Thor investor presentation 11.30.2015 final

www.thorindustries.com
INVESTOR PRESENTATION
MARCH 7, 2016

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 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, raw material and commodity 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 and the
potential economic impact of rising interest rates, restrictive lending practices, management changes, the
success of new product introductions, the pace of obtaining and producing at new production facilities, loss or
reduction of sales to key dealers, the pace of acquisitions, the potential loss of existing customers of
acquisitions, the integration of new acquisitions, the availability of delivery personnel, asset impairment
charges, cost structure changes, competition, impact of potential losses under repurchase obligations, the
potential impact of the strengthening of the U.S. dollar on international demand, 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, 2015 and Part II, Item 1A of our quarterly report on Form 10-
Q for the period ending January 31, 2016. 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.

3
THOR AT A GLANCE
Founded in 1980 by Wade Thompson & Peter Orthwein with
the acquisition of Airstream, Inc.
One of the world’s largest manufacturers of recreational
vehicles representing a broad range of major brands
Two major business segments include:
• Towable RVs such as travel trailers, fifth wheels and specialty trailers
• Motorized RVs which include Class A, B and C motorhomes
Operations in 148 facilities* located in Indiana, Michigan,
Ohio and Oregon
Products sold through independent retail distributors
primarily in the U.S. and Canada
Historically strong cash flow and solid balance sheet
Approximately 10,450 employees*
Listed on the NYSE under ticker THO
$1,849
$2,340
$2,640
$3,242
$3,525
$4,007
FY10 FY11 FY12 FY13 FY14 FY15
Net Sales
(continuing operations, $ millions)
$1.72 $1.66
$2.07
$2.86
$3.29
$3.79
Diluted EPS
(continuing operations)
*as of July 31, 2105

4
THOR’S RV PRODUCT RANGE
Travel Trailers
(hitch to the bumper of the
tow vehicle)
Fifth Wheels
(hitch to a specially mounted
hitch in the bed of a pickup
truck)
Specialty Trailers
(includes camping trailers,
truck campers and horse
trailers with living quarters)
Towable
RV's
$3,096.4
77%
Motorized
RV's
$870.8
22%
Other
$39.6
1%
FY2015 Sales*
Towable RV Segment Products
Class A Motorhomes
(fully enclosed, bus style
motorhome)
Class B and C Motorhomes
(B – van motorhomes, C –
living area built on van or
pickup chassis)
Motorized RV Segment Products
*Fiscal Year ended July 31,
2015, in millions

5
CONSISTENT GROWTH IN
EARNINGS
$1.72 $1.66
$2.07
$2.86
$3.29
$3.79
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
Diluted EPS, Continuing Ops.
$91.2 $91.6
$111.4
$151.7
$175.5
$202.0
$0
$50
$100
$150
$200
$250
Net Income,
Continuing Ops., $ Millions

6
REGULAR QUARTERLY
DIVIDENDS
Fiscal years ended July 31,
$0.10
$0.15
$0.18
$0.23
$0.27
$0.30
*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 the determination of the Board,
and will be dependent upon future earnings, cash flows and other factors.

7
THOR OPERATING ENTITIES –
STRONG BRANDS

8
STRATEGIC VISION FOR
GROWTH
At Thor we strive to provide RV consumers with superior products and
services through innovative solutions which enhance the enjoyment of the RV
lifestyle
Our decentralized operating structure and independent operating subsidiaries
foster an entrepreneurial spirit and an unending focus on the needs of the
users of our products – resulting in our drive to lead the industry with
innovation, product quality and customer service
Our focus requires that we make decisions based on the long-term success of
our Company:
• While we strive to lead the industry in market share, we will not strive for market share at
the expense of quality or without regard to bottom-line impact
• Growth is important, but this is a business of relationships, and we realize that the key to
long-term sustainable sales growth rests in the strength of our relationships with
consumers, dealers and suppliers
• Our relationship with shareholders is important ― profits are a key driver to our long-term
success
• The path to long-term success is seldom straight, so our leaders manage in a way that
moves us closer to our goals, even though it might impact our results in the short term

9
THOR COMPETITIVE ADVANTAGES
Primary focus on assembly:
• 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 the primary RV categories – Travel Trailers, Fifth Wheels and
Motorized (#1 in motorized, #2 in towables)*
• Provides scale and purchasing power
• Low cost, high volume producer – generates improved margin
Solid balance sheet
Meaningful increases in production capacity during FY14 and FY15
Diversified lineup of innovative product offerings
Strong relationships with wholesale financing providers
Excellent relationships with dealers, lenders and consumers based on financial strength
to provide warranty and honor repurchase agreements
*Source: Statistical Surveys, Inc., U.S. and Canada, year-to-date through December, 2015.

