REPORTS

RV INDUSTRY

The following are recent reports published by TRG. Please contact Chris White to request a copy.

August 2017

8/8
June 2017 U.S. Towable Retail Sales Increased 6.9% YOY; Motorized Retail Sales Increased 13.3% YOY
8/10
LCII – Q2'17 Pst Conference Call Recap
8/4
LCII – Q2'17 In-Line; Acquisitions Continue to Drive Value

July 2017

7/25
June 2017 Wholesale Shipments Increased 18.3% YOY
7/10
May 2017 U.S. Towable Retail Sales Increased 4.2% YOY; Motorized Retail Sales Increased 3.6% YOY

June 2017

6/26
May 2017 Wholesale Shipments Increased 20.8% YOY
6/7
April 2017 U.S. Towable Retail Sales Increased 4.5% YOY; Motorized Retail Sales Increased 0.9% YOY
6/6
THO - Q3’17 Earnings Beat Driven by Better Top Line, Lower SG&A

May 2017

5/26
Q2'17 RV Dealer Survey
5/26
April 2017 Wholesale Shipments Increased 5.6% YOY
5/10
March 2017 U.S. Towable Retail Sales Increased 5.0% YOY; Motorized Retail Sales Increased 9.4% YOY
5/4
LCII: Q1'17 Post Conference Call Recap; Growth Initiatives, Margin Compression A Focus
5/4
LCII: Q1'17 Beat Driven by A Strong Top Line, Lower Tax

April 2017

4/24
March 2017 Wholesale Shipments Increased 16.8% YOY
4/13
February 2017 U.S. Towable Retail Sales Increased 5.4% YOY; Motorized Retail Sales

March 2017

3/31
C&I 2017 - RVs: Canary in the Coal Mine
3/28
February 2017 Wholesale Shipments Increased 9.7% YOY
3/27
TRG C&I 2017 - Sifting Through the Political Hoopla
3/14
THO – Q2’17 Post Conference Call Recap
3/9
January 2017 U.S. Towable Retail Sales Increased 5.2% YOY; Motorized Retail Sales
3/9
CWH – Despite Q4’16 EPS Beat, Market Focuses on Less Robust Top Line
3/6
THO – Q2'17 A Beat; Organic Backlogs Grow ~19% YOY

February 2017

2/27
January 2017 Wholesale Shipments Increased 7.4% YOY
2/13
LCII – Q4'16 Beat Fueled by 20% Top Line Growth, Margin Expansion; Acquisition
2/10
December 2016 U.S. Towable Retail Sales Increased 6.4% YOY; Motorized Retail Sales Increased 3.6% YOY
2/9
LCII – Q4'16 Beat Fueled by 20% Top Line Growth, Margin Expansion; Acquisition

January 2017

1/26
REV Group – Initial Pre-IPO Thoughts
1/25
December 2016 Wholesale Shipments Increased 17.6% YOY; Q4’16 Shipments Increased 19.3% YOY and Full-year 2016 Shipments Increased 15.1% YOY
1/20
2017 Florida RV Show Takeaways; Industry Maintains Bullish Outlook for 2017
1/10
November 2016 U.S. Towable Retail Sales Increased 13.8% YOY; Motorized Retail Sales

December 2016

12/21
November 2016 Wholesale Shipments Increased 26.9% YOY
12/15
THO - Takeaways from West Coast Marketing
12/8
October 2016 U.S. Towable Retail Sales Increased 4.1% YOY; Motorized Retail Sales Increased 0.3% YOY
12/2
2016 Louisville National RV Show Takeaways; Dealers, Mfg Relatively More Bullish This Year vs. Last

November 2016

11/28
THO – Q1'17 Beat Driven by Better Top Line; Sizable Backlog Growth for the Third Consecutive Quarter
11/23
October 2016 Wholesale Shipments Increased 14.5% YOY
11/21
Q3’16 RV Dealer Survey – RVs Post Presidential Election
11/14
CWH – Q3'16 Earnings Results
11/11
September 2016 U.S. Towable Retail Sales Increased 7.6% YOY; Motorized Retail Sales

October 2016

10/12
THO – Estimate Update Post Q4'16 Beat
10/7
August 2016 Towable Retail Sales Increased 2.9% YOY and Motorized Retail Sales
10/4
DW - Takeaways from DW West Coast Marketing: Focus on Growth Opportunities

September 2016

9/27
August 2016 Wholesale Shipments Increased 31.5% YOY
9/26
THO – Q4'16 Beat Driven by Better Top Line and Margins; Jayco Will Contribute to a Greater Degree in FY’17
9/22
2016 Elkhart RV Open House Takeaways
9/9
July 2016 Towable Retail Sales Increased 1.8% YOY
9/8
July 2016 Motorized Retail Sales Flat YOY

August 2016

8/26
July 2016 Wholesale Shipments Increased 4.6% YOY
8/16
Pre-Elkhart Open House RV Survey
8/10
June 2016 Towable Retail Sales Increased 7.0% YOY; Q2’16 Towable Retail Sales Increased 10.0% YOY
8/9
June 2016 Motorized Retail Sales Increased 3.3% YOY; Q2’16 Motorized Sales Increased 6.1% YOY
8/4
DW – Q2'16 Another Record Quarter; Focus on Growth Opportunities

July 2016

7/26
June 2016 Wholesale Shipments Increased 18.7% YOY; Q2’16 shipments increased 12.0%
7/19
Takeaways from THO Northeast Marketing: Focus on the Cycle and Jayco Acquisition
7/11
May 2016 Towable Retail Sales Increased 8.6% YOY; YTD Towable Retail Sales Increased 12.4% YOY
7/11
Initial Thoughts on Camping World Holdings, INC (CWH) IPO
7/7
May 2016 Motorized Retail Sales Increased 5.2% YOY; YTD Motorized Sales Increased 8.2% YOY
7/2
THO – Announces the Acquisition of Jayco for $576MM

