Baird presentation short v8 final

Baird’s 2016 Industrial Conference
November 9, 2016
Oshkosh Corporation
(NYSE:OSK)

November 9, 2016Baird's 2016 Industrial Conference 2
Forward-Looking Statements
This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements
regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels
and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this
presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative
thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are
beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking
statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which
are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access
equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement
strategies; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the
expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and
acceptance of and funding or payments for such products and services; the outcome of a competitor’s protest of orders we received from the
DoD; higher material costs resulting from production variability due to uncertainty of timing of funding or payments from international defense
customers; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain
DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles,
including a future Family of Medium Tactical Vehicle production contract; the Company’s ability to increase prices to raise margins or offset
higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities
expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be
achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets
and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; projected adoption rates of work
at height machinery in emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its
customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of
any warranty campaigns related to the Company’s products; risks related to production or shipment delays arising from quality or production
issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s
ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending
against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic
road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s
filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this presentation. The
Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware
that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

3
A different integrated global industrial
MOVE – Evolving to deliver more value
Positioned for long-term success
Oshkosh Corporation Key Messages
November 9, 2016Baird's 2016 Industrial Conference

 Leading provider of
specialty vehicles
 Nearly 100 years in business;
incorporated in 1917
 Focused on delivering value to
customers and shareholders
 Serial innovator of game-
changing new products
ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL
4
Moving the World at Work
Making a Difference

Oshkosh Corporation Profile – FY16
5
48%
Access
Equipment
21%
Defense
15%
Fire &
Emergency
16%
Commercial
Revenue by Segment
76%
United States
4%
Other NA
14%
EAME
6%
Rest of
World
Revenue by Geography
 Revenue growth in Defense
and Fire & Emergency Segments
 Delivering a stronger
international mix

Fire Apparatus
6
Concrete Mixers/Batch Plants
#1Heavy Defense Trucks (Army & Marines)
Medium Defense Trucks (Army & Marines)
Light Defense Trucks (JLTV – beginning FY17)
Airport Products (Rescue and Firefighting & Snow Removal)
Aerial Work Platforms/Telehandlers
Refuse Collection Vehicles
Industry Leadership
Strong Brands  Value Creation
Wreckers & Carriers
(1) Company estimates
NORTH AMERICA RANK (1)
#1
#1
#1
#1
#1
#1
#2
GLOBAL RANK (1)
#1
Baird's 2016 Industrial Conference November 9, 2016

7November 9, 2016Baird's 2016 Industrial Conference
Strong Execution in FY16
* Non-GAAP results. See appendix for reconciliation to GAAP results.
OSK Full Year Performance
Net Sales
(billions)
Adjusted EPS*
$3.14
$3.02
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
FY16 FY15
$6.3
$6.1
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
FY16 FY15
 Revenue and adjusted EPS
growth driven by:
– Strong defense shipments
– Improved fire & emergency results
 Improving operations
− Focus on operational efficiencies and
simplifying our businesses
 Repurchased 2.5 million shares
or ~3% of outstanding shares
 Announced 11% dividend
increase effective November 17
 Generated $490 million
in free cash flow*

A DIFFERENT INTEGRATED
GLOBAL INDUSTRIAL

Leveraging Our Unique Position
9
Diverse End
Markets
Leverage Best Attributes of Two Distinct Approaches
Integrated
Operations

Favorable and Diverse End Market Drivers
10
 Defense recovery
– JLTV ramp-up
– Solid U.S. base program funding
– International opportunities
 U.S. construction slowly
improving, though uneven – both
residential and non-residential
 Municipal spending recovering
 Aging fleets in multiple markets
 Significant access
equipment product adoption
opportunities globally
– Despite current market challenges
 Population growth
and urbanization
Mid single-digit FY16 to FY17 revenue growth –
despite Access Equipment Segment expected decline

Integrated Enterprise Approach Drives
Opportunity/Efficiency Across Business Segments
11
 Global product development
 Enterprise-wide operations
 Global procurement and
supply chain
‒ Leverage scale of OSK
 One Oshkosh culture
‒ People, Purpose, Performance
Take Advantage of Opportunities
Unavailable to Many Companies

MOVE – EVOLVING TO
DELIVER MORE VALUE

13
Grow profitably by maintaining intense focus on
customer experience
Optimize our costs and capital structure to provide
value for customers and shareholders
Lead in innovation over the product life cycle
Drive international growth in targeted geographies
Evolving to Deliver More Value

