Thor basics presentation fy17 q4 9.27.17 final

1. www.thorindustries.com
THOR BASICS: A
COMPANY INTRODUCTION
www.thorindustries.com

2. Forward Looking Statements
This presentation includes certain statements that are “forward looking” statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward looking statements are made based on management’s current expectations and beliefs
regarding future and anticipated developments and their effects upon Thor, and inherently involve uncertainties and risks. These
forward looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ from
our expectations. Factors which could cause materially different results include, among others, raw material and commodity price
fluctuations, raw material or chassis supply restrictions, the level of warranty claims incurred, legislative, regulatory and tax policy
developments, the costs of compliance with increased governmental regulation, legal and compliance issues including those that
may arise in conjunction with recent transactions, the potential impact of increased tax burdens on our dealers and retail consumers,
lower consumer confidence and the level of discretionary consumer spending, interest rate fluctuations, the potential impact of rising
interest rates on the general economy and specifically on our dealers and consumers, restrictive lending practices, management
changes, the success of new product introductions, the pace of obtaining and producing at new production facilities, the pace of
acquisitions, the potential loss of existing customers of acquisitions, the integration of new acquisitions, our ability to retain key
management personnel of acquired companies, a shortage of necessary personnel for production, the loss or reduction of sales to
key dealers, the availability of delivery personnel, asset impairment charges, cost structure changes, competition, the impact of
potential losses under repurchase agreements, the potential impact of the strength of the U.S. dollar on international demand,
general economic, market and political conditions and other risks and uncertainties, including those discussed more fully in ITEM 1A
of our Annual Report on Form 10-K for the year ended July 31, 2017.
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.
2

3. Thor – Strong Investment Appeal
» Solid growth company throughout its 37-year history – 27.9% compounded annual five-year EPS
growth*
o Balance of organic growth and accretive acquisitions
» Market leader in a growing industry – RV shipments projected to grow 11.4% in calendar 2017, and a
five-year CAGR of 10.9%**
» History of returning cash to shareholders via dividends and stock buybacks – more than $1 billion
returned to shareholders over Thor’s history
» Strong financial position – increased profitability and operating cash flow, clean balance sheet
3
$2,640
$3,242
$3,525
$4,007
$4,582
$7,247
FY12 FY13 FY14 FY15 FY16 FY17
Net Sales
(Continuing Ops., $ millions)
$2.07
$2.86
$3.29
$3.79
$4.91
$7.09
FY12 FY13 FY14 FY15 FY16 FY17
Diluted EPS
(Continuing Ops.)
$0.15
$0.18
$0.23
$0.27
$0.30
$0.33
FY12 FY13 FY14 FY15 FY16 FY17
Quarterly Dividends***
(Fiscal Years Ended July 31)
* Based on Diluted EPS from continuing operations
** Source: RVIA RV Roadsigns Fall 2017
*** In addition to regular quarterly dividends, Thor paid special dividends of $1.50 in FY13 and $1.00 in FY14. The declaration of future dividends and the establishment of the per share amounts, record dates and
payment dates for any such future dividends are subject to compliance with the credit facility and determination of the Board, and are dependent upon future earnings, cash flows and other factors.

4. Thor – Quick Facts
Company Overview
» Thor is the sole owner of operating subsidiaries that,
combined, represent the world’s largest RV
manufacturer
» Two major business segments include:
◦ Towable RVs = travel trailers, fifth wheels and
specialty trailers
◦ Motorized RVs = Class A, B and C motorhomes
◦ #1 market position in both segments*
» Products sold through independent, non-franchise retail
distributors primarily in the U.S. and Canada
Thor Highlights
» Founded in 1980 with the acquisition of Airstream
» NYSE Ticker: THO
» 17,800 employees**
» 196 operating facilities in Indiana, Ohio, Michigan,
Idaho, and Oregon**
4
Motorized
RV's
$1,971.5
27%
Other, net
$148.0
2%
Towable
RV's
$5,127.5
71%
FY2017 Sales by Segment***
Rest of
World
$628.2
9%
United
States
$6,618.8
91%
FY2017 Sales by Geography***
* Based on Retail Registrations through December 31, 2016 from Statistical Surveys, Inc.
** As of July 31, 2017
*** Fiscal Year ended July 31, 2017, $ millions

5. Thor – Competitive Strengths
5
Industry Leading
Market Position
Leader in
Innovation
Relationships are
Key to Success
» Industry-leading market share in all main RV product
categories for calendar 2016
◦ Travel Trailers – #1 position with 48.9% share*
◦ Fifth Wheels – #1 position with 54.9% share*
◦ Motorhomes (Class A & C) – #1 position with 37.8%
share*
» An industry leader in product innovation
◦ Back-to-back RV Business RV of the Year in 2016
(Keystone Montana) and 2017 (Airstream Basecamp)
◦ Subsidiaries have received multiple RVDA Quality Circle
Awards annually since 2007
» Focus on product quality
» The RV business is a “relationship” business
» Strong consumer, dealer and lender relationships
◦ Partner with the strongest dealers in each market – essential for a non-franchise
dealer network
◦ Strong lender relationships to support the dealer network
◦ Consumer focus in product development, quality and service
Towables
88%
Motorized
12%
Industry Retails
by Category – 2016 *
* Based on Retail Registrations through December 31, 2016 from Statistical Surveys, Inc.

