1. Earnings Conference Call
Second Quarter Fiscal 2007
May 3, 2007
Robert G. Bohn
Chairman, President and Chief Executive Officer
Charles L. Szews
Executive Vice President and Chief Financial Officer
and President, JLG Industries, Inc.
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Patrick N. Davidson
Vice President of Investor Relations

2. 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 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, 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 Company’s ability to
adjust its operating expenses in the second half of fiscal 2007 at certain of its business units that
anticipate lower industry demand resulting from changes to diesel engine emissions standards
effective January 1, 2007, 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, 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 May 3, 2007. Except as set forth in such Form 8-K, we
disclaim any obligation to update such forward-looking statements.
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3. Oshkosh Q2 2007 Highlights
• Sales increased 96.6% to
OSK Q2 Performance
$1.66 billion (millions)
• Operating income $2,000 $160.0
$1,800
increased 69.1% to
$134.8
$140.0
$1,600 $1,661
Operating Income
$120.0
Sales Revenue
$1,400
$134.8 million $100.0
$1,200 $79.7
$1,000 $80.0
• EPS up 1.5% to $0.68
$62.6
$800 $60.0
$845
$600 $672
$40.0
• Large contract awards for
$400
$20.0
$200
defense $0 $0.0
2005 2006 2007
• Met fiscal 2007 debt
Sales Revenue Operating Income
retirement target six
months early
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4. Access Equipment
• Met financial and operations
expectations in Q2
• Strong international markets,
particularly in Europe
• Strong aerial work platform
business in U.S., but softer
traditional telehandler
business
• BAUMA demonstrated power
of JLG brand
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5. Defense
• Lower sales and operating income
compared to prior year quarter
– Scheduled deliveries shifted to second
half of 2007
– Lower margin driven by product mix
and FHTV contract renewal
• Multiple contract awards during
quarter
– FHTV
– MRAP
– TPER
– MTT
• Strong funding outlook
– Budget
– Spring supplemental
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6. Fire & Emergency
• Continuing strong
performance at Pierce
• Successful PUC launch at
FDIC show
• Solid results in airport
products and towing
equipment groups
• Consolidating activities at
Oshkosh Specialty
Vehicles
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7. Commercial
• Continued margin
improvement at McNeilus
• 2007 engine emissions
standards changes expected
to impact second half results
• Significant progress at
Geesink Norba Group in Q2:
– Rationalized workforce and
facilities
– Leveraging facilities with JLG
– Required Q2 charges
• IMT integration progressing
with solid results
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8. JLG Integration Update
• Met or exceeded significant 100
day goals
• Numerous customer visits and
trade shows
– Power of cream and orange is
evident
• Expect to exceed previous fiscal
2007 synergy, earnings and cash
flow targets
• Solid progress building team and
strategies to drive JLG forward
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9. Consolidated Results
Dollars in millions, except per share amounts
Second Quarter
Comments
2006
2007
• Defense timing and
Net Sales $1,660.7 $844.8
product mix adversely
% Growth 96.6% 25.6% impacted results
Operating Income $ 134.8 $ 79.7 • JLG dilutive to EPS by
$0.02 per share
% Margin 8.1% 9.4%
• $10.1 million ($0.09
% Growth 69.1% 27.3%
per share) of inventory
Earnings Per Share $ 0.68 $ 0.67 revaluation charges
in Q2
% Growth 1.5% 28.8%
• Re-priced Term Loan B
and executed interest
rate swap
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10. Access Equipment
Dollars in millions
Second Quarter
Comments
2006
2007
• Sales up in all regions
Net Sales $707.9 NA
worldwide(1)
% Growth NA NA
• Purchase accounting
Operating Income $ 53.2 NA
charges:
% Margin 7.5% NA - $8.5 million
inventory revaluation
% Growth NA NA
- $16.1 million recurring
amortization and
depreciation
• Backlog up 26.0%(1)
(1) Compared to JLG stand-alone results.
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11. Defense
Dollars in millions
Second Quarter
Comments
2006
2007
Net Sales $306.0 $334.2 • Results consistent with
previous estimates
% Growth (8.4)% 59.4%
• Product mix and FHTV
Operating Income $ 52.8 $ 65.8
contract renewal
% Margin 17.3% 19.7%
affected margins
% Growth (19.8)% 33.2%
• Production increase on
schedule
• Backlog up 46.0%
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12. Fire & Emergency
Dollars in millions
Second Quarter
Comments
2006
2007
• Sales and margin
Net Sales $294.2 $221.3
growth at Pierce
% Growth 32.9% 3.8%
• Solid towing product
Operating Income $ 27.6 $ 17.9
and airport product
% Margin 9.4% 8.1% results
% Growth 54.6% (5.9)% • Includes $35.8 million
of sales from OSV
• Backlog up 11.9%,
including OSV
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13. Commercial
Dollars in millions
Second Quarter
Comments
2006
2007
• Continued strong
Net Sales $361.9 $299.5
domestic sales volume
% Growth 20.9% 17.3%
(pre-buy carryover for
Operating Income $ 22.1 $ 15.3 both concrete & refuse)
% Margin 6.1% 5.1% • Workforce reductions
and other adjustments
% Growth 44.3% 137.5%
totaled $4.9 million
• Includes $28.8 million of
sales from IMT
• Backlog down 31.1%,
including IMT
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14. Oshkosh Fiscal 2007 Estimates
Sales of $6.1 to $6.2 billion
• Expect access equipment sales
between $2.35 and $2.45 billion
• Anticipate defense sales increase
of $100 to $150 million
• Expect fire and emergency sales
to increase by approximately
$200 million
• Commercial sales expected to
be flat; includes impact of IMT
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15. Oshkosh Fiscal 2007 Estimates
Operating Income of $568 to $580 Million
• Anticipate access equipment margins
of about 9.5%, including purchase
accounting charges of $63 to $65
million
• Expect defense margins to decline by
approximately 50 to 100 bps
• Project fire & emergency margins to be
even with prior year
• Commercial margins expected to
decline by 50-100 bps
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16. Oshkosh Fiscal 2007 Estimates
Other Estimates
Fiscal
2007
Estimates
Interest expense and other $205 to $215 million (expense)
Effective tax rate 36.0%
Minority interest $0.5 million (expense)
Equity in earnings $5.5 million (income)
Average shares outstanding 75,000,000
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17. Oshkosh Fiscal 2007 Estimates
• Estimated annual EPS range
of $3.15 - $3.25
• Estimated Q3 EPS range
of $0.90 - $0.95
• Anticipated capital spending
of approximately $105 to $115
million
• Debt expected to be
approximately $3.0 - $3.1
billion at fiscal year-end
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18. Q2 2007 Summary
• Reduced business risk
– Strong debt pay-down
– Aggressive steps taken to improve European
refuse business
• Defense margins moving into lower, more
sustainable range, but outlook is strengthening
• Access equipment beginning to contribute to
overall performance
– Forecasting stronger earnings
• Success of diversification strategy is evident
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