1. Credit Suisse 4th Annual Truck Builders Conference March 2, 2006

2. 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 2006 and beyond, the Company’s ability to continue the turnaround of 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 Company’s ability to increase its operating income margins at McNeilus, the ability of the Company to recover steel and component cost increases from its customers, risks associated with a three-phase enterprise resource planning system implementation at McNeilus, the expected level of U.S. Department of Defense procurement of the Company’s products and services, the cyclical nature of the Company’s commercial and fire and emergency markets, risks related to reductions in government expenditures, the uncertainty of government contracts, the challenges of identifying, completing and integrating acquisitions, the success of the launch of the Revolution  drum, 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 February 2, 2006. Except as set forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.

3. 3 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

4. 4 Investment Highlights Driving Forward ROIC Share Price And, a positive outlook Superior Historic Returns Strong ROIC

5. 5 Significant Competitive Advantages Leading brand positions Extensive distribution capabilities Flexible and efficient manufacturing Proprietary component technologies Strong balance sheet

6. 6 Market Leadership Source: Company estimates of its fiscal 2004 U.S. market share only, except for refuse truck bodies - Europe. Heavy Defense Trucks#1100% Medium Marine Trucks#1100% Fire Apparatus#131% Wreckers and Carriers#225% Airport Products#179% Ambulances#38% Rear-Discharge Concrete Mixers#175% Front-Discharge Concrete Mixers#151% Concrete Batch Plants#148% Refuse Truck Bodies - U.S.#1/#227% - Europe#120% Rank Estimated Market Share

7. 7 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%

8. 8 Driving Growth: Demand Growing requirements for remanufacturing/modularity Continuing emphasis on homeland security Improving municipal markets Continuing strength in concrete placement and refuse in advance of 2007 engine emissions standards change

9. 9 Impact of Engine Emissions Standards Charge Usually a lag of 5 or more years before changes to engine emission standards affect new defense truck manufacturing Generally, limited impact on infrequent fire apparatus and airport product purchasers –Largest cities most effected –Emphasis on homeland security spending probably offsets impact Carriers, wreckers and ambulances generally more affected

10. 10 Impact of Engine Emissions Standards Charge 5% - 10% pre-buy anticipated in fiscal 2006 Estimated fiscal 2007 impact: –5% to 10% pre-buy in first quarter –Downturn thereafter Fiscal 2003 post-change downturn of 15% to 20% for vocational markets Over-the-road downturn estimated at ± 40% Expect lower vocational market downturn than over-the-road downturn No impact on European refuse business Anticipating relatively flat commercial segment operating income from fiscal 2006 to fiscal 2007

11. 11 Driving Growth: Company Tactics Commercial segment turnaround in progress –European refuse profitable in Q4 2005; expected to be profitable throughout fiscal 2006 –Anticipate domestic commercial margins to improve by Q2 of fiscal 2006 Reduce cost structure through lean –Chartered cost reduction teams –Rationalize supply base Price Up, Cost Down

12. 12 Driving Growth: Company Tactics Additional new products in the pipeline –Launching at upcoming trade shows New business initiatives –Expanding defense service capabilities globally –Opening sales, service, procurement and M&A office in Beijing

13. 13 Driving Growth: Acquisitions M & A pipeline improving Capitalizing on de-levered balance sheet Criteria: –Market leaders with either #1 or #2 market position –Accretive in first year; strong ROIC –Significant potential synergies

14. 14 Fire & Emergency Strong consistent performance Pierce growth outpaces industry: –Pierce* 3-year CAGR: 2.8% 10-year CAGR: 6.1% –Industry* 3-year CAGR: (1.1%) 10-year CAGR: 1.1% Investing $18.5 million to expand Pierce facilities JerrDan and BAI integration on schedule –Look for new products at trade shows Source: Company estimates of U.S. fire apparatus sales and market shares 2004 Market Share Rosenbauer 8% Pierce 31% E-One 22% KME 10% ALF 8% Other 21% Annual Market: 5,500 units (est.) * Company estimates based on units

15. 15 Defense Potential for significant troop levels in Iraq for next four years Remanufacturing and armor are long-term priorities –New facility opened summer of 2005 Modularity initiative expected to drive new truck volume Expanding parts and service opportunities Heavy investment in product development

16. 16 McNeilus & Oshkosh Concrete Placement 75,000+ mixers in operation Cement supplies are tight in selected regions* Stronger nonresidential construction expected to offset any cooling in residential construction* Pre-buy expected in 2006 Source: Company estimates of U.S. unit sales and market shares 2004 Market Share Oshkosh/McNeilus – 69% Advance 8% Continental 7% Other 16% Front Discharge 22% Rear Discharge 78% Annual Market: 7,000 – 7,500 units (est.) *Source: Portland Cement Association

17. 17 2004 Market Share Source: Company estimates of U.S. unit sales and market shares Heil 27% McNeilus 27% Wittke/Leach 13% La Brie 10% Other 14% Neway 9% Front Loaders 26% Side Loaders 23% Multi-Compartment 4% Annual Market: 6,000 – 6,500 units (est.) McNeilus Refuse 114,000+ vehicles in operation Big Three account for nearly 50% of purchases –Increasing purchases to reduce operation and maintenance costs Municipal demand expected to continue to improve Rear Loaders 47%

18. 18 European Refuse Industry volumes down 20%; pricing down 5% - 10% Several unprofitable manufacturers Business turnaround based solely on cost reduction – Executing on outsourcing strategy through 2006 Source: Company estimates of European unit sales and market shares 2004 Market Share Geesink Norba Group 20% Faun 18% OMB 9% Ros Roca 7% Other 23% Farid/Brivio 10% Dennis Eagle 9% Heil 4% Rear Loaders 73% Front Loaders 2% Side Loaders 13% Minis 8% Other 4% Annual Market: 5,500 – 6,000 units (est.)

