Began

In Millions

• Significant growth opportunity available

• Continue to leverage premium brand– Growth and profit accelerated

when emphasized• Expand distribution points• Differentiated customer experience• Exploring non-organic growth

*Assumes $8.8 Billion Market

Provides incremental growth and diversification

Winnebago Fuse

Built on new Ford Transit chassis, offers fuel efficient diesel

engine

Instinct Luxury travel trailer

with upscale amenities

Winnie DropRetro tear drop trailer with modern amenities

INNOVATIVE NEW PRODUCTS

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Winnebago VistaNew floorplans at entry price

points

WINNEBAGO MARKET SHARE

15

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

PLANNING THE JOURNEY

THE ROADMAP TO SUCCESS

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• Market & Financial Feedback• Independent Assessments

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

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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

Guiding PrinciplesWe respect our roots and legacy of success; we do not rest on them. We work to understand our customers’ unmet needs and develop solutions and an experience that creates lifelong advocates. Our employees are driven and caring. We strive to develop the best talent possible and enable a culture of servant leadership. We embrace thoughtful change in order to compete effectively and deliver market leadership as well as superior profitability.

We will work strategically with our channel partners to help them succeed and exceed our mutual end-customers’ expectations. We will continue to build respected brands that will be among our greatest assets. In every part of our company, we relentlessly pursue continuous improvement and enhanced productivity, driving out waste and creating ongoing and meaningful differentiation.

WINNEBAGO INDUSTRIES VIS ION

REFRESHED LEADERSHIP TEAM

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• Executive Leadership Team– 50% of CEO Direct Reports Ultimately New to Winnebago Industries– Stronger Business Unit Approach to Strategy and Execution

• Executive Officer (Former WGO Motorhome Executive) Now Leading Towables Business Unit

• New, Dedicated Leader of the Motorhome Business– Matrixed Shared Services Support & Oversight Leads to Extended Best

Practices Across WGO– Increased Leadership Competencies Around Lean and Business Development– True Enterprise Mindset and Accountability

VP – General Counsel VP - CFO VP -

Towables VP - CIO VP – Corp Strat & Dev VP – Ops & CI VP -

MotorizedVP – HR &

Admin

ERP Optimization

Business Intelligence

Digital Infrastructure

Connected Experience

Strategic Culture

NBD Capabilities

Brand Revitalization

Differentiation

CI Transformation

Untrap Capacity

Future State Footprint

Enterprise Leverage

Focused Leadership

NPD Vitality

Dealer Trust

Ownership Experience

Exec Officer Champion

NPD Vitality

Leverage MH Strengths

Plan for Growth

President & CEO

Existing Talent

New Talent

Repositioned Talent

• ERP system will empower timely and effective business decisions and increase productivity 

• Strategic sourcing initiative will identify material short-term COGS savings and establish long-term procurement discipline 

• New manufacturing and service facility in Oregon will create more streamlined assembly process for Class A diesel product line and free up significant capacity in Iowa facility for increased motorized production of Class A gas and C categories

• Reshaped executive leadership team structure will effectively blend current and new ideas, while creating stronger organizational design for success

• New Minneapolis / Saint Paul office provides base to recruit additional intellectual capital, access key partner relationships, engage customers / BOD differently, and broaden network of possible allies and engagement of best practices

• Major assessments around Brand Health and Operational Health conducted to identify key and multiple business improvement opportunities

• Utilized outside firm to assist Board of Directors in internal engagement assessment and define experience / skills inventory to aid in future evolution

TO DAY ’ S I N V E S T M E N T S F O R TO M O R R OW ’ S G R O W T H

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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

23

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

INVESTMENT HIGHLIGHTS

24

• 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