Separate Financial Information of Subsidiary Guarantors of Indebtedness

The 2022 Senior Notes and the 2025 Senior Notes are jointly, severally, fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s 100% owned existing and future subsidiaries that from time to time guarantee obligations under the Credit Agreement, with certain exceptions (the “Guarantors”).

Under the Indentures governing the 2022 Senior Notes and 2025 Senior Notes, a Guarantor’s guarantee of such Senior Notes will be automatically and unconditionally released and will terminate upon the following customary circumstances: (i) the sale of such Guarantor or substantially all of the assets of such Guarantor if such sale complies with the indentures; (ii) if such Guarantor no longer guarantees certain other indebtedness of the Company; or (iii) the defeasance or satisfaction and discharge of the indentures.

The following condensed supplemental consolidating financial information reflects the summarized financial information of Oshkosh Corporation, the Guarantors on a combined basis and Oshkosh Corporation’s non-guarantor subsidiaries on a combined basis (in millions):

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended March 31, 2017



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	1,378.1		$	285.1		$	(44.9	)	$	1,618.3
Cost of sales	(0.2		)	1,132.9			268.9			(44.6		)	1,357.0
Gross income	0.2			245.2			16.2			(0.3		)	261.3
Selling, general and administrative expenses	35.6			103.9			30.3			—			169.8
Amortization of purchased intangibles	—			9.6			1.5			—			11.1
Operating income (loss)	(35.4		)	131.7			(15.6		)	(0.3		)	80.4
Interest expense	(13.6		)	(13.7		)	(0.5		)	12.7			(15.1		)
Interest income	0.6			4.2			8.9			(12.7		)	1.0
Miscellaneous, net	24.3			(54.7		)	31.6			—			1.2
Income (loss) before income taxes	(24.1		)	67.5			24.4			(0.3		)	67.5
Provision for (benefit from) income taxes	(9.3		)	22.4			10.6			(0.1		)	23.6
Income (loss) before equity in earnings of affiliates	(14.8		)	45.1			13.8			(0.2		)	43.9
Equity in earnings of consolidated subsidiaries	59.1			7.9			8.0			(75.0		)	—
Equity in earnings of unconsolidated affiliates	—			—			0.4			—			0.4
Net income	44.3			53.0			22.2			(75.2		)	44.3
Other comprehensive income (loss), net of tax	11.5			1.5			9.4			(10.9		)	11.5
Comprehensive income	$	55.8		$	54.5		$	31.6		$	(86.1	)	$	55.8

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended March 31, 2016



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	1,284.0		$	269.4		$	(29.1	)	$	1,524.3
Cost of sales	0.4			1,071.0			222.8			(29.2		)	1,265.0
Gross income (loss)	(0.4		)	213.0			46.6			0.1			259.3
Selling, general and administrative expenses	35.0			96.9			22.8			—			154.7
Amortization of purchased intangibles	—			9.7			3.5			—			13.2
Operating income (loss)	(35.4		)	106.4			20.3			0.1			91.4
Interest expense	(70.4		)	(16.2		)	(0.4		)	71.4			(15.6		)
Interest income	0.4			23.1			48.4			(71.4		)	0.5
Miscellaneous, net	13.6			(50.5		)	35.9			—			(1.0		)
Income (loss) before income taxes	(91.8		)	62.8			104.2			0.1			75.3
Provision for (benefit from) income taxes	(34.1		)	18.8			35.6			—			20.3
Income (loss) before equity in earnings of affiliates	(57.7		)	44.0			68.6			0.1			55.0
Equity in earnings of consolidated subsidiaries	113.8			36.0			19.6			(169.4		)	—
Equity in earnings of unconsolidated affiliates	—			—			1.1			—			1.1
Net income	56.1			80.0			89.3			(169.3		)	56.1
Other comprehensive income (loss), net of tax	19.1			0.7			18.0			(18.7		)	19.1
Comprehensive income	$	75.2		$	80.7		$	107.3		$	(188.0	)	$	75.2

