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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950152-08-008581.txt : 20081103
<SEC-HEADER>0000950152-08-008581.hdr.sgml : 20081103
<ACCEPTANCE-DATETIME>20081103144930
ACCESSION NUMBER:		0000950152-08-008581
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081209
FILED AS OF DATE:		20081103
DATE AS OF CHANGE:		20081103
EFFECTIVENESS DATE:		20081103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THOR INDUSTRIES INC
		CENTRAL INDEX KEY:			0000730263
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR HOMES [3716]
		IRS NUMBER:				930768752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09235
		FILM NUMBER:		081157168

	BUSINESS ADDRESS:	
		STREET 1:		419 W PIKE ST
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
		BUSINESS PHONE:		9375966849

	MAIL ADDRESS:	
		STREET 1:		419 W PIKE STREET
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>l34360adef14a.htm
<DESCRIPTION>FORM DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp; )</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;Preliminary Proxy Statement
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" rowspan="3" valign="top"><B>Confidential, for Use of the Commission Only</B><BR>
<B>(as permitted by Rule&nbsp;14a-6(e)(2)</B></TD>
</TR>
<TR valign="bottom" style="line-height: 5pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;Definitive Proxy Statement
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp; Definitive Additional Materials</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;Soliciting Material Pursuant to &#167;240.14a-12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>Thor Industries, Inc.<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Name of Registrant as Specified In Its Charter)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fee required
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
&nbsp;&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
&nbsp;&nbsp;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee paid previously with preliminary materials.
</DIV>


<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 1pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THOR INDUSTRIES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">419 West Pike Street <B><B>&#149;</B> </B>Jackson Center, Ohio 45334-0629

</DIV>

<!-- link1 "NOTICE OF ANNUAL MEETING OF STOCKHOLDERS" -->
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>December&nbsp;9, 2008</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Annual Meeting of Stockholders of Thor Industries, Inc. (the &#147;Company&#148;) will be held at
230 Park Avenue, Suite&nbsp;618, New York, N.Y., on December&nbsp;9, 2008, at 1:00 p.m., local time, for the
purpose of considering and voting upon the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the election of two directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Thor Industries, Inc. 2008 Annual Incentive Plan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other business as may properly come before the meeting or any adjournment of the meeting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stockholders of record at the close of business on October&nbsp;16, 2008 will be entitled to notice and
to vote at the meeting. A list of such stockholders will be available for examination by any
stockholder for any purpose germane to the meeting, during normal business hours, at the office of
the Company for a period of ten days prior to the meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN <BR>
AND RETURN YOUR PROXY
CARD AS SOON AS POSSIBLE.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><IMG src="l34360al3436002.gif" alt="-s- Walter L. Bennett"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Walter L. Bennett</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief Administrative</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer and Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;30, 2008
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "THOR INDUSTRIES, INC." -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THOR INDUSTRIES, INC.</B><BR>
419 West Pike Street <B><B>&#149;</B> </B>Jackson Center, Ohio 45334-0629
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Proxy Statement </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This proxy statement is furnished in connection with the solicitation of proxies by the Board of
Directors of Thor Industries, Inc. (the &#147;Company&#148;) for use at the 2008 Annual Meeting of
Stockholders to be held at 230 Park Avenue, Suite&nbsp;618, New York City, on December&nbsp;9, 2008, at 1:00
p.m., local time (the &#147;Meeting&#148;), and any adjournment thereof. The cost of such solicitation is
being borne by the Company. This proxy statement and the accompanying form of proxy are being sent
to stockholders on or about October&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Representatives of Deloitte &#038; Touche, LLP, the Company&#146;s principal independent registered public
accounting firm, will be present at the Meeting, will have the opportunity to make a statement if
they desire to do so, and will be available to respond to any stockholder questions that may be
asked.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Voting by Stockholders </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A proxy in the form accompanying this proxy statement that is properly executed, duly returned to
the Company and not revoked prior to the Meeting will be voted in accordance with the instructions
contained therein. If no instructions are given with respect to the proposals to be voted upon,
proxies will be voted in favor of such proposals. Each proxy may be revoked by a stockholder at any
time until exercised by giving written notice to the Secretary of the Company, by voting in person
at the Meeting, or by submitting a later-dated proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Common Stock of the Company constitutes its only outstanding security entitled to vote on the
matters to be voted upon at the Meeting. Each share of Common Stock entitles the holder to one
vote. Only stockholders of record at the close of business on October&nbsp;16, 2008 are entitled to
notice of and to vote at the Meeting or any adjournment thereof. As of that date, 55,440,924 shares
of Common Stock were outstanding. The presence, in person or by proxy, of the holders of a majority
of all the issued and outstanding Common Stock is necessary to constitute a quorum at the Meeting.
