www.thorindustries.com

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¤  This release 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 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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¤  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 35.4% of market* •  #2 in Travel Trailers 32.9% of market* •  #1 in Fifth Wheels 49.6% of market* •  #2 in Motorhomes 24.6% of market**

¤  On July 31, 2013, Thor announced the pending sale of its bus business to Allied Specialty Vehicles for $100 million in cash subject to customary closing conditions including working capital changes from April 30, 2013 until closing. This sale is expected to close by November 1, 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 June 2013, excluding fold-downs **Motorhomes includes Class A, B and C *** as of July 31, 2013 (continuing operations)

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Travel Trailers

Fifth Wheels

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 millions)

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THOR Subsidiaries: RV

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¤  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 $0.15 to $0.18 at the beginning of FY13

Why Invest in THOR

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¤  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)

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¤  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

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¤  Currently a competitive environment, though improved from year ago •  Top three RV competitors account for 78.3% 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 76.8 in September 2013 from 82.1 in August as the soft labor market and rising mortgage rates 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

Industry Conditions: RV

*Source: Statistical Surveys, Inc., U.S. YTD June 2013 ** Source: University of Michigan Preliminary Consumer Sentiment Index for September 2013

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RV Market Wholesale Trends: Units (000’s) 29

5.8 33

9.6

441.

1 41

3.9

389.

9 19

9.2

107.

2 13

3.6

140.

6 19

6.6

215.

7 18

6.9

189.

9 21

1.7

215.

8 18

7.9

173.

1 16

3.1 20

3.4

227.

8 259.

2 24

7.0

247.

5 25

4.5 29

2.7 321.

2 30

0.1

256.

8 311.

0 32

0.8 37

0.1

384.

4 39

0.5

353.

4 23

7.0

165.

7 24

2.3

252.

3 285.

8 319.

3 33

4.3

1974

19

75

1976

19

77

1978

19

79

1980

19

81

1982

19

83

1984

19

85

1986

19

87

1988

19

89

1990

19

91

1992

19

93

1994

19

95

1996

19

97

1998

19

99

2000

20

01

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11

2012

20

13 (e

) 20

14 (e

)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013

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

68.9

96

.6

156.

1 16

0.2

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

37.1

38

.7

1974

19

75

1976

19

77

1978

19

79

1980

19

81

1982

19

83

1984

19

85

1986

19

87

1988

19

89

1990

19

91

1992

19

93

1994

19

95

1996

19

97

1998

19

99

2000

20

01

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11

2012

20

13 (e

) 20

14 (e

)

Historical Data: Recreation Vehicle Industry Association, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013

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

126.

3 150.

6 18

9.7

167.

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

113.

6 12

8.3

121.

2 12

3.9

131.

6 155.

0 178.

0 17

6.8

156.

9 19

5.8

214.

4 25

4.6 28

1.3

292.

4 26

1.7

185.

1 13

8.3

199.

2 21

2.9 24

2.9 26

7.7

281.

1

1974

19

75

1976

19

77

1978

19

79

1980

19

81

1982

19

83

1984

19

85

1986

19

87

1988

19

89

1990

19

91

1992

19

93

1994

19

95

1996

19

97

1998

19

99

2000

20

01

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11

2012

20

13 (e

) 20

14 (e

)

Historical Data: Recreation Vehicle Industry Association, excluding camping trailers and truck campers, Calendar year 2013 and 2014: RVIA estimate as of Fall 2013

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¤  Dealers •  Continued optimism •  Right-sized inventory •  Smaller base of dealers •  Access to wholesale credit •  Financial health

RV: State of Balance

RV 2013 2012 % change

Towables $228 $224 +2%

Motorized $213 $111 +92%

TOTAL $441 $335 +32%

Backlog: July 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

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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)

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¤  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 June, excluding camping trailers ** RVIA wholesale shipments excluding camping trailers and truck campers for full years 2010, 2011 and 2012, 2013 YTD through June

