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					www.thorindustries.com
                                                                                         2




Forward Looking Statements
   This presentation contains forward-looking statements within the meaning of
    the private Securities Litigation Reform Act of 1995. Investors are cautioned that
    forward-looking statements are inherently uncertain. A number of factors could
    cause actual results to differ materially from these statements. These factors are
    contained in the Company‘s filings with the Securities and Exchange Commission
    over the last 12 months, copies of which are available from the SEC or from the
    Company upon request.
                                                                                         3




Who is THOR
   The world‘s largest manufacturer of recreation vehicles
      • Founded in 1980 by Wade Thompson & Peter Orthwein with acquisition
        of Airstream, Inc.
      • #1 in overall RV      37% of market
      • #1 in Travel Trailers 35% of market
      • #1 in Fifth Wheels    54% of market
      • #2 in Motorhomes      18% of market

   The largest manufacturer of mid-size buses in North America - 36% of market

   The 2nd largest manufacturer of ambulances in North America – 15% of market (est.)

   8,000+ employees

   100 facilities in 7 US states

   6+ million square feet under roof
                                                               4




   THOR’s 2011 Product Range

Trailers
                                           F2010 Sales

Fifth Wheels
                                     Bus Group
                                      $428,008
                                        19%

Motor Homes
                               Motorized
                                  RV
                               $291,958
                                 13%
Buses                                              Towable
                                                      RV
                                                  $1,556,591
                                                     68%

Ambulances
                    5




THOR’s Brands: RV
                           6




THOR’s Brands: Bus Group
                                                                                   7




Why Invest in THOR
   Disciplined, Profitable Growth
     • Profitable every year since inception
     • $2.28 billion sales in Fiscal 2010, up 50% from $1.52 billion in 2009
     • $1.13 billion sales YTD six months Fiscal 2011, up 21% from 2010
     • Outperforming competition in all businesses


   Sustainable Business Model
     • Profitably weathered a severe downturn
     • Aggressive cost-cutting and investment now positions Thor for significant
        growth and margin improvement

   Rock Solid Balance Sheet
     • Zero debt
     • Cash and investments of $100 million on January 31, 2011
     • Generates significant cash
                                                                                  8




What Makes THOR Different
   The best business model:
     • Entrepreneurial and decentralized
     • No ivory tower: over 8,000 employees, only 35 in corporate staff
     • Decision-making driven by the customer
     • Big, but nimble
     • Best management team in the business, as proven by sustained performance


   The innovator in each of its business segments

   Significant RV & Bus market leadership:
     • Best positioned in towable RVs, historically fastest growing area
     • #2 in Motorhomes, poised for rebounding growth
     • Well positioned in the bus segment to drive complimentary growth


   Strong balance sheet to support growth and shareholder returns
                                                                                        9




Strength Through Adversity
   Sold, consolidated and/ or relocated underperforming operations

   Reduced inventory and strengthened balance sheet

   Executed structural cost and realignment initiatives while continuing to improve
    operational effectiveness and efficiencies

   Expanded RV leadership by acquiring Heartland RV to further strengthen portfolio,
    market share & margins

   Transitioned Thor Credit to preferred relationship with GMAC in April, 2010 –
    retail and wholesale RV financing

   Entered ambulance business with acquisition of SJC Industries

   Made key hires and repositioned brands to provide better marketing
                                                                   10




THOR’s Competitive Advantages in New Era
   ―Great Assembler‖ - not heavy manufacturer
      • Limited vertical integration – only where it makes sense
      • Flexibility – performance in any market condition
      • Low overhead costs
      • High return on assets employed


   Increasing market share in all RV categories
      • Provides scale and purchasing power
      • Low cost producer


   Balance sheet supports acquisitions and organic growth

   Meaningful, strategic capacity

   Lineup of innovative product offerings

   Preferred partnership in retail/wholesale financing

   Ability to pay warranty and honor repurchase agreements
                                                                          11




Corporate Integrity
   Simple compensation philosophy:
     • Mainly cash compensation, without a cap, based on pre-tax income
     • Minimal stock options, restricted stock


   No golden parachutes

   No ‗pro forma‘ earnings. Net income, not some phony version thereof

   No off-balance sheet assets or liabilities
                             12




Recreation Vehicle Segment
                                                                            13




Current Conditions: RV
   Consolidation within very competitive environment
     • Many competitors closed or have been sold
     • Top three RV competitors account for over 75% of industry units
     • ―Flight to quality‖ – consumers, dealers, lenders all seek to do
       business with strong companies like Thor

