www.thorindustries.com

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, interest rate fluctuations, restrictive lending practices, recent management changes, the success of new product introductions, the pace of obtaining and producing at new production facilities, the pace of acquisitions, the integration of new acquisitions, the impact of the divestiture of the Company's bus businesses, asset impairment charges, cost structure improvements, competition, 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 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ended January 31, 2014. 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

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

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

• #1 in overall RV 34.4% of market*

• #2 in Travel Trailers 32.9% of market*

• #1 in Fifth Wheels 50.7% of market*

• #2 in Motorhomes 23.2% of market**

On July 31, 2013, Thor announced the sale of its bus business to Allied Specialty Vehicles for $100 million in cash. The sale was completed as of October 20, 2013 and final closing adjustments were made during the second quarter of fiscal 2014.

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 Calendar 2013 **Motorhomes

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

4

At Thor we strive to provide RV consumers with superior products and services through innovative solutions which enhance the enjoyment of the RV lifestyle.

Our decentralized operating structure and independent operating subsidiaries foster an entrepreneurial spirit and an unending focus on the needs of the users of our products – resulting in our drive to lead the industry with innovation, product quality and customer service.

Our focus requires that we make decisions based on the long-term success of our Company:

• While we strive to lead the industry in market share, we will not strive for market share at the expense of quality.

• Growth is important, but this is a business of relationships and we realize that the key to long-term sustainable sales growth rests in the strength of our relationships with consumers, dealers and suppliers.

• Our relationship with shareholders is important, and we understand that profits are a key driver to our long-term success.

• The path to long run success is seldom straight, so our leaders manage in a way that moves us closer to our goals, even though it might impact our results in the short term.

THOR’s Strategic Vision

5

Travel Trailers

Fifth Wheels

Specialty Trailers

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)

Class A

Class B & C

Towable RV Segment Products

Motorized RV Segment Products

6

THOR RV Group

7

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 $204.9 million on January 31, 2014

• Operations historically generate significant cash

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

Why Invest in THOR

8

Proven business model:

• Entrepreneurial and decentralized

• No ivory tower: approximately 8,300 employees, only 40 in corporate staff*

• Decision-making driven by the needs of the customer

• Big, but nimble

• Best management team in the business, as proven by sustained performance

An innovator in each of its business segments

Long-term RV market leadership:

• Best positioned in towable RVs, historically highest volume 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)

9

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 the primary RV categories – Travel Trailers, Fifth Wheels and Motorized

• Provides scale and purchasing power• Low cost, high volume producer – generates improved margin

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, lenders and consumers

THOR’s Competitive Advantages

10

Market is still competitive, though improved from year ago

• Top three RV competitors account for 78.9% of industry units*

• “Flight to quality” – consumers, dealers, lenders all seek to do business with strong companies like Thor

Industry better balanced today for supply and demand

Pricing & promotional environment remains competitive, but improved over prior year

Consumer confidence has been stabilizing as final results were 81.6 in February 2014 up slightly from 81.2 in January, and up from 77.6 a year ago as consumers grew more upbeat about the economy, even in the face of continued concerns surrounding recent extreme winter weather**

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 December 2013

** Source: University of Michigan Final Consumer Sentiment Index for February 2014

11

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

6.9 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

9.5

24

7.2

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

3.5

23

7.0

16

5.6

24

2.3

25

2.4 28

5.7 3

21

.1

33

9.6

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

201

4 (

e)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2014: RVIA

estimate as of Spring 2014

12

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 38

.3 43

.9

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

201

4 (

e)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2014: RVIA

estimate as of Spring 2014

13

RV Market Towable Wholesale Trends: Units

(000’s)

