Fiscal Third Quarter 2013 Investor Presentation

1. www.thorindustries.com

2. 2
 This presentation includes certain statements that are “forward looking” statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). These forward looking statements involve uncertainties and risks. There can be
no assurance that actual results will not differ from our expectations. Factors which
could cause materially different results include, among others, price fluctuations,
material or chassis supply restrictions, legislative and regulatory developments, the
costs of compliance with increased governmental regulation, legal issues, the
potential impact of increased tax burdens on our dealers and retail consumers, lower
consumer confidence and the level of discretionary consumer spending, the level of
state and federal funding available for transportation, interest rate increases,
restrictive lending practices, recent management changes, the success of new
product introductions, the pace of acquisitions, asset impairment charges, cost
structure improvements, competition and general economic conditions and the other
risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form
10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on
Form 10-Q for the period ended January 31, 2013. We disclaim any obligation or
undertaking to disseminate any updates or revisions to any forward looking
statements contained in this presentation or to reflect any change in our expectations
after the date of this presentation or any change in events, conditions or
circumstances on which any statement is based, except as required by law.
Forward Looking Statements

3. 3
 The sole owner of operating subsidiaries that represent the world’s largest
manufacturer of recreation vehicles
• Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition
of Airstream, Inc.
• #1 in overall RV 36.3% of market*
• #1 in Travel Trailers 33.2% of market*
• #1 in Fifth Wheels 52.4% of market*
• #2 in Motorhomes 19.8% of market**
 The sole owner of operating subsidiaries that combined represent one of the largest
manufacturers of mid-size buses in North America - 34% of market***
 Approximately 8,800 employees
 96 facilities in 7 US states
 6.1 million square feet under roof
Who is THOR
Source: *Statistical Surveys, Inc., YTD U.S. and Canada units December 2012, excluding fold-
downs **Motorhomes includes Class A, B and C *** MSBMA, YTD September 2012

4. 4
Travel Trailers
Fifth Wheels
Motor Homes
Buses
Ambulances
THOR’s Product Range
Towable
RV
$2,285,863
74%
Motorized
RV
$353,935
12%
Bus Group
$444,862
14%
FY2012 Sales*
* Fiscal year ended July 31, 2012

5. 5
THOR Subsidiaries: RV

6. 6
THOR’s Subsidiaries : Bus Group

7. 7
 Disciplined, Profitable Growth
• Profitable every year since 1980
• All time record $3.1 billion sales FY2012, up 12% from FY2011
• $2.8 billion sales in FY2011, up 21% from $2.3 billion sales in FY2010
• FY2012 Net Income of $121.7 million, up 15% from FY2011
• FY2012 EPS of $2.26, up 18% from $1.92 in FY2011
 Sustainable Business Model
• Profitably weathered a severe downturn
• Increased capital investments position Thor for growth and margin improvement
over the long term
 Solid Balance Sheet
• Cash and cash equivalents of $108.1 million on January 31, 2013
• Operations historically generate significant cash
• Solid history of dividends, increased from $0.15 to $0.18 at the beginning of
FY13
Why Invest in THOR

8. 8
 Proven business model:
• Entrepreneurial and decentralized
• No ivory tower: approximately 8,800 employees, only 40 in corporate staff
• Decision-making driven by the customer
• Big, but nimble
• Best management team in the business, as proven by sustained performance
 An innovator in each of its business segments
 Significant RV & Bus market leadership:
• Best positioned in towable RVs, historically fastest growing area
• #2 in Motorhomes, poised for growth
• Well positioned in the bus segment to drive complementary growth in luxury
market
 Strong balance sheet to support growth and shareholder returns
What Makes THOR Different

9. 9
 Focus on assembly - not heavy manufacturing
• Limited vertical integration – only where it makes sense
• Flexibility – performance in any market condition
• Low overhead costs
• High return on assets employed
 Strong market share in all RV reportable segments
• Provides scale and purchasing power
• Low cost producer
 Balance sheet supports acquisitions and organic growth
 Meaningful, strategic capacity
 Diversified lineup of innovative product offerings
 Preferred partnership in retail/wholesale financing
 Strength to pay warranty and honor repurchase agreements, important to dealers and
consumers
THOR’s Competitive Advantages

