Thor Citi Investor Meetings

1. www.thorindustries.com
CITI INVESTOR MEETINGS
AUGUST 15, 2013

2. 2
 This release 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, the impact of the divestiture of the Company’s bus
businesses, 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 April
30, 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

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 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 35.8% of market*
• #2 in Travel Trailers 32.9% of market*
• #1 in Fifth Wheels 49.8% of market*
• #1 in Motorhomes 25.2% of market**
 On July 31, 2013 announced the pending sale of its bus business to Allied Specialty
Vehicles for $100 million in cash subject to customary closing conditions. This sale is
expected to close by November 1, 2013
 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 YTD May 2013, excluding fold-
downs **Motorhomes includes Class A, B and C *** as of July 31, 2012

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Travel Trailers
Fifth Wheels
Motor Homes
Buses**
THOR’s Product Range
Towable
RV's
$2,649,777
72%
Motorized
RV's
$591,240
16%
Bus
Group**
$448,756
12%
FY2013 Preliminary Sales*
*Fiscal year ended July 31, 2013
($ in millions)
** Bus Group sales will be presented as Discontinued Operations in the upcoming form 10-K, due
to the pending sale.

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 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
• Low interest rates
• Great demographic trends
• Will shorten trips to reduce
fuel usage

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THOR RV Subsidiaries

7. Recent Developments

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 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 late this
summer
Three-Year Strategic Plan

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 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
 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 approximately $449 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 will be presented as discontinued operations in Thor’s
annual report filed on Form 10-K for the year ended July 31, 2013 to be released in late
September 2013
Sale of the Bus Business

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 Consolidated sales for the third quarter of fiscal 2013 were $1.05 billion, up 13% from $926.5 million in
the third quarter last year, based on strength in recreational vehicle (RV) sales. Net income for the
third quarter was $43.8 million, up 6% from $41.3 million in the prior-year third quarter. Diluted
earnings per share (EPS) for the third quarter was $0.82, up 5% from $0.78 in the third quarter last
year.
 Included in net income and EPS for the third quarter of fiscal 2013 were non-cash goodwill and
intangible asset impairment charges of approximately $11.5 million. This included a $4.7 million
intangible asset impairment charge triggered by the expected sale of the net assets associated with the
Company’s ambulance product line, and a $6.8 million goodwill impairment charge relating to the bus
segment reporting unit which historically included the ambulance product line. These charges reduced
EPS by $0.15 for the quarter. Excluding these items, EPS would have been $0.97 for the quarter.
 Total RV segment sales were $929.8 million, up 15% from $807.2 million in the third quarter last year.
RV segment income before tax was $77.6 million, up 31% from $59.2 million in the prior-year period.
 Towable RV sales were $742.5 million, up 9% from $680.5 million in the prior-year period. Income
before tax was $62.5 million, up 22% from $51.1 million in the third quarter last year. Towable RV
income before tax increased to 8.4% of revenues from 7.5% a year ago, as a result of increased
volumes and specific actions taken to improve operating efficiencies.
 Motorized RV sales were $187.3 million, up 48% from $126.7 million in the prior-year third quarter.
Income before tax was $15.1 million, up 86% from $8.1 million last year. As a percent of revenues,
motorized RV income before tax rose to 8.1% of revenues from 6.4% a year ago, driven by improved
product mix, volumes and enhanced operating efficiencies.
 Bus segment sales were $119.4 million, up slightly from $119.3 million in the third quarter last year.
Income before tax was a loss of $7.7 million, compared to income of $2.8 million in the third quarter
last year. Bus segment income before tax was unfavorably impacted by the non-cash impairment
charges relating to goodwill and intangibles of approximately $11.5 million.
Comments on 3rd Quarter 2013 Results

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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
33.5
35.6
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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1987
1988
1989
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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 Summer 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
261.5
271.1
1974
1975
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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 Summer 2013

13. www.thorindustries.com