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Oshkosh Truck Receives $49.4 Million Contract to Remanufacture Defense Trucks Returning from War in Iraq

OSHKOSH, WIS. (December 22, 2003) – Oshkosh Truck Corporation [NYSE: OSK], a leading manufacturer of specialty trucks and truck bodies, announced today that the company has received a $49.4 million contract to remanufacture Oshkosh defense trucks and trailers that were deployed during Operation Iraqi Freedom. The contract was awarded by the U.S. Army Tank-automotive and Armaments Command (TACOM) under supplemental funding provided by the President and Congress for the continued operation and “resetting” of the forces of Operation Iraqi Freedom.

Under the contract, Oshkosh will remanufacture Oshkosh® Heavy Expanded Mobility Tactical Trucks (HEMTT), Heavy Equipment Transporters (HET) and trailers, and Palletized Load System (PLS) trucks and trailers to “like new” condition. Each vehicle will feature new components, new technologies and a new “zero-hours / zero-miles” bumper-to-bumper warranty. The vehicles are scheduled to be returned to the U.S. Army by September 2004 for redeployment.

“We’re proud that more than 6,500 of our trucks have served so well during the conflict in Iraq, demonstrating outstanding performance, reliability and durability under extreme, harsh conditions. Now, under this contract, Oshkosh’s experienced defense team will revitalize some of these vehicles for a new tour of duty and extend their service life and value,” said Robert G. Bohn, Oshkosh chairman, president and chief executive officer.

Oshkosh will give updated guidance for fiscal 2004 during its fiscal 2004 first quarter earnings conference call scheduled for January 22, 2004.

Oshkosh Truck Corporation [NYSE: OSK] is a leading manufacturer of specialty trucks and truck bodies for the defense, fire and emergency, concrete placement and refuse hauling markets. Oshkosh Truck is a Fortune 1000 company with products marketed under the Oshkosh®, Pierce®, McNeilus®, Medtec®, Geesink and Norba brand names. The company is headquartered in Oshkosh, Wis., and had annual sales of $1.9 billion in fiscal 2003.

To learn more about Oshkosh Truck Corporation, visit its web site at www.oshkoshtruckcorporation.com

Forward-Looking Statements

This press release contains statements that the company believes are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital spending and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as the company “expects,” “intends,” “estimates,” “anticipates,” or “believes” and similar expressions 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, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, without limitation, risks related to reductions in government expenditures, the uncertainty of government contracts and the possibility that expected cost savings will not be achieved nor future plans realized. Additional information concerning these and other factors is contained in the company’s filings with the Securities and Exchange Commission.