Fourth Quarter 2013 Investor Presentation

1. www.thorindustries.com

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

3. 3
 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

4. 4
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.

5. 5
THOR Subsidiaries: RV

6. 6
 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

7. 7
 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

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. Recreation Vehicles

10. 10
 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

11. 11
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
309.8
321.8
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(e)
2014(e)
Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014:
RVIA estimate as of Summer 2013

12. 12
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
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 Summer 2013

13. 13
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
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 Summer 2013

14. 14
 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

15. 15
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)

16. 16
 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%)

17. 17
 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

18. 18
 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

19. 19
 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

20. 20
 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

21. Appendix: Financial & Market Data

22. 22
 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

23. 23
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

24. 24
Sales ($ millions)
Fiscal years ended July 31, Preliminary for Fiscal 2013
$822
$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

25. 25
Net Income ($ millions)
Fiscal years ended July 31, Year to date ended April 30
$26.7
$51.2
$78.6
$104.5
$119.1
$163.4
$134.7
$92.7
$17.1
$110.1 $106.3
$121.7
$77.4
$94.6
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13

26. 26
Diluted EPS
Fiscal years ended July 31, Year to date ended April 30
$0.56
$0.94
$1.37
$1.81
$2.09
$2.87
$2.41
$1.66
$0.31
$2.07
$1.92
$2.26
$1.43
$1.78
2001* 2002* 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD '12 YTD '13
*Adjusted for 2-for-1 stock split

27. 27
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

28. 28
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
Quarterly Thor RV Unit Shipments

29. 29
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%
37.3%
13.9% 14.9%
16.2%
17.4%
20.0% 20.0%
25.5%
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*

30. www.thorindustries.com