10
INVESTING IN THE FUTURE -
CAPACITY
$12,767
$33,698
$10,442
$24,190
$30,438
$43,055
$0
$10,000
$20,000
$30,000
$40,000
$50,000
Thousands
Capital Acquisitions
$19,756
$99,562
$170
$10,718
$86,092
$194,486
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Thousands
Business Acquisitions

11
CORPORATE INTEGRITY
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 based on pre-tax income – a true pay-
for-performance philosophy
• Restricted stock units also awarded based on performance to
provide broader, long-term focus on overall Company results

12
RV INDUSTRY CONDITIONS
REMAIN POSITIVE
Although consumer confidence has softened somewhat since the beginning of 2016, it
remains at the highest levels since the recession. Final results fell to 91.7 in February from
92.0 in January. This compares with 95.4 a year ago.*
Consumer sentiment was boosted by expectations of improving wages and continued
modest inflation, as the consumers’ outlook for their personal financial situation reached its
best level in ten years. Consumers are expecting a somewhat slower expansion with
some concern about how the slowdown in GDP growth will affect employment growth.*
Recreation Vehicle Industry Association (RVIA) forecast in March 2016 that calendar 2016
wholesale shipments for all RV categories should increase to 381,800 units, or an increase
of 2.0% over calendar year 2015.**
Pricing and promotional environment remains competitive, but generally improved over
prior year.
Domestic travel offers fewer risks than international travel at a more compelling value.
Lower fuel prices make RV travel increasingly attractive for consumers.
*Source: University of Michigan final Consumer Sentiment Index for February 2016
**Source: RVIA Roadsigns Spring 2016

13
CONSUMER TRENDS:
GROWING RV POPULARITY
Leisure travel such as camping continues to be popular
Approximately 46.2 million households in North America are active campers, but only 9.7
million, or 21% of them, are RV campers.
The remaining campers primarily use tents or cabins, which makes them a solid target
market for the RV industry (58% of RV owners started as tent campers).
Favorable demographics
Baby boomers (a prime RV target market for many years) represent 24% of the population
and a target market as they reach retirement age and have more time for travel.
Generation X and Millennials offer future opportunities as they seek more active outdoor
experiences with their families.
Increasingly diverse potential customer base – Hispanic, African American, Asian and
other ethnicities grew from 12% in 2012 to 23% in 2014.
Younger campers (25-34 age) are a growing market – from 18% in 2012 to 23% in 2014.
New applications – broader usage
Growth in use at extreme sporting events, youth sports leagues and tournaments, dog and
craft shows, and collegiate sports activities for alumni and fans.
*Source: Kampgrounds of America (KOA) 2015 North American Camping Report

14
POSTLE ALUMINUM ACQUISITION ENSURES
SUPPLY OF KEY MATERIAL COMPONENT
On May 1, 2015 Thor acquired Postle Aluminum, based in
Elkhart, Indiana, for approximately $144 million in cash, net
of cash acquired.
Postle generated sales of approximately $220 million in
calendar 2014 and we expect the acquisition to be accretive
to earnings.
Approximately 30% of total sales are to Thor subsidiaries and
approximately 75% of total sales were to the RV industry.
The remaining sales are to the specialty truck and trailer,
cargo, marine and fencing industries.
Postle produces a variety of aluminum extrusions,
specialized components and powder coating and painting
services.
The current management team will continue to lead the
company as a separate Thor subsidiary.