Market Leader Delighting Customers
Grow profitably by maintaining intense focus on customer experience
14
Enhance customer experience by:
 Increasing use of standard
processes and tools to drive
consistent customer experience
 Providing total customer care
solutions over product life cycle
 Expanding use of Advanced
Product Quality Planning
 Utilizing Voice of Customer to deliver
superior products and solutions

15
Targeting ~$55 million yr/yr cost
reduction in FY17
 Build on current practices for
product, process and overhead
improvements
‒ Component commonality
‒ Supply chain optimization
‒ Weight reduction
 Incrementally improve margins
independent of volume through
simplification actions
Optimize Cost and Capital Structure
Optimize our costs and capital structure to provide value for customers and shareholders

Value Innovation
Target 15 - 20% annual revenue(1) from new products in FY17
 Continue innovation leadership
 Further development of
value/global products
 Leverage benefits of multi-
generational product and
technology plans
(1) Revenues from new products tracked through the first 24 months following the initial sale for all new products
and new product development projects
Next generation protection and mobility
JLTV
Game-changing 107 foot two-axle aerial
Ascendant TM Aerial Ladder
Balances high payload,
low body weight
JLG 1500AJP Articulating Boom Lift
World’s tallest articulating
boom lift
Meridian Front-end Loader RCV

24%
0%
10%
20%
30%
40%
50%
FY16 FY17E
% of OSK Sales Outside U.S.
Emerging Market Growth
17
Drive international growth in targeted geographies
 ~15% - 20% increase in international sales
– From $1.5 billion in FY16 to an estimated $1.75
billion in FY17
– Driving international to 25% - 30% of OSK sales
 Growth driven by Defense and Access
Equipment
 Expanding our reach across the globe
(1)
25% - 30%
24%

Access Equipment Summary
Targeting higher operating income margins
across the cycle
 Global leader in access equipment
 Focused strategy built on simplifying
the business, continuing to lead in
innovation and expanding aftermarket
parts and services
 Well positioned for long-term global
success as near-term headwind of
replacement demand cycle becomes
a tailwind and product adoption grows

Current North America Fleet Replacement Demand
Negatively impacted by low sales during last recession…
(1) Rouse Services: Age composition of Access Equipment of “Rouse 8” fleets in North America as of 6/30/2016
… Believe Becomes a Demand Driver in Future Years
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2016
Partial
2015201420132012201120102009
Model Year of Fleet
Composition of Rental Fleet in 2016
as Percent of Total Units(1)
Current
Headwind

(1) Company estimates
Defense Segment Summary
Targeting high single-digit operating income margins
over the next few years
 #1 provider of light, medium, MRAP and
heavy tactical wheeled vehicles in the world(1)
 Winning strategy based on breakthrough
technologies, operational agility, life cycle
value and defense expertise that delivers
exceptional technical, operational and
economic value for our military customers
 Solid budget visibility for the multi-year,
multi-billion dollar U.S. JLTV program,
as well as international market potential

Joint Light Tactical Vehicle (JLTV)
U.S. JLTV Production
Contract Overview
 ~$6.7 billion
 Base award plus 8 order years
 Program scope includes:
– 4 Mission Package Configurations
– Mission Kits
– Interim Contractor Support (ICS)
– Total Package Fielding (TPF)
– System Technical Support (STS)
– Technical Data Package
 Quantity: 18,000+ vehicles(1)
– Vehicle deliveries expected through 2024
Utility
2Door4Door
General Purpose
Close Combat
Weapons Carrier
Heavy Guns Carrier Future Variants
(1) Source: FY17 U.S. President’s Budget

Fire & Emergency
Segment Summary
Targeting double-digit operating income
margins in the near term
 Leader in U.S. fire truck and global airport
products(1)
with industry-leading brands,
products and distribution network
 Strategy focused on operational excellence,
simplification and continuing to lead
in innovation
 Aging fleets, technological changes and
steady growth in municipal demand support
solid outlook
(1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal
23Baird's 2016 Industrial Conference November 9, 2016

24
 Housing prices and local property taxes have continued to recover
 Aging fleets coupled with improving state and local tax receipts have led
to steady growth in municipal demand
Domestic Fire Truck Market Drivers
Gaining Momentum
Increasing Home Prices and Property Taxes
1990 1995 2000 2005 2010 2015

25November 9, 2016
Targeting 10% operating income margins over time
 Differentiated leader in North American
refuse collection vehicle and concrete mixer
markets with broad product lineup,
operational scale and well-respected brands
 Strategy focused on innovation,
simplification and supporting customers
through the product life cycle
 Promising market fundamentals and
elevated customer fleet ages drive
performance opportunities
Baird's 2016 Industrial Conference
Commercial Segment Summary