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended March 31, 2017



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	2,427.9		$	488.0		$	(86.2	)	$	2,829.7
Cost of sales	(1.0		)	2,007.4			448.4			(86.1		)	2,368.7
Gross income	1.0			420.5			39.6			(0.1		)	461.0
Selling, general and administrative expenses	67.2			195.4			58.2			—			320.8
Amortization of purchased intangibles	—			19.2			4.4			—			23.6
Operating income (loss)	(66.2		)	205.9			(23.0		)	(0.1		)	116.6
Interest expense	(27.2		)	(27.3		)	(1.0		)	25.7			(29.8		)
Interest income	1.3			8.3			17.9			(25.7		)	1.8
Miscellaneous, net	46.8			(106.9		)	62.6			—			2.5
Income (loss) before income taxes	(45.3		)	80.0			56.5			(0.1		)	91.1
Provision for (benefit from) income taxes	(14.4		)	25.4			17.8			—			28.8
Income (loss) before equity in earnings of affiliates	(30.9		)	54.6			38.7			(0.1		)	62.3
Equity in earnings of consolidated subsidiaries	94.4			23.6			(2.7		)	(115.3		)	—
Equity in earnings of unconsolidated affiliates	—			—			1.2			—			1.2
Net income	63.5			78.2			37.2			(115.4		)	63.5
Other comprehensive income (loss), net of tax	(18.1		)	0.6			(19.8		)	19.2			(18.1		)
Comprehensive income	$	45.4		$	78.8		$	17.4		$	(96.2	)	$	45.4

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended March 31, 2016



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	2,340.8		$	489.8		$	(54.3	)	$	2,776.3
Cost of sales	0.7			1,970.0			417.9			(54.4		)	2,334.2
Gross income (loss)	(0.7		)	370.8			71.9			0.1			442.1
Selling, general and administrative expenses	58.6			186.2			49.2			—			294.0
Amortization of purchased intangibles	—			19.5			6.9			—			26.4
Operating income (loss)	(59.3		)	165.1			15.8			0.1			121.7
Interest expense	(130.0		)	(30.9		)	(1.1		)	131.8			(30.2		)
Interest income	0.9			39.3			92.6			(131.8		)	1.0
Miscellaneous, net	28.5			(91.9		)	62.4			—			(1.0		)
Income (loss) before income taxes	(159.9		)	81.6			169.7			0.1			91.5
Provision for (benefit from) income taxes	(39.9		)	20.4			41.5			—			22.0
Income (loss) before equity in earnings of affiliates	(120.0		)	61.2			128.2			0.1			69.5
Equity in earnings of consolidated subsidiaries	191.0			54.1			13.2			(258.3		)	—
Equity in earnings of unconsolidated affiliates	(0.3		)	—			1.5			—			1.2
Net income	70.7			115.3			142.9			(258.2		)	70.7
Other comprehensive income (loss), net of tax	8.6			(2.2		)	9.9			(7.7		)	8.6
Comprehensive income	$	79.3		$	113.1		$	152.8		$	(265.9	)	$	79.3

Condensed Consolidating Balance Sheet

As of March 31, 2017



	Oshkosh Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	373.5	$	2.7	$	37.2		$	—		$	413.4
Receivables, net	30.2		725.8		233.2			(44.1		)	945.1
Inventories, net	—		1,002.9		452.2			—			1,455.1
Other current assets	31.5		50.3		8.3			—			90.1
Total current assets	435.2		1,781.7		730.9			(44.1		)	2,903.7
Investment in and advances to consolidated subsidiaries	2,816.1		1,282.4		(104.8		)	(3,993.7		)	—
Intercompany receivables	48.0		343.2		1,808.0			(2,199.2		)	—
Intangible assets, net	—		928.2		595.9			—			1,524.1
Other long-term assets	82.6		227.8		250.6			—			561.0
Total assets	$	3,381.9	$	4,563.3	$	3,280.6		$	(6,237.0	)	$	4,988.8

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	15.8	$	571.9	$	150.8		$	(43.9	)	$	694.6
Customer advances	—		668.0		4.0			—			672.0
Other current liabilities	80.2		247.6		99.1			(0.2		)	426.7
Total current liabilities	96.0		1,487.5		253.9			(44.1		)	1,793.3
Long-term debt, less current maturities	817.1		—		—			—			817.1
Intercompany payables	364.2		1,787.0		48.0			(2,199.2		)	—
Other long-term liabilities	71.3		148.8		125.0			—			345.1
Total shareholders' equity	2,033.3		1,140.0		2,853.7			(3,993.7		)	2,033.3
Total liabilities and shareholders' equity	$	3,381.9	$	4,563.3	$	3,280.6		$	(6,237.0	)	$	4,988.8

Condensed Consolidating Balance Sheet

As of September 30, 2016



	Oshkosh Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	285.4	$	1.7	$	34.8		$	—		$	321.9
Receivables, net	13.0		734.3		319.6			(45.0		)	1,021.9
Inventories, net	—		679.1		300.7			—			979.8
Other current assets	28.0		58.5		7.4			—			93.9
Total current assets	326.4		1,473.6		662.5			(45.0		)	2,417.5
Investment in and advances to consolidated subsidiaries	6,148.2		1,253.6		(120.0		)	(7,281.8		)	—
Intercompany receivables	48.0		1,353.7		4,632.2			(6,033.9		)	—
Intangible assets, net	—		947.5		609.5			—			1,557.0
Other long-term assets	87.3		232.7		219.3			—			539.3
Total assets	$	6,609.9	$	5,261.1	$	6,003.5		$	(13,360.7	)	$	4,513.8

