www.thorindustries.com

THOR BASICS: A

COMPANY INTRODUCTION

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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, and inherently involve uncertainties and risks. These

forward looking statements are not a guarantee of future performance. We cannot assure you 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, raw material or chassis supply restrictions, the level of warranty claims incurred, legislative, regulatory and tax policy

developments, the costs of compliance with increased governmental regulation, legal and compliance issues including those that

may arise in conjunction with recent transactions, 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, the potential impact of rising

interest rates on the general economy and specifically on our dealers and consumers, restrictive lending practices, management

changes, the success of new product introductions, the pace of obtaining and producing at new production facilities, the pace of

acquisitions, the potential loss of existing customers of acquisitions, the integration of new acquisitions, our ability to retain key

management personnel of acquired companies, a shortage of necessary personnel for production, the loss or reduction of sales to

key dealers, the availability of delivery personnel, asset impairment charges, cost structure changes, competition, the impact of

potential losses under repurchase agreements, the potential impact of the strength of the U.S. dollar on international demand,

general economic, market and political conditions and other risks and uncertainties, including those discussed more fully in ITEM 1A

of our Annual Report on Form 10-K for the year ended July 31, 2017.

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.

2

Thor – Strong Investment Appeal

» Solid growth company throughout its 37-year history – 27.9% compounded annual five-year EPS

growth*

o Balance of organic growth and accretive acquisitions

» Market leader in a growing industry – RV shipments projected to grow 11.4% in calendar 2017, and a

five-year CAGR of 10.9%**

» History of returning cash to shareholders via dividends and stock buybacks – more than $1 billion

returned to shareholders over Thor’s history

» Strong financial position – increased profitability and operating cash flow, clean balance sheet

3

$2,6

40

$3,2

42

$3,5

25

$4,0

07

$4,5

82

$7,2

47

FY12 FY13 FY14 FY15 FY16 FY17

Net Sales

(Continuing Ops., $ millions)$2.0

7

$2.8

6

$3.2

9

$3.7

9

$4.9

1

$7.0

9

FY12 FY13 FY14 FY15 FY16 FY17

Diluted EPS

(Continuing Ops.)

$0.1

5

$0.1

8

$0.2

3

$0.2

7

$0.3

0

$0.3

3

FY12 FY13 FY14 FY15 FY16 FY17

Quarterly Dividends***(Fiscal Years Ended July 31)

* Based on Diluted EPS from continuing operations

** Source: RVIA RV Roadsigns Fall 2017

*** 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 compliance with the credit facility and determination of the Board, and are dependent upon future earnings, cash flows and other factors.

Thor – Quick Facts

Company Overview

» Thor is the sole owner of operating subsidiaries that, combined, represent the world’s largest RV manufacturer

» Two major business segments include:

◦ Towable RVs = travel trailers, fifth wheels and specialty trailers

◦ Motorized RVs = Class A, B and C motorhomes

◦ #1 market position in both segments*

» Products sold through independent, non-franchise retail distributors primarily in the U.S. and Canada

Thor Highlights

» Founded in 1980 with the acquisition of Airstream

» NYSE Ticker: THO

» 17,800 employees**

» 196 operating facilities in Indiana, Ohio, Michigan, Idaho, and Oregon**

4

Motorized RV's

$1,971.5 27%

Other, net$148.0

2%

Towable RV's

$5,127.5 71%

FY2017 Sales by Segment***

Rest of World$628.2

9%

United States

$6,618.8 91%

FY2017 Sales by Geography***

* Based on Retail Registrations through December 31, 2016 from Statistical Surveys, Inc.

** As of July 31, 2017

*** Fiscal Year ended July 31, 2017, $ millions

Thor – Competitive Strengths

5

Industry Leading

Market Position

Leader in

Innovation

Relationships are

Key to Success

» Industry-leading market share in all main RV product

categories for calendar 2016

◦ Travel Trailers – #1 position with 48.9% share*

◦ Fifth Wheels – #1 position with 54.9% share*

◦ Motorhomes (Class A & C) – #1 position with 37.8%

share*

» An industry leader in product innovation

◦ Back-to-back RV Business RV of the Year in 2016

(Keystone Montana) and 2017 (Airstream Basecamp)

◦ Subsidiaries have received multiple RVDA Quality Circle

Awards annually since 2007

» Focus on product quality

» The RV business is a “relationship” business

» Strong consumer, dealer and lender relationships

◦ Partner with the strongest dealers in each market – essential for a non-franchise

dealer network

◦ Strong lender relationships to support the dealer network

◦ Consumer focus in product development, quality and service

Towables88%

Motorized12%

Industry Retails

by Category – 2016 *

* Based on Retail Registrations through December 31, 2016 from Statistical Surveys, Inc.

