Wgo 11 16-11

Citi Small/Mid Cap Conference

November 16, 2011

This presentation contains forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995.

Investors are cautioned that forward-looking statements are

inherently uncertain. A number of factors could cause actual

results to differ materially from these statements. These factors

are contained in the Company’s filings with the Securities and

Exchange Commission over the last 12 months, copies of which

are available from the SEC or from the Company upon request.

Forward-Looking Statements

2

CORPORATE AND

RV INDUSTRY OVERVIEW

Winnebago Industries Overview

Founded in 1958

IPO 1966, NYSE 1970

Leading manufacturer of high-quality motor homes, travel trailers and fifth wheels

Manufacturing facilities located in Iowa and Indiana

Nonunion workforce of 2,130 as of August 27, 2011

North American dealer network of approximately 225 motorized and 170 towable locations

Executive management team with average of 25 years RV manufacturing experience

Revenues by Product Class Fiscal 2011

4

Class B

ERA

M.S.R.P. (Base)

$ 94,100

Class C

Access/Impulse

Access Premier/Impulse Silver

Aspect/Cambria

View/View Profile/Navion/Navion iQ

$ 68,700 - $ 85,800

$ 82,900 - $ 92,700

$ 88,300 - $ 93,200

$ 96,900 - $102,000

Class A – Gas

Vista/Sunstar

Sightseer/Sunova

Adventurer/Suncruiser

$ 92,600 - $112,400

$123,000 - $129,200

$148,000 - $167,200

Class A – Diesel

Via/Reyo

Journey/Meridian

Tour/Ellipse

$121,700 - $123,800

$224,800 - $271,100

$350,400 - $356,000

Motorized Family Tree

5

Winnebago Industries manufactures three brands of

Class A, B and C motor homes: Winnebago, Itasca and Era

73 floorplans available in 2012 – 40% new

5

RV Industry Class A & C

U.S. Retail Market Share (Percent as reported by Statistical Surveys, Inc. CYTD/September 2011)

6

Top 5 Manufacturers = 85.7%

Winnebago Industries Retail

Market Share (As reported by Statistical Surveys, Inc. by calendar year)

7

Retail Towable: U.S. Canada

Travel trailer 0.6% 0.4%

Fifth wheel 0.4% 0.5%

Total Towables 0.6% 0.4%

Through August 31, 2011

U.S. Retail Motorized: 2011 2010 2010 2009 2008

Class A gas 22.3% 23.2% 23.7% 22.9% 23.2%

Class A diesel 17.5% 14.2% 15.2% 11.4% 8.1%

Total Class A 20.2% 18.7% 19.5% 16.6% 15.3%

Class C 17.1% 17.2% 17.9% 22.7% 22.8%

Total Class A and C 18.8% 18.0% 18.8% 19.1% 18.3%

Class B 6.0% 17.8% 15.9% 18.1% 3.5%

Canadian Retail Motorized: 2011 2010 2010 2009 2008

Class A gas 16.3% 14.3% 14.9% 13.8% 18.4%

Class A diesel 18.8% 9.7% 9.9% 7.0% 5.3%

Total Class A 17.2% 12.3% 12.6% 10.0% 12.4%

Class C 16.2% 14.2% 13.8% 9.5% 19.5%

Total Class A and C 16.7% 13.3% 13.2% 9.8% 15.7%

Through September 30,

Through August 31, Calendar Year

Calendar Year

rentals accounted for 1,957 units, up 25% compared to 1,570 CYTD/September 2010.

* The states of Maine and Minnesota are experiencing delays. Year to date through September,

What Differentiates Us?

Why we have such significant brand

strength:

Top quality

Longevity in the industry

First to mass produce motor homes in an automotive

assembly-line manufacturing style

Exceptional aftermarket sales and service support

Strong dealer network

Evidence of our brand strength:

Prevalent use of our product in TV and in

movies

Winnebago is synonymous for “motor home”

Based on survey, Winnebago has 90% brand

recognition

8

Our Brands

What Differentiates Us?

