www.thorindustries.com

2

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, 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, 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, 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, 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

The sole owner of operating subsidiaries that represent one of the world’s largest manufacturers of recreation vehicles

• Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition of Airstream, Inc.

• #1 in overall RV 34.5% of market*

• #2 in Travel Trailers 33.0% of market*

• #1 in Fifth Wheels 50.6% of market*

• #2 in Motorhomes 23.9% of market**

On July 31, 2013, Thor announced the sale of its bus business to Allied Specialty Vehicles for $100 million in cash subject to customary closing conditions. This sale closed on October 21, 2013

Approximately 8,300 employees***

107 facilities in 4 US states***

6.5 million square feet under roof***

Who is THOR

Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD August 2013 **Motorhomes

includes Class A, B and C *** as of July 31, 2013 (continuing operations)

4

Travel Trailers

Fifth Wheels

Specialty Trailers

Motor Homes

THOR’s Product Range

Towable RV's

$2,650,253 82%

Motorized RV's

$591,542 18%

FY2013 Sales*

*Fiscal year ended July 31, 2013,

continuing operations

($ in thousands)

5

THOR Subsidiaries: RV

6

Disciplined, Profitable Growth

• Profitable every year since 1980

• All time record $3.2 billion sales FY2013, up 23% from FY2012

• $2.6 billion sales in FY2012, up 13% from $2.3 billion sales in FY2011

• FY2013 net income from continuing operations of $151.7 million, up 36% from FY2012

• FY2013 EPS from continuing operations of $2.86, up 38% from $2.07 in FY2012, FY2013 EPS of $2.88, up 27% from $2.26 in FY2012

Sustainable Business Model

• Successfully 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 $236.6 million on July 31, 2013

• Operations historically generate significant cash

• Solid history of dividends, increased from $0.18 to $0.23 at the beginning of FY14

Why Invest in THOR

7

Proven business model:

• Entrepreneurial and decentralized

• No ivory tower: approximately 8,300 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

• #2 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, 2013 (continuing operations)

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

Currently a competitive environment, though improved from year ago

• Top three RV competitors account for 79.9% 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, but improved over prior year

Consumer confidence better than last year, but fell to 73.2 in October 2013 from 77.5 in September and 82.6 a year ago as the government shut down and continued soft economic conditions weighed on consumers**

Wholesale and Retail lenders are prudent - applying “healthy discipline”

RV buyers seek the “power of choice” – want variety in brands and models

RV Industry Conditions

*Source: Statistical Surveys, Inc., U.S. and Canada YTD August 2013

** Source: University of Michigan Preliminary Consumer Sentiment Index for October 2013

10

RV Market Wholesale Trends: Units (000’s)2

95

.8 33

9.6

44

1.1

41

3.9

38

9.9

19

9.2

10

7.2 13

3.6

14

0.6

19

6.6

21

5.7

18

6.9

18

9.9

211

.7

21

5.8

18

7.9

17

3.1

16

3.1 2

03

.4

22

7.8 25

9.2

24

7.0

24

7.5

25

4.5 2

92

.7 32

1.2

30

0.1

25

6.8

311

.0

32

0.8

37

0.1

38

4.4

39

0.5

35

3.4

23

7.0

16

5.7

24

2.3

25

2.3 28

5.8 31

9.3

33

4.3

197

4

197

5

197

6

197

7

197

8

197

9

198

0

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3 (

e)

201

4 (

e)

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

RVIA estimate as of Fall 2013

11

RV Market Motorized Wholesale Trends: Units

(000’s)

68

.9

96

.6

15

6.1

16

0.2

15

7.2

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 37

.1

38

.7

197

4

197

5

197

6

197

7

197

8

197

9

198

0

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3 (

e)

201

4 (

e)

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

RVIA estimate as of Fall 2013

12

RV Market Towable Wholesale Trends: Units

(000’s)

12

6.3 15

0.6

18

9.7

16

7.9

15

9.8

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

10

2.6

11

3.6

12

8.3

12

1.2

12

3.9

13

1.6 15

5.0 17

8.0

17

6.8

15

6.9

19

5.8 21

4.4

25

4.6 2

81

.3

29

2.4

26

1.7

18

5.1

13

8.3

19

9.2

21

2.9 2

42

.9 26

7.7

28

1.1

197

4

197

5

197

6

197

7

197

8

197

9

198

0

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3 (

e)

201

4 (

e)

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

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

13

Dealers

• Continued optimism

• Right-sized towable inventory

• Lean motorized inventory

• Access to wholesale credit

• Financial health

RV: State of Balance

RV 2013 2012 % change

Towables $420 $370 +14%

Motorized $313 $147 +113%

TOTAL $733 $517 +42%

Backlog: October 31 ($ millions)

Consumers

• Better access to retail credit

• Confidence better than prior year

• Low interest rates

• Great demographic trends

• Will shorten trips to reduce fuel usage

14

THOR RV Dealer Inventory

Total Dealer inventory remains appropriate for current conditions,

towable inventory is stable, motorized inventory is somewhat light

Dealer inventory at July 31, 2013 up 16.9% compared with July 31,

2012, in line with 18.7% RV sales growth in the fiscal fourth quarter

Lenders still comfortable with current dealer inventory turns and

current credit line utilization, recently turns have increased resulting

in reduction in average age of Thor units on dealers’ lots

2013 2012 % change

RV 57,473 49,166 +16.9%

Dealer Inventory: July 31 (units)

