www.thorindustries.com

Baird 2015 Growth Stock Conference

May 7, 2015

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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, raw material and commodity 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, 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, the impact of the divestiture of the Company’s bus business, the availability of delivery personnel, asset impairment charges, cost structure changes, competition, the potential impact of the strengthening of the U.S. dollar on international demand, 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, 2014 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ended January 31, 2015. 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

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

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

• #1 in overall RV 34.2% of market*

• #2 in Travel Trailers 32.3% of market*

• #1 in Fifth Wheels 47.9% of market*

• #1 in Motorhomes 27.0% of market**

Approximately 9,400 employees***

Operations through 120 facilities in 3 US states***

6.9 million square feet under roof***

Who is THOR

Source: *Statistical Surveys, Inc., YTD U.S. and Canada units through February 2015

**Motorhomes includes Class A, B and C, Statistical Surveys, Inc., YTD U.S. and Canada units through February 2015

*** as of July 31, 2014 (continuing operations)

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Travel Trailers

Fifth Wheels

Specialty Trailers

THOR’s Product Range

Towable RV's

$2,722 77%

Motorized RV's $804

23%

FY2014 Sales*

*Fiscal year ended July 31, 2014,

sales, continuing operations ($ in

millions)

Class A

Class B & C

Towable RV Segment Products

Motorized RV Segment Products

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THOR RV Group

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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 or without regard to bottom-line impact

• 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 ― profits are a key driver to our long-term success and returns to our shareholders

• 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

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Disciplined, Profitable Growth

• Profitable every year since 1980 – 34 years without an annual loss, even during the recession of 2007-09

• All time record $3.5 billion sales from continuing operations in FY2014, up 9% from $3.2 billion sales in FY2013, which was up 23% from FY2012

• FY2014 net income from continuing operations of $175.5 million, up 16% from FY2013

• FY2014 diluted EPS from continuing operations of $3.29, up 15% from $2.86 in FY2013, FY2014 total diluted EPS of $3.35, up 16% from $2.88 in FY2013

Sustainable Business Model

• Successfully weathered a severe downturn and remained profitable

• Recent capital investments position Thor for growth and margin improvement over the long term

Solid Balance Sheet

• On January 31, 2015, cash and cash equivalents of $248.3 million

• Operations historically generate significant cash

• Strong history of returning cash to shareholders through dividends and share repurchases

− Regular quarterly dividend increased from $0.23 to $0.27 at the beginning of FY15

Why Invest in THOR

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On May 1, 2015 Thor acquired Postle Aluminum, based in Elkhart, Indiana, for approximately $144 million in cash, subject to post-closing adjustments.

Postle generated sales of approximately $220 million in calendar 2014, and we expect the acquisition to be accretive to earnings. Approximately 30% of sales are to Thor subsidiaries and approximately 75% of sales were to the RV industry. The remaining sales are to the specialty truck and trailer, cargo, marine and fencing industries.

Postle produces a variety of aluminum extrusions, specialized components and powder coating and painting services.

The current management team will continue to lead the company as a separate Thor subsidiary.

Acquisition of Postle Aluminum

www.thorindustries.com