15
SECOND QUARTER REFLECTS
STRONG PERFORMANCE
Three Months Ended January 31,
2016 2015 % Chg.
Net Sales $975.1 $852.4 14.4%
Gross Profit 148.8 102.0 45.9%
% of Sales 15.3% 12.0%
SG&A 67.4 54.3 24.1%
% of Sales 6.9% 6.4%
Income Before Tax (cont. ops.) $65.9 $44.1 49.3%
% of Sales 6.8% 5.2%
Income Taxes 20.6 13.9
Net Income (cont. ops.) $45.2 $30.3 49.2%
Diluted EPS (cont. ops.) $0.86 $0.57 50.9%
Amounts in millions, except per share data

16
QUARTER 2016 RESULTS FROM CONTINUING
OPERATIONS UP DOUBLE DIGITS
Bob Martin – Thor President & CEO:
“Our second-quarter results reflect the success of our operating strategy, the popularity of Thor’s products and the breadth of our RV dealer
base. We drove improvements in cost management and operational efficiencies which, along with favorable product mix and lower material
costs, allowed us to achieve significant growth in margins and overall profits. Recent acquisitions and capital investments continued to be
accretive and contributed to Thor’s record second-quarter and first-half results. The retail market remains positive as evidenced by strong
attendance and sales at the early spring retail shows and Thor’s dealers continue to be optimistic about future sales. Our dealers’ success
and favorable outlook suggests the continuation of industry growth in most segments, and we are ramping up production at the new
western facility that is on track to begin producing and shipping units by the end of the fiscal third quarter.”
Peter Orthwein – Thor Executive Chairman:
“We posted the strongest first half of any fiscal year in the history of our Company, driven by the outstanding performance of our team of
employees, management and dealers. We are optimistic about the future of Thor and plan to continue to build on the foundation of our
strategic growth plan based on acquisitions and capacity expansion to deliver solid returns to our shareholders.”
$852.4
$975.1
FY15 FY16
Net Sales
($ millions)
+14%
$30.3
$45.2
FY15 FY16
Net Income
(Continuing Ops.)
+49%
$0.57
$0.86
FY15 FY16
Diluted EPS
(Continuing Ops.)
+51%
$942.1
$1,105.2
FY15 FY16
RV Backlog
($ millions)
+17%
Note: Second quarter 2016 Results include three months of Cruiser and DRV Luxury Suites, acquired effective January 1, 2015 compared with one
month in the second quarter of 2015, and Postle acquired May 1, 2015.

17
KEY TAKEAWAYS
Profitable every year since our founding in 1980 – 35 years of
profitability
We are primarily assemblers, not manufacturers
Variable cost structure provides flexibility in cyclical industry
Known as innovators in the industry
Strong market share in all main RV product categories
Rock-solid balance sheet – history of returning cash to
shareholders
Strong consumer, dealer and lender relationships
Experienced team

www.thorindustries.com
Appendix: Financial
and Market Data

19
INVESTOR Q&A: QUARTER AND YEAR-TO-
DATE OPERATING RESULTS
Sales for the quarter were up significantly from the prior year, which you reported then was a
very strong quarter. What were the drivers of the sales growth and do you anticipate the Q3 and
Q4 to realize similar growth rates?
• Revenues in the quarter were driven by growth in our markets, recent acquisitions, positive weather
conditions and a shift in deliveries of certain motorized rental units earlier in the year. Continued
strength in the RV market and a healthy dealer channel should result in continued, more modest RV
revenue growth in the second half of the fiscal year.
What were the drivers of Q2 and year to date gross margin improvements? Is the improvement
sustainable?
• Improvements in gross margins were due primarily to favorable changes in product mix,
improvements in material and warranty costs and improved operating efficiencies compared to the
prior year. Growth in gross profit margins will become more challenging as improvements in material
costs and warranty expenses that were realized in the second half of fiscal 2015 create difficult
comparisons for the second half of 2016. In addition, certain benefits to gross margins, specifically
the impact of the retroactive reinstatement of tariff rebates on certain imported raw material, which
had a significant positive impact on gross margins in the fourth quarter of fiscal 2015, will not repeat
in the fourth quarter of fiscal 2016.

20
DATE OPERATING RESULTS (CONTINUED)
What was the source of the Q2 impairment charge? How do you determine if there is an
impairment charge?
• Despite the year-to-date strength of the combined RV operating results, the Company incurred a non-
cash, pre-tax goodwill impairment charge of $9.1 million, representing an after-tax EPS impact of
$0.11 per share, related to a specific towable reporting unit based on an impairment analysis of that
specific unit’s recent and future forecasted operating results. The $9.1 million charge represents the
full impairment of the goodwill related to this reporting unit.
• Annually, or more frequently if events or circumstances warrant, the Company reviews the goodwill of
all reporting units which carry goodwill. Goodwill is reviewed for potential impairment by applying a
fair-value based test to the applicable reporting units. Fair value is determined by a discounted cash
flow model, and is subject to significant management judgment. If an impairment is determined to
exist, we will take the charge in the quarter it is determined.
• As of January 31, 2016, the Company carried $303.5 million of goodwill, with $260.6 million of the
goodwill related to the towable RV Segment and $42.9 million of goodwill related to the “Other” non-
reportable segment.