15

Dealer inventories remain appropriate for consumer demand on towables, motorized inventory is relatively low

Retail demand has driven rebound in towables, rebound in motorized still in early stage

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 August

** RVIA wholesale shipments for full years 2010, 2011 and 2012, 2013 YTD through August

Calendar Year

2010 2011 2012 2013 YTD

Industry Retail

Registrations*

226,776 units

(+10.6%)

246,180 units

(+8.6%)

262,803 units

(+6.8%)

229,138 units

(+12.9%)

Industry

Wholesale

Shipments**

242,300 units

(+46.2%)

252,407 units

(+4.1%)

285,749 units

(+13.2%)

226,125 units

(+11.8%)

16

On October 31, 2013 Thor acquired the net assets of specialty trailer manufacturer Bison Coach based in Milford, Indiana for approximately $16.7 million in cash, subject to post-closing adjustments

Bison’s products include an innovative line of equine trailers with Living Quarters (LQ), constructed of light-weight aluminum and aluminum over steel construction

Bison is a leader in equine LQ trailers, and they are one of only two competitors that construct their own living quarters, an area where Thor can leverage its RV expertise

The equine trailer market is about 21,000 units for annual sales of approximately $375 million, a market where Thor currently has no penetration

Acquisition of Bison Coach

17

On August 30, 2013 Thor acquired the assets of innovative RV manufacturer Livin’ Lite based in Wakarusa, Indiana for approximately $18 million in cash, subject to working capital adjustments

Livin’ Lite’s products are complementary to existing product lines, with light-weight aluminum construction targeting a niche market within the overall RV market

Livin’ Lite also provides an entry into two markets that Thor subsidiaries have not participated in – folding camping trailers and truck campers

Lightweight products are typically sold at a modest premium compared to traditional products, with opportunities for growth through licensing agreements with Jeep and others

Acquisition of Livin’ Lite

18

On September 17-19, 2013, Thor held its annual dealer open house in Elkhart, Indiana

Traffic was very strong with initial dealer attendance up more than 30% from 2012

Broad variety of new products introduced for the 2014 model year, including the new Vegas and Axis Class A motorhomes – built on a Ford E-series chassis that is available and ideal for a smaller motorhome (under 27 feet) at a lower total cost (approx. $70,000)

RV Open House

19

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

Initial production line for Class A diesel and high-end gas began operations in mid-October with a second line planned for the second quarter of fiscal 2014

Three-Year Strategic Plan

20

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. The sale closed on October 21, 2013

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 $448 million for the fiscal year ended July 31, 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 are presented as discontinued operations in Thor’s annual report filed on Form 10-K for the year ended July 31, 2013, and have been excluded from this presentation

Sale of the Bus Business

21

Strong sales growth in motorized offset by somewhat softer towable sales resulting in a 5.4% increase in sales from continuing operations of $802.6 million

Towable RV revenue softened in the quarter to $625.7 million, down 2.1% from last year as we took a disciplined approach to better balance production with demand

Ongoing strength in motorized RVs, as the market recovery continued to gain momentum, motorized sales increased 44.8% to $176.9 million for the first quarter of 2014

Dealers remain optimistic, dealers and lenders comfortable with current inventory levels overall, as towable inventory is appropriate for current demand, while motorized inventory is somewhat less than ideal

Increasing RV backlog, total backlog up 41.9% to $733.2 million. Towable backlog increased 13.5% to $419.8 million while motorized backlog more than doubled to $313.4 million. Motorized backlog was impacted by continued gas Class A chassis supply issues

Comments on 1st Quarter 2014 Preliminary Sales

22

Consolidated sales for the fourth quarter of fiscal 2013 were $914.0 million, up 19% from $769.9 million in the fourth quarter last year, based on strong growth in motorized recreational vehicle (RV) sales and more modest growth in towable RV sales.

Net income from continuing operations for the fourth quarter was $55.2 million, up 35% from $40.9 million in the prior-year fourth quarter. Diluted earnings per share (EPS) from continuing operations for the fourth quarter was $1.04, up 35% from $0.77 in the fourth quarter last year.

Including discontinued operations from the Bus business, net income was $58.2 million, up 31% from $44.4 million in the fourth quarter of fiscal 2012. Diluted EPS including discontinued operations was $1.09, up 30% from $0.84 in the fourth quarter last year.

Towable RV sales were $745.8 million, up 13% from $662.1 million in the prior-year period. Income before tax was $76.4 million, up 41% from $54.2 million in the fourth quarter last year. Towable RV income before tax increased to 10.2% of revenues from 8.2% a year ago, as a result of increased volumes and specific actions taken to improve operating efficiencies.

