This document discusses Thor Industries, a manufacturer of recreational vehicles. Some key points: - Thor is the world's largest manufacturer of RVs, with over $3 billion in annual sales. - They have a diverse portfolio of towable and motorized RVs sold under multiple brands. - Thor has a strong balance sheet and profitable growth strategy focused on innovation, acquisitions, and margin expansion. - Industry conditions have improved in recent years with growing RV shipments and dealer inventory at appropriate levels for demand.

1. www.thorindustries.com

2. 2
 This release 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 Industries, Inc., and inherently involve uncertainties and risks. These
forward looking statements are not a guarantee of future performance. 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, interest rate fluctuations, restrictive
lending practices, recent management changes, the success of new product introductions,
the pace of acquisitions, the impact of the divestiture of the Company's bus businesses,
asset impairment charges, cost structure improvements, competition and general
economic, market and political 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,
2013. We disclaim any obligation or undertaking to disseminate any updates or revisions to
any forward looking statements contained in this release or to reflect any change in our
expectations after the date of this release 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 one of the world’s largest
manufacturers of recreation vehicles
• Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition
of Airstream, Inc.
• #1 in overall RV 35.4% of market*
• #2 in Travel Trailers 32.8% of market*
• #1 in Fifth Wheels 49.4% of market*
• #2 in Motorhomes 24.2% of market**
 On July 31, 2013, Thor announced the pending sale of its bus business to Allied
Specialty Vehicles for $100 million in cash subject to customary closing conditions
including working capital changes from April 30, 2013 until closing. This sale is
expected to close by November 1, 2013
 Approximately 8,300 employees***
 107 facilities in 4 US states***
 6.5 million square feet under roof***
Who is THOR
Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD July 2013, excluding fold-
downs **Motorhomes includes Class A, B and C *** as of July 31, 2013 (continuing operations)

4. 4
Travel Trailers
Fifth Wheels
Motor Homes
THOR’s Product Range
Towable
RV's
$2.650.253
82%
Motorized
RV's
$591.542
18%
FY2013 Sales*
*Fiscal year ended July 31, 2013,
continuing operations
($ in millions)

5. 5
THOR Subsidiaries: RV

6. 6
 Disciplined, Profitable Growth
• Profitable every year since 1980
• All time record $3.2 billion sales FY2013, up 23% from FY2012
• $2.6 billion sales in FY2012, up 13% from $2.3 billion sales in FY2011
• FY2013 net income from continuing operations of $151.7 million, up 36% from FY2012
• FY2013 EPS from continuing operations of $2.86, up 38% from $2.07 in FY2012,
FY2013 EPS of $2.88, up 27% from $2.26 in FY2012
 Sustainable Business Model
• Successfully 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 $236.6 million on July 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

7. 7
 Proven business model:
• Entrepreneurial and decentralized
• No ivory tower: approximately 8,300 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 market leadership:
• Best positioned in towable RVs, historically fastest growing area
• #2 in Motorhomes, poised for continued growth
• Well positioned as a leading innovator in the RV market to meet the demands of
dealers and consumers
 Strong balance sheet to support growth and shareholder returns
What Makes THOR Different
* as of July 31, 2013 (continuing operations)

8. 8
 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

9. 9
 Currently a competitive environment, though improved from year ago
• Top three RV competitors account for 78.5% 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 competitive, but improved over
prior year
 Consumer confidence better than last year, but fell to 76.8 in September
2013 from 82.1 in August as the soft labor market and rising mortgage rates
weighed on consumers**
 Wholesale and Retail lenders are prudent - applying “healthy discipline”
 RV buyers seek the “power of choice” – want variety in brands and models
Industry Conditions: RV
*Source: Statistical Surveys, Inc., U.S. YTD July 2013
** Source: University of Michigan Preliminary Consumer Sentiment Index for September 2013

10. 10
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
319,3
334,3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
2014(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014:
RVIA estimate as of Fall 2013

11. 11
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
37,1
38,7
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
2014(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014:
RVIA estimate as of Fall 2013

12. 12
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
267,7
281,1
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
2014(e)
Historical Data: Recreation Vehicle Industry Association, excluding camping trailers and
truck campers, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013

13. 13
 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 $228 $224 +2%
Motorized $213 $111 +92%
TOTAL $441 $335 +32%
Backlog: July 31 ($ millions)
 Consumers
• Better access to retail credit
• Confidence better than prior
year
• Low interest rates
• Great demographic trends
• Will shorten trips to reduce
fuel usage

14. 14
THOR RV Dealer Inventory
 Total Dealer inventory remains appropriate for current conditions,
towable inventory is stable, motorized inventory is somewhat light
 Dealer inventory at July 31, 2013 up 16.9% compared with July 31,
2012, in line with 18.7% RV sales growth in the fiscal fourth quarter
 Lenders still comfortable with current dealer inventory turns and
current credit line utilization, recently turns have increased resulting
in reduction in average age of Thor units on dealers‟ lots
2013 2012 % change
RV 57,473 49,166 +16.9%
Dealer Inventory: July 31 (units)