21
What was the impact of new acquisitions on Q2 and year to date sales and pre-tax income?
• Cruiser RV, LLC and DRV, LLC (CRV/DRV) were acquired effective January 1, 2015, therefore the
second quarter of 2015 included only one month of activity from these entities compared to a full three
months in the second quarter of 2016. The increase in the total towables net sales for the second
quarter of 2016 of $23.2 million was primarily due to the inclusion of the additional two months of
activity of CRV/DRV. Likewise, the increase in the total towables net sales for the six month period
ended January 31, 2016 over the corresponding period in 2015 was primarily due to the inclusion of
the additional 5 months of activity of CRV/DRV.
• In addition to CRV/DRV, the Company acquired Postle Aluminum Company, LLC in the fourth quarter
of fiscal 2015, effective May 1, 2015, therefore the second quarter of 2016 includes three months of
activity from Postle with no corresponding activity in the second quarter of 2015. The operating results
of Postle for the three and six month periods ended January 31, 2016 are included in the “Other”
segment information of Footnote 4, “Business Segments,” of the Notes to the Condensed
Consolidated Financial Statements (unaudited).
What was the impact of new RV acquisitions to January 31, 2016 backlogs and dealer inventory?
• The reported backlogs and dealer inventory at January 31, 2015 and January 2016 both include
information related to the CRV/DRV acquisition and therefore are comparable statistics.

22
What factors are causing Corporate selling, general and administrative expenses to increase for
both the quarter and year to date periods?
• For the quarter, Corporate selling, general and administrative expenses increased $1.8 million to
$10.2 million. This increase is primarily due to an increase in compensation costs, as bonuses
increased $0.7 million in correlation with the increase in income from continuing operations before
income taxes compared to the prior year and stock-based compensation increased $0.6 million. The
stock-based compensation increase is due to increasing income over the past three years, as the
stock awards generally vest ratably over a three-year period. The remaining $0.5 million increase is
due to increases related to workers’ compensation and product liability reserves and charitable
contributions, partially offset by a decrease in deferred compensation expense.
• For the year-to-date period, Corporate selling, general and administrative expenses increased $3.3
million to $20.0 million. This increase is primarily due to an increase in legal and professional service
fees of $1.6 million, largely attributable to professional service fees incurred related to the
development of long-term strategic growth initiatives and increased sales and marketing initiatives. In
addition, compensation costs also increased, as bonuses increased $1.2 million in correlation with the
increase in income from continuing operations before income taxes compared to the prior year and
stock-based compensation increased $1.4 million. The stock-based compensation increase is due to
increasing income over the past three years, as the stock awards generally vest ratably over a three-
year period. Costs related to workers’ compensation and product liability reserves increased $0.5
million. These increased costs were partially offset by a decrease in deferred compensation expense
of $1.1 million.

23
Why are amortization of intangible assets costs up for the quarter and year-to-date periods?
• The increase in amortization expense is related to the additional intangible assets recognized as a
result of the recent acquisitions of CRV/DRV and Postle in the second and fourth quarters of fiscal
2015, respectively. Estimated amortization expense for fiscal 2016 and future periods is noted in
Footnote 8 of the Notes to the Condensed Consolidated Financial Statements.
Why is there a sizeable increase in Other expense for the quarter and year-to-date periods?
• The Other expense line on the income statement primarily relates to the market value of the
Company’s deferred compensation plan assets depreciating in the current year periods as compared
to an appreciation in those assets, thus generating income, in the prior year. The equal and offsetting
change in the related deferred compensation liability is reported within the selling, general and
administrative expense line at Corporate as noted previously.
Has the Postle acquisition met expectations?
• Although the aluminum market as a whole has been impacted by falling raw aluminum prices, which in
turn generally has a negative impact on Postle’s operating results, Postle has met our expectations
and is providing incremental net income before tax to Thor.