6. Thor – Sustainable Business
Model
6
Proven
Long-Term
Profitable
Business
Model
» Variable-cost structure important for cyclical sustainability:
◦ Low fixed-cost business structure
◦ When economic conditions change, we can shift production quickly
◦ This flexibility enables Thor to weather the cyclical, and often sudden,
changes in our markets
◦ No fiscal year losses since our founding in 1980
» Decentralized operating structure provides strong returns for
shareholders and consumers:
◦ Each subsidiary is responsible for its own production, product
development and maintaining its dealer network
◦ As “independent” operators, each team has the freedom to develop
products that meet the needs of their specific customer groups,
avoiding the “cloning” of products
» Structure promotes an entrepreneurial spirit at the
subsidiaries:
◦ Keeps decision making regarding products with those closest to the
customer
◦ Empowers managers to be responsible for the success of their
subsidiary
◦ Motivates managers as they share in the success of their subsidiary
through our variable compensation based on pre-tax profit

7. Trends Driving Growth:
Lifestyle
7
Recreational sports
» $887 billion spent on “outdoor
recreation” in 2016*
» Trend toward getting more active and
leading a healthier lifestyle
» Growing use of RVs with youth sports
leagues and tournaments
Camping
» In 2016, 37.1 million U.S. households
camped at least once during the
year, and 22% of them were RV
campers**
◦ Viewed as an affordable vacation
option and a stress reducer
◦ Availability of technology in RVs
makes them more attractive to
younger consumers
◦ Variety of RV price points and
amenities creates opportunities to
convert tent campers to RVs
Wide variety of uses
» Tailgating at spectator sports, from
college and professional football to
auto racing and youth sports,
continues to grow
» Lifestyle events, such as equestrian
events, pet and craft shows, are also
growing demand for RVs
» Flexibility of using RVs makes them
ideal for shorter vacations/weekend
getaways
* Source: “The Outdoor Recreation Economy Report” Outdoor Industry Association, 2017
** Source: KOA 2017 North American Camping Report

8. Thor – Financial Position
8
Strong
Financial
Position
» Profitable every year since our
founding in 1980:
◦ 37 years of continuous annual
profitability
» Solid balance sheet:
o Consistent history of returning cash to
shareholders
o Limited and prudent use of debt
» Cash Priorities:
◦ Funding our growth, whether
organically or through acquisition
◦ Growing the regular dividend over time
◦ Debt reduction
◦ Stock buybacks or special dividends as
decided by the Board
Key Ratios FY17 FY16
Cash & Equivalents $223M $210M
Total Assets $2.6B $2.3B
Working Capital $399M $365M
Debt to Total Assets 0.06 0.15
Debt Availability $353M $114M
Operating Cash Flow $419M $341M

9. Thor – Financial Position
9
Strong
Financial
Position
$38,162 $49,024 $57,381 $62,970 $69,409
$24,305
$30,406
$42,283
$51,976
$115,027
$62,467
$79,430
$99,664
$114,946
$184,436
$82,599
$69,831
$148,196
$226,263
$234,897
Cash Flow Analysis
Dividends Capex Excess Cash Flow
FY14FY13 FY15 FY16 FY17
$145,066 * $149,261 *
$247,860 *
$341,209 *
$419,333 *
* Total Cash Flow from Operations

10. $111.4
$151.7
$175.5
$202.0
$258.0
$374.3
FY12 FY13 FY14 FY15 FY16 FY17
Net Income
(Continuing Ops., $ millions)
$2,640
$3,242
$3,525
$4,007
$4,582
$7,247
FY12 FY13 FY14 FY15 FY16 FY17
Net Sales
(Continuing Ops., $ millions)
Key Stats
(As of or For the Fiscal Years Ended July 31)
10
$2.07
$2.86
$3.29
$3.79
$4.91
$7.09
FY12 FY13 FY14 FY15 FY16 FY17
Diluted EPS
(Continuing Ops.)
12.1%
13.1%
13.3%
13.9%
15.9%
14.4%
FY12 FY13 FY14 FY15 FY16 FY 17
Gross Margin
(Continuing Ops.)
Income Statement
Balance Sheet & Cash Flow
$218.6
$236.6
$289.3
$183.5
$209.9
$223.3
FY12 FY13 FY14 FY15 FY16 FY17
Cash & Investments
($ millions)
$374
$469
$473
$398
$365
$399
FY12 FY13 FY14 FY15 FY16 FY17
Working Capital
($ millions)
$118.8
$145.1
$149.3
$247.9
$341.2
$419.3
FY12 FY13 FY14 FY15 FY16 FY17
Operating Cash Flow
($ millions)
$360.0
$145.0
FY16 FY17
Debt
($ millions)