15. 15
 Dealer inventories remain appropriate for consumer demand on towables, motorized
inventory is relatively low
 Retail demand has driven rebound in towables, rebound in motorized still in early
stage
 Wholesale & Retail units should be fairly balanced going forward
The RV Market Ahead
* Statistical Surveys, inc., includes US and Canada. 2010, 2011 & 2012 Full Year Actual, 2013 YTD through July,
excluding camping trailers
** RVIA wholesale shipments excluding camping trailers and truck campers for full years 2010, 2011 and 2012, 2013
YTD through July
Calendar Year
2010 2011 2012 2013 YTD
Industry Retail
Registrations*
213,074 units
(+12.5%)
232,970 units
(+9.3%)
251,201 units
(+7.8%)
189,275 units
(+13.5%)
Industry
Wholesale
Shipments**
224,400 units
(+48.1%)
237,762 units
(+6.0%)
271,078 units
(+14.0%)
191,085 units
(+14.0%)

16. 16
 On August 30, 2013 Thor acquired the assets of innovative RV manufacturer Livin‟ Lite
based in Wakarusa, Indiana for approximately $18 million in cash, subject to working
capital adjustments
 Livin‟ Lite‟s products are complementary to existing product lines, with light-weight
aluminum construction targeting a niche market within the overall RV market
 Livin‟ Lite also provides an entry into two markets that Thor subsidiaries have not
participated in – folding camping trailers and truck campers
 Lightweight products are typically sold at a modest premium to traditional products, with
opportunities for growth through licensing agreements with Jeep and others
Acquisition of Livin’ Lite

17. 17
 On September 17-19, 2013, Thor held its annual dealer open house in Elkhart
 Traffic was very strong with initial dealer attendance up more than 30% from 2012
 Broad variety of new products introduced for the 2014 model year, including the new
Vegas and Axis Class A motorhomes – built on a Ford E-series chassis that is available
and ideal for a smaller motorhome (under 27 feet) at a lower cost (approx. $70,000)
RV Open House

18. 18
 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
RV Expansion
 On June 3, 2013, Thor acquired the RV production facilities in Wakarusa, Indiana
formerly operated by Navistar to expand motorized production to meet current demand
and to vertically integrate RV paint operations
 Nearly one million square feet of production space and 35 paint booths on 150 acres
 Final transition plans to be implemented when the seller exits, which is expected this fall
Three-Year Strategic Plan

19. 19
 On July 31, 2013 Thor announced an agreement to sell its bus business to Allied
Specialty Vehicles for $100 million in cash, subject to closing adjustments including
working capital changes from April 30, 2013 until closing
 Thor‟s bus business includes Champion Bus, Inc., General Coach America, Inc., Goshen
Coach, Inc., El Dorado National California, Inc., and El Dorado National Kansas, Inc.
which generated sales of $448 million for the fiscal year ended July 31, 2013
 Thor will continue to operate the bus business until closing, which is expected to occur
on or before November 1, 2013
 The Company does not anticipate any impairment to goodwill or intangible assets of the
bus business as a result of the sale
 Divesting the bus business will allow Thor to focus on maintaining and growing the
Company‟s leadership position in the core RV business
 Results of the Bus segment are presented as discontinued operations in Thor‟s annual
report filed on Form 10-K for the year ended July 31, 2013, and have been excluded
from this presentation
Sale of the Bus Business

20. 20
 Consolidated sales for the fourth quarter of fiscal 2013 were $914.0 million, up 19% from
$769.9 million in the fourth quarter last year, based on strong growth in motorized recreational
vehicle (RV) sales and more modest growth in towable RV sales.
 Net income from continuing operations for the fourth quarter was $55.2 million, up 35% from
$40.9 million in the prior-year fourth quarter. Diluted earnings per share (EPS) from continuing
operations for the fourth quarter was $1.04, up 35% from $0.77 in the fourth quarter last year.
 Including discontinued operations from the Bus business, net income was $58.2 million, up 31%
from $44.4 million in the fourth quarter of fiscal 2012. Diluted EPS including discontinued
operations was $1.09, up 30% from $0.84 in the fourth quarter last year.
 Towable RV sales were $745.8 million, up 13% from $662.1 million in the prior-year period.
Income before tax was $76.4 million, up 41% from $54.2 million in the fourth quarter last year.
Towable RV income before tax increased to 10.2% of revenues from 8.2% a year ago, as a
result of increased volumes and specific actions taken to improve operating efficiencies.
 Motorized RV sales were $168.2 million, up 56% from $107.8 million in the prior-year fourth
quarter. Income before tax was $13.5 million, up 85% from $7.3 million last year. As a percent of
revenues, motorized RV income before tax rose to 8.0% of revenues from 6.8% a year ago,
driven by improved product mix, volumes and enhanced operating efficiencies.
Comments on 4th Quarter 2013 Results