Thor – Sustainable Business

Model

6

Proven

Long-Term

Profitable

Business

Model

» Variable-cost structure important for cyclical sustainability:

◦ Low fixed-cost business structure

◦ When economic conditions change, we can shift production quickly

◦ This flexibility enables Thor to weather the cyclical, and often sudden,

changes in our markets

◦ No fiscal year losses since our founding in 1980

» Decentralized operating structure provides strong returns for

shareholders and consumers:

◦ Each subsidiary is responsible for its own production, product

development and maintaining its dealer network

◦ As “independent” operators, each team has the freedom to develop

products that meet the needs of their specific customer groups,

avoiding the “cloning” of products

» Structure promotes an entrepreneurial spirit at the

subsidiaries:

◦ Keeps decision making regarding products with those closest to the

customer

◦ Empowers managers to be responsible for the success of their

subsidiary

◦ Motivates managers as they share in the success of their subsidiary

through our variable compensation based on pre-tax profit

Trends Driving Growth:

Lifestyle

7

Recreational sports

» $887 billion spent on “outdoor

recreation” in 2016*

» Trend toward getting more active and

leading a healthier lifestyle

» Growing use of RVs with youth sports

leagues and tournaments

Camping

» In 2016, 37.1 million U.S. households

camped at least once during the

year, and 22% of them were RV

campers**

◦ Viewed as an affordable vacation

option and a stress reducer

◦ Availability of technology in RVs

makes them more attractive to

younger consumers

◦ Variety of RV price points and

amenities creates opportunities to

convert tent campers to RVs

Wide variety of uses

» Tailgating at spectator sports, from

college and professional football to

auto racing and youth sports,

continues to grow

» Lifestyle events, such as equestrian

events, pet and craft shows, are also

growing demand for RVs

» Flexibility of using RVs makes them

ideal for shorter vacations/weekend

getaways

* Source: “The Outdoor Recreation Economy Report” Outdoor Industry Association, 2017

** Source: KOA 2017 North American Camping Report

Thor – Financial Position

8

Strong

Financial

Position

» Profitable every year since our

founding in 1980:◦ 37 years of continuous annual

profitability

» Solid balance sheet: o Consistent history of returning cash to

shareholders

o Limited and prudent use of debt

» Cash Priorities:◦ Funding our growth, whether

organically or through acquisition

◦ Growing the regular dividend over time

◦ Debt reduction

◦ Stock buybacks or special dividends as

decided by the Board

Key Ratios FY17 FY16

Cash & Equivalents $223M $210M

Total Assets $2.6B $2.3B

Working Capital $399M $365M

Debt to Total Assets 0.06 0.15

Debt Availability $353M $114M

Operating Cash Flow $419M $341M

Thor – Financial Position

9

Strong

Financial

Position

$38,162 $49,024 $57,381 $62,970 $69,409

$24,305 $30,406

$42,283 $51,976

$115,027

$62,467 $79,430

$99,664 $114,946

$184,436 $82,599

$69,831

$148,196

$226,263

$234,897

Cash Flow Analysis

Dividends Capex Excess Cash Flow

FY14FY13 FY15 FY16 FY17

$145,066 * $149,261 *

$247,860 *

$341,209 *

$419,333 *

* Total Cash Flow from Operations

$111.4

$151.7

$175.5

$202.0

$258.0

$374.3

FY12 FY13 FY14 FY15 FY16 FY17

Net Income

(Continuing Ops., $ millions)

$2,6

40

$3,2

42

$3,5

25

$4,0

07

$4,5

82

$7,2

47

FY12 FY13 FY14 FY15 FY16 FY17

Net Sales

(Continuing Ops., $ millions)

Key Stats (As of or For the Fiscal Years Ended July 31)

10

$2.0

7

$2.8

6

$3.2

9

$3.7

9

$4.9

1

$7.0

9

FY12 FY13 FY14 FY15 FY16 FY17

Diluted EPS

(Continuing Ops.)

12.1

%

13.1

%

13.3

%

13.9

%

15.9

%

14.4

%

FY12 FY13 FY14 FY15 FY16 FY 17

Gross Margin

(Continuing Ops.)