Concrete mixers
 Fleet age is high; ~10 years
 Customers are cautious near term
 North American rear discharge
concrete mixer market still below
(~25%) long-term average
 Home ownership at lowest level
in 50 years
RCVs
 Large operator fleet age >8 years2
 Share growth past 2 years
 Fleet volumes growing due to
increase in waste generation
 Solid municipal funding as tax
receipts rebound
 Expect waste hauling market
consolidation to continue
0
2
4
6
8
10
12
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Average concrete mixer fleet age¹
Average fleet age in years
26
Concrete Mixers and Refuse Collection Vehicles
Aged fleets positively correlated with housing and waste generation
(1) Source: 2001-2014 Truck Mixer Manufacturing Bureau (TMMB)
(2) Estimates based on publicly traded refuse company information and OSK internal estimates
(3) Refuse Collection Vehicles 2005 – 2015 WASTEC, single-family housing starts as reported by IHS
-60%
-40%
-20%
0%
20%
40%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
U.S.RCVmarketYOYChange
U.S. refuse collection vehicles and
single-family housing starts YOY change³
RCV domestic market YOY Change
Single Family Housing Starts YOY change
Single-familyhousingstartsYOYchange

CAPITAL ALLOCATION AND
FINANCIAL OUTLOOK

Baird's 2016 Industrial Conference 28
Responsible Capital Allocation Strategy
Long-term
targeted capital
structure
Drives
sales and
EPS growth
Reinvest in core
business
Invest in external
growth (M&A)
Return cash to
shareholders
Reduce debt
Hold cash
Debt to
EBITDA
target ~2.0X
Opportunistic
levers to
drive additional
shareholder
value
November 9, 2016

FY17 Estimates
29
 Revenues of $6.5 to $6.7 billion
 Operating income of $390 million to $430 million
 EPS of $3.00 to $3.40
Assumptions
– No recession
– Sale of ~1,000 International M-ATVs
– Continued caution by construction equipment customers
– Slow recovery of N.A. fire apparatus market continues
– Moderating RCV market growth
– Working capital build to support international
defense sales
Additional estimates
– Corporate expenses of $140 - $145 million
– Tax rate of ~33%
– CapEx of ~$100 million
– Free Cash Flow(1) of $0 to $50 million
– Assumes share count of ~74.5 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$2.7 to $2.8 ~$1.85 ~$1.0 ~$1.0
Operating Income
Margin
7.75% - 8.5% ~9.5% ~8.5% ~6.75%
(1) Non-GAAP results. See appendix for reconciliation to GAAP results.

POSITIONED FOR
LONG-TERM SUCCESS

Positive Long-term Outlook
Convergence of favorable market dynamics and
benefits of MOVE position OSK to deliver strong results
 Favorable market dynamics
‒ JLTV provides multi-year visibility
for Defense
‒ Current access equipment
replacement demand headwind
becomes future tailwind
‒ Fleet ages help to drive Fire &
Emergency and Commercial
Segment demand
 MOVE strategy will continue to
drive results
 Expected strong free cash flow
over the cycle provides capital
allocation alternatives
A Different Integrated Global Industrial Company

For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com

Appendix: Consolidated Results
 Sales impacted by:
 Higher defense and F&E sales
offset lower access equipment
sales
 EPS impacted by:
 Lower average share count
 Higher defense and F&E
segment operating income
− Lower access equipment
segment operating income
− Higher corporate expenses
Comments
(Dollars in millions, except per share amounts)
Full Year
Net Sales $6,279.2 $6,098.1
% Change 3.0% (10.4)%
Adjusted Operating
Income* $391.8 $398.1
% Change (1.6)% (22.3)%
% Margin 6.2% 6.5%
Adjusted EPS* $3.14 $3.02
% Change 4.0% (16.6)%
2016 2015

Net Sales $3,012.4 $3,400.6
% Change (11.4)% (3.0)%
Adjusted
Operating Income* $291.2 $409.5
% Change (28.9)% (18.3)%
% Margin 9.7% 12.0%
Full Year
(Dollars in millions)
2016 2015
Appendix: Access Equipment
− Lower volume, primarily in
Americas, partially offset by
growth in EMEA & China
− Competitive pricing
 Operating income impacted by:
− Lower sales volume
− Competitive pricing
 Lower spending on engine
emissions standards changes
 Backlog down 14% vs. prior
year to $179 million
Comments