10. Recreation Vehicles

11. 11
 Currently a very competitive environment
• Top three RV competitors account for 77.0% of industry units*
• “Flight to quality” – consumers, dealers, lenders all seek to do
business with strong companies like Thor
 Industry better balanced today
 Pricing & promotional environment remains highly competitive
 Consumer confidence better than last year, recent improvements in April
 Wholesale and Retail lenders are prudent - applying “healthy discipline”
 RV buyers seek the “power of choice” – want lots of variety in brands and
models
Industry Conditions: RV
*Source: Statistical Surveys, Inc., U.S. YTD December 2012

12. 12
RV Market Wholesale Trends: Units (000’s)
295.8
339.6
441.1
413.9
389.9
199.2
107.2
133.6
140.6
196.6
215.7
186.9
189.9
211.7
215.8
187.9
173.1
163.1
203.4
227.8
259.2
247.0
247.5
254.5
292.7
321.2
300.1
256.8
311.0
320.8
370.1
384.4
390.5
353.4
237.0
165.7
242.3
252.3
285.8
307.3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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1987
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1989
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1991
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1995
1996
1997
1998
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2000
2001
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2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2013: RVIA
estimate as of Spring 2013

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RV Market Motorized Wholesale Trends: Units
(000’s)
68.9
96.6
156.1
160.2
157.2
64.1
28.5
35.4
41.2
69.5
82.0
68.7
67.7
73.7
72.8
61.1
52.3
41.9
46.9
51.3
58.2
52.8
55.3
55.1
63.5
71.5
61.0
49.2
60.4
62.0
71.7
61.4
55.8
55.4
28.4
13.2
25.2
24.8
28.2
31.9
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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1986
1987
1988
1989
1990
1991
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1993
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2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2013: RVIA
estimate as of Spring 2013

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RV Market Towable Wholesale Trends: Units
(000’s)
126.3
150.6
189.7
167.9
159.8
90.2
49.1
58.1
59.5
82.8
85.3
75.4
78.2
86.2
89.6
82.9
80.4
77.6
102.6
113.6
128.3
121.2
123.9
131.6
155.0
178.0
176.8
156.9
195.8
214.4
254.6
281.3
292.4
261.7
185.1
138.3
199.2
212.9
242.9
261.2
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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1987
1988
1989
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1991
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1993
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1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
Historical Data: Recreation Vehicle Industry Association, excluding camping trailers and
truck campers, Calendar year 2013: RVIA estimate as of Spring 2013

15. 15
 Dealers
• Continued optimism
• Right-sized inventory
• Smaller base of dealers
• Access to wholesale credit
• Financial health
RV: State of Balance
RV 2013 2012 % change
Towables $440 $346 +27%
Motorized $210 $103 +104%
TOTAL $650 $449 +45%
Backlog: April 30 ($ millions)
 Consumers
• Better access to retail credit
• Confidence better
• Low interest rates
• Great demographic trends
• Will shorten trips to reduce
fuel usage

16. 16
THOR RV Dealer Inventory
• Total Dealer inventory remains appropriate for current conditions
• Dealer inventory at January 31, 2013 up 17.5% compared with
January 31, 2012, even with sales up 24% year-over-year for the
fiscal second quarter
• Lenders still comfortable with current dealer inventory turns, level of
aged inventory and current credit line utilization
2013 2012 % change
RV 61,209 52,091 +17.5%
Dealer Inventory: January 31 (units)

17. 17
 Dealer inventories remain appropriate for consumer demand
 “Now, it’s all about the retail consumer”
 Wholesale & Retail units should be fairly balanced going forward
The RV Market Ahead
* Statistical Surveys, inc., includes US and Canada. 2009, 2010, 2011 & 2012 Actual, excluding camping trailers
** RVIA wholesale shipments excluding camping trailers and truck campers
Calendar Year
2009 2010 2011 2012
Industry Retail
Sales*
189,328 units 213,074 units
(+12.5%)
232,970 units
(+9.3%)
251,201 units
(+7.8%)
Industry
Wholesale
Shipments**
151,500 units 224,400 units
(+48.1%)
237,762 units
(+6.0%)
271,078 units
(+14.0%)

