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August 1, 2007

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Earnings Conference CallThird Quarter Fiscal 2007August 1, 2007

Robert G. BohnChairman, President and Chief Executive Officer

Charles L. SzewsExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President of Investor Relations

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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 2007 and fiscal 2008, the Company’s ability to integrate the JLG Industries, Inc., Oshkosh Specialty Vehicles and Iowa Mold Tooling Co., Inc. acquisitions, the consequences of financial leverage associated with the JLG acquisition, the Company’s ability to turn around the Geesink Norba Group and Medtec businesses sufficiently to support their valuations resulting in no non-cash impairment charges for goodwill, the expected level of U.S. Department of Defense procurement of the Company’s products and services, the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, risks related to reductions in government expenditures, the uncertainty of government contracts, risks associated with international operations and risks related to the collectibility of access equipment receivables. Additional information concerning these and other factors is contained in our filings with the SEC, including our Form 8-K filed August 1, 2007. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

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Oshkosh Q3 2007 Highlights• Sales increased 108% to

$1.85 billion

• Operating income increased 133% to $192.7 million

• EPS up 68% to $1.21

• Increased fiscal 2007 EPS estimate range to $3.35 to $3.40; initiated fiscal 2008 EPS estimate range of $4.15 to $4.35

• Oshkosh pursuit of MRAP business continues

OSK Q3 Performance(millions)

$1,847

$888$819

$192.7

$82.6

$63.0

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2006 2007$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

Sales Revenue Operating IncomeSa

les

Reve

nue

Operating Incom

e

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Access Equipment

• Craig Paylor named president of segment

• Integration efforts continue to yield success

• Strong international markets, particularly in Europe

• Strong aerial work platform business in U.S., but softer telehandler business

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Defense• Strong performance driven by

need for heavy and medium tactical trucks

• Increased levels of:– Employees

– Truck production rates

• Continuing pursuit of MRAP-type contracts, with significant available capacity:– Prime– Subcontractor

– Teaming (ex. the Bull™)Killeen, Texas

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Fire & Emergency• Tom Fenner named

president of segment

• Strong performance at fire apparatus maker Pierce

• Recent new product launches continue to gain traction

• Large airport products contracts ship in Q4

• OSV integration is progressing

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Commercial

• Lower concrete placement sales due to:– Slowdown after engine

emissions pre-buy – Weakness in U.S. residential

construction

• U.S. refuse sales remained strong

• Necessary steps being taken at Geesink Norba Group

• IMT integration continues on track

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Consolidated Results

Net Sales $1,847.3 $887.9

% Growth 108.1% 8.4%

Operating Income $ 192.7 $ 82.6

% Margin 10.4% 9.3%

% Growth 133.2% 31.2%

Earnings Per Share $ 1.21 $ 0.72

% Growth 68.1% 38.5%

Dollars in millions, except per share amounts

Comments

• Access equipment and defense led the way

• JLG accretive to EPS by $0.35 per share

• Debt reduced by $23 million

2007 2006

Third Quarter

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Access Equipment

Net Sales $873.8 NA

% Growth N/A NA

Operating Income $ 98.3 NA

% Margin 11.3% NA

% Growth N/A NA

Dollars in millions

Comments2007 2006

Third Quarter

(1) Compared to JLG stand-alone results.

• Sales up in all regions- Particularly strong in

Europe• Purchase accounting

charges:- $2.0 million inventory

revaluation- $16.8 million recurring

amortization and depreciation

• Backlog up 38.2%(1)

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Defense

Net Sales $376.3 $291.4

% Growth 29.1% 3.7%


% Margin 17.3% 16.8%

% Growth 33.1% 6.7%

Dollars in millions

Comments

• Production ramp-up in full swing

• Strong volumes in new and remanufactured trucks

• Sharply lower aftermarket sales

• Backlog up 65.4%

2007 2006

Third Quarter

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Fire & Emergency

Net Sales $290.2 $255.3

% Growth 13.7% 14.7%


% Margin 10.0% 11.7%

% Growth (2.7)% 28.7%

Dollars in millions

Comments• Growth in U.S. fire

apparatus

• Higher-margin airport product sales heavily weighted to Q4

• Supplier issues in 2006 affect comparison

• Includes $31.9 million of sales from OSV

• Backlog up 9.4%, including OSV

2007 2006Third Quarter

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Commercial

Net Sales $317.8 $350.6

% Growth (9.3)% 8.8%


% Margin 5.6% 7.2%

% Growth (29.7)% 252.0%

Dollars in millions

Comments• Concrete placement

demand declined after ’07 engine pre-buy

• U.S. refuse sales up 14.4%• Geesink Norba

performance improved from Q2

• Includes $25.4 million of sales from IMT

• Backlog down 51.1%, including IMT

2007 2006

Third Quarter

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Oshkosh Fiscal 2007 Estimates

Expectations:

• Access equipment sales of approximately $2.5 billion

• Defense sales to grow about 10%

• Fire and emergency sales to increase over 20%

• Commercial sales to grow about 5%

Sales of $6.3 to $6.35 billion

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Expectations:

• Access equipment margins slightly greater than 9.5%, including purchase accounting charges of $65 to $67 million

• Defense margins to decline by approximately 100 to 150 bps

• Fire & emergency margins to be slightly lower than previous year

• Commercial margins to decline by 50 to 100 bps

Operating Income of $576 to $583 Million

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Interest expense and other $195 to $200 million (expense)

Effective tax rate 36.0%

Equity in earnings $7.0 million (income)

Average shares outstanding 75,000,000

Fiscal 2007

Estimates

Other Estimates

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• Raising full-year EPS estimate range to $3.35 to $3.40

• Estimated Q4 EPS rangeof $0.90 to $0.95

• Anticipated capital spending of approximately $105 million

• Debt expected to be approximately $3.0 to $3.1 billion at fiscal year-end

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Expectations:• Access equipment sales to

increase 15.0% to 20.0%• Defense sales to grow

over 20.0%• Fire and emergency sales to

increase approximately 5.0%• Commercial sales to be up

slightly

Sales of $7.0 to $7.2 billion

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Expectations:

• Access equipment margins to improve by 100 to 150 bps

• Defense margins to decline by approximately 200 to 250 bps

• Fire & emergency margins to improve by 50 to 100 bps

• Commercial margins to improve by 100 to 150 bps

• Corporate expense to grow by approximately $30 million

Operating Income of $705 to $730 Million

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Interest expense and other $220 to $230 million (expense)

Effective tax rate 34.5%

Equity in earnings $3.0 million (income)

Average shares outstanding 76,500,000

Fiscal 2008

Estimates

Other Estimates

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• Estimated annual EPS range of $4.15 to $4.35

• Anticipated capital spending of approximately $110 million

• Debt expected to be approximately $2.65 to $2.75 billion by September 30, 2008

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• Very strong performance by access equipment

• Defense business coming on strong, with margins moving into lower, more sustainable range

– Remain in hunt for MRAP-type business

• Commercial segment in the down cycle of the engine emissions pre-buy

• Favorable outlook through fiscal 2008

• Success of diversification strategy is evident

Q3 2007 Summary

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