Abstentions and broker non-votes (i.e., shares held by a broker for its customers that are not
voted because the broker does not receive instructions from the customer or because the broker does
not have discretionary voting power with respect to the item under consideration) will be counted
as present for purposes of determining the presence or absence of a quorum for the transaction of
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the By-laws of the Company and the Delaware General Corporation Law, a plurality
of the votes duly cast is required for the election of directors. The affirmative vote of the
majority of the outstanding shares of Common Stock entitled to vote thereon is required to approve
the Thor Industries, Inc. 2008 Annual Incentive Plan. Under the Delaware General Corporation Law,
although abstentions and broker non-votes are deemed to be present for the purpose of determining
whether a quorum is present at a meeting, abstentions and broker non-votes are not deemed to be
votes duly cast. As a result, abstentions and broker non-votes will not be included in the
tabulation of voting results with respect to Proposal #1 and therefore will have no impact on the
voting on such proposal. With respect to Proposal #2, however, abstentions and broker non-votes
have the effect of votes in opposition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Company&#146;s annual report for the fiscal year ended July&nbsp;31, 2008 (&#147;fiscal 2008&#148;) is
being sent to each stockholder of record. The Annual Report is not to be considered a part of this
proxy soliciting material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Stockholders Sharing an Address </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will deliver only one annual report and proxy statement to multiple stockholders
sharing an address unless the Company has received contrary instructions from one or more of the
stockholders. The Company will undertake to deliver promptly, upon written or oral request, a
separate copy of the annual report and/or proxy statement to a stockholder at a shared
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">address to which a single copy of the annual report and proxy statement are delivered. A
stockholder can notify the Company either in writing or by phone that the stockholder wishes to
receive a separate copy of the annual report and/or proxy statement, or stockholders sharing an
address can request delivery of a single copy of the annual report and/or proxy statement if they
are receiving multiple copies, by contacting the Company at Thor Industries, Inc., 419 W. Pike St.,
Jackson Center, OH 45334, Attention: Corporate Secretary or at (937)&nbsp;596-6849.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Proposal #1 &#150; Election of Directors </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s By-laws provide that the Board of Directors may set the number of directors at no
less than one (1)&nbsp;and no more than fifteen (15). The Board of Directors of the Company currently
consists of eight directors who are divided into three classes. Wade F. B. Thompson and Jan H.
Suwinski currently serve as Class&nbsp;A directors; their terms expire on the date of the meeting. H.
Coleman Davis, III, Peter B. Orthwein and William C. Tomson currently serve as Class&nbsp;B directors;
their terms expire in 2010. Neil D. Chrisman, Alan Siegel and Geoffrey A. Thompson currently serve
as Class&nbsp;C directors; their terms expire in 2009. Mr.&nbsp;Davis has announced his intention to retire
from the Company, including as a director of the Company, effective December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the Certificate of Incorporation of the Company, as amended, Wade F. B. Thompson
and Jan H. Suwinski have been nominated to stand for election as Class&nbsp;A directors. The Company&#146;s
Nominating and Corporate Governance Committee has proposed these nominations. If elected, Messrs.