18. Buses

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 One of the largest players in a $1 billion industry
 34% market share*
 A leader in low cost, fuel efficient transit, alternative fuel
 Success in 40-ft. low floor bus industry
 Top-quality sales and service network
 Majority of our buses have certified 5-year life. Must be replaced regularly
 Certified ISO 9001. World class quality
 Acquired Krystal Infinity, LLC, in October 2012, a manufacturer of luxury coaches with
revenues of approximately $30 million annually
 Acquired Federal Coach in December 2012, a premier luxury coach manufacturer with
revenues of approximately $25 million annually
THOR Bus
* MSBMA –YTD September 2012

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 Mid-size buses are the most cost effective, common sense mass transportation
 Transit bus cost is generally 80% federally funded
 2013 opportunities
• Transit customers must replace buses
• New products in luxury market to enhance revenues with better margin
opportunity
• New Advantage product completed Altoona testing
Current Conditions: Bus
2013 2012 % change
Bus $200 $215 -7%
Bus Backlog: April 30 ($ millions)

21. 21
 Thor’s management team recently developed a three-year strategic plan focused on
growth and margin improvement
 The Strategic Plan was developed using a bottoms-up approach involving each of the
Company’s operating subsidiaries and management teams
 Key elements of growth include product innovation and capacity expansion – targeting
mid- to high-single-digit growth
 Key elements of margin expansion include improved product quality, value added
content and features, and volume leverage – targeting 200 basis points of gross margin
improvement over the planning horizon
Three-Year Strategic Plan

22. 22
 Record sales performance in the quarter, the first time in Thor’s history of quarterly sales
exceeding $1 billion
 Continued revenue performance in both RV segments in quarter – strength in motorized
and towable RVs with stable performance in bus segment
 Ongoing strength in motorized RVs, suggesting consumer demand and financing
availability are supportive of a recovery gaining momentum
 RV dealers are well positioned for the seasonal peak selling season in the spring and
summer, consumer traffic shows signs of continued strength
 Dealers remain optimistic, dealers and lenders comfortable with current inventory levels
 Increasing RV backlog
Comments on 3rd Quarter 2013 Preliminary Sales

23. 23
 Continued strong revenue performance in both RV segments in quarter – strength in
motorized and towable RVs as well as growth in bus segment
 Early retail RV shows have been very positive, with improved traffic and higher sales levels
reflecting continued strength for the industry
 Dealers remain optimistic, dealers and lenders comfortable with current inventory levels
 Increasing RV backlog
 Competitive promotional environment – discounts and promotions in towable RV and bus
markets continued to impact margins for the second quarter
 Lower tax rate in 2Q F2013 compared with 2Q F2012 (22.1% vs. 36.4%) due to the settlement
of certain state uncertain tax benefits and the retroactive reinstatement of the Federal R&D tax
credit
 Lower share count this year vs. last year due to repurchases (53.0 million vs. 54.6 million)
 Regular quarterly dividend - payment increased by 20% on 9/6/12 to $0.18 per share from
$0.15 per share. Regular quarterly dividend of $0.18 per share and special dividend of $1.50
per share paid on December 28, 2012
 Based on current market trends, management expects continued sales growth and second
half operating margins consistent with the second half of fiscal 2012
Comments on 2nd Quarter 2013 Results

24. 24
 Profitable every year since inception
 Successfully weathered a severe downturn
 Two growing businesses – RV and Bus
 Increased capital investments position Thor for growth and margin improvement over
the long term
 #1 overall RV market share
 Rock-solid balance sheet. Significant cash and cash generation
 Diversified and innovative products
 Strong consumer, dealer and lender relationships
 Experienced Team
THOR - Key Takeaways

25. Appendix: Financial & Market Data

26. 26
 No golden parachutes
 No ‘pro forma’ earnings. We report net income, not adjusted earnings to cover up
performance
 Consistent focus on shareholder value
 Simple compensation philosophy:
• Mainly cash compensation, without a cap, based on pre-tax income – a true pay
for performance philosophy
• Shift focus from stock options to restricted stock units
Corporate Integrity

