1. Earnings Conference Call
Second Quarter Fiscal 2008
May 1, 2008
Robert G. Bohn
Chairman and Chief Executive Officer
Charles L. Szews
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President and Chief
Financial Officer
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 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 Company’s ability to turn around its Geesink Norba Group business sufficiently to
support its current valuation resulting in no impairment charge; the consequences of financial
leverage associated with the JLG acquisition; the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, especially during a recession, which many
believe the U.S. has already entered; the expected level and timing of U.S. Department of Defense
procurement of products and services and funding thereof; risks related to reductions in government
expenditures and the uncertainty of government contracts; risks associated with international
operations and sales, including foreign currency fluctuations; risks related to the collectibility of
access equipment receivables; the Company’s ability to offset rising steel costs through cost
decreases or product selling price increases; and the potential for increased costs relating to
compliance with changes in laws and regulations. Additional information concerning these and other
factors and assumptions is contained in our filings with the SEC, including our Form 8-K filed May 1,
2008. 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 Fiscal Q2 2008 Highlights
Sales increased 6.7% OSK Q2 Performance
to $1.8 billion (millions)
Operating income increased $2,000 $180.0
$1,773
$1,800 $1,661
Operating Income
24.8% to $168.2 million
Sales Revenue
$160.0
$1,600 $168.2
$1,400
$140.0
EPS up 42.6% to $0.97 $1,200
$134.8
$1,000 $120.0
$845
$800
Maintaining FY 2008 EPS $100.0
$600
estimate range of $400
$80.0
$200
$4.15 to $4.35 $79.7
$0 $60.0
2006 2007 2008
Strong demand for access Sales Revenue Operating Income
equipment and defense
vehicles driving performance
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4. Access Equipment
Continued strong international
markets for aerial products offsetting
lower North American sales
Strong performance from broad
base of customers
Well-attended and active ConExpo
2008. New product and service
launches included:
– Ground Support™ - JLG branded after
sales support
– ClearSky™ connected asset technology -
global remote maintenance assurance
– Super compact telehandler
– LiftPod®
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5. Defense
Performance driven by both new
and remanufactured trucks
Strong expectations for
foreseeable future supported by
solid backlog and funding
requests
Parts & service business
expected to grow significantly in
back half of FY08
JLTV Technology Development
phase proposal submitted with
partner Northrop Grumman
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6. Fire & Emergency
Weak towing & recovery and
mobile medical/broadcast markets
Pierce fire apparatus
– Strong order activity during the quarter
– Launch of PUC evolution technology
products at FDIC
Continued strong international
airport products activity
Cost containment initiatives
New president at JerrDan
(towing & recovery business)
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7. Commercial
Significant weakness remains in U.S.
concrete markets
– Maintaining price discipline
Continued cost reduction activities
Domestic refuse products stable in
modestly down market
Geesink Norba Group progress:
– Production of Norba-branded units
started in The Netherlands
– Commenced JLG parts fabrication
in Romania
– New managing director
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8. Consolidated Results
(Dollars in millions) Second Quarter Comments
2008 2007 • Strong results in
access equipment and
Net Sales $1,772.6 $1,660.7
defense
% Growth 6.7% 96.6%
• Challenging market
conditions continue to
Operating Income $ 168.2 $ 134.8
impact commercial and
% Margin 9.5% 8.1%
fire & emergency
% Growth 24.8% 69.1%
segments
• Corporate expenses in
Earnings Per Share $ 0.97 $ 0.68
line with expectations
% Growth 42.6% 1.5%
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9. Access Equipment
(Dollars in millions) Second Quarter Comments
2008 2007 • Strong sales in
international markets
Net Sales $813.1 $707.9
• Lower North American
% Growth 14.9% NA
sales as expected
• Significant margin
Operating Income $123.6 $ 53.2
improvement driven by:
% Margin 15.2% 7.5% • Volume
% Growth 132.5% NA • Product and customer mix
• Currency
• Prior year purchase
accounting charges
• Backlog down 29.8%
vs. prior year
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10. Defense
(Dollars in millions)
Second Quarter Comments
2008 2007
• Continued strong demand
for new and
Net Sales $450.8 $306.0
remanufactured trucks
% Growth 47.3% (8.4)%
• Vehicle product mix, lower
Operating Income $ 59.7 $ 52.8 margin service activity and
higher bid & proposal
% Margin 13.2% 17.3%
spending impacted margin
% Growth 13.0% (19.8)%
• Backlog down 12.6%
vs. prior year
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11. Fire & Emergency
(Dollars in millions)
Second Quarter Comments
2008 2007
• Lower segment sales
due to OSV, JerrDan
Net Sales $272.3 $294.2
and BAI
% Growth (7.4)% 32.9%
• Margins impacted
mainly by lower
Operating Income $ 20.6 $ 27.6
volumes
% Margin 7.6% 9.4%
% Growth (25.6)% 54.6% • Backlog down 1.9%
vs. prior year
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12. Commercial
(Dollars in millions)
Comments
Second Quarter
• Weak U.S. concrete
2008 2007
market conditions and
Net Sales $250.9 $361.9
Geesink drove loss
% Growth (30.7)% 20.9%
• Continued solid
domestic refuse orders
Operating Income $ (5.5) $ 22.1
• Backlog down 16.4%
% Margin (2.2)% 6.1%
vs. prior year
% Growth (124.8)% 44.3%
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13. Oshkosh Fiscal 2008 Estimates
Revenue of $7.1 to $7.3 billion
Expectations:
Access Equipment sales to
increase 25% to 30%
Defense sales to
increase 25% to 30%
Fire & Emergency sales to
increase approximately 5%
Commercial sales to
decrease approximately 20%
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14. Oshkosh Fiscal 2008 Estimates
Operating Income of $670 to $695 million
Expectations:
Access Equipment margins to
improve by 250 to 300 bps
Defense margins to
decline by 250 to 300 bps
Fire & Emergency margins to
decline by 50 to 100 bps
Commercial margins to
decline by 500 to 550 bps
Corporate expense to
increase by approximately
$25 to $30 million
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15. Oshkosh Fiscal 2008 Estimates
Other Estimates
Interest expense and other $210 to $215 million (expense)
Effective tax rate 33.5%
Equity in earnings $5.0 to $5.5 million (income)
Average shares outstanding 75 million
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16. Oshkosh Fiscal 2008 Estimates
FY08 EPS estimate range
of $4.15 to $4.35
Q3 EPS estimate range
of $1.40 to $1.50
Capital spending expected to
approximate $110 million
Expect debt between $2.65 and
$2.75 billion at fiscal year-end
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17. Fiscal Q2 2008 Summary
Positive outlook for sales, operating income and EPS growth
against difficult economy and weak domestic end markets in
several businesses
– Continued strong demand for access equipment
and defense products
– Slowdown after 2007 engine emissions pre-buy and
macroeconomic issues continue to pressure commercial
and fire & emergency segments
Long-term defense outlook bolstered by strong funding requests
and JLTV program opportunity
Expanding global footprint and strengthening management team
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