   Industry continues to have excess capacity, but better balanced today

   Pricing & promotional environment is improving

   Better consumer confidence. Higher fuel prices pose some risk, but
    manageable

   Wholesale and Retail lenders are prudent - applying
    ―healthy discipline‖

   RV buyers seek the ―power of choice‖ – want lots of variety in
    brands and models
                                                                                   14




RV: State of Balance
    Dealers                               Consumers
      •   Optimism and confidence            •    Better access to retail credit
      •   Right-sized inventory              •    Improving confidence
      •   Smaller base of dealers            •    Lower interest rates
      •   Access to wholesale credit         •    Great demographic trends
      •   Financial health                   •    Will shorten trips to reduce
                                                  fuel usage

Backlog: January 31, 2011 ($ millions)
RV                     2011                2010         % change

Towables               $348                $369               -6%

Motorized               119                 80              +49%

SUB-TOTAL              $467                $449               +4%
                                                Jan 08                         51.9
                                                Feb 08                          53.6
                                                Mar 08                            55.3
                                                Apr 08                          53.2
                                                May 08                       49.6
                                                Jun 08                     46.4
                                                 Jul 08                41.9
                                                Aug 08               39.9
                                                Sep 08              38.3
                                                Oct 08             37.1




Inventory figures do not include Heartland RV
                                                Nov 08            36.3
                                                Dec 08            36.2
                                                Jan 09           35.2
                                                Feb 09            35.8
                                                Mar 09            35.8
                                                Apr 09           34.9
                                                May 09         32.5
                                                Jun 09       30.3
                                                 Jul 09   26.8
                                                Aug 09    26.3
                                                Sep 09    27.1
                                                Oct 09     28.1
                                                Nov 09       30.1
                                                Dec 09        31.7
                                                Jan 10          33.9
                                                Feb 10             37
                                                Mar 10               39.4
                                                Apr 10              38.6
                                                May 10              38.2
                                                Jun 10              37.9
                                                 Jul 10          35.4
                                                Aug 10           35.1
                                                                                         THOR RV Dealer Inventory: Units (000’s)




                                                Sep 10           35.1
                                                Oct 10           35.5
                                                Nov 10           35.6
                                                Dec 10             37.8
                                                Jan 11                40.3
                                                Feb 11                 42.4
                                                                                                                                   15
                                                                                                                16




THOR’s RV Competitive Advantage

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

                                Y/E 12/31/10                  Y/E 12/31/09               Y/E 12/31/08
                          TOTAL            SHARE %        TOTAL       SHARE %        TOTAL       SHARE %
THOR*                     64,197                  37.5     45,246             29.4    59,577             28.3
Forest River**            46,640                  27.2     34,489             22.4    42,358             20.1
Jayco                     17,783                  10.4     16,528             10.7    23,582             11.2
Heartland                       —                    —      7,178              4.7     6,763              3.2
Winnebago***                5,180                   3.0     3,620              2.4     5,301              2.5
Fleetwood                   3,329                   1.9     6,484              4.2    12,246              5.8
Monaco                      2,574                   1.5     5,695              3.7     9,844              4.7
Subtotal                 139,703                  81.5    119,240             77.5   159,671             75.8
All Others                31,653                  18.5     34,934             22.5    50,914             24.2
Grand Total              171,356                 100.0    154,174            100.0   210,585            100.0

Source: Statistical Surveys, Inc.
• Includes Heartland in 2010.
** Includes Palomino, Coachmen, Prime Time. And Dynamax
*** Includes Sunnybrook in 2010
                                                                                             17




The RV Market Ahead
     Dealer restocking is complete as of mid-2010

     Dealer inventories now appropriate for consumer demand

     ―Now, it‘s all about the retail consumer‖


                                     2009                         2010            2011

Industry Retail             205,000 units                226,682 units       250,000 units
Sales*                                                   (+10.6%)            (THOR est.)
Industry                    165,700 units                242,300 units       263,100 units
Shipments**                                              (+46%)              (+8.6%)

     Wholesale & Retail units will be fairly balanced going forward


* Statistical Surveys, inc., includes US and Canada. 2009 & 2010 Actuals
** RVIA. ―RV Roadsigns‖ forecasts by Dr. Richard Curtin, Univ. of Michigan
                                                               18