Thompson and Suwinski will serve on the board until the annual meeting in 2011 and until their
successors are duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The persons named in the enclosed proxy intend to vote FOR the election of the nominees listed
below. In the event that a nominee becomes unavailable for election (a situation the Company&#146;s
management does not now anticipate), the shares represented by proxies will be voted, unless
authority is withheld, for such other persons as may be designated by the Nominating and Corporate
Governance Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nominees, as set forth below, are now directors of the Company and have continuously served in
such capacity since their first election or appointment to the Board.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>First Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>as Director</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wade F. B. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President and Chief
Executive Officer of the Company
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1980</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jan H. Suwinski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Professor of Business Operations, Samuel Curtis Johnson Graduate
School of Management, Cornell University
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE &#147;FOR&#148; EACH OF THE ABOVE NOMINEES.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Business Experience of Directors and Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Wade F. B. Thompson</I>, age 68, has been the President and Chief Executive Officer and a Director of
the Company since its founding in 1980. He currently serves as Chairman, President, Chief Executive
Officer and Director of the Company. Mr.&nbsp;Thompson is not related to Geoffrey A. Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Peter B. Orthwein</I>, age 63, has served as Treasurer and a Director of the Company since its founding
in 1980. He currently serves as Vice Chairman, Treasurer and Director of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Christian G. Farman</I>, age 49, has been with the Company since May&nbsp;2008 serving as Senior Vice
President and Chief Financial Officer. Prior to joining the Company, Mr.&nbsp;Farman, served as Chief
Financial Officer of Deutsch, a leading manufacturer of electrical connectors, from May&nbsp;2006 to May
2007. From December&nbsp;2003 to December&nbsp;2005, Mr.&nbsp;Farman served as Chief Financial Officer of
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insituform Technologies, Inc., a NASDAQ listed infrastructure company, first as Vice President,
from December&nbsp;2003 to January&nbsp;2005, and then as Senior Vice President, from January&nbsp;2005 to
December&nbsp;2005. From February&nbsp;2003 to April&nbsp;2003, Mr.&nbsp;Farman served as Chief Operating Officer of
the National Audubon Society. Prior to that, from 1989 to 2001, Mr.&nbsp;Farman was employed by Vivendi
North America (previously Anjou International), a water treatment and environmental services
company, which he joined as Controller and was ultimately promoted to Executive Vice President and
Chief Financial Officer. Prior to Vivendi North America, he was employed as a senior audit manager
at Price Waterhouse (now known as PricewaterhouseCoopers LLP), where he worked from 1979 to 1989.
Mr.&nbsp;Farman is a Certified Public Accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Walter L. Bennett</I>, age 62, has been with the Company and its predecessor since July&nbsp;1977 and
currently serves as Executive Vice President, Chief Administrative Officer and Secretary of the
Company. He became Vice President, Finance, of Airstream, Inc., in September&nbsp;1980; Vice President,
Finance, of the Company in September&nbsp;1983; Chief Administrative Officer/Secretary of the Company in
November&nbsp;1985; Senior Vice President of the Company in February, 1989; Chief Financial Officer of
the Company in March&nbsp;1999 and Executive Vice President of the Company in January&nbsp;2004. Mr.&nbsp;Bennett
relinquished his Chief Financial Officer duties when Mr.&nbsp;Christian G. Farman joined the Company in
May&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Richard E. Riegel, III</I>, age 42, has been with the Company since May&nbsp;1998. Mr.&nbsp;Riegel was appointed
as Chief Operating Officer of the Company in October&nbsp;2007 and from August&nbsp;2005 to October&nbsp;2007
served as Group President. From 1998 through April&nbsp;2002, Mr.&nbsp;Riegel served as Vice President,
Corporate Development of the Company, and from April&nbsp;2002 through August&nbsp;2005, he served as
President and CEO of Airstream, Inc. Mr.&nbsp;Riegel is the son-in-law of Wade F. B. Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>H. Coleman Davis, III, </I>age 59, who was appointed as a Director in January&nbsp;2004, is the founder of
Keystone RV Company and served as its Chief Executive Officer and Chairman during its five year
history prior to Thor&#146;s acquisition of Keystone in November&nbsp;2001. Mr.&nbsp;Davis serves as Chairman of
Keystone and served as Chief Operating Officer of the Company from March&nbsp;2007 to October&nbsp;2007. Mr.