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	13.3	$	375.0	$	122.6		$	(44.8	)	$	466.1
Customer advances	—		465.8		6.0			—			471.8
Other current liabilities	85.5		246.5		97.9			(0.2		)	429.7
Total current liabilities	98.8		1,087.3		226.5			(45.0		)	1,367.6
Long-term debt, less current maturities	826.2		—		—			—			826.2
Intercompany payables	3,639.4		2,346.5		48.0			(6,033.9		)	—
Other long-term liabilities	69.0		147.9		126.6			—			343.5
Total shareholders' equity	1,976.5		1,679.4		5,602.4			(7,281.8		)	1,976.5
Total liabilities and shareholders' equity	$	6,609.9	$	5,261.1	$	6,003.5		$	(13,360.7	)	$	4,513.8

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended March 31, 2017



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided (used) by operating activities	$	(20.4	)	$	193.2		$	(24.7	)	$	—		$	148.1

Investing activities:
Additions to property, plant and equipment	(1.6		)	(19.6		)	(6.8		)	—			(28.0		)
Additions to equipment held for rental	—			—			(24.6		)	—			(24.6		)
Proceeds from sale of equipment held for rental	—			—			19.8			—			19.8
Intercompany investing	—			387.0			—			(387.0		)	—
Other investing activities	(0.8		)	(0.1		)	—			—			(0.9		)
Net cash provided (used) by investing activities	(2.4		)	367.3			(11.6		)	(387.0		)	(33.7		)

Financing activities:
Repayments of debt (original maturities greater than three months)	(20.0		)	—			—			—			(20.0		)
Repurchases of Common Stock	(3.0		)	—			—			—			(3.0		)
Dividends paid	(31.3		)	—			—			—			(31.3		)
Proceeds from exercise of stock options	33.2			—			—			—			33.2
Intercompany financing	132.0			(559.5		)	40.5			387.0			—
Net cash provided (used) by financing activities	110.9			(559.5		)	40.5			387.0			(21.1		)

Effect of exchange rate changes on cash	—			—			(1.8		)	—			(1.8		)
Increase in cash and cash equivalents	88.1			1.0			2.4			—			91.5
Cash and cash equivalents at beginning of period	285.4			1.7			34.8			—			321.9
Cash and cash equivalents at end of period	$	373.5		$	2.7		$	37.2		$	—		$	413.4

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended March 31, 2016



	Oshkosh Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided (used) by operating activities	$	(124.3	)	$	99.3		$	121.0		$	—		$	96.0

Investing activities:
Additions to property, plant and equipment	(12.7		)	(12.3		)	(15.3		)	—			(40.3		)
Additions to equipment held for rental	—			—			(22.7		)	—			(22.7		)
Proceeds from sale of equipment held for rental	—			0.6			25.5			—			26.1
Intercompany investing	(0.7		)	(76.4		)	(108.4		)	185.5			—
Other investing activities	(1.0		)	—			—			—			(1.0		)
Net cash used by investing activities	(14.4		)	(88.1		)	(120.9		)	185.5			(37.9		)

Financing activities:
Proceeds from issuance of debt (original maturities greater than three months)	270.0			—			3.5			—			273.5
Repayments of debt (original maturities greater than three months)	(190.0		)	—			—			—			(190.0		)
Net decrease in short-term debt	(21.3		)	—			—			—			(21.3		)
Repurchases of Common Stock	(101.6		)	—			—			—			(101.6		)
Dividends paid	(28.0		)	—			—			—			(28.0		)
Proceeds from exercise of stock options	1.9			—			—			—			1.9
Excess tax benefit from stock-based compensation	0.9			—			—			—			0.9
Intercompany financing	197.8			(13.0		)	0.7			(185.5		)	—
Net cash provided (used) by financing activities	129.7			(13.0		)	4.2			(185.5		)	(64.6		)

Effect of exchange rate changes on cash	—			0.3			1.7			—			2.0
Increase (decrease) in cash and cash equivalents	(9.0		)	(1.5		)	6.0			—			(4.5		)
Cash and cash equivalents at beginning of period	14.8			6.3			21.8			—			42.9
Cash and cash equivalents at end of period	$	5.8		$	4.8		$	27.8		$	—		$	38.4