Heartland Acquisition
   Acquired Heartland RV September 16, 2010

   #4 RV manufacturer – all towable RVs

   Fastest growing company in the industry for last 5 years

   Excellent fit
     • Purchasing & other synergies
     • Hard-charging management team
     • More growth ahead
     • New market opportunities
              19




Bus Segment
                                                                     20




THOR Bus
    #1 in $1 billion industry

    35% market share*
      • Decrease from 39% in 2009 reflects lost 2010 shipments
        due to Champion Bus fire

    Leader in low cost, fuel efficient transit, alternative fuel

    Success in 40-ft. low floor bus industry

    2010 profits were a record

    Best sales and service network

    90% of our buses have certified 5-year life. Must be replaced

    Certified ISO 9001. World class quality
* MSBMA – Year end 2010
                                                                                     21




Current Conditions: Bus
     Mid-size buses are the most cost effective, common sense mass transportation
       • Vastly superior fuel economy, lower up front and operating costs


     Transit bus cost is 80% federally funded

     Federal transit funding has historically grown at 5-9% annual rate

     Short term bus market challenges
       • Expiration of stimulus funding
       • Tight state and municipal budgets
       • Competitive pricing


Bus Backlog: January 31, 2011($ millions)
                       2011             2010          % change
Bus                    $222             $262            -15%
                                                                          22




Current Conditions: Ambulance
   Acquired SJC Industries March 1, 2010

   #2 Ambulance builder in $600 million industry

   McCoy Miller / Marque Brands

   Included in Bus Segment

   Ambulance market is challenging – tight funding for EMS/Fire Depts.

   Long term growth trends driven by demand for emergency services,
    hospital consolidations, value-added content in vehicles.

   Recently announced consolidated operations with Goshen Coach
                                                                                       23




THOR - Key Takeaways
   Profitable every year since inception

   Successfully weathered a severe downturn

   Aggressive cost-cutting and investment now positions Thor for significant growth
    and margin improvement

   Increasing RV market share in all segments

   Rock-solid balance sheet. Significant cash and cash generation. Zero debt

   The most innovative products

   Best consumer, dealer and lender relationships

   Best management in the business
                                    24




Appendix: Financial & Market Data
                                                                                                                25




Sales ($ millions)


                                                 $3,066
                                                          $2,856
                                        $2,558                     $2,641

                               $2,188                                                $2,277


                      $1,571                                                $1,522
             $1,245
                                                                                                       $1,133
                                                                                              $933
  $822




  2001        2002    2003     2004     2005     2006     2007     2008     2009     2010     6 mos.   6 mos.
                                                                                               2010     2011



Years ended 7/31
                                                                                                            26




Net Income ($ millions)

                                               $163.4


                                                        $134.7
                                      $119.1
                                                                                 $110.1
                             $104.5
                                                                 $92.7
                     $78.6


             $51.2
                                                                                          $35.4
 $26.7                                                                                             $29.4
                                                                         $17.1



 2001        2002    2003    2004     2005     2006     2007     2008    2009    2010     6 mos.   6 mos.
                                                                                           2010     2011



Years ended 7/31
                                                                                                       27




E.P.S.


                                             $2.89

                                                     $2.42
                                     $2.10                                   $2.08
                             $1.83
                                                             $1.67
                     $1.38

             $0.94

 $0.56                                                                               $0.65
                                                                                              $0.54
                                                                     $0.31



 2001         2002   2003    2004    2005    2006    2007    2008    2009    2010    6 mos.   6 mos.
                                                                                      2010     2011



Years ended 7/31
                                                                                          28




Comments on 2nd Quarter Financial Results
   Solid revenue growth in seasonally slowest quarter, fueled by Heartland acquisition

   Offset by RV discounting due to market pricing pressures

   Also offset by increases in raw material costs ahead of product price increases

   Other costs include:

     •   Start-up costs for new Redwood RV operation

     •   Heartland amortization expenses – will continue

     •   Higher corporate costs due to ongoing SEC review

     •   Higher stock option compensation and group insurance expenses.
                                                                                         29




Moving Forward – 2nd Half of Fiscal 2011
Recreation Vehicle Segment

   Very healthy RV backlogs

   Gaining market share in all RV segments

   Product price increases enacted in February to cover higher material input costs

   Discounting is abating – expect a normalized promotional environment in spring and
    summer selling season