Motorized RV sales were $168.2 million, up 56% from $107.8 million in the prior-year fourth quarter. Income before tax was $13.5 million, up 85% from $7.3 million last year. As a percent of revenues, motorized RV income before tax rose to 8.0% of revenues from 6.8% a year ago, driven by improved product mix, volumes and enhanced operating efficiencies.

Comments on 4th Quarter 2013 Results

23

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 in North America*

Rock-solid balance sheet. Significant cash on hand and historic cash generation

Diversified and innovative products

Strong consumer, dealer and lender relationships

Experienced Team

THOR - Key Takeaways

* Statistical Surveys, Inc., YTD U.S. and Canada units YTD August 2013

Appendix: Financial & Market Data

25

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

26

THOR’s RV Competitive Advantage

Source: Statistical Surveys, Inc., U.S. and Canada YTD August 2013

* Thor includes Livin’ Lite and Bison Coach

** Forest River includes Palomino, Coachmen, Prime Time, Shasta and Dynamax

*** Fleetwood includes Monaco and Navistar RV

U.S. Retail Registrations (units)

Total Share % Total Share % Total Share % Total Share %

THOR* 78,975 34.5% 91,960 35.0% 85,636 34.8% 78,903 34.8%

Forest River** 76,980 33.6% 81,871 31.2% 74,035 30.1% 64,005 28.2%

Jayco 27,007 11.8% 30,913 11.8% 29,333 11.9% 25,785 11.4%

Winnebago 6,037 2.6% 7,053 2.7% 5,549 2.3% 5,808 2.6%

K-Z Inc. 6,093 2.7% 7,210 2.7% 6,778 2.8% 6,368 2.8%

Fleetwood*** 4,582 2.0% 5,839 2.2% 6,168 2.5% 6,913 3.0%

Subtotal 199,674 87.1% 224,846 85.6% 207,499 84.3% 187,782 82.8%

All Others 29,464 12.9% 37,957 14.4% 38,681 15.7% 38,994 17.2%

Grand Total 229,138 100.0% 262,803 100.0% 246,180 100.0% 226,776 100.0%

YTD 8/31/13 Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10

27

Sales, continuing operations ($ millions)Fiscal years ended July 31, Year-to-Date through October 31

$1,115

$1,849

$2,340

$2,640

$3,242

761.4 802.6

2009 2010 2011 2012 2013 2013 YTD 2014 YTD

28

Net Income ($ millions)Fiscal years ended July 31, continuing operations

$2.5

$91.2 $91.6

$111.4

$151.7

2009 2010 2011 2012 2013

29

Diluted EPSFiscal years ended July 31, continuing operations

$0.04

$1.72 $1.66

$2.07

$2.86

2009 2010 2011 2012 2013

30

4th Quarter Financial Summary2013 2012 % Change

Net Sales 914.0 769.9 18.7%

Gross Profit 140.2 102.3 37.0%

% of Sales 15.3% 13.3%

SG&A 53.7 42.4 26.9%

% of Sales 5.9% 5.5%

Impairment charges 2.0 0.0 n/a

% of Sales 0.2% 0.0%

All Other 1.7 1.7

Income Before Tax 82.8 58.2 42.3%

% of Sales 9.1% 7.6%

Income Taxes 27.6 17.3

Net Income (cont. ops.) 55.2 40.9 35.0%

Diluted EPS (cont. ops.) 1.04$ 0.77$ 35.1%

Order Backlog

Towables 228.4 224.6 1.7%

Motorized 213.1 110.8 92.4%

Total 441.5 335.4 31.7%

*Amounts in thousands except per share data

Net Sales by segment:

• Towables +12.6%, motorized

+56.0%

Income before tax by segment:

• Towables 10.2%, up from 8.2%

• Towable results include $2

million asset impairment

charge

• Volume leverage and actions

to improve operating efficiency

• Motorized 8.0%, up from 6.8%

• Volume leverage

• EPS from continuing operations of

$1.04 up from $0.77 in fourth

quarter of 2012

31

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1Q

200

6

2Q

200

6

3Q

200

6

4Q

200

6

1Q

200

7

2Q

200

7

3Q

200

7

4Q

200

7

1Q

2008

2Q

200

8

3Q

200

8

4Q

200

8

1Q

200

9

2Q

200

9

3Q

200

9

4Q

200

9

1Q

201

0

2Q

201

0

3Q

201

0

4Q

2010

1Q

201

1

2Q

201

1

3Q

2011

4Q

201

1

1Q

201

2

2Q

201

2

3Q

201

2

4Q

201

2

1Q

201

3

2Q

201

3

3Q

201

3

4Q

201

3

Quarterly Thor RV Unit Shipments

32

Thor RV Retail Market Share: Units

• Source: Statistical Surveys, U.S. and Canada measured at calendar year end, 2013 YTD as of August 31, 2013

26.9%

32.9%

36.9% 36.5% 36.6% 35.7%

14.8%16.1%

17.8%19.5% 20.1%

24.0%

2.6%

6.7%

12.4%14.4%

15.8%

21.6%

2008 2009 2010 2011 2012 2013 YTD

Towable Retail Share* Class A/C Retail Share* Class B Retail Share*

www.thorindustries.com