Slide 1: Thor Industries
Slide 2: Forward Looking Statements
Forward Looking Statements e 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
Slide 3: Who is THOR
Who is THOR e Founded in 1980 by Wade Thompson & Peter Orthwein with the acquisition of Airstream, Inc. e The sole owner of operating subsidiaries that, combined, represent one of the world’s largest manufacturers of recreational vehicles + #1in overall RV 35.5% of market” #2 in Travel Trailers 35.1
Slide 4: THOR's Strategic Vision
THOR’s Strategic Vision e At Thor we strive to provide RV consumers with superior products and services through innovative solutions which enhance the enjoyment of the RV lifestyle e Our decentralized operating structure and independent operating subsidiaries foster an entrepreneurial spirit and an
Slide 5: The RV Consumer
The RV Consumer ® Arecent review of trends Py pembaretids of America (KOA) revealed some interesting trends among consumers. There are SL pronmatEly 39.5 million active campers in North America, but only 9.1 million, or 23% of them, are RV campers. The rest camp primarily in tents or cabins, making
Slide 6: THOR's Product Range
THOR’s Product Range Towable RV Segment Products Travel Trailers FY2014 Sales* Fifth Wheels Specialty Trailers Motorized RV's $804 23% Towable Motorized RV Segment Products RV's: $2,722 Class A 77% ClassB&C *Fiscal year ended July 31, 2014, preliminary sales, continuing operations ($ in millions) TH
Slide 7: THOR RV Group
THOR RV Group ar Bion» 2 ® coach Ay CROSSROADS’ £ Dutchmen RECREATIONAL VEHICLES Ee
Slide 8: Why Invest in THOR
Why Invest in THOR e Disciplined, Profitable Growth + Profitable every year since 1980. - All time record $3.5 billion preliminary sales FY2014, up 9% from FY2013 + $3.2 billion sales FY2013, up 23% from FY2012 + F¥2013 net income from continuing operations of $151.7 million, up 36% from FY2012 + FY
Slide 9: What Makes THOR Different
What Makes THOR Different e 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 per
Slide 10: THOR's Competitive Advantages
10 THOR’s Competitive Advantages ° 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 Traile
Slide 11: Top three RV competitors account for 82.0% of units
"1 Top three RV competitors account for 82.0% of in its* “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
Slide 12: RV Market Wholesale Trends
Units (000’s) RV Market Wholesale Trends CF % oe Gece s06E ve ore o6ge Seely Live sect Evia gic Lue 66st eat rsie 9°96. 7_—— () sLoe @) HL0e e107 z10z L107 o1oz 6007 2007 2002 900% s00z ¥00z 2007 zooz Looz o00z 6661 8661 21661 9661 S66l ¥661 e661 7661 1661 0661 6261 8861 1261 9861 Sa6l va6L £861 za6
Slide 13: RV Market Motorized Wholesale Trends
Units RV Market Motorized Wholesale Trends (000’s) () sLoe @) HL0e e107 z10z L107 o1oz 6007 800 2002 900% s00z ¥00z 2007 zooz Looz o00z 6661 8661 21661 9661 S66l ¥661 e661 7661 1661 0661 6261 8861 1261 9861 Sa6l va6L £261 za6l 1861 og6L 6161 wish 8161 Z091 2161 19st 9161 996 S161 629 ¥L6L THOR inou:
Slide 14: RV Market Towable Wholesale Trends
Units RV Market Towable Wholesale Trends (000’s) © 10c ‘OLL eel vee vei reer bac () sLoe @) HL0e e107 z10z L107 o1oz 6007 2007 2002 900% s00z ¥00z 2007 zooz Looz o00z 6661 8661 21661 9661 S66l ¥661 e661 7661 1661 0661 6261 8861 1261 9861 Sa6l va6L £861 za6l 1861 og6L 6161 8161 2161 9161 S161 ¥L6L RI
Slide 15: Dealers & Consumers
_R alers © Consumers Continued optimism - Better access to retail credit Right-sized towable inventory - Historically low interest rates propriate motorized inventory - Great demographic trends cess to wholesale credit + Renewed focus on family vacations + Will shorten trips to reduce fuel usage THO
Slide 16: THOR RV Dealer Inventory
16 THOR RV Dealer Inventory e Total Dealer inventory remains appropriate for current conditions, towable inventory is stable, motorized inventory is somewhat light. e Dealer inventory at April 30, 2014 up 1.7% compared with April 30, 2013, supportive of current industry retail trends and sales growt
Slide 17: The RV Market Ahead
The RV Market Ahead e Retail demand has driven rebound in towables, rebound in motorized continuing © Wholesale units outpacing retail in the early part of the year, historically has become more balanced as we reach the peak retail selling season Calendar Year 2011 2012 2013 2014YTD Industry Retail
Slide 18: Acquisition of K-Z, Inc.