Bus Segment

   Remains challenging through 2011 – tight public funding

   Rebounding market share now that shipments have normalized after 2010 plant fire

   Well positioned for long-term market growth
          0.0%
                 2.0%
                        4.0%
                               6.0%
                                      8.0%
                                             10.0%
                                                     12.0%
                                                                          14.0%
                                                                                                  16.0%
1Q 2006

2Q 2006

3Q 2006

4Q 2006

1Q 2007

2Q 2007
                                                                                                                Margin Analysis




3Q 2007

4Q 2007

1Q 2008

2Q 2008

3Q 2008

4Q 2008

1Q 2009

2Q 2009
                                                             NBT Margin
                                                                                                 Gross Margin




3Q 2009
                                                                              Operating Margin




4Q 2009

1Q 2010

2Q 2010

3Q 2010

4Q 2010

1Q 2011

2Q 2011
                                                                                                                                  30
          $10,000
                    $20,000
                              $30,000
                                                  $40,000
                                                                             $50,000
                                                                                           $60,000
                                                                                                               $80,000
                                                                                                                         $90,000




                                                                                                     $70,000
1Q 2006
2Q 2006
3Q 2006
4Q 2006
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
                                                                                                                                   Average Selling Price Trends




1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
                                        Bus ASP
                                                                          Towable RV ASP

                                                       Motorized RV ASP
                                                                                                                                                                  31
          0
              5,000
                      10,000
                               15,000
                                        20,000
                                                 25,000
                                                          30,000
                                                                   35,000
                                                                            40,000
1Q 2006
2Q 2006
3Q 2006
4Q 2006
1Q 2007
2Q 2007
3Q 2007
4Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
                                                                                     Quarterly Thor RV Unit Shipments




1Q 2011
2Q 2011
                                                                                                                        32
                                                                                                       33




Thor RV Retail Market Share

   TT/FW Retail Share*
   Class A/C Retail Share*
                                                                                       40.3%



 30.8%                           30.5%                 30.4%           31.2%




                                                                                               17.4%
                                                                               16.2%
              14.1%                            13.9%           14.9%




         2006                            2007              2008            2009           2010**


* US Statistical Surveys, measured at CY end
**Year Ended December 31, 2010
                                                                               1974                          295.8
                                                                               1975                               339.6
                                                                               1976                                       405.0
                                                                               1977                                    373.1
                                                                               1978                                      389.9
                                                                               1979               199.2
                                                                               1980    107.2




2011-2013: Thor Estimates
                                                                               1981      133.6
                                                                               1982       140.6
                                                                               1983             196.6
                                                                               1984               215.7
                                                                               1985           186.9
                                                                               1986            189.9
                                                                               1987               211.7
                                                                               1988               215.8
                                                                               1989           187.9
                                                                               1990          173.1
                                                                               1991         163.1




Historical Data: Recreation Vehicle Industry Association, Calendar years.
                                                                               1992              203.4
                                                                               1993                 227.8
                                                                               1994                     259.2
                                                                               1995                   247.0
                                                                               1996                   247.5
                                                                               1997                    254.5
                                                                               1998                        292.7
                                                                               1999                            321.2
                                                                               2000                         300.1
                                                                               2001                    256.8
                                                                               2002                           311.0
                                                                               2003                            320.8
                                                                               2004                                   370.1
                                                                               2005                                    384.4
                                                                               2006                                     390.5
                                                                               2007                                 353.4
                                                                               2008                  237.0
                                                                               2009         165.7
                                                                                                                                  RV Market Wholesale Trends: Units (000’s)




                                                                               2010                   242.3
                                                                            2011 (e)                   258.0
                                                                            2012 (e)                      277.0
                                                                            2013 (e)                        300.0
                                                                                                                                                                              34
                                                                                                                                35




RV Industry Retail Vs. Wholesale (Units 000’s)
Positive figures indicate retail registrations in excess of wholesale shipments (reduction to dealer inventory)
Negative figures indicate wholesale shipments in excess of retail registrations (increasing dealer inventory)
                  52.4                                                                                   48.5
   37.6                                          39.0                                                           36.5
                                  26.7                          26.6

                                                                                11.3




                                                                 2004
    2000



                   2001



                                   2002



                                                  2003




                                                                                2005



                                                                                        2006



                                                                                                 2007



                                                                                                         2008



                                                                                                                2009



                                                                                                                        2010
                                                                                                                       (15.6)




                                                                                                (56.2)




                                                                                       (87.1)


Historical Data: Recreation Vehicle Industry Association, Statistical Surveys
www.thorindustries.com

				
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