21. 21
 Profitable every year since inception
 Successfully weathered a severe downturn
 Increased capital investments position Thor for growth and margin improvement over
the long term
 #1 overall RV market share in North America*
 Rock-solid balance sheet. Significant cash on hand and historic cash generation
 Diversified and innovative products
 Strong consumer, dealer and lender relationships
 Experienced Team
THOR - Key Takeaways
Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD July 2013, excluding fold-
downs

22. Appendix: Financial & Market Data

23. 23
 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

24. 24
THOR’s RV Competitive Advantage
Source: Statistical Surveys, Inc., U.S. YTD July 2013
* Includes Palomino, Coachmen, Prime Time, Shasta and Dynamax
** Fleetwood adjusted to include Navistar RV for 2010-13 with the purchase of Navistar‟s
RV business in May 2013.
U.S. Retail Registrations (units, excluding fold-downs)
Total Share % Total Share % Total Share % Total Share %
THOR 53,210 35.2% 72,988 36.3% 67,278 36.6% 64,837 37.3%
Forest River* 49,693 32.9% 60,322 30.0% 52,856 28.8% 46,788 26.9%
Jayco 15,755 10.4% 21,413 10.7% 20,048 10.9% 17,784 10.2%
Winnebago 4,616 3.1% 6,223 3.1% 4,852 2.6% 5,180 3.0%
K-Z Inc. 3,941 2.6% 5,594 2.8% 5,327 2.9% 5,058 2.9%
Fleetwood** 2,994 2.0% 4,482 2.2% 4,363 2.4% 5,334 3.1%
Subtotal 130,209 86.2% 171,022 85.1% 154,724 84.2% 144,981 83.3%
All Others 20,886 13.8% 29,950 14.9% 29,059 15.8% 28,965 16.7%
Grand Total 151,095 100.0% 200,972 100.0% 183,783 100.0% 173,946 100.0%
YTD 7/31/13 Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10

25. 25
Sales ($ millions)
Fiscal years ended July 31, continuing operations
$1.115
$1.849
$2.340
$2.640
$3.242
2009 2010 2011 2012 2013

26. 26
Net Income ($ millions)
Fiscal years ended July 31, continuing operations
$2,5
$91,2 $91,6
$111,4
$151,7
2009 2010 2011 2012 2013

27. 27
Diluted EPS
Fiscal years ended July 31, continuing operations
$0,04
$1,72 $1,66
$2,07
$2,86
2009 2010 2011 2012 2013

28. 28
4th Quarter Financial Summary
2013 2012 % Change
Net Sales 914.0 769.9 18.7%
Gross Profit 140.2 102.3 37.0%
% of Sales 15.3% 13.3%
SG&A 53.7 42.4 26.9%
% of Sales 5.9% 5.5%
Impairment charges 2.0 0.0 n/a
% of Sales 0.2% 0.0%
All Other 1.7 1.7
Income Before Tax 82.8 58.2 42.3%
% of Sales 9.1% 7.6%
Income Taxes 27.6 17.3
Net Income (cont. ops.) 55.2 40.9 35.0%
Diluted EPS (cont. ops.) 1.04$ 0.77$ 35.1%
Order Backlog
Towables 228.4 224.6 1.7%
Motorized 213.1 110.8 92.4%
Total 441.5 335.4 31.7%
*Amounts in thousands except per share data
Net Sales by segment:
• Towables +12.6%, motorized
+56.0%
Income before tax by segment:
• Towables 10.2%, up from 8.2%
• Towable results include $2
million asset impairment
charge
• Volume leverage and actions
to improve operating efficiency
• Motorized 8.0%, up from 6.8%
• Volume leverage
• EPS from continuing operations of
$1.04 up from $0.77 in fourth
quarter of 2012

29. 29
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
3Q2013
4Q2013
Quarterly Thor RV Unit Shipments

30. 30
Thor RV Retail Market Share: Units
• US Statistical Surveys, measured at calendar year end, 2013 YTD as of July 31, 2013
29,2%
30,4% 31,2%
40,3%
39,0% 38,6%
36,9%
13,9% 14,9%
16,2%
17,4%
20,0% 20.0%
24,6%
5,3%
3,1%
7,9%
14,6%
17,0% 18,2%
22,2%
2007 2008 2009 2010 2011 2012 2013 YTD
TT/FW Retail Share* Class A/C Retail Share* Class B Retail Share*

31. www.thorindustries.com