Goldman Sachs Global Capital Goods Conference 2005

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Goldman Sachs Global Capital Goods Conference
2005
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Forward Looking Statements

• Our 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
  Trucks 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 Companys
  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 Companys
  ability to turnaround its McNeilus business, the
  expected level of U.S. Department of Defense
  procurement of the Companys products and
  services, the cyclical nature of the Companys
  commercial and fire and emergency markets, the
  effects of rapidly rising steel and component
  costs, risks related to reductions in government
  expenditures, the uncertainty of government
  contracts, the challenges of identifying,
  completing and integrating acquisitions 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
Driving Forward
Strong ROIC
Superior Historic Returns
Share Price
ROIC
And, a positive outlook
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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
Estimated Market Share
Rank
Heavy Defense Trucks 1 100 Medium Marine
Trucks 1 100 Fire Apparatus 1 31 Wreckers
and Carriers 2 25 Airport Products 1 79 Ambu
lances 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
Source Company estimates of its fiscal 2004
U.S. market share only, except for refuse truck
bodies - Europe.
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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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Introducing Revolutionary Technologies into
Mature Markets

• R D investment includes development of
  proprietary technologies
• Seek to substantially improve product performance
• While reducing customers whole life costs

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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.
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Positioned to Sustain Growth in Fiscal 2006
Estimates (1)
Outlook

• 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

(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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