Davis has announced his intention to retire from the Company, including as a director of the
Company, effective December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Neil D. Chrisman</I>, age 71, who was appointed as a Director in July&nbsp;1999, is a retired Managing
Director of J. P. Morgan &#038; Co. Mr.&nbsp;Chrisman retired from J. P. Morgan in 1993.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Alan Siegel</I>, age 73, who became a Director in September&nbsp;1983, is a retired partner of the law firm
of Akin Gump Strauss Hauer &#038; Feld LLP. Mr.&nbsp;Siegel is also a director of The Wet Seal, Inc. and
Ermenegildo Zegna Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Jan H. Suwinski</I>, age 67, who was appointed as a Director in July&nbsp;1999, has been a Professor of
Business Operations at the Samuel Curtis Johnson Graduate School of Management, Cornell University
since July&nbsp;1996. From 1990 to 1996, Mr.&nbsp;Suwinski was Executive Vice President, Opto Electronics
Group at Corning, Incorporated and Chairman of Siecor, a Siemens/Corning joint venture. Mr.
Suwinski is a director of Tellabs, Inc. and ACI Worldwide, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Geoffrey A. Thompson</I>, age 68, who was appointed as a Director in September&nbsp;2003, has been a partner
at Palisades Advisors, LLC, a private equity firm, since January&nbsp;2004. From 1998 to 2004 Mr.
Thompson served as an independent business consultant. From 1995 to 1998, he served as a principal
at Kohlberg &#038; Company. He retired as Chief Executive Officer of Marine Midland Banks, Inc. in 1992.
Mr.&nbsp;Thompson is a director of Guardian Trust Company and Stoneleigh Partners Acquisition Corp. Mr.
Thompson is not related to Wade F. B. Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>William C. Tomson</I>, age 72, who became a Director in June&nbsp;1988, is the Vice Chairman of Board
Member, Inc. Mr.&nbsp;Tomson has been with the firm since 1995. Board Member, Inc. publishes Bank
Director and Corporate Board Member magazines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executive officers serve at the discretion of the Company.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Proposal #2 &#150; Thor Industries, Inc. 2008 Annual Incentive Plan </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has approved and recommends that stockholders approve the adoption of the
Thor Industries, Inc. 2008 Annual Incentive Plan (the &#147;2008 Annual Incentive Plan&#148;) which is
intended to comply with Section 162(m) of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). Code Section 162(m) generally limits the deductibility of compensation in excess of one
million dollars for certain &#147;covered employees&#148;. The 2008 Annual Incentive Plan, if approved by
stockholders, will provide an incentive to executive officers of the Company and its subsidiaries,
and other selected key executives of the Company (&#147;Eligible Executives&#148;) to contribute to the
growth, profitability and increased stockholder value of the Company. Awards (as defined below)
will be paid based on the satisfaction of performance objectives as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Annual Incentive Plan permits the Committee (as defined below) to grant performance awards
based upon pre-established performance goals to Eligible Executives, whether or not such executives
are subject to the limit on deductible compensation under Code Section 162(m) at the time of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to qualify for deductibility under Code Section 162(m) the 2008 Annual Incentive Plan,
including the performance goals must be approved by the stockholders. If the 2008 Annual Incentive
Plan is not approved by the Company&#146;s stockholders, no Awards granted under the 2008 Annual
Incentive Plan will be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors recommends stockholder approval of the 2008 Annual Incentive Plan in order
to continue to provide an incentive to Eligible Executives to contribute to the growth,
profitability and increased stockholder value of the Company, to retain those executives, and to
endeavor to maintain the tax-deductible status of performance-based compensation to the Company&#146;s
Chief Executive Officer and the three most highly paid executive officers other than the Chief
Executive Officer and Chief Financial Officer who were serving as executive officers at the end of
the fiscal year and who are named in the Company&#146;s proxy statement for the fiscal year in which
such amounts are claimed as a deduction by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the 2008 Annual Incentive Plan is attached to this Proxy Statement as <U>Appendix&nbsp;A</U>.
