Thor Wedbush Investor Meetings

1. www.thorindustries.com
WEDBUSH INVESTOR
MEETINGS
JULY 24, 2013

2. 2
 This presentation 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, 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 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.
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 36.2% of market*
• #2 in Travel Trailers 33.0% of market*
• #1 in Fifth Wheels 50.7% of market*
• #1 in Motorhomes 26.2% of market**
 The sole owner of operating subsidiaries that combined represent one of the largest
manufacturers of mid-size buses in North America - 34% of market***
 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 April 2013, excluding fold-
downs **Motorhomes includes Class A, B and C *** MSBMA, YTD December 2012 **** as of
July 31, 2012

4. 4
Travel Trailers
Fifth Wheels
Motor Homes
Buses
THOR’s Product Range
Towable
RV
$2,285,863
74%
Motorized
RV
$353,935
12%
Bus Group
$444,862
14%
FY2012 Sales*
* Fiscal year ended July 31, 2012

5. 5
THOR Subsidiaries: RV

6. 6
THOR’s Subsidiaries : Bus Group

7. Recent Developments

8. 8
 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, 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

9. 9
 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
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
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

11. 11
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

12. www.thorindustries.com