11. Thor’s RV Product Range
11
Towable
Segment
Motorized
Segment
Class B
van motorhomes;
retail price $150,000 - $250,000
Class C
living area built on van or pickup
chassis;
retail price $50,000 - $250,000
Class A
fully enclosed, bus-style motorhome;
retail price $70,000 - $700,000
Travel Trailers
hitch to the bumper of the tow vehicle;
retail price <$10,000 - $150,000
Fifth Wheels
hitch to a specially mounted hitch in
the bed of a pickup truck;
retail price $25,000 - $185,000
Specialty Trailers
includes camping trailers, truck
campers and horse trailers with living
quarters;
retail price <$10,000 - $110,000
Note: Retail prices noted above are general ranges.

12. Thor Operating Entities
12
Thor Founders: Wade F.B. Thompson (left)
and Peter B. Orthwein (right)

13. Thor Operations
13
Elkhart, IN
Thor subsidiaries operate nearly 200 production facilities in
five states: Indiana, Ohio, Michigan, Idaho, and Oregon.
Cassopolis, MI
Jackson Center, OH
Twin Falls, ID
Nampa, ID
Pendleton, OR

14. Experienced Management Team
14
PETER B. ORTHWEIN,
EXECUTIVE CHAIRMAN
Mr. Orthwein, a co-founder of our Company, has
served as a director of our Company since its
founding in 1980 and currently serves as
Executive Chairman of the Board, having been
appointed to this position in August 2013.
W. TODD WOELFER,
SENIOR VICE PRESIDENT, GENERAL
COUNSEL & CORPORATE SECRETARY
Mr. Woelfer joined our Company in August 2012
and has 10 years of industry experience.
ROBERT W. MARTIN,
PRESIDENT & CHIEF EXECUTIVE
OFFICER
Mr. Martin has been with our Company since 2001
and has served as CEO since 2013. He has 24
years of industry experience.
COLLEEN ZUHL,
SENIOR VICE PRESIDENT & CHIEF
FINANCIAL OFFICER
Ms. Zuhl joined our Company in June 2011 and
has 13 years of industry experience.
KENNETH D. JULIAN,
VICE PRESIDENT, ADMINISTRATION &
HUMAN RESOURCES
Mr. Julian has been with our Company since
March 2004 and has 29 years of industry
experience.

15. Corporate Integrity
15
» Constant focus on creating
shareholder value
» Highly transparent in corporate
financial disclosures
» No ‘pro forma’ earnings, we report
GAAP results
» Simple compensation philosophy:
o Mainly cash compensation based on
pre-tax income – a true pay-for-
performance philosophy
o Restricted stock units awarded based on
performance to provide broader, long-
term focus on overall Company results
o No golden parachutes
o No perks to Named Executive Officers
(NEO’s) beyond an annual physical
exam

16. Company Information
16
Headquarters
Thor Industries, Inc.
601 E. Beardsley Avenue
Elkhart, IN 46514
(574) 970-7460
www.thorindustries.com
Operating Companies
» Airstream www.airstream.com
» Bison www.bisontrailer.com
» CrossRoads www.crossroadsrv.com
» Cruiser www.cruiserrv.com
» DRV www.drvsuites.com
» Dutchmen www.dutchmen.com
» Entegra www.entegracoach.com
» Heartland RV www.heartlandrvs.com
» Highland Ridge www.highlandridgerv.com
» Jayco www.jayco.com
» Keystone RV www.keystonerv.com
» K-Z www.kz-rv.com
» Livin’ Lite www.livinlite.com
» Postle Aluminum www.postledistributors.com
» Redwood RV www.redwood-rv.com
» Starcraft RV www.starcraftrv.com
» Thor Motor Coach www.thormotorcoach.com
» Venture RV www.venture-rv.com
Investor Contact
Beth Saunders, Clermont Partners
(312) 690-6008
investors@thorindustries.com
Analyst Coverage
http://ir.thorindustries.com/financial-information/analyst-
coverage
Transfer Agent
Computershare
P.O. Box 43078
Providence, RI 02940
(800) 622-6757
Independent Accountants
Deloitte & Touche LLP
Chicago, Illinois
Corporate Secretary
W. Todd Woelfer
Senior Vice President,
General Counsel & Corporate Secretary

17. www.thorindustries.com