June 2016

6/28
May Wholesale Shipments Increased 13.4% YOY
6/27
THO – Q3’16 Backlogs Growth Rate the Highest In Nearly Three Years
6/27
WGO – Q3’16 Post Conference Call Estimate Update
6/22
WGO – Q3'16 Earnings A Beat on Improved Margins; Class C Shipments benefited from higher YOY Rental Deliveries
6/10
April Towable Retail Sales Increased 8.9% YOY; YTD Towable Retail Sales Increased 12.7% YOY
6/8
April Motorized Retail Sales Decreased 5.6% YOY; YTD Motorized Sales Increased 5.8% YOY
6/6
THO – Q3'16 Beat Driven by Better Gross Margins
6/2
Q1'16 RV Dealer Survey

May 2016

5/31
April 2016 Wholesale Shipments Increased 4.5% YOY
5/13
March Towable Retail Sales Increased 14.3% YOY; Q1’16 Towable Retail Sales Increased 13.1% YOY
5/11
March Motorized Retail Sales Increased 8.5% YOY; Q1’16 Motorized Sales Increased 11.0% YOY
5/10
DW – Q1’16 Beat Driven by Strong Revenues, Margins; Raising PT to $108
5/9
DW – Q1'16 Beat Driven by Outsized Topline, Margin Growth
5/6
DW – Q1’16 Preview

April 2016

4/27
March 2016 Wholesale Shipments Increased 11.0% YOY; Q1’16 Shipments Increased 11.3% YOY
4/18
February 2016 Towable Retail Sales Increased 8.1% YOY
4/13
WGO – Q2’16 Post Conference Call Estimate Update
4/12
February 2016 Motorized Retail Sales Increased 5.0% YOY

March 2016

3/29
February 2016 Wholesale Shipments Increased 12.1% YOY
3/24
WGO – Q2'16 Earnings A Beat on Improved Margins; Motorized Backlog Stronger
3/21
THO – Expands Motorized Capacity
3/15
January 2016 Towable Retail Sales decreased 0.6% YOY
3/14
January 2016 Motorized Retail Sales Increased 6.6% YOY
3/7
THO – Q2'16 Earnings Beat on Top Line, Margin Strength; Quarter Benefited From Rental Unit Deliveries

February 2016

2/29
January 2016 Wholesale Shipments Increased 10.6% YOY
2/19
December 2015 Towable Retail Sales Increased 22.0% YOY; Q4’15 up 19.7% YOY and Full-year 2015 up 17.4% YOY
2/12
DW - Q4’15 Beat; Early 2016 Results Encouraging
2/11
December 2015 Motorized Retail Sales Increased 27.1% YOY; Q4’15 up 18.2% YOY and Full-year 2015 up 16.1% YOY
2/11
DW - Q4'15 A Beat; Early Q1'16 Trends Promising

January 2016

1/29
December Wholesale Shipments Increased 3.9% YOY; Q4’15 Shipments Increased 4.5% YOY
1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/27
DW - Announced 2nd Marine Furniture Acquisition
1/20
November 2015 Towable Retail Sales Increased 17.0% YOY
1/19
2016 Tampa RV Show Points to Mid-single Digit Growth
1/13
November 2015 Motorized Retail Sales Increased 4.1% YOY
1/4
November Wholesale Shipments Increased 3.9% YOY

December 2015

12/21
WGO – Board Selected A New CEO; Expanding Corporate Footprint to the Minneapolis-Saint Paul Metropolitan Area
12/18
October 2015 Towable Retail Sales Increased 11.9% YOY
12/17
WGO – Q1'16 Earnings A Miss on Softer Top Line, Higher SG&A
12/16
Top Stock Ideas Going Into 2016
12/10
October Motorized Retail Sales Increased 11.1% YOY
12/7
THO - Q1’16 A Beat, Backlogs Continued to Recover
12/3
FL Retail Show Field Trip Opportunity - January 13, 2016
12/2
2015 Nat’l RV Trade Show Takeaways Focus on Stable Growth; RV Dealer Survey Backs Up Show Feedback

November 2015

11/30
THO - Q1'16 Beat Driven by Gross Margins
11/20
September Towable Retail Sales Increased 10.3% YOY
11/16
Reminder of TRG Coverage European Exposure
11/13
September Motorized Retail Sales Increased 5.8% YOY
11/9
DW - Q3’15 Miss Prompts Cost Cutting Measures
11/3
DW - Q3'15 An EPS Miss & Top Line Beat; Adjusting the Asset Base for Moderating RV Market Growth

October 2015

10/26
September Wholesale Shipments Increased 12.4% YOY
10/20
August 2015 Towable Retail Sales Increased 8.6% YOY
10/16
August 2015 Motorized Retail Sales Increased 12.4% YOY
10/15
WGO - Q4'15 A Miss; Increased Warranty Expense a Nag to Margins
10/12
DW - Northeast Marketing Focuses on Transformative Growth Efforts

September 2015

9/28
Manufacturers 2016 Outlook Optimistic Post 2015 Elkhart Open House; Industry More than Halfway Through an Extended Cycle
9/25
August 2015 Wholesale Shipments Increased 3.4% YOY
9/21
THO - Q4'15 a Headline Beat; Focus, However, will be on Tepid Core RV Growth
9/17
July 2015 Towable Retail Sales Increased 11.3% YOY
9/14
July 2015 Motorized Retail Sales Increased 13.9% YOY
9/11
WGO - As the World Turns: Another CEO Departs

