Baird 2015 Growth Stock Conference

1. 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

9. www.thorindustries.com