Income Statement

Balance Sheet & Cash Flow

$218.6

$236.6

$289.3

$183.5

$209.9

$223.3

FY12 FY13 FY14 FY15 FY16 FY17

Cash & Investments

($ millions)

$374

$469

$473

$398

$365

$399

FY12 FY13 FY14 FY15 FY16 FY17

Working Capital

($ millions)

$118.8

$145.1

$149.3

$247.9

$341.2

$419.3

FY12 FY13 FY14 FY15 FY16 FY17

Operating Cash Flow

($ millions)

$360.0

$145.0

FY16 FY17

Debt

($ millions)

Thor’s RV Product Range

11

Towable

Segment

Motorized

Segment

Class B

van motorhomes;

retail price $150,000 - $250,000

Class C

living area built on van or pickup

chassis;

retail price $50,000 - $250,000

Class A

fully enclosed, bus-style motorhome;

retail price $70,000 - $700,000

Travel Trailers

hitch to the bumper of the tow vehicle;

retail price <$10,000 - $150,000

Fifth Wheels

hitch to a specially mounted hitch in

the bed of a pickup truck;

retail price $25,000 - $185,000

Specialty Trailers

includes camping trailers, truck

campers and horse trailers with living

quarters;

retail price <$10,000 - $110,000

Note: Retail prices noted above are general ranges.

Thor Operating Entities

12

Thor Founders: Wade F.B. Thompson (left)

and Peter B. Orthwein (right)

Thor Operations

13

Elkhart, IN

Thor subsidiaries operate nearly 200 production facilities in

five states: Indiana, Ohio, Michigan, Idaho, and Oregon.

Cassopolis, MI

Jackson Center, OH

Twin Falls, ID

Nampa, ID

Pendleton, OR

Experienced Management Team

14

PETER B. ORTHWEIN,

EXECUTIVE CHAIRMAN

Mr. Orthwein, a co-founder of our Company, has

served as a director of our Company since its

founding in 1980 and currently serves as

Executive Chairman of the Board, having been

appointed to this position in August 2013.

W. TODD WOELFER,

SENIOR VICE PRESIDENT, GENERAL

COUNSEL & CORPORATE SECRETARY

Mr. Woelfer joined our Company in August 2012

and has 10 years of industry experience.

ROBERT W. MARTIN,

PRESIDENT & CHIEF EXECUTIVE

OFFICER

Mr. Martin has been with our Company since 2001

and has served as CEO since 2013. He has 24

years of industry experience.

COLLEEN ZUHL,

SENIOR VICE PRESIDENT & CHIEF

FINANCIAL OFFICER

Ms. Zuhl joined our Company in June 2011 and

has 13 years of industry experience.

KENNETH D. JULIAN,

VICE PRESIDENT, ADMINISTRATION &

HUMAN RESOURCES

Mr. Julian has been with our Company since

March 2004 and has 29 years of industry

experience.

Corporate Integrity

15

» Constant focus on creating

shareholder value

» Highly transparent in corporate

financial disclosures

» No ‘pro forma’ earnings, we report

GAAP results

» Simple compensation philosophy:

o Mainly cash compensation based on

pre-tax income – a true pay-for-

performance philosophy

o Restricted stock units awarded based on

performance to provide broader, long-

term focus on overall Company results

o No golden parachutes

o No perks to Named Executive Officers

(NEO’s) beyond an annual physical

exam

Company Information

16

Headquarters

Thor Industries, Inc.

601 E. Beardsley Avenue

Elkhart, IN 46514

(574) 970-7460

www.thorindustries.com

Operating Companies

» Airstream www.airstream.com

» Bison www.bisontrailer.com

» CrossRoads www.crossroadsrv.com

» Cruiser www.cruiserrv.com

» DRV www.drvsuites.com

» Dutchmen www.dutchmen.com

» Entegra www.entegracoach.com

» Heartland RV www.heartlandrvs.com

» Highland Ridge www.highlandridgerv.com

» Jayco www.jayco.com

» Keystone RV www.keystonerv.com

» K-Z www.kz-rv.com

» Livin’ Lite www.livinlite.com

» Postle Aluminum www.postledistributors.com

» Redwood RV www.redwood-rv.com

» Starcraft RV www.starcraftrv.com

» Thor Motor Coach www.thormotorcoach.com

» Venture RV www.venture-rv.com

Investor Contact

Beth Saunders, Clermont Partners

(312) 690-6008

investors@thorindustries.com

Analyst Coverage

http://ir.thorindustries.com/financial-information/analyst-

coverage

Transfer Agent

Computershare

P.O. Box 43078

Providence, RI 02940

(800) 622-6757

Independent Accountants

Deloitte & Touche LLP

Chicago, Illinois

Corporate Secretary

W. Todd Woelfer

Senior Vice President,

General Counsel & Corporate Secretary

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