Appendix: Defense
 Higher international M-ATV
volume
 Higher FHTV volume
− Lower FMTV volume
 Higher sales volume
 Favorable product mix
 Contractual price increases
 Backlog up 65% vs. prior year
to $2.3 billion(2)
Comments
Net Sales $1,351.1 $939.8
% Change 43.8% (45.5)%
Adjusted
Operating Income $122.5 $5.8(1)
% Change 1,983.1% (93.1)%
% Margin 9.1% 0.6%
Full Year
2016 2015
(1) Non-GAAP results. See appendix for reconciliation to GAAP results.
(2) Includes $380 million of FMTV orders under protest

Net Sales $953.3 $815.1
% Change 16.9% 7.8%
Operating Income $67.0 $43.8
% Change 53.1% 64.5%
% Margin 7.0% 5.4%
Full Year
2016 2015
Appendix: Fire & Emergency
 Higher fire truck volume
 Favorable pricing
 Improved operational efficiency
 Higher sales volume
 Favorable pricing
 Improved operational efficiency
 Backlog up 8% vs. prior year to
$853 million
Comments

Appendix: Commercial
 Higher RCV volume
 Lower field service truck and
truck mounted crane volume
 Favorable mix
 Production inefficiencies
 MOVE investments
 Backlog down 10% vs. prior
year to $173 million
Comments
Net Sales $979.2 $978.0
% Change 0.1% 12.9%
Operating Income $67.6 $64.5
% Change 4.8% 19.7%
% Margin 6.9% 6.6%
Full Year
2016 2015

Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement
AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle
AMPS Aftermarket parts & service MRAP Mine Resistant Ambush Protected
C4ISR
Command, Control, Communications, Computers, Intelligence,
Surveillance and Reconnaissance
MSVS Medium Support Vehicle System (Canada)
CAGR Compound Annual Growth Rate NOL Net Operating Loss
CapEx Capital Expenditures NPD New Product Development
DCS Direct Commercial Sales NRC National Rental Company
DoD Department of Defense OCO Overseas Contingency Operations
EMEA Europe, Middle East & Africa OH Overhead
EMD Engineering & Manufacturing Development OI Operating Income
EPS Diluted Earnings Per Share OOS Oshkosh Operating System
FAST Act Fixing America’s Surface Transportation Act OPEB Other Post-Employment Benefits
FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System
FMS Foreign Military Sales PUC Pierce Ultimate Configuration
FMTV Family of Medium Tactical Vehicles R&D Research & Development
GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle
GAO Government Accountability Office RFP Request for Proposal
HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World
HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)
HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command
IRC Independent Rental Company TDP Technical Data Package
IT Information Technology TMH Telescopic Material Handler
JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle
JPO Joint Program Office UCA Undefinitized Contract Action
JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)
JUONS Joint Urgent Operational Needs Statement UK United Kingdom
L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius

Appendix:
Non-GAAP to GAAP Reconciliation
The table below presents a reconciliation of the Company’s presented non-GAAP measures to
the most directly comparable GAAP measures (in millions, except per share amounts):
Fiscal Year Ended
September 30,
2016 2015
Adjusted operating income (non-GAAP) $ 391.8 $ 398.1
Long-lived asset impairment charge (26.9) -
OPEB curtailment/settlement - 3.4
Workforce reduction charges (0.9) (2.9)
Operating income (GAAP) $ 364.0 $ 398.6
Adjusted access equipment segment operating
income (non-GAAP) $ 291.2 $ 409.5
Long-lived asset impairment charge (26.9) -
Workforce reduction charges (0.9) (2.5)
Access equipment segment operating income (GAAP) $ 263.4 $ 407.0
Adjusted defense operating income (non-GAAP) $ 5.8
Pension and OPEB curtailment/settlement 3.4
Defense segment operating income (GAAP) $ 9.2
Fiscal Year Ended,
September 30,
2016 2015
Adjusted earnings per share - diluted (non-GAAP) $ 3.14 $ 3.02
Long-lived asset impairment charge, net of tax (0.22) -
OPEB curtailment/settlement, net of tax - 0.03
Workforce reduction charges, net of tax (0.01) (0.03)
Debt extinguishment costs, net of tax - (0.12)
Earnings per share - diluted (GAAP) $ 2.91 $ 2.90

The table below presents a reconciliation of the Company’s presented non-GAAP measures
to the most directly comparable GAAP measures (in millions):
Appendix:
Non-GAAP to GAAP Reconciliation
Fiscal 2016
Net cash flows provided by operating activities $ 577.7
Additions to property, plant and equipment (92.5)
Additions to equipment held for rental (34.8)
Proceeds from sale of equipment held for rental 40.2
Free cash flow $ 490.6
Fiscal 2017 Expectations
Low High
Net cash flows provided by operating activities $ 100.0 $ 150.0
Additions to property, plant and equipment (100.0) (100.0)
Free cash flow $ - $ 50.0

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