22

6.9

24

3.0

28

5.0

25

3.7

23

2.7

13

5.1

78

.4 98

.1

99

.4

12

7.1

13

3.7

11

8.1

12

2.1

13

7.9

14

2.9

12

6.7

12

0.8

12

1.1 1

56

.5

17

6.5 20

1.3

19

4.3

19

2.2

19

9.5 2

29

.1 24

9.6

23

9.1

20

7.6

25

0.6

25

8.9

29

8.3 32

3.0

33

4.5

29

8.1

20

8.6

15

2.4

21

7.1

22

7.4 2

57

.6 28

2.8

29

5.7

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

201

4 (

e)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2014: RVIA

estimate as of Spring 2014

14

Dealers

• Continued optimism

• Right-sized towable inventory

• Lean motorized inventory

• Access to wholesale credit

• Financial health

RV: State of Balance

RV 2014 2013 % change

Towables $501.9 $375.4 +33.7%

Motorized $343.3 $241.2 +42.3%

TOTAL $845.2 $616.6 +37.1%

Backlog: January 31 ($ millions)

Consumers

• Better access to retail credit

• Historically low interest rates

• Great demographic trends

• Renewed focus on family vacations

• Will shorten trips to reduce fuel usage

15

THOR RV Dealer Inventory

Total Dealer inventory remains appropriate for current conditions,

towable inventory is stable, motorized inventory is somewhat light.

Dealer inventory at January 31, 2014 down 1.7% compared with

January 31, 2013, roughly in line with 2.7% RV sales growth in the

first six months of fiscal 2014.

Lenders still comfortable with current dealer inventory turns and

current credit line utilization, year-over-year turns have increased

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

2014 2013 % change

RV 60,149 61,209 -1.7%

Dealer Inventory: January 31 (units)

16

Retail demand has driven rebound in towables, rebound in motorized continuing

Wholesale & Retail units should be fairly balanced going forward

The RV Market Ahead

* Statistical Surveys, inc., includes US and Canada. 2010, 2011, 2012 & 2013 Full Year Actual ** RVIA wholesale

shipments for full years 2010, 2011, 2012 & 2013

Calendar Year

2010 2011 2012 2013

Industry Retail

Registrations*

226,776 units

(+10.6%)

246,180 units

(+8.6%)

262,805 units

(+6.8%)

301,399 units

(+14.7%)

Industry

Wholesale

Shipments**

242,300 units

(+46.2%)

252,407 units

(+4.1%)

285,749 units

(+13.2%)

321,127 units

(+12.4%)

17

On October 31, 2013 Thor acquired the net assets of specialty trailer manufacturer Bison Coach based in Milford, Indiana for $16.7 million in cash, subject to post-closing adjustments, which is expected to be finalized in the third quarter of fiscal 2014.

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.

Acquisition of Bison Coach

18

On August 30, 2013 Thor acquired the net assets of innovative RV manufacturer Livin’ Lite based in Wakarusa, Indiana for aggregate cash consideration of $16.8 million

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

19

Thor’s management team 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 forecast period

Currently in the process of reviewing the strategic plan and expect to provide an update later in fiscal 2014

Three-Year Strategic Plan

20

Strong sales growth in motorized offset by lower towable sales resulting in a small decrease in sales from continuing operations of $635.3 million. Sales from continuing operations for the first six months were $1.44 billion, up 2.7% from $1.40 billion in the first six months of 2013.

Net income from continuing operations for the second quarter was $17.2 million, down 9% from $19.0 million in the prior-year first quarter. Diluted earnings per share (EPS) from continuing operations for the second quarter was $0.32, down 11% from $0.36 in the second quarter last year.

Including discontinued operations from the former Bus business, net income was $16.2 million, down 19% from $19.9 million in the second quarter of fiscal 2013. Diluted EPS including discontinued operations was $0.30, down from $0.37 in the second quarter last year.

Towable RV sales for the quarter were $472.5 million, down 9.6% from $522.8 million in the prior-year period. Income before tax was $18.9 million, down 21.5% from $24.1 million in the second quarter last year. Towable RV income before tax decreased to 4.0% of revenues from 4.6% a year ago, largely as a result of the lower sales and increased costs associated with severe winter weather experienced during the quarter.

Motorized RV sales were $162.9 million, up 43.1% from $113.8 million in the prior-year second quarter. Income before tax was $11.2 million, up 62.6% from $6.9 million last year. As a percent of revenues, motorized RV income before tax rose to 6.9% of revenues from 6.1% a year ago, driven by improved volumes and enhanced operating efficiencies.