August 2015

8/29
July 2015 Wholesale Shipments Decreased 3.1% YOY
8/21
June 2015 Towable Retail Sales Increased 15.7% YOY
8/13
June 2015 Motorized Retail Sales Increased 12.1% YOY
8/12
DW - Q2'15 Focuses on Growth Opportunities
8/10
DW - Announces Marine Furniutre Acquisition
8/4
DW - Q2'15 A Miss on Tough YOY Comps, Operating Expansion Efforts
8/3
Q2'15 RV Dealer Survey; DW the Winner

July 2015

7/27
June Wholesale Shipments Increased 2.9% YOY
7/20
May 2015 Towable Retail Sales Increased 11.2% YOY
7/17
May 2015 Motorized Retail Sales Increased 11.1% YOY
7/10
DW - Announced Exclusive Distribution & Supply Agreement with Furrion Ltd.

June 2015

6/25
May Wholesale Shipments Decreased 5.8% YOY; Towables Shipments Fall YOY for the First Time Since August 2013
6/25
WGO - Q2'15 EPS Beat Driven by Higher Top Line, Lower SG&A
6/22
RV Industry - THO, DW, PATK Joint Investor Day Feedback
6/22
April 2015 Towable Retail Sales Increased 16.6% YOY
6/11
April 2015 Motorized Retail Sales Increased 9.7% YOY
6/5
THO - Q3'15 A Miss, Backlogs Down YOY

May 2015

5/26
April Wholesale Shipments Increased 13.5% YOY
5/13
March 2015 Motorized Retail Sales Increased 9.2% YOY
5/7
Q1'15 RV Dealer Survey Focuses on the Cycle
5/6
DW - Q1'15 Focuses on Margin Management Growth Opportunities
5/6
RV Management Dinner Opportunity (THO, DW, PATK) - June 15 in Elkhart, IN
5/5
DW - Q1'15 Earnings Snapshot; EPS Beat Driven by Better Top Line and Improved SG&A
5/1
THO - Postle Acquisition Moves Thor Into Aluminum Extrusion

April 2015

4/20
February 2015 Towable Retail Sales Up 9.4% YOY
4/17
WGO - 2015 Dealer Day Takeaways
4/17
February 2015 Motorized Retail Sales Increased 7.3% YOY

March 2015

3/30
WGO - Q2'15 Post Conf Call Estimate Update
3/27
February Wholesale Shipments Increased 4.0% YOY
3/27
WGO - Q2'15 EPS Miss Driven by Softer Top Line and Higher SG&A
3/27
January 2015 Towable Retail Sales Up 8.2% YOY
3/20
January 2015 Motorized Retail Sales Down 1.7% YOY
3/20
DW - Announces Special Cash Dividend
3/6
THO - Q2'15 Estimates Update

February 2015

2/26
January Wholesale Shipments Increased 11.9% YOY
2/25
DW - Q4'14 Post Conf Call Estimate Update
2/24
DW - Q4'14 Earnings Snapshot; EPS Beat Driven by Better Top Line
2/11
December 2014 Motorized Retail Sales Up 27.4% YOY
2/2
Q4'14 RV Dealer Survey & Earnings Preview

January 2015

1/29
1/26
December Wholesale Shipments Increased 23.3% YOY
1/22
2015 Tampa Show Feedback
1/16
November 2014 Towable Retail Sales Up 6.0% YOY
1/13
THO - Q1'15 Estimates Update
1/12
November 2014 Motorized Retail Sales Up 14.2% YOY

December 2014

12/29/14
November Wholesale Sales Up 20.9% YOY
12/19/14
October Towable Retail Sales Up 7.3% YOY
12/18/14
WGO - Q1'15 Conf Call Estimate Update; Downgrading from Buy to Hold
12/18/14
WGO - Q1'15 EPS Miss Driven By Softer Top Line & Operating Margins
12/15/14
October Motorized Retail Sales Up 9.1% YOY
12/4/14
2014 National RV Trade Show Takeaways

November 2014

11/25/14
October Wholesale Shipments Increased 11.2% YOY
11/18/14
DW - Boston Marketing Takeaways; Adjusting Estimates Q4'14, FY'15
11/17/14
September Towarble Retail Sales Up 15.0% YOY
11/11/14
September Motorized Retail Sales Up 16.1% YOY
11/4/14
DW - Q3'14 Post Conf Call Estimate Update

October 2014

10/31/14
DW - Q3'14 Earnings Snapshot; EPS Miss Driven By Lower Margins & Higher SG&A
10/27/14
September Wholesale Shipments Increased 10.5% YOY
10/20/14
WGO - Q4'14 Post Conf Call Estimate Update>
10/20/14
August Towable Retail Sales Up 2.8% YOY
10/15/14
WGO - Q4'14 EPS Beat Driven By Better Top Line & Lower SG&A
10/13/14
August Motorized Retail Sales Up 11.5% YOY

September 2014

9/29/14
August Wholesale Shipments Increased 5.8% YOY
9/26/14
THO - Q4'14 Earnings Impacted by Short-term Margin Pressures
9/24/14
Q3'14 RV Dealer Survey & Earnings Preview
9/22/14
2014 Elkhart Open House Pointed at Continued Growth
9/19/14
July Towable Retail Sales Up 5.3% YOY
9/15/14
July Motorized Retail Sales Up 10.1% YOY