24
INVESTOR Q&A: BALANCE SHEET AND CASH
FLOW
Net income for the six months of 2016 was $95 million vs 2015 of $68 million, an increase of $27
million, yet cash provided by operating activities was essentially flat year over year. Why?
• Net income plus non-cash expenses (primarily depreciation, amortization, impairment charges, deferred
income tax provision and stock-based compensation) provided a total of $130.3 million of operating
cash for the six months ended January 31, 2016. Working capital used $78.4 million of operating cash
during that period, primarily due to larger than usual seasonal increases in accounts receivable and
inventory in correlation with the increase in sales, production levels and backlog, partially offset by an
increase in accounts payable. In addition, required income tax payments exceeded income tax
provisions during the period.

25
INVESTOR Q&A: BALANCE SHEET AND CASH
FLOW
What are your priorities for cash utilization?
• Our priorities for cash utilization remain consistent – our first priority is to support and grow our core RV
business, both organically and through acquisitions. For the full year fiscal 2016 we anticipate spending
nearly $50 million in purchases of property, plant and equipment. This figure includes sizeable
expansions at Airstream; Heartland – including their new facility in Nampa, Idaho as well as expansions
in Elkhart and Howe, Indiana; Keystone; Thor Motor Coach and KZ. In fiscal 2015, we spent
approximately $194 million on acquisitions, including nearly $50 million on acquisitions directly related to
our core RV business. The acquisitions have contributed meaningfully to our recent success and offer
great potential to do the same for our shareholders in the longer term.
• Our second priority is on maintaining and growing our regular dividend rate over time. The Company
increased its previous regular quarterly dividend of $0.27 per share to $0.30 per share in October 2015.
In October 2014, the Company increased its previous regular quarterly dividend of $0.23 per share to
$0.27 per share.
• Our third priority for the use of cash is for strategic share repurchases or special dividends, as
determined by the Company’s Board.

26
INVESTOR Q&A: MARKET CONDITIONS AND
COMPETITION
What is the current state of the Canadian RV market? What do you anticipate the market will be
like for the remainder of calendar 2016?
• The Canadian market is still challenging as we see continued volatility in the value of the Canadian
dollar relative to the U.S. dollar. Since we sell our products to Canadian dealers priced in U.S.
dollars, this creates an upward pressure on prices in local currency which has an adverse impact on
demand. As a result, total Canadian retail registrations as reported by Statistical Surveys, Inc., fell
12.9% for the full calendar year 2015, with towables decreasing 12.0% and motorized decreasing
26.7%. Other factors impacting the Canadian market include increased job losses, an economic
recession and tighter lending practices. However, even with these negative headwinds, we are
seeing some areas of improvement in certain geographies and lean, healthy dealer inventory levels
in the channel.
Have you seen any signs of a slowdown in demand for RVs?
• At this point, we have not seen any indications of a slowdown in demand at the dealer or retail level
in the U.S. Despite the recent volatility in the stock market, consumers remain positive, as the
impact of lower fuel prices, increasing job creation and lower unemployment have helped consumer
confidence to remain strong. This positive consumer confidence is met with improved product
offerings in our industry and, combined, these factors have driven continued growth surpassing the
growth rate of the broader economy.

27
COMPETITION
Describe the current competitive environment, is there much discounting going on?
• The RV industry is always competitive, but in the past year or two, we have seen less of the more
extreme discounting than we have seen in prior years, with pockets of more aggressive discounting
on certain high-end products.
Have you seen any softness in markets that have been heavily impacted by the oil industry?
• The largest state with exposure to the oil industry is Texas, which, based on retail registration data
from Statistical Surveys, accounted for 31,656 units in 2015, which was up 8.5% for the year. At this
point, we have not seen signs of reduced demand in the large metro regions of Texas, though we
continue to monitor the situation closely.
What is the current state of Dealer sentiment and Dealer inventory levels?
• Dealers in general remain optimistic regarding calendar 2016. Early season shows on average have
been well attended with very solid sales volume. Dealer orders are generally expected to reflect a 1-
for-1 replacement as units are sold at retail. Dealer inventory remains appropriate for current
conditions in both towables and motorized.