The description of the 2008 Annual Incentive Plan that follows is qualified in its entirety by
reference to the 2008 Annual Incentive Plan as attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Annual Incentive Plan will be administered by a committee which will be comprised of at
least two members of the Board of Directors who qualify as &#147;outside directors&#148; within the meaning
of Code Section 162(m) (the &#147;Committee&#148;), which is currently the Compensation Committee. Under the
2008 Annual Incentive Plan, the Committee has the power to: (i)&nbsp;designate Eligible Executives to
participate in the 2008 Annual Incentive Plan for a designated Performance Period as defined below
(the &#147;Participants&#148;); (ii)&nbsp;determine the terms and conditions of any Award; (iii)&nbsp;determine
whether, to what extent, and under what circumstances Awards may be canceled, forfeited, or
suspended; (iv)&nbsp; interpret, administer, reconcile any inconsistency, correct any defect and/or
supply any omission in the 2008 Annual Incentive Plan and any instrument or agreement relating to,
or Award granted under, the 2008 Annual Incentive Plan; (v)&nbsp;establish, amend, suspend, or waive any
rules and regulations; and (vi)&nbsp;make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the 2008 Annual Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the 2008 Annual Incentive Plan, the Committee has the authority to grant Awards which
represent the conditional right of a participant to receive a cash award following a Performance
Period (as defined below) based upon performance in respect of a Performance Goal (as defined
below). For purposes of the 2008 Annual Incentive Plan, a &#147;Performance Period&#148; is a fiscal quarter
during which performance will be measured in order to determine a Participant&#146;s entitlement to
receive payment of an Award, and &#147;Performance Goal&#148; is, with respect to each Performance Period,
consolidated pre-tax profits of the Company (&#147;Pre-Tax Profits&#148;) of $15,000,000.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to, or reasonably promptly following the inception of, a Performance Period but, to the
extent required by Code Section&nbsp;162(m), by no later than the day prior to the date on which
twenty-five percent (25%) of the Performance Period has elapsed, the Committee will allocate in
writing, on behalf of each Participant, the portion of Pre-Tax Profits (not to exceed 3% on behalf
of any Participant), if any (an &#147;Award&#148;) to be paid to the Participant if the Performance Goal is
achieved. With respect to any single Participant, the maximum Award that can be paid with respect
to any Performance Period is $5,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee is authorized at any time during or after a Performance Period to reduce or eliminate
an Award allocated to any Participant for any reason, including, without limitation, changes in the
position or duties of any Participant with the Company during or after a Performance Period,
whether due to any termination of employment (including death, disability, retirement, voluntary
termination, or termination with or without cause) or otherwise. However, no reduction or
elimination will increase the amount otherwise payable to any other Participant if a reduction or
elimination would cause the Awards to fail to qualify as &#147;qualified performance-based compensation&#148;
under Code Section&nbsp;162(m), as determined by the Committee. In addition, to the extent necessary to
preserve the intended economic effects of the 2008 Annual Incentive Plan to the Company and the
Participants, the Committee will adjust the calculation of Pre-Tax Profits and Awards and the
allocation thereof to take into account: (i)&nbsp;a change in corporate capitalization, (ii)&nbsp;a corporate
transaction, such as any merger of the Company or any subsidiary into another corporation, any
consolidation of the Company or any subsidiary into another corporation, any separation of the
Company or any subsidiary (including a spin-off or the distribution of stock or property of the
Company or any subsidiary), any reorganization of the Company or any subsidiary (whether or not the
reorganization comes within the definition of Code Section&nbsp;368), (iii)&nbsp;any partial or complete
liquidation of the Company or any subsidiary or a large, special and non-recurring dividend paid or
distributed by the Company, or (iv)&nbsp;a change in accounting or other relevant rules or regulations;
<U>provided</U>, <U>however</U>, that no adjustment will be authorized or made if and to the
extent that the Committee determines that the adjustment would cause the Awards to fail to qualify
as &#147;qualified performance-based compensation&#148; under Code Section&nbsp;162(m).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the completion of each Performance Period, the Committee will certify in writing, in
accordance with the requirements of Code Section&nbsp;162(m), the achievement of the Performance Goal
and the Awards payable to Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors or the Committee may, at any time, terminate or, from time to time, amend,
modify or suspend the 2008 Annual Incentive Plan and the terms and provisions of any Award granted
to any Participant which has not been paid. No Award may be granted during any suspension of the
2008 Annual Incentive Plan or after its termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Annual Incentive Plan became effective on October&nbsp;3, 2008, subject to the approval of the
stockholders at the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts payable under the 2008 Annual Incentive Plan which may be received by each of (a)&nbsp;the