August 2014

8/25/14
July Wholesale Shipments Increased 6.7% YOY
8/20/14
June Towable Retail Sales Up 7.3% YOY
8/18/14
DW - Duncan Systems Acquisition Announced; $350MM+ Opportunity
8/15/14
June Motorized Retail Sales Up 6.4% YOY
8/14/14
DW - San Francisco Marketing Takeaways
8/6/14
THO - Q4'14 Preliminary Revenues
8/4/14
DW - Q2'14 Post Conf Call Estimate Update
8/1/14
DW - Q2'14 Earnings Snapshot; EPS Miss Consensus Driven By Lower Top Line & Margins

July 2014

7/28/14
June Wholesale Shipments Increased 6.2% YOY
7/22/14
THO - West Coast Marketing Takeaways Points to Follow-Through on Strategic Initiatives
7/18/14
May Towable Retail Sales Up 1.2% YOY
7/11/14
May Motorized Retail Sales Up 2.3% YOY

June 2014

6/27/14
WGO - Q3'14 Conf Call Estimate Update
6/26/14
WGO - Q3'14 EPS Beat Driven By Better Margins; Backlog Down
6/25/14
May Wholesale Shipments Increased 9.1% YOY
6/23/14
Q2'14 RV Dealer Survey & Earnings Preview
6/20/14
April 2014 Towable Retail Sales Up 1.9%
6/16/14
DW - Drew Acquires Actuant RV; April 2014 Motorized Retail Sales Up 19.1% YOY

May 2014

5/28/14
April Wholesale Shipments Increased 5.4% YOY
5/21/14
March 2014 Towable Retail Sales Up 0.7%
5/14/14
March 2014 Motorized Retail Sales Up 5.7% YOY
5/12/14
DW - Q1'14 Post Conf Call Estimate Update
5/6/14
THO - Q3'14 Revenues & What Buffett Says About RVs
5/1/14
DW - Q1'14 Earnings Snapshot; EPS Beat Consensus; Sales Rebounded As Weather Improved

April 2014

4/25/14
March Wholesale Shipments Increased 16.4% YOY
4/17/14
THO - Acquiring RV Manufacturer K-Z, Inc. For $53.4MM
4/14/14
DW & NX - Different Industries, Similar Strategies
4/10/14
February 2014 Motorized Retail Sales Up 2.3% YOY

March 2014

3/27/14
WGO - Q2'14 EPS Beat Driven By Top Line Improvement; Backlog Shows Slower Growth Momentum
3/26/14
February Wholesale Shipments Increased 18.0% YOY
3/19/14
January 2014 Towable Retail Sales Down 1.6% YOY
3/14/14
January 2014 Motorized Retail Sales Up 8.6% YOY

February 2014

2/27/14
January Wholesale Shipments Increased 3.7% YOY
2/20/14
December 2013 Towable Retail Sales Up 8.5% YOY
2/18/14
DW - Q4'13 Post Conf Call Estimate Update
2/13/14
December 2013 Motorized Retail Sales Up 13.0% YOY; Full Year Up 33.7% YOY
2/13/14
DW - Q4'13 Earnings Snapshot; EPS Beat Driven By Higher RV Segment Sales & Margins
2/5/14
THO - Q2'14 Preliminary Sales Below Expectations; Midwest Operations Impacted by Severe Winter Weather

January 2014

1/27/14
December 2013 Wholesale Shipments Increased 14.3% YOY; Full-Year Shipments Up 12.4% YOY
1/2/14
November 2013 RV Retail Sales; Towable Up 12.8% YOY, Motorized Up 15.6% YOY

December 2013

12/31/13
November Wholesale Shipments Increased 5.8% YOY
12/23/13
October 2013 Towable Retail Sales Up 15.6% YOY
12/20/13
WGO - Q1'14 Post Conf Call Estimate Update
12/19/13
WGO - Q1'14 Driven by Improved SG&A
12/14/13
October 2013 Motorized Retail Sales Up 41.6% YOY
12/5/13
2013 National RV Trade Show Takeaways
12/2/13
Pre-Louisville RV Dealer Survey

November 2013

11/27/13
October Wholesale Shipments Increased 16.6% YOY
11/20/13
September 2013 Towable Retail Sales Up 14.0% YOY
11/20/13
DW - Boston Marketing Takeaways; Initial RV Survey Feedback
11/14/13
September 2013 Motorized Retail Sales Up 26.7% YOY
11/5/13
DW - Q3'13 Post Conference Call Takeaways
11/5/13
THO - Q1'14 Preliminary Sales Below Expectations; Towables Drive Shortfall, Motorized Backlogs Surge

October 2013

10/28/13
September Wholesale Shipments Increased 18.6% YOY
10/22/13
August 2013 Towable Retail Sales Up 12.7%
10/21/13
WGO - Q4'13 (August) Conf Call Recap; Raising Estimates & Price Target
10/17/13
WGO - Q4'13 Beat Consensus; Highest Gross Margins Since Q1'08
10/15/13
August 2013 Motorized Retail Sales Up 22.7% YOY
10/3/13
August Wholesale Shipments Increased 2.2% YOY
10/2/13
THO - Q4'13 Earnings; Thor Closes FY'13 Strong & All Systems "Go" - Strong Sales & Margin Growth, Increased Backlogs

September 2013

9/12/13
July 2013 Motorized Sales Up 22.5% YOY
9/4/13
Improving Res and Non-Res Markets Drive TRG's Top 5 Stock Ideas

August 2013

8/27/13
July Wholesale Shipments Increase 14.7% YOY
8/21/13
June 2013 Towable Retail Sales Up 5.2% YOY
8/15/13
June 2013 Motorized Sales Up 29.6% YOY
8/8/13
DW - Q2'13 Post Conference Call Takeaways
8/6/13
THO - Q4'13 Preliminary Sales Exceed Expectations; Raising Q4'13 Estimates; Adjusting Model to Account for Bus Divestiture
8/6/13
DW - Q2'13 Earnings Snapshot; EPS Beat Driven by RV Segment Sales