19. 19 Driving Force: New Technologies Hybrid-electric drive –Potential 20% - 40% fuel savings –Run stealth capability Enhanced load handling system Completed 132-mile DARPA Grand Challenge desert race Most commercially viable technology Objective: Survivability of our troops TerraMax™ HEMTT A3

20. 20 Driving Force: New Technologies First and only composite mixer 2,000 lb. weight reduction lowers cost per delivered yard Front-discharge Revolution  launched in January 2006 Revolution 

21. 21 Financial Performance and Targets 10% annual organic sales growth, supplemented by acquisitions 9% consolidated operating income margin*, eventually 10% >15% EPS growth* >15% ROIC* *In a recovery ROIC 11.7% 11.5% 14.5% 18.3% 20.5% Sales (in millions) Operating Income Margin

22. 22 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. Sales- $$1,445.3$1,743.6$1,926.0$2,262.3$2,959.9 - Growth8.7%20.6%10.5%17.5%30.8% Operating income- $ 98.3 111.1129.2180.4267.2 - Margin6.8%6.4%6.7%8.0%9.0% - Growth0.2%13.0%16.3%39.6%48.1% EPS (1) (2) - $/Share0.740.861.081.572.18 - Growth1.4%16.2%25.6%45.4%38.9% Dollars in millions Fiscal 2001 Fiscal 2002 Fiscal 2003 Fiscal 2004 Fiscal 2005

23. 23 Strong Leverage and Capital Efficiency Ratios Days of net working capital 6 12 9 Debt to capital ratio9.3%10.7%2.9% Debt to TTM EBITDA.3x.4x.1x TTM return on equity16.5%19.5%21.5% TTM return on invested capital14.5%18.3%20.5% Fiscal 2003 Fiscal 2004 Fiscal 2005

24. 24 Consolidated First Quarter Results Net Sales$790.3 $644.9 % Growth22.5% 30.8% Operating Income$ 87.0 $ 67.6 % Margin11.0% 10.5% % Growth28.6% 44.7% Earnings Per Share$ 0.72 $ 0.56 % Growth28.6%33.3% Dollars in millions, except earnings per share Comments Defense drove results Favorable defense adjustments totaling $12.2 million in 2005 ($0.10 per share) Favorable product liability settlements totaling $4.2 million at Corporate in 2005 ($0.04 per share) 2006 2005 First Quarter

25. 25 Fire & Emergency Net Sales$216.4 $841.5 % Growth11.5% 40.3% Operating Income$ 20.9$ 79.6 % Margin9.7% 9.5% % Growth13.4% 44.9% Dollars in millions First Quarter 2006 Fiscal 2005 First Quarter Comments Strong fire apparatus sales and improved pricing benefited earnings Lower airport product sales Expansion-related costs also impacted quarter Backlog up 4.1%

26. 26 Defense Net Sales$363.1$1,061.1 % Growth68.5% 37.1% Operating Income$ 72.6$ 210.2 % Margin20.0% 19.8% % Growth40.5% 64.4% First Quarter 2006 Dollars in millions Fiscal 2005 First Quarter Comments Truck and parts and service sales each up more than 60% MTVR adjustment of $8.5 million in 2005 Recovery of pre-contract costs of $3.7 million in 2005 Backlog down 3.0%, but bridge supplemental funding not yet under contract

27. 27 Commercial Net Sales$221.2 $1,085.7 % Growth(8.4)% 19.7% Operating Income$ 8.3 $ 23.8 % Margin3.8% 2.2% % Growth47.6% (31.6)% First Quarter 2006 Dollars in millions Fiscal 2005 First Quarter Comments Sales impacted by ERP implementation European refuse profitable in Q1; $2.6 million operating loss in 2005 Price increases beginning to benefit earnings Backlog up 29.1%

28. 28 Capitalization Dollars in Millions Cash and Cash Equivalents$ 81.0 $127.5 Debt$ 23.2$ 24.1 Shareholders’ Equity 874.7818.7 Total Capitalization$897.9 $842.8 Total Debt/Total Capitalization2.6%2.9% Dec. 31, 2005 Sept. 30, 2005

29. 29 Positioned to Sustain Growth in Fiscal 2006 Sales $3.3 - $3.4 billion % growth 11.5% - 15.0% Operating income $316.5 - $329.0 million % margin 9.6% - 9.7% % growth 18.0% - 23.0% EPS $2.55 - $2.65 % growth 17.0% - 21.6% Expect defense and fire and emergency to report steady growth Targeting recovery of U.S. margins and a return to annual profitability in Europe in commercial segment Estimates (1) Outlook (1) Estimates as of February 2, 2006

30. 30 Favorable Fiscal 2007 Estimated Outlook Expect higher funding for remanufacturing / modularity in defense 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

31. 31 Driving Forces Strong historic returns, Successful core strategies, and Favorable demand and Company tactics, Are expected to drive Oshkosh forward full throttle in 2006