18 Acquisition of K-Z, Inc. eo OnApril 17, 2014 Thor announced the acquisition of RV manufacturer K-Z, Inc., based in Shipshewana, Indiana, for cash consideration of $53.4 million, subject to adjustment. The acquisition closed on May 1, 2014. © K-Z generated sales of nearly $150 million in calendar
Slide 19: Acquisition of Bison Coach
19 Acquisition of Bison Coach © On October 31, 2013 Thor acquired the net assets of specialty trailer manufacturer Bison Coach based in Milford, Indiana for $16.9 million in cash, after post-closing adjustments, which were finalized in the third quarter of fiscal 2014. © Bison's products include an
Slide 20: Acquisition of Livin' Lite
Acquisition of Livin’ Lite © On August 30, 2013 Thor acquired the net assets of innovative RV manufacturer Livin’ Lite based in Wakarusa, Indiana for aggregate net cash consideration of $16.8 million © Livin’ Lites products are complementary to existing product lines, with light-weight aluminum cons
Slide 21: Three-Year Strategic Plan Update
24 Three-Year Strategic Plan Update In mid-fiscal 2013, Thor’s management team developed a three-year Strategic Plan focused on growth and operational improvement. The rolling three-year plan has been updated to cover the FY15-FY17 periods. Thor’s Strategic Goals: e@ RETURNS: Strive to be unceasingl
Slide 22: Three-Year Strategic Plan Update
Three-Year Strategic Plan Update Key Milestones to achieving the plan: e Mid-single-digit top line growth through FY 17 driven by organic growth, strategic expansion of production and capacity as well as opportunistic acquisitions © Dedication to maintaining strong relationships with our dealers to
Slide 23: Comments on 4th Quarter 2014 Preliminary Sales
23 Comments on 4‘ Quarter 2014 Preliminary Sales e Double-digit sales growth in both motorized and towable sales resulting in a 14% improvement in sales from continuing operations of $1.04 billion. Sales from continuing operations for the full year were $3.53 billion, up 9% from $3.24 billion in fis
Slide 24: Comments on 3rd Quarter 2014 Results
Comments on 3" Quarter 2014 Results ® Strong sales growth in motorized along with moderate growth in towable sales resulting in a 13% improvement in sales from continuing operations of $1.05 billion. Sales from continuing operations for the first nine months were $2.48 billion, up 7% from $2.33 bill
Slide 25: THOR - Key Takeaways
THOR - Key Takeaways e Profitable every year since inception e Successfully weathered a severe downtum in 2008-09 e Recent capital investments position Thor for growth and margin improvement over the long term © #1 overall RV market share in North America” e Rock-solid balance sheet. Significant cas
Slide 26: Appendix: Financial & Market Data
Appendix: Financial & Market Data
Slide 27: Corporate Integrity
ar Corporate Integrity e No golden parachutes e No ‘pro forma’ earnings. We report net income, not adjusted eamings to cover up performance e Consistent focus on shareholder value © Simple compensation philosophy: Mainly cash compensation, without a cap, based on pre-tax income — a true pay for perf
Slide 28: THOR's RV Competitive Advantage
THOR’s RV Competitive Advantage U.S. and Canada Retail Registrations (units) ee 45468 355% | 111,576 37.0% | 99,170 87.7% 92,414 37.5% Fowstater | sero] ond gee) sah sige) seed ces 32.024 13.0% 5.549 2.3%) 6.168 2.5% 0.0% 210,190 85.4%] 35,989) 14.6% 246.179 100.0%| 112,660 All Others. 15,524 [Grand
Slide 29: Sales, continuing operations ($ millions)
29 Sales, continuing operations ($ millions) Fiscal years ended July 31, Preliminary $3,525 $3,242 $2,640 $2,340 $1,849 : oe _ 2010 2011 2012 2013 2014
Slide 30: Net Income, continuing operations ($ millions)
30 Net Income, continuing operations ($ millions) Fiscal years ended July 31, Year-to-Date through April 30 $151.7 $111.4 $91.2 $91.6 $2.5, - - 2009 2010 2011 2012 2013 2013 YTD 2014 YTD. THOR iNouUSTRIES
Slide 31: Diluted EPS, Continuing Operations
31 Diluted EPS, Continuing Operations Fiscal years ended July 31, Year-to-Date through April 30 $2.86 $2.07 $2.04 $1.72 $1.66 Si.82 04 i 2008 2010 2011 2012 2013 2013YTD 2014 YTD THOR iNouUSTRIES
Slide 32: Quarter Financial Summary
32 34 Quarter Financial Summary [Net Sales [Gross Profit 9% 0f Sales SG&A % of Sales jal Other income Before Tax % of Sales lincome Taxes Net Income (cont. ops.) 8.3% 17.3% [Total *Amountsin Net Sales by segment: + Towables +8%, motorized +31% + Sales recovered from severe cold and winter weather du
Slide 33: Quarterly Thor RV Unit Shipments
Quarterly Thor RV Unit Shipments ylozoe | yLozOz _PL0zOL _£L0zOr eLozde e10z0z el0zOL | ZL0zOy _zhozoe _ZL0z0z ZLOZO1 LLozor “ }0z0e bLozoz _ FLOZOL OLozOr olozde o1ozoz “010Z01 _600Z07 _ e00z0¢ _600202Z | eo0zoL g00zor goozoe "800202 _ 800201 200z0r 200z0¢ 200202 200201 | g00z0F _900zDe 900zDz | 90
Slide 34: Thor RV Retail Market Share: Units
Thor RV Retail Market Share: Units mTowable Retail Share’ Class A/C Retail Share’ = Class B Retail Share* 40.0% 39.5% 39.7% 38.7% 2009 2010 2011 2012 2013 2014 YTD “Source: Statistical Surveys inc,,U.S, and Canada, 2014 YTD 5731/14 THOR -f& a : ea SS
Slide 35: Thor Industries