July 2013

7/29/13
June Wholesale Shipments Increase 12.1% YOY
7/22/13
May 2013 Towable Retail Sales Up 8.0% YOY
7/15/13
May 2013 Morotized Retail Sales Up 28.0% YOY
7/8/13
WGO Q3'13 Conf Call Recap; Raising Estimates & Price Target

June 2013

6/27/13
WGO Q3'13 Met Expectation; Motorized Unit Deliveries Highest Since Q1'08
6/26/13
May Wholesale Shipments Up 11.9%
6/19/13
April 2013 Towable Retail Sales Up 12.3% YOY
6/13/13
April 2013 Motorized Retail Sales Up 29.8% YOY
6/10/13
THO - Q3'13 Earnings Show Strong Motorized, Improved Towable Margins; Core Fundamentlas Unchanged

May 2013

5/28/13
April Wholesale Shipments Up 19.0% YOY
5/20/13
March 2013 Towable Retail Sales Down 1.1% YOY
5/15/13
March 2013 Motorized Retail Sales Up 25.5% YOY
5/7/13
DW - Q1'13 Post Conference Call Takeaways
5/6/13
THO Divests Non-core Ambulance Business
5/3/13
THO - Q3'13 Preliminary Sales Hit Record $1B; Adjusting Near Term Towable Margins
5/3/13
DW - Q1'13 Earnings Snapshot

April 2013

4/24/13
WGO Sales Increased Prompt WGO to Add Line Workers
4/16/13
February 2013 Towable Retail Sales Up 3.1%
4/11/13
February 2013 Motorized Retail Sales Up 7.9% YOY
4/10/13
WGO - Q2'13 (Feb) Conf Call Recap; Raising Estimates
4/1/13
THO Northeast Marketing Recap: Focus on a Maturing Strategy

March 2013

3/28/13
WGO Q2'13 A Beat; Motorized Backlogs the Highest Since Q4'04
3/26/13
February Wholesale Shipments Up 6.0%
3/21/13
February/March 2013 RV Dealer Survey
3/20/13
RV Industry - January 2013 Towable Retail Sales Up 19.9% YOY
3/14/13
January 2013 Motorized Retail Sales Up 22.5% YOY
3/11/13
THO - Q2'13 Earnings Point to Strong Motorized, Continued Towable Discounting; Core Fundamentals Unchanged

February 2013

2/26/13
January Wholesale Shipments up 30.5%
2/21/13
DW - Q4'12 Post Conference Call Takeaways
2/21/13
December 2012 Towable Retail Sales Down 1.7%
2/13/13
WGO - Northeast Marketing Takeaways
2/5/13
THO - Q2'13 Preliminary Sales Ahead of TRG Bullish Expectations (again)

January 2013

1/28/13
December Wholesale Shipments Up 11.6%
1/18/13
November 2012 Towable Retail Sales Flat, Up 0.2%
1/2/13
November Wholesale Shipments Up 25.2%

December 2012

12/21/12
October 2012 Towable Retail Sales Up 8.2%
12/20/12
WGO - Q1'13 A Sizable Beat and Backed Up By Record Breaking Stats Across the Board
12/12/12
October 2012 Retail Sales Increased 5.1%; THO Announces Special Dividend and Acceleration of January Dividend Payment
12/7/12
THO - Q1'13 Results Point to Healthy Motorized Demand

November 2012

11/29/12
2012 Louisville: Pre & Post Dealer, Finance Feedback Optimistic
11/16/12
September 2012 Towable Retail Sales Up 5.4%
11/15/12
September 2012 Motorized Retail Sales Increased 3.7%
11/6/12
THO - Q1'13 Preliminary Revenues Ahead of TRG Bullish Expectations
11/5/12
DW - Q1'13 Post Conf. Call Takeaways

October 2012

10/31/12
Motorized Retail Demand Not Spooked by the Market; Upgrading WGO
10/25/12
Updating THO, DW - "If People are Buying a Frickin' RV, Something Must Be Working"
10/15/12
RV Dealer Feedback; WGO and THO Estimate Updates
10/11/12
WGO - Q4'12 Modest Miss But Motorized Backlogs the Highest Since Q4'07
10/11/12
August Motorized Retail Sales Increased 7.5%

September 2012

9/27/12
THO - Q4'12 Earnings Snapshot
9/27/12
August Wholesale Shipments Up 15.7%
9/20/12
July 2012 Towable Retail Sales Up Modestly - In Line with TRG's July/August RV Dealer Survey
9/13/12
July 2012 Motorized Retail Sales Increased 13.8% - In Line with TRG's July/August RV Dealer Survey
9/4/12
July/August RV Dealer Survey - Retail Improved Not as Strong as THO, DW July Wholesale Orders

August 2012

8/27/12
July Wholesale Shipments Increased 27.4%
8/21/12
June 2012 Towable Retail Sales Flat
8/16/12
June 2012 Motorized Retail Sales - Class Cs Shows Modest Improvement
8/6/12
THO - Q4'12 Preliminary Revenues; Strong Backlogs Don't Make Sense
8/3/12
DW - Q2'12 Conference Call Recap
8/2/12
DW - Q2'12 Earnings Snapshot

July 2012

7/26/12
June Wholesale Shipments Increase 3.2%
7/23/12
May 2012 Towable Sales Up 8.8%
7/13/12
May 2012 Motorized Retail Sales - Class A Shows Modest Improvement