Total RV backlog increased 37.1% to $845.2 million. Towable backlog increased 33.7% to $501.9 million while motorized backlog increased 42.3% to $343.3 million. Backlog driven by strong industry growth and market acceptance of new products.

Comments on 2nd Quarter 2014 Results

21

Profitable every year since inception

Successfully weathered a severe downturn in 2008-09

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 December 2013

Appendix: Financial & Market Data

23

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

24

THOR’s RV Competitive Advantage

Source: Statistical Surveys, Inc., U.S. and Canada

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

** Fleetwood RV includes Monaco

U.S. and Canada Retail Registrations (units)

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

THOR 103,785 34.4% 91,960 35.0% 85,636 34.8% 78,903 34.8%

Forest River* 99,822 33.1% 81,873 31.2% 74,035 30.1% 64,005 28.2%

Jayco 34,506 11.4% 30,914 11.8% 29,333 11.9% 25,785 11.4%

Winnebago 8,661 2.9% 7,053 2.7% 5,549 2.3% 5,808 2.6%

K-Z Inc. 7,791 2.6% 7,210 2.7% 6,778 2.8% 6,368 2.8%

Fleetwood RV** 6,035 2.0% 5,839 2.2% 6,168 2.5% 6,913 3.0%

Subtotal 260,600 86.5% 224,849 85.6% 207,499 84.3% 187,782 82.8%

All Others 40,799 13.5% 37,956 14.4% 38,681 15.7% 38,994 17.2%

Grand Total 301,399 100.0% 262,805 100.0% 246,180 100.0% 226,776 100.0%

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

25

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

$1,115

$1,849

$2,340

$2,640

$3,242

$1,398 $1,435

2009 2010 2011 2012 2013 2013 YTD 2014 YTD

26

Net Income, continuing operations ($ millions)Fiscal years ended July 31, Year-to-Date through January 31

$2.5

$91.2 $91.6

$111.4

$151.7

$47.8 $53.6

2009 2010 2011 2012 2013 2013 YTD 2014 YTD

27

Diluted EPS, Continuing OperationsFiscal years ended July 31, Year-to-Date through January 31

$0.04

$1.72 $1.66

$2.07

$2.86

$0.90 $1.01

2009 2010 2011 2012 2013 2013 YTD 2014 YTD

28

2nd Quarter Financial Summary

2014 2013 % Change

Net Sales 635.3 636.6 -0.2%

Gross Profit 70.3 67.5 4.2%

% of Sales 11.1% 10.6%

SG&A 43.8 41.6 5.1%

% of Sales 6.9% 6.5%

All Other 2.6 1.4

Income Before Tax 23.9 24.5 -2.3%

% of Sales 3.8% 3.8%

Income Taxes 6.7 5.5

Net Income (cont. ops.) 17.2 19.0 -9.4%

Diluted EPS (cont. ops.) 0.32$ 0.36$ -11.1%

Order Backlog

Towables 501.9 375.4 33.7%

Motorized 343.3 241.2 42.3%

Total 845.2 616.6 37.1%

*Amounts in millions except per share data

Net Sales by segment:

• Towables -9.6%, motorized +43.1%

• Sales adversely affected by severe

cold and winter weather during the

quarter causing shipments to be

delayed

Income before tax by segment:

• Towables 4.0%, down from 4.6%

• Impacted by severe winter

weather

• Motorized 6.9%, up from 6.1%

• Volume leverage, improved

operating efficiency

• EPS from continuing operations of

$0.32 down from $0.36 in second

quarter of 2013

29

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

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200

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200

9

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200

9

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201

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201

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201

4

2Q

201

4

Quarterly Thor RV Unit Shipments

30

Thor RV Retail Market Share: Units

• Source: Statistical Surveys Inc., U.S. and Canada

26.9%

32.9%

36.9% 36.5% 36.6% 35.8%

14.8%16.1%

17.8%19.5% 20.1%

23.3%

2.6%

6.7%

12.4%14.4%

15.8%

22.1%

2008 2009 2010 2011 2012 2013

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

www.thorindustries.com