28
COMPETITION
Do we anticipate further RV industry consolidation?
• Although a significant amount of consolidation has already happened within the industry since the
last recession, we do believe that opportunities remain for additional consolidation within the
industry. Consolidation in our industry does not threaten the competitive environment as years of
consolidation have evidenced. So, even with more consolidation, we are confident that the
competitive environment that drives innovation and improved product offerings throughout our
industry will continue. In addition, we have seen a number of new or returning entrants to the RV
manufacturer base since the recession as well. As these new entrants grow, there may be additional
consolidation.
Are we at the peak for shipments?
• We do not believe we are at the peak for shipments. As an industry, we are impacted by many
macro-economic factors such as consumer confidence, interest rates and credit availability,
employment levels, inflation rate, and a number of other factors. Currently, many of these macro-
economic factors remain favorable. In addition, a positive future outlook for the RV segment is
supported by favorable demographics – both as more people reach the age brackets that historically
have accounted for the bulk of the retail RV sales as well as an influx of younger consumers that are
attracted to the RV lifestyle. These younger consumers in particular are generally attracted to lower
and moderately priced entry-level products and are, in part, fueling additional growth in the industry
beyond historical levels. In addition, RVIA recently updated their forecast for calendar 2016 and are
now projecting 2% growth, to 381,800 units.

29
INVESTOR Q&A: OUTLOOK
What is the status of the new Heartland plant in Idaho?
• The Heartland facility in Idaho is progressing according to our original timeline. We are ramping up
production at the new western facility that is on track to begin producing and shipping units by the
end of the fiscal third quarter. The Nampa facility will produce travel trailers to meet the strong
demands of the West Coast dealers of our Heartland subsidiary.
What is your outlook for the rest of the year?
• Continued strength in the RV market and a healthy dealer channel should result in continued, but
more modest RV revenue growth in the second half of the fiscal year. Growth in gross profit margins
will become more challenging as improvements in material costs and warranty expenses that were
realized in the second half of fiscal 2015 will create difficult comparisons for the second half of 2016.
In addition, certain benefits to gross margins, specifically the impact of the retroactive reinstatement
of tariff rebates on certain imported raw material, which had a significant positive impact on gross
margins in the fourth quarter of fiscal 2015, will not repeat in the fourth quarter of fiscal 2016. Finally,
the effective income tax rate will likely remain higher on a year-over-year basis, compared with the
relatively low rate in the second half of fiscal 2015.

30
INVESTOR Q&A: OUTLOOK
Thor has lost market share in calendar 2015. Why have you lost market share and what does the
Company plan on doing to address or reverse the losses?
• From a share perspective, we have gained significant market share in motorized, which has been
partially offset by some decreases in towable share, most notably in high-end fifth wheels and some
travel trailers. Market share is certainly a key metric that we monitor for all our product categories –
however, it is not the only metric. Overall, we generally try to take a balanced approach to growing or
maintaining market share and growing or maintaining gross margin. The RV industry is extremely
competitive and pricing discipline can come at the expense of market share for all participants,
including the largest. We have developed a variety of new products that we believe address the
largest and fastest growing segments of the market, which should help to improve share as they
penetrate the broader market.
What is your strategic plan for future acquisitions?
• We have established a very disciplined approach to acquisitions to ensure we remain focused on the
factors that provide the greatest likelihood to a successful acquisition and that will provide long-term
value to our shareholders. We are opportunistic in our approach and seek willing sellers at a
reasonable sales price. We also seek companies with strong management teams. We remain
focused on acquisition opportunities within or adjacent to the RV industry.

31
RV WHOLESALE MARKET
TRENDS (UNITS 000s)
295.8
339.6
441.1
413.9
389.9
199.2
106.9
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
259.5
247.2
247.5
254.5
292.7
321.2
300.1
256.8
311.0
320.8
370.1
384.4
390.5
353.5
237.0
165.6
242.3
252.3
285.8
321.2
356.8
374.2
381.8
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
2014
2015
2016(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2016: RVIA estimate as of Spring RV Roadsigns, published in March 2016

32
RV MARKET MOTORIZED
WHOLESALE TRENDS (UNITS 000s)
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
38.4
44.0
47.3
49.0
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
2014
2015
2016(e)

33
RV MARKET TOWABLE
WHOLESALE TRENDS (UNITS 000s)
226.9
243.0
285.0
253.7
232.7
135.1
78.4
98.1
99.4
127.1
133.7
118.1
122.1
137.9
142.9
126.7
120.8
121.1
156.5
176.5
201.3
194.3
192.2
199.5
229.1
249.6
239.1
207.6
250.6
258.9
298.3
323.0
334.5
298.1
208.6
152.4
217.1
227.5
257.6
282.8
312.8
326.9
332.8
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
2014
2015
2016(e)