June 2012

6/28/12
Q2'12 RV Dealer Survey - Flattening Sales Trends; Inventories OK
6/25/12
May 2012 Wholesale Shipments Increase 4.9%
6/19/12
April 2012 Towable Retail Sales Down 3.2%
6/15/12
WGO Q3'12 Post Conference Call Recap
6/14/12
WGO Q3'12 Snapshot
6/12/12
THO Q3'12 Results & 9 Month Results

May 2012

5/28/12
April Wholesale Shipments Increase 9.8%
5/21/12
WGO - Follw Up Thoughts on North Street Capital's Bid
5/18/12
WGO - Quick Take on North Street Capital's Bid for WGO
5/18/12
March Towable Retail Sales
5/16/12
March Motorized Retail Sales
5/3/12
DW Q1'12 Earnings Snapshot
5/3/12
THO Q3'12 Preliminary Revenues

April 2012

4/25/12
March Wholesale Shipments Increase 2.2%
4/18/12
February RV 2012 Towable Retail Sales Up 7.7%
4/12/12
February RV Retail Sales Skewed by Class C Rental Orders
4/2/12
Q1'2012 RV Dealer Survey - No Surprise That Warm Weather Drove Sales

March 2012

3/26/12
January Wholesale Shipments Increase 24.2%, But How Much is Discounting?
3/19/12
January 2012 Towable Retail Sales Fall 10.1%
3/16/12
WGO - Q2'12 Earnings Miss Driven by Margins
3/14/12
THO - Q2'12 Earnings Recap
3/14/12
January 2012 Motorized Retail Sales Slip 6.7%

February 2012

2/29/12
December Retail & Wholesale Unit Trends
2/28/12
January Wholesale Shipments Increase 5.1%
2/16/12
DW - Q4'11 Post Conference Call Takeaways
2/14/12
RV Industry - December Motorized Retail Sales Surge
2/13/12
DW - Q4'11 Earnings Snapshot
2/3/12
November Retail & Wholesale Unit Trends
2/3/12
THO - Q2'12 Preliminary Revenues Ahead of Expectations

January 2012

1/23/12
THO & Private RV Dealer Marketing Points to Slightly Better Consumer
1/17/12
November Towable Retail Sales Show "More of the Same"; FL RV Super Show Feedback
1/17/12
Q4'11 RV Dealer Survey - Sales Mediocre; Recent Traffic Trends Better

December 2011

12/29/11
RV Industry - November Wholesale Shipments Increase 21.6% YOY
12/28/11
RV Industry - October Retail & Wholesale Unit Trends
12/15/11
WGO - Q1'12 Earnings Miss Driven By Continued Margin Weakness
12/2/11
RV Industry - Industry "Cautiously Optimistic" about 2012

November 2011

11/29/11
THO - Q1'12 Earnings Miss on Continued Discounting
11/28/11
RV Industry - October Wholesale Shipments Increase 15.1% YOY
11/28/11
RV Industry - Pre-Louisville Dealer Survey
11/18/11
RV Industry - September Retail & Wholesale Unit Trends
11/7/11
DW - Q3'11 Post Conf Call Takeaways
11/3/11
THO - Q1'12 Preliminary Revenues
11/2/11
DW - Q3'11 Miss As Investments in Revenue Growth Pressure Margins

October 2011

10/26/11
RV Industry - September Wholesale Shipments Increase 1.8% YOY
10/25/11
RV Industry - August Retail & Wholesale Unit Trends
10/25/11
WGO - Updating Estimates Post Q4'11 Earnings
10/13/11
WGO - Q4'11 Earnings Beat on Tax Benefit and Marginally Better Top Line
10/7/11
RV Industry - Q3'11 RV Dealer Survey - Key Indicator Showing Stable Demand

September 2011

9/29/11
THO - Q4'11 Earnings Snapshot, Updating Estimates
9/27/11
RV Industry - August Wholesale Shipments Decline 2.3% YOY
9/20/11
RV Industry - July Retail & Wholesale Unit Trends

August 2011

8/26/11
RV Industry - July Wholesale Shipments Decline 9.1% YOY
8/23/11
RV Industry - June Retail & Wholesale Unit Trends
8/3/11
THO - Q4'11 Preliminary Revenues Disappoint
8/2/11
DW - Q2'11 Post Conference Call Takeaways
8/1/11
DW - Q2'11 Earnings Snapshot

July 2011

7/29/11
RV Industry - Q2'11 RV Dealer Survey - Stalling Retail Growth Pressuring Mfg. Orders
7/27/11
RV Industry - June Wholesale Shipments Showing Signs of Retail Pause
7/22/11
RV Industry - May Towable Retail Sales Increase 1.6% YOY
7/14/11
RV Industry - May Motorhome Retail Sales Decline 2.9% YOY

June 2011

6/29/11
RV Industry - May 2011 RV Shipments Increase 13.1%; Driven By Towable Shipments
6/20/11
RV Industry - April Towable Retail Sales Increase 2.9% YOY
6/17/11
WGO - Closing the Barn Door Post Q3'11 Earnings; Downgrading to Hold Until Fundamentals Improve
6/16/11
WGO - Q3'11 Earnings A Disaster
6/16/11
THO - Dark Clouds Forming In The Horizon For RV Demand
6/16/11
RV Industry - April Motorhome Retail Sales Decline 6.4% YOY
6/9/11
THO - Q3'11 Earnings Beat, Margins Still in Question