executive officers of the Company named in the Summary Compensation Table below and (b)&nbsp;the
executive officers of the Company as a group, are not currently determinable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; APPROVAL OF THE 2008 ANNUAL INCENTIVE
PLAN.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Board of Directors, Committees and Attendance at Meetings</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has the responsibility for establishing broad corporate policies and for the
overall management of the business of the Company. Members of the Board are kept informed of the
Company&#146;s performance by various reports sent to them at regular intervals by management, as well
as by operating and financial reports presented by management at Board meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is the Company&#146;s policy that directors attend all Board meetings and the annual meeting of
stockholders, unless excused by the Chairman. All elected directors were in attendance at the 2007
Annual Meeting of Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has three committees with the principal functions described below. The charters of each
of
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">these committees are posted on our website at www.thorindustries.com and are available in print to
any stockholder who requests them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has a separately-designated standing Audit Committee established in accordance with
section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). The
principal functions of the Audit Committee are to recommend engagement of the Company&#146;s independent
public accountants and to maintain communications among the Board of Directors, such independent
public accountants and the Company&#146;s internal accounting staff with respect to accounting and
auditing procedures, the implementation of recommendations by such independent accountants, the
adequacy of the Company&#146;s internal controls and related matters. During fiscal 2008, the Audit
Committee had private meetings with the Chief Financial Officer, the Internal Audit Director and
the outside audit partners. The Board of Directors has determined that Geoffrey A. Thompson, a
member of the committee, is an &#147;audit committee financial expert&#148; as defined in Section&nbsp;407 of the
Sarbanes-Oxley Act of 2002. A copy of the Audit Committee Charter, reviewed and approved on October
3, 2008 by the Board of Directors, is attached to this Proxy Statement as <U>Appendix&nbsp;B</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Compensation Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal functions of the Compensation Committee are to establish executive compensation
policies and guiding principles; review and approve the compensation of the Chief Executive Officer
and the other executive officers of the Company; evaluate the design of compensation and benefit
programs; and review all components of compensation for independent directors. The Compensation
Committee also acts as administrator under several of the Company&#146;s compensation and benefits
plans, including the Company&#146;s 2006 Equity Incentive Plan and the Company&#146;s Select Executive
Incentive Plan (&#147;SEIP&#148;) and oversees the Company&#146;s Management Incentive Plan. In its capacity as
administrator of the 2006 Equity Incentive Plan, the Compensation Committee grants options and
restricted stock, determines which employees and other individuals performing substantial service
for the Company may be granted options and/or restricted stock, and determines the rights and
limitations attendant to options and restricted stock granted under these plans. In its capacity as
administrator under the SEIP, the Compensation Committee awards supplemental deferred compensation
to eligible employees in amounts determined by the Committee. A copy of the Compensation Committee
Charter, as revised on October&nbsp;22, 2008 by the Board of Directors, is attached to this Proxy
Statement as <U>Appendix&nbsp;C</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Nominating and Corporate Governance Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal functions of the Nominating and Corporate Governance Committee are to address all
matters of corporate governance; evaluate qualifications and candidates for positions on the Board
of Directors; evaluate the performance of the Chief Executive Officer and the Board of Directors;
review succession plans and senior management performance; establish criteria for selecting new
directors, nominees for Board membership and the positions of Chairman and Chief Executive Officer;
and to determine whether a director should be invited to stand for re-election. The committee
evaluates candidates on, among other things, possession of such knowledge, experience, skills,
expertise and diversity as may enhance the Board&#146;s ability to manage and direct the affairs and
business of the Company, and as applicable, the satisfaction of any independence requirements
imposed by law, regulation, the NYSE and the Company&#146;s Corporate Governance Guidelines. The
Nominating and Corporate Governance Committee does not have a formal process for identifying
director candidates. A copy of the Company&#146;s Corporate Governance Guidelines is available on the
Company&#146;s website at www.thorindustries.com and is available in print to any stockholder who
requests it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board does not consider stockholder nominations of director candidates because it believes that
this is not an efficient