34
RV INDUSTRY DEMAND
Industry retail demand has shifted toward more light-weight towables
and gas Class A and Class C motorhomes as consumers seek value
Wholesale units typically outpace retail in the early part of the
calendar year; historically sales become more balanced as we reach
the peak retail selling season
Calendar Year
2012 2013 2014 2015
Industry Retail
Registrations*
262,805 units
(+6.8%)
301,481 units
(+14.7%)
328,866 units
(+9.1%)
369,883 units
(+12.5%)
Industry
Wholesale
Shipments**
285,749 units
(+13.2%)
321,127 units
(+12.4%)
356,735 units
(+11.1%)
374,246 units
(+4.9%)
* Statistical Surveys, Inc., includes US and Canada. 2012, 2013, 2014 & 2015 Full Year Actual
** RVIA wholesale shipments for full years 2012, 2013, 2014 & 2015

35
THOR BACKLOG AND DEALER
INVENTORY
Dealers remain confident with orders reflecting a shift toward more normal ordering patterns
Orders generally expected to reflect 1-for-1 replacement as units are sold at retail
Backlogs reflect the inclusion of Cruiser/DRV for both periods
Backlog: January 31 ($000s),
2016 2015 % Change
Towables $708,408 $626,052 13.2%
Motorized $396,839 $316,008 25.6%
Total RV $1,105,247 $942,060 17.3%
Dealers inventory remains appropriate for current conditions in both towable and motorized
Lenders still comfortable with current dealer inventory turns and current credit line utilization; year-
over-year turns have increased modestly, resulting in a slight reduction in average age of Thor units
on dealers’ lots
Dealer Inventory: January 31, (units)
2016 2015 % Change
RV 78,000 76,440 2.0%

36
RV INDUSTRY RETAIL MARKET
SHARE
Total Share % Total Share % Total Share % Total Share %
THOR* 127,528 34.5% 119,089 36.2% 115,572 38.3% 102,780 39.1%
Forest River** 131,198 35.5% 112,979 34.4% 99,822 33.1% 81,873 31.2%
Jayco*** 49,650 13.4% 41,574 12.6% 37,942 12.6% 33,803 12.9%
Winnebago 11,857 3.2% 10,395 3.2% 8,661 2.9% 7,053 2.7%
Grand Design 6,967 1.9% 4,174 1.3% 813 0.3% - 0.0%
Gulfstream 4,743 1.3% 4,562 1.4% 4,882 1.6% 5,410 2.1%
Subtotal 331,943 89.8% 292,773 89.1% 267,692 88.8% 230,919 88.0%
All Others 37,940 10.2% 36,093 10.9% 33,789 11.2% 31,886 12.0%
Grand Total 369,883 100.0% 328,866 100.0% 301,481 100.0% 262,805 100.0%
Y/E 12/31/14 Y/E 12/31/13 Y/E 12/31/12Y/E 12/31/15
Source: Statistical Surveys, Inc., U.S. and Canada
* Thor adjusted to include historical results of Livin’ Lite, Bison Coach, K-Z, Inc., Cruiser RV and DRV Luxury Suites for all periods presented ** Forest River includes Palomino,
Coachmen, Prime Time, Shasta and Dynamax *** Jayco adjusted to include historical results of Open Range

37
THOR RV RETAIL MARKET SHARE
TREND (CALENDAR YEAR, UNITS)
41.2% 40.9% 41.2%
40.2%
37.9%
35.8%
17.8%
19.5% 20.0%
23.3% 23.9%
25.1%
12.4%
14.4%
16.7%
22.1% 21.9%
22.5%
2010 2011 2012 2013 2014 2015
Towable Retail Share* Class A/C Retail Share* Class B Retail Share*
*Source: Statistical Surveys Inc., U.S. and Canada, calendar year 2010-15. Historical results adjusted to include results of Heartland, Livin’ Lite, Bison Coach, K-Z,
Inc., Cruiser RV and DRV Luxury Suites for all periods presented.

38
QUARTERLY THOR RV UNIT
SHIPMENTS
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
1Q2006 1Q2007 1Q2008 1Q2009 1Q2010 1Q2011 1Q2012 1Q2013 1Q2014 1Q2015 1Q2016

Thor investor presentation 11.30.2015 final

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