May 2011

5/31/11
April 2011 RV Shipments Flat YOY; Still Positive on WGO Q3'11 Estimates
5/20/11
RV Industry - March Towable Retail Sales Decrease 3.0%
5/18/11
March Motorhome Retail Sales - WGO Class A Continues to Outperform, Up 10.2% vs. 2.3% Industry Decrease - Reiterate Buy rating of WGO
5/17/11
THO's Motorized Revenue Up 23% in April, Positive Read Through on WGO
5/4/11
THO - Q3'11 Preliminary Revenues Yield No Surprises
5/3/11
DW - Q1'11 Post Conference Call Takeaways
5/2/11
DW - Q1'11 Earnings Snapshot

April 2011

4/26/11
RV Industry - March 2011 RV Shipments Spring Back, Up 14.6% YOY
4/15/11
RV Industry - February Towable Retail Sales Increase 4.4%, Dampened by Difficult Weather
4/12/11
RV Industry - Feb 2011 Motorhome Retail Sales Decline 15.2% YOY; WGO Outperforms, Up 7.4%
4/6/11
RV Industry - Q1'11 RV Dealer Survey - Easier Retail Financing Supporting Sales

March 2011

3/28/11
RV Industry - February 2011 RV Shipments Highlighted by Class A Strength
3/21/11
RV Industry - January 2011 Towable Retail Sales Incresase 13.5%
3/17/11
WGO - Q2'11 a Healthy Beat; Q1,Q2 Sequential Increase in Backlogs the First Since FY'07
3/16/11
THO - Lowering Estimates Post Q2'11 Earnings
3/14/11
RV Industry - January 2011 Motorhome Retail Sales Increase 2.9% YOY; WGO Outperforms
3/11/11
THO - Q2'11 Earnings A Miss
3/3/11
RV Industry - January 2011 RV Shipments; Positive Retail Commentary from the Field

February 2011

2/23/11
RV Industry - December 2010 Towable Retail Sales Increase 8.8% YOY
2/17/11
RV Industry - December 2010 Motorhome Retail Sales Increase 1.8% YOY
2/16/11
DW - Q4'10 Post Conference Call Take-Aways
2/15/11
DW - Q4'10 Earnings Snapshot
2/3/11
THO - Q2'11 Preliminary Results

January 2011

1/27/11
RV Industry - December 2010 RV Shipments Surge, Driven by Pre-Show Buying
1/18/11
RV Industry - Florida RV SuperShow Feedback; November Towable Retail Sales Increase 13.0%
1/11/11
RV Industry - November 2010 Motorhome Retail Sales Increase 6.6% YOY

December 2010

12/27/10
RV Industry - November 2010 RV Shipments Continue to Highlight Relative Motorized Strength
12/20/10
RV Industry - October Towable Retail Sales Increase 8.6%, Adjusting THO Numbers
12/17/10
WGO - Q1'11 Post Conference Call Takeaways
12/16/10
WGO - Q1'11 A Meaningful Beat
12/16/10
RV Industry - October 2010 Motorhome Retail Sales Flat YOY
12/2/10
RV Industry - Retail Trends the Primary Focus at the RVIA Louisville Show

November 2010

11/30/10
THO - Q1'11 Earnings Muddled by One-Time Charges
11/29/10
RV Industry - October 2010 RV Shipments Flat YOY
11/23/10
RV Industry - Pre-Louisville Dealer Survey Points to Modest Optimism
11/18/10
RV Industry - September 2010 Towable Retail Sales Increase 14.7%
11/10/10
RV Industry - September 2010 Motorhome Retail Sales, WGO and THO Significantly Outperform in Class A and Class C, Respectively
11/3/10
THO - Q1'11 Preliminary Results Point to Slowing Seasonal Trends
11/1/10
DW - Q3'10 Post Conference Call Takeaways
11/1/10
DW - Q3'10 Earnings Snapshot

October 2010

10/27/10
RV Industry - September 2010 RV Wholesale Shipments Decrease
10/18/10
RV Industry - August Towable Retail Sales Increase 7.2%, WGO Announces Letter of Intent, Downgrading DW
10/18/10
WGO - Q4'10 Conference Call Takeaways
10/14/10
WGO - Q4'10 Earnings Snapshot
10/12/10
RV Industry - August 2010 RV Motorhome Retail Sales
10/6/10
THO - Updating Estimates and Downgrading on Valuation

September 2010

9/29/10
THO - Q4'10 Earnings A Beat
9/27/10
RV Industry - August RV Wholesale Shipments Still Up, Comps Getting Challenging
9/21/10
RV Industry - July 2010 Towable Retail Sales Increase 1.7%
9/15/10
RV Industry - July 2010 Motorhome Retail Sales Decrease 5.3%
9/7/10
RV Industry - Q3'10 RV Dealer Survey Reveals Some Surprising Results

August 2010

8/27/10
RV Industry - July 2010 RV Wholesale Shipments
8/17/10
RV Industry - June 2010 Towable Retail Sales
8/10/10
RV Industry - June 2010 Motorhome Retail Sales
8/04/10
THO - Q4'10 Preliminary Numbers
8/03/10
DW - Q2'10 Post Conference Call Takeaways
8/02/10
DW - Q2'10 Earnings Snapshot

July 2010

7/26/10
RV Industry - June 2010 RV Wholesale Shipments Increase 72.6%
7/21/10
RV Industry - May 2010 Towable Retail Sales Increase 5.9%
7/13/10
RV Industry - May 2010 Motorhome Retail Sales Increase 6.2%
7/02/10
THO - No Accounting Issues, Raising Rating to Buy

