Thor investor presentation 8.5.13

www.thorindustries.com

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

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

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

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.

THOR Subsidiaries: RV

Disciplined, Profitable Growth

• Profitable every year since 1980

• All time record $3.7 billion sales FY2013, up 19% from FY2012

• $3.1 billion sales in FY2012, up 12% from $2.8 billion sales in FY2011

• 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 $137.5 million on April 30, 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

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 market leadership:

• Best positioned in towable RVs, historically fastest growing area

• #1 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, 2012

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

Recreation Vehicles

Currently a very competitive environment

• Top three RV competitors account for 78.2% 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

Consumer confidence better than last year, slight dip in July but still near a 5-year high

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 May 2013

RV Market Wholesale Trends: Units (000’s) 295.8

Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014:

RVIA estimate as of Summer 2013

RV Market Motorized Wholesale Trends: Units

(000’s)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014:

RVIA estimate as of Summer 2013

RV Market Towable Wholesale Trends: Units

(000’s)

Historical Data: Recreation Vehicle Industry Association, excluding camping trailers and

truck campers, Calendar year 2013 and 2014: RVIA estimate as of Summer 2013

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

THOR RV Dealer Inventory

Total Dealer inventory remains appropriate for current conditions

Dealer inventory at April 30, 2013 up 14.4% compared with April 30,

2012, in line with 15.2% RV sales growth in the fiscal third quarter.

Lenders still comfortable with current dealer inventory turns and

current credit line utilization, turns have increased resulting in

reduction in average age of units on dealers’ lots

2013 2012 % change

RV 64,899 56,734 +14.4%

Dealer Inventory: April 30 (units)

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. 2010, 2011 & 2012 Full Year Actual,, 2013 YTD through May,

excluding camping trailers

** RVIA wholesale shipments excluding camping trailers and truck campers for full years 2010, 2011 and 2012, 2013

YTD through May

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%)

118,718 units

(+11.4%)

Industry

Wholesale

Shipments**

224,400 units

(+48.1%)

237,762 units

(+6.0%)

271,078 units

(+14.0%)

136,618 units

(+13.9%)

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

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

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

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

Rock-solid balance sheet. Significant cash and cash generation

Diversified and innovative products

Strong consumer, dealer and lender relationships

Experienced Team

THOR - Key Takeaways

Appendix: Financial & Market Data

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

THOR’s RV Competitive Advantage

Source: Statistical Surveys, Inc., U.S. YTD May 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 34,482 35.6% 72,988 36.3% 67,278 36.6% 64,837 37.3%

Forest River* 31,661 32.7% 60,322 30.0% 52,856 28.8% 46,788 26.9%

Jayco 9,550 9.9% 21,413 10.7% 20,048 10.9% 17,784 10.2%

Winnebago 3,014 3.1% 6,223 3.1% 4,852 2.6% 5,180 3.0%

K-Z Inc. 2,399 2.5% 5,594 2.8% 5,327 2.9% 5,058 2.9%

Fleetwood** 2,034 2.1% 4,482 2.2% 4,363 2.4% 5,334 3.1%

Subtotal 83,140 85.9% 171,022 85.1% 154,724 84.2% 144,981 83.3%

All Others 13,656 14.1% 29,950 14.9% 29,059 15.8% 28,965 16.7%

Grand Total 96,796 100.0% 200,972 100.0% 183,783 100.0% 173,946 100.0%

YTD 5/31/13 Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10

Sales ($ millions) Fiscal years ended July 31, Preliminary for Fiscal 2013

$1,245

$1,571

$2,188

$2,558

$3,066 $2,856

$2,641

$1,522

$2,277

$2,756

$3,084

$3,690

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Net Income ($ millions) Fiscal years ended July 31, Year to date ended April 30

$104.5

$119.1

$163.4

$134.7

$110.1 $106.3

$121.7

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13

Diluted EPS Fiscal years ended July 31, Year to date ended April 30

$2.07 $1.92

2001* 2002* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13

*Adjusted for 2-for-1 stock split

3rd Quarter Financial Summary 2013 2012 % Change

Net Sales 1,049.2 926.5 13.2%

Gross Profit 133.8 109.5 22.2%

% of Sales 12.8% 11.8%

SG&A 57.8 47.0 23.0%

% of Sales 5.5% 5.1%

Impairment of goodwill

and intangible assets 11.5 0.0 n/a

% of Sales 1.1% 0.0%

All Other 1.9 1.3

Income Before Tax 62.6 61.2 2.3%

% of Sales 6.0% 6.6%

Income Taxes 18.8 19.9

Net Income 43.8 41.3 6.1%

Diluted EPS 0.82$ 0.78$ 5.1%

Order Backlog

Towables 439.5 345.9 27.1%

Motorized 210.1 102.5 105.0%

Buses 199.6 215.2 -7.2%

Total 849.2 663.6 28.0%

*Amounts in thousands except per share data

Net Sales by segment:

• Towables +9.1%, motorized

+47.8%, bus up slightly

Income before tax by segment:

• Towables 8.4%, up from 7.5%

• Volume leverage and actions

to improve operating efficiency

• Motorized 8.1%, up from 6.4%

• Volume leverage

• Bus (6.4%), down from 2.4%

• Includes $11.5 million in

impairment of goodwill and

intangible assets

• Tax rate impact, resolution of state

tax matters

• EPS of $0.82, net of $0.15 impact

of non-cash impairment charges

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Quarterly Thor RV Unit Shipments

Thor RV Retail Market Share: Units

• US Statistical Surveys, measured at calendar year end, 2013 YTD as of May 31, 2013

29.2% 30.4% 31.2%

40.3% 39.0% 38.6%

13.9% 14.9% 16.2%

20.0% 20.0%

5.3% 3.1%

14.6% 17.0% 18.2%

2007 2008 2009 2010 2011 2012 2013 YTD

TT/FW Retail Share* Class A/C Retail Share* Class B Retail Share*

www.thorindustries.com

Thor investor presentation 8.5.13

Business

Thor Citi Investor Meetings

Results. ROI. Revenue. - THOR Associates · • THOR provides a roadmap for ROI. • THOR creates best business practices. • THOR executes OmniChannel integration. • THOR focuses

Thor (2010.03.26)

Campo 8.5.13

Thor investor presentation 9.26.16 final

Thor investor presentation 3.6.14 final

THOR Investor Presentation December 2014

AC•THOR / AC•THOR 9s - my-PV

Thor Patcher

Slide Thor

THOR - Nevionlabs.nevion.com/support/thor/Manuals/Thor FP Configurable Control … · THOR FP – Configurable Control GUI Version 3.5 Network Electronics ASA Thorøya P.O. Box 1020

Thor investor presentation 2.4.14 final v001-r65kg4

Maquinaria Thor

Manual THOR

8.5.13 Decision and Order

Thor soute

Catalogo Thor

AC•THOR / AC•THOR 9s

Active Calculus ch 1-8 activities (v.8.5.13).pdf

Thor Update