Calendar Year 2010 2011 2012 2013 YTD

Industry Retail Registrations*

213,074 units (+12.5%)

232,970 units (+9.3%)

251,201 units (+7.8%)

153,661 units (+11.1%)

Industry Wholesale Shipments**

224,400 units (+48.1%)

237,762 units (+6.0%)

271,078 units (+14.0%)

166,152 units (+13.7%)

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¤  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 to traditional products, with

opportunities for growth through licensing agreements with Jeep and others

Acquisition of Livin’ Lite

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

¤  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 cost (approx. $70,000)

RV Open House

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¤  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

¤  Final transition plans to be implemented when the seller exits, which is expected this fall

Three-Year Strategic Plan

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¤  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 including working capital changes from April 30, 2013 until closing

¤  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

¤  Thor will continue to operate the bus business until closing, which is expected to occur on or before November 1, 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

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¤  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

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¤  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

Source: *Statistical Surveys, Inc., YTD U.S. and Canada units YTD June 2013, excluding fold-downs

Appendix: Financial & Market Data

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¤  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

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THOR’s RV Competitive Advantage

Source: Statistical Surveys, Inc., U.S. YTD June 2013 * Includes Palomino, Coachmen, Prime Time, Shasta and Dynamax ** Fleetwood adjusted to include Navistar RV for 2010-13 with the purchase of Navistar’s RV business in May 2013.

U.S. Retail Registrations (units, excluding fold-downs)

Total Share % Total Share % Total Share % Total Share %THOR 43,741 35.4% 72,988 36.3% 67,278 36.6% 64,837 37.3%Forest River* 40,433 32.8% 60,322 30.0% 52,856 28.8% 46,788 26.9%Jayco 12,505 10.1% 21,413 10.7% 20,048 10.9% 17,784 10.2%Winnebago 3,806 3.1% 6,223 3.1% 4,852 2.6% 5,180 3.0%K-Z Inc. 3,103 2.5% 5,594 2.8% 5,327 2.9% 5,058 2.9%Fleetwood** 2,539 2.1% 4,482 2.2% 4,363 2.4% 5,334 3.1%Subtotal 106,127 86.0% 171,022 85.1% 154,724 84.2% 144,981 83.3%All Others 17,305 14.0% 29,950 14.9% 29,059 15.8% 28,965 16.7%Grand Total 123,432 100.0% 200,972 100.0% 183,783 100.0% 173,946 100.0%

YTD 6/30/13 Y/E 12/31/12 Y/E 12/31/11 Y/E 12/31/10

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

$1,115

$1,849

$2,340 $2,640

$3,242

2009 2010 2011 2012 2013

26

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

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Diluted EPS Fiscal years ended July 31, continuing operations

$0.04

$1.72 $1.66

$2.07

$2.86

2009 2010 2011 2012 2013

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4th Quarter Financial Summary 2013 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 1.7Income  Before  Tax 82.8 58.2 42.3%    %  of  Sales 9.1% 7.6%Income  Taxes 27.6 17.3Net  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

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0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1Q20

06

2Q20

06

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1Q20

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3Q20

07

4Q20

07

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

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4Q20

09

1Q20

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2Q20

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3Q20

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4Q20

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1Q20

11

2Q20

11

3Q20

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4Q20

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1Q20

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2Q20

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3Q20

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4Q20

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1Q20

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2Q20

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3Q20

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4Q20

13

Quarterly Thor RV Unit Shipments

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Thor RV Retail Market Share: Units

•  US Statistical Surveys, measured at calendar year end, 2013 YTD as of June 30, 2013

29.2% 30.4% 31.2%

40.3% 39.0% 38.6% 37.1%

13.9% 14.9% 16.2% 17.4% 20.0% 20.0%

25.0%

5.3% 3.1%

7.9%

14.6% 17.0% 18.2%

22.7%

2007 2008 2009 2010 2011 2012 2013 YTD

TT/FW Retail Share* Class A/C Retail Share* Class B Retail Share*

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