June 2010

6/28/10
RV Industry - May 2010 Wholesale Shipments Increase 83.5%
6/22/10
RV Industry - April 2010 Towable Retail Sales Increase 10.4%
6/18/10
WGO - Q3'10 Post Conference Call Takeaways
6/15/10
RV Industry - April 2010 Motorhome Retail Sales Fall 5.3%
6/11/10
THO - Q3'10 Earnings Street Response; Shoot First, Ask Questions Later
6/04/10
RV Industry - Q2'10 RV Dealer Survey; Towable Momentum Continued, Upgrading DW

May 2010

5/26/10
RV Industry - April 2010 RV Wholesale Shipments
5/19/10
RV Industry - March 2010 Towable Retail Sales
5/14/10
RV Industry - March 2010 Motorhome Retail Sales Essentially Flat
5/06/10
DW - Q1'10 Post Conference Call Takeaways
5/05/10
THO - Preliminary Q1'10 Numbers

April 2010

4/28/10
RV Industry - March 2010 RV Wholesale Shipments Increase 87.5%; Raising DW Estimates
4/16/10
RV Industry - February 2010 Towable Retail Sales Fall 15.0%
4/12/10
RV Industry - February 2010 Motorhome Retail Sales fall 13.1%
4/6/10
RV Industry - Q1’10 RV Dealer Survey Shows Signs of Improvement

March 2010

3/29/10
RV Industry - February 2010 RV Wholesale Shipments Increase 95.1%
3/19/10
WGO - Q2’10 Shows Margin Improvement; Retail Still The Focus
3/18/10
RV Industry - Jan 2010 Towable Retail Snapshot; Downgrading DW on Valuation, Adjusting THO Estimates
3/12/10
RV Industry – January 2010 Motorhome Retail Sales fall 14.0%
3/9/10
THO - Q2'10 Earnings Snapshot

February 2010

2/26/10
RV Industry– January 2010 RV Wholesale Shipments Surge 116%
2/18/10
DW - Q4’09 Highlighted By Confirmation of RV Improvement
2/17/10
RV Industry - December 2009 Towable Retail Sales Increase 4.9%
2/10/10
RV Industry - December 2009 Motorhome Retail Sales fall 8.2%

January 2010

1/26/10
RV Industry - December 2009 RV Wholesale Shipments Surge 150%
1/19/10
RV Industry - Florida RV Super Show Confirms Improvement
1/15/10
RV Industry - November 2009 Towable Retail Sales Fall 4.9%
1/13/10
RV Industry - November 2009 Motorhome Retail Sales fall 6.7%
1/5/10
THO - Updating Estimates Following Share Repurchases

December 2009

12/29/09
RV Industry - November 2009 RV Wholesale Shipments Surge 128.3%
12/18/09
WGO - Q1’10 Backlogs Exceed Expectations, Signals Greater Visibility
12/18/09
RV Industry - October 2009 Towable Retail Sales Fall 24.2%
12/15/09
RV Industry - October 2009 Motorhome Retail Sales fall 28.2%
12/2/09
RV Industry - Finance Contacts Confirm Better Retail Trends in Louisville

November 2009

11/27/09
RV Industry - October 2009 RV Wholesale Shipments Surge 23.0%
11/18/09
RV Industry - Pre-Nat’l Trade Show Dealer Survey; "As long as there's a Grand Canyon, there will be an RV industry”
11/13/09
RV Industry - September 2009 Motorhome Retail Sales fall 24.0%
11/03/09
DW - BUY Q3’09 Earnings Yields Upside

October 2009

10/27/09
RV Industry - September 2009 RV Wholesale Shipments Rise 13.0%
10/19/09
RV Industry - August 2009 RV Towable Retail Sales Show Improvement
10/15/09
WGO - BUY Reports Q4’09 EPS of ($0.19); Focus on Backlogs, Volume Outlook
10/13/09
RV Industry - August 2009 Motorhome Retail Sales fall 22.8%
10/1/09
THO - BUY Q4’09 Upside Recap; Modestly Bumping Up Numbers

September 2009

09/29/09
RV Industry - THO Blows Away Q4’09; Upgrading WGO
09/27/09
RV Industry - Eureka! August 2009 RV Wholesale Shipments Rise 5.3%
09/23/09
RV Industry - July 2009 RV Towable Retail Sales
09/22/09
RV Industry - Upgrading THO, DW On Retail Show Strength, Production Visibility
09/18/09
RV Industry - Q3’09 RV Dealer Survey: Light At The End Of The Tunnel?
09/15/09
RV Industry - July 2009 Motorhome Retail Sales fall 27.3%

August 2009

08/26/09
RV Industry - July 2009 RV Wholesale Shipments
08/20/09
RV Industry - June 2009 Towable Retail Sales
08/17/09
RV Industry - June 2009 Motorhome Retail Sales
08/13/09
RV Industry - THO Investor Meetings and Plant Tours
08/4/09
THO - Preliminary Q4'09 Revs, Backlogs Ahead of Expectations

July 2009

07/31/09
DW - Q2’09 Earnings Yields Upside
07/27/09
RV Inudstry - June 2009 RV Wholesale Shipments
07/21/09
RV Industry - May 2009 Towable Retail Sales
07/14/09
RV Industry - May 2009 Motorhome Retail Sales

June 2009

06/29/09
RV Industry - May 2009 RV Wholesale Shipments
06/22/09
RV Industry - April 2009 RV Towable Retail Sales
06/19/09
WGO - Reports Q3’09 EPS of ($0.29)
06/17/09
RV Industry - April 2009 RV Motorhome Retail Sales
06/10/09
THO - Q3’09 Operating EPS of $0.15 Ahead of Expectations
06/03/09
Q2'09 RV Dealer Survey - 06/03/09

May 2009

05/11/09
DW - Initiating Coverage; Q1’09 Results- 05/11/09
05/5/09
THO - Q3'09 Preliminary Results