27. 27
THOR’s RV Competitive Advantage
Source: Statistical Surveys, Inc., U.S. YTD December 2012
* Thor includes Heartland in 2010-12
** Includes Palomino, Coachmen, Prime Time, Shasta and Dynamax
*** Includes Winnebago towable RVs in 2010-12
U.S. Retail Registrations (units, excluding fold-downs)
Total Share % Total Share % Total Share % Total Share %
THOR* 72,988 36.3% 67,278 36.6% 64,837 37.3% 46,106 29.1%
Forest River** 60,322 30.0% 52,856 28.8% 46,788 26.9% 34,897 22.0%
Jayco 21,413 10.7% 20,048 10.9% 17,784 10.2% 16,586 10.5%
Heartland* - 0.0% - 0.0% - 0.0% 7,178 4.5%
Winnebago*** 6,223 3.1% 4,852 2.6% 5,180 3.0% 3,844 2.4%
Fleetwood 2,431 1.2% 2,170 1.2% 2,760 1.6% 3,016 1.9%
Navistar 2,051 1.0% 2,193 1.2% 2,574 1.5% 5,713 3.6%
Subtotal 165,428 82.3% 149,397 81.3% 139,923 80.4% 117,340 73.9%
All Others 35,544 17.7% 34,386 18.7% 34,023 19.6% 41,350 26.1%
Grand Total 200,972 100.0% 183,783 100.0% 173,946 100.0% 158,690 100.0%
Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10 Y/E 12/31/09

28. 28
Sales ($ millions)
Fiscal years ended July 31, Year to date ended April 30
$822
$1,245
$1,571
$2,188
$2,558
$3,066
$2,856
$2,641
$1,522
$2,277
$2,756
$3,085
$2,196
$2,666
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13
Note: FY13 YTD Sales include preliminary sales for fiscal third quarter

29. 29
Net Income ($ millions)
Fiscal years ended July 31, Year to date ended Jan. 31
$26.7
$51.2
$78.6
$104.5
$119.1
$163.4
$134.7
$92.7
$17.1
$110.1 $106.3
$121.7
$36.0
$50.9
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13

30. 30
Diluted EPS
Fiscal years ended July 31, Year to date ended Jan. 31
$0.56
$0.94
$1.37
$1.81
$2.09
$2.87
$2.41
$1.66
$0.31
$2.07
$1.92
$2.26
$0.66
$0.96
2001* 2002* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13
*Adjusted for 2-for-1 stock split

31. 31
2nd Quarter Financial Summary
Net Sales by segment:
• Towables +18%, motorized
doubled, bus +9%
Income before tax by segment:
• Towables 4.6%, down from 4.8%
• Volume leverage offset by
discounts
• Motorized 6.1%, up from 3.1%
• Volume leverage
• Bus 1.3%, down from 2.7%
• Mix, aggressive contract
pricing
• Tax rate impact, resolution of state
tax matters, reinstatement of R&D
credit
2013 2012 % Change
Net Sales 741.6 597.0 24.2%
Gross Profit 73.4 59.4 23.6%
% of Sales 9.9% 9.9%
SG&A 46.2 36.2 27.6%
% of Sales 6.2% 6.1%
All Other 1.7 1.7
Income Before Tax 25.5 21.5 18.6%
% of Sales 3.4% 3.6%
Income Taxes 5.6 7.8
Net Income 19.9 13.7 45.3%
Diluted EPS 0.37$ 0.25$ 48.0%
Order Backlog
Towables 375.4 299.9 25.2%
Motorized 241.2 112.9 113.6%
Buses 205.4 234.1 -12.3%
Total 822.0 646.9 27.1%
*Amounts in thousands except per share data

32. 32
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
Quarterly Thor RV Unit Shipments

33. 33
Thor RV Retail Market Share: Units
* US Statistical Surveys, measured at calendar year end
29.0% 29.2%
30.4% 31.2%
40.3%
39.0% 38.6%
14.1% 13.9% 14.9%
16.2%
17.4%
20.0%
20.0%
4.0%
5.3%
3.1%
7.9%
14.6%
17.0%
18.2%
2006 2007 2008 2009 2010 2011 2012
TT/FW Retail Share* Class A/C Retail Share* Class B Retail Share*

34. www.thorindustries.com