Why we are vertically integrated: • Our location

• We have more control over our quality

• It provides more flexibility

Vertical integration processes:

• Aluminum extrusion

• Cabinetry/wood working

• Soft goods (furniture, curtains, upholstery)

• Vacuum

• Rotational molding

• Steel fabrication

• Panel lamination

• Multiple painting processes

• Fiberglass manufacturing 9

Vertical Integration

What Differentiates Us? Quality

Why we have a corporate culture of quality:

• Essential to customer satisfaction

• Dedicated and experienced employees

• Tone at the top

• Extensive testing processes and equipment

Evidence of our quality:

• Only RV manufacturer to receive Quality Circle Award as part of Dealer Satisfaction Index Program from RVDA every year since 1996

• Only RV manufacturer to receive Ford Motor Company “Fully Meets” Classification as part of their Truck Quality Program every year since the program’s inception in 1997

10

Why SunnyBrook RV?

• Quality reputation

• Good product line with both travel trailer and fifth wheel choices

• Good fit with Winnebago Industries

Strategy:

• 0.5% market share as of August 2011, which we plan to grow

• Retain SunnyBrook brand and refresh offerings

• Develop and market Winnebago brand travel trailer and fifth wheel trailer

• New Winnebago ONE introduced in August 2011

• New Winnebago Five Lite fifth wheel introduced in September 2011

Winnebago Industries Towables

11

Winnebago Industries Towables manufactures travel trailers and fifth wheel trailers under the SunnyBrook and Winnebago brand name

66 floorplans available in 2012

* New/Redesigned for 2012

Towable Family Tree

Travel Trailers SunnyBrook: Sunset Creek Sport* Sunset Creek* Harmony Brookside Raven* Bristol Bay Winnebago: ONE*

M.S.R.P. (Base) $16,400 - $22,700 $22,700 - $25,000 $16,900 - $26,900 $22,900 - $24,400 $25,700 - $26,800 $35,100 - $37,100 $25,400 – 27,200

Fifth Wheels SunnyBrook: Brookside Harmony* Raven* Bristol Bay Winnebago: Lite Five*

$29,000 - $33,600 $30,200 - $34,100 $31,800 - $34,100 $35,100 - $47,700 $30,200 - $34,100

12

Economic conditions:

• Consumer sentiment rose in November; however consumer confidence levels still low

• Housing market appears to be still bottoming, foreclosure rates increased in October 2011

• Continued stock market volatility

Financing conditions:

• Existing wholesale and retail players are focused on partnering with strong manufacturers

• Marketplace is more competitive and rational – retail and wholesale

• Dealer inventory turns are appropriate

• Interest rates at historic low levels

Current RV Market Environment

13

Winnebago Industries’ Outlook

Retail sales key driver to improvement in motor home market

• Winnebago Industries’ motor home retail demand consistent for the last three fiscal years (range of 4,100 – 4,500 units)

• Continue to keep production schedule in line with end retail demand

• Ample motor home capacity available with 10,500 to 12,200 units per year depending on mix

Towable market is a substantial new revenue and earnings opportunity

• Towable market significantly larger than motorized market

• Current towable capacity of approximately 8,000 units

14

Financial Overview

$671.7

$825.3 $845.2

$1,114.2

$992.0 $864.4 $870.2

$604.4

$211.5

$449.5 $496.4

12.4% 14.1% 13.4%

14.6%

13.8% 12.1% 11.4%

5.8%

-14.5%

5.8% 8.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Revenues Gross Profit (Deficit)

Revenues/Gross Profit (Fiscal Year – Revenues in Millions, Gross Profit as Percent of Net Revenues)

16

We saw improvement during Fiscal 2011 in both net revenues and in our operating performance.

• Increased revenues of 7.9% allowed for greater absorption of fixed costs and labor efficiencies:

• Average selling price of our motor homes increased 6.7% due to an improved mix of higher-priced Class A product sold

• Revenues also included eight months of towable product sales of $16.7 million as a result of SunnyBrook Manufacturing acquisition

• Operating income of $11.3 million as compared to $520,000 in FY2010.

• Retail registrations in Fiscal 2011 were up 10% compared to prior year

Winnebago Industries Recovery

17

EBITDA/Free Cash Flow (Fiscal Year In Millions)

Free cash flow is defined as cash flow from operating activities less capital expenditures.

18

Dealer Inventory of

Winnebago Industries Product (Class A, B & C - Fiscal Year)

19

Winnebago Industries

Shipments, Retail Activity and Dealer Inventory

20

Wholesale Retail Dealer Order Wholesale Retail Dealer Order

Deliveries Registrations Inventory Backlog Deliveries Registrations Inventory Backlog

1st Quarter 2010 794 921 1,567 1,521

2nd Quarter 2010 1,109 654 2,022 1,159

3rd Quarter 2010 1,366 1,388 2,000 935

4th Quarter 2010 1,164 1,120 2,044 818

Fiscal 2010 4,433 4,083

1st Quarter 2011 1,115 1,093 2,066 698 - - - -

2nd Quarter 2011 909 796 2,179 957 85 100 891 151

3rd Quarter 2011 1,283 1,394 2,068 642 326 189 1,028 164

4th Quarter 2011 1,088 1,198 1,958 681 365 426 967 293

Fiscal 2011 4,395 4,481 776 715

As of Quarter End

Motor Home

As of Quarter End

Towable

• Wholesale deliveries essentially flat in Fiscal 2011

as compared to 2010 which resulted in a similar

level of dealer inventory.

• Retail registrations up 10% in Fiscal 2011 over

2010, and 8% higher than Fiscal 2009.

• Acquired Towables during 2nd quarter of Fiscal

2011.

• Re-designed existing brands and developed the

Raven product during spring and summer.

• Began bringing Winnebago product offerings to

market late summer.

Winnebago Industries Backlog

21

%

Units % Units % Units Change

Class A gas 230 33.2% 272 33.2% (42) (15.4%)

Class A diesel 177 26.0% 218 26.7% (41) (18.8%)

Total Class A 407 59.8% 490 59.9% (83) (16.9%)

Class B 71 10.4% - - 71 100.0%

Class C 203 29.8% 328 40.1% (125) (38.1%)

Total motor home backlog (1)681 100.0% 818 100.0% (137) (16.7%)

Travel trailer 187 63.8%

Fifth wheel 106 36.2%

Total towable backlog (1)293 100.0%

Total approximate backlog

revenue dollars (in 000's):

Motor home 74,704$ 82,773$ ($8,069) (9.7%)

Towable 6,669 -

(1) Our backlog includes all accepted orders from dealers to be shipped within the next six months.

Orders in backlog can be canceled or postponed at the option of the purchaser at any time without penalty

and, therefore, backog may not necessarily be an accurate measure of future sales.

August 28, 2010August 27, 2011

As of Change

Summary

Winnebago Industries

Advantages Our Brand

• Highest brand recognition in the industry

Vertical Integration

• Increased profitability in times of high volume

Quality Reputation

• Quality Circle Award winner 16 consecutive years

• Best in Class aftermarket service support

Sustainability

• Successfully managed through previous industry downturns during our 53-year history

• Strong balance sheet ($69.3 million in cash and no long-term debt)

• Continued focus on new product development and potential diversification for future growth

23

www.winnebagoind.com

Appendices

• Motor Home Industry: Wholesale and Retail

• Towable Industry: Wholesale and Retail

• Motor Home Industry Wholesale Shipments & Retail Registrations

• Recreation Vehicle Industry Shipment History

• Motor Home Sales vs. New Single Family Home Starts

• Winnebago Industries’ Products

25

Motor Home Industry: Wholesale and Retail

26

(In units) 2010 2009 Increase Change 2010 2009 Increase Change

1st quarter 5,700 2,400 3,300 137.5% 4,900 4,800 100 2.1%

2nd quarter 7,800 3,200 4,600 143.8% 8,300 7,100 1,200 16.9%

3rd quarter 6,200 3,300 2,900 87.9% 6,000 5,800 200 3.4%

4th quarter 5,600 4,300 1,300 30.2% 4,600 4,200 400 9.5%

Total 25,300 13,200 12,100 91.7% 23,800 21,900 1,900 8.7%

Increase Increase

(In units) 2011 2010 (Decrease) Change 2011 2010 (Decrease) Change

1st quarter 6,900 5,700 1,200 21.1% 5,100 4,900 200 4.1%

2nd quarter 7,800 7,800 - 0.0% 8,000 8,300 (300) (3.6)%

3rd quarter 5,300 6,200 (900) (14.5)% 5,700 (4) 6,000 (300) (5.0)%

4th quarter 4,400 (3) 5,600 (1,200) (21.4)% (5) 4,600

Total 24,400 25,300 (900) (3.6)% 18,800 23,800 (400) (1.7)%

Calendar Year Calendar Year

(1) Class A, B and C wholesale shipments as reported by RVIA, rounded to the nearest hundred.

(4) Canada retail not yet reported for September 2011

(2) Class A, B and C retail registrations as reported by Statistical Surveys for the U.S. and Canada combined, rounded to the nearest hundred.

Maine and Minnesota are experiencing delayed reporting.(3) Based upon forecasted 2011 Class A, B and C wholesale shipments as reported by RVIA in the Roadsigns Fall 2011 issue.

(5) Statistical Surveys has not issued a projection for 2011 retail demand.

Towable Industry: Wholesale and Retail

27

2010 2009 Increase Change 2010 2009 Increase Change

1st quarter 49,300 24,800 24,500 98.8% 31,100 28,900 2,200 7.6%

2nd quarter 62,300 34,600 27,700 80.1% 69,400 60,000 9,400 15.7%

3rd quarter 48,600 41,500 7,100 17.1% 57,200 49,900 7,300 14.6%

4th quarter 39,000 37,400 1,600 4.3% 28,300 25,300 3,000 11.9%

Total 199,200 138,300 60,900 44.0% 186,000 164,100 21,900 13.3%

Increase Increase

2011 2010 (Decrease) Change 2011 2010 (Decrease) Change

1st quarter 54,200 49,300 4,900 9.9% 33,400 31,100 2,300 7.4%

2nd quarter 66,000 62,300 3,700 5.9% 74,400 69,400 5,000 7.2%

July 15,100 16,600 (1,500) (9.0)% 21,800 21,900 (100) (0.5)%

August 18,100 18,200 (100) (0.5)% 20,400 19,400 1,000 5.2%

September 14,300 13,800 500 3.6% (4) 15,900

4th quarter 41,100 (3) 39,000 2,100 5.4% (4) 28,300

Total 208,800 199,200 9,600 4.8% 150,000 186,000 8,200 4.4%

(1) Towable wholesale shipments as reported by RVIA, rounded to the nearest hundred.(2) Towable retail registrations as reported by Statistical Sureys for the US and Canada combined rounded to

the nearest hundred. Maine and Minnesota are experiencing delayed reporting.(3) Based upon forecasted 2011 Towable wholesale shipments as reported by RVIA in the Roadsigns Fall 2011 issue.(4) Statistical Surveys has not issued a projection for 2011 retail demand.

US and Canada Travel Trailer & Fifth Wheel Industry

Industry Shipments (1) Retail Registrations (2)

Monthly Motor Home Industry Wholesale

Shipments & Retail Registrations (January 2008 – August 2011)

28

* Estimates for 2011/2012

Recreation Vehicle Industry

Shipment History (In Thousands – Calendar Year)

29

Towables Motorized

Motor Home Sales Vs. New Home Starts (Private Homes)

(In Millions) (In Thousands)

Class A - Gas Conventional motor homes constructed

directly on medium-duty truck chassis,

which include a gas-powered engine and

drivetrain components.

Class A - Diesel Conventional motor homes constructed

directly on medium-duty truck chassis,

which include a diesel-powered engine

and drivetrain components.

WINNEBAGO INDUSTRIES’ PRODUCTS

31

Winnebago Industries’ Products

Class C

Mini motor homes built on van-type

(cutaway) chassis.

Class B Panel-type truck to which RV

manufacturer adds any two of the

following conveniences: sleeping,

kitchen and toilet facilities, also 110-

volt hookup and freshwater.

32

Fifth Wheel

A towable RV mounted on wheels

and designed to be towed by a

motorized vehicle that is constructed

with a roof and sidewalls made of

rigid materials.

Travel Trailer

Winnebago Industries’ Products

A towable RV mounted on wheels and

designed to be towed by a motorized

vehicle by means of a towing mechanism

that is mounted above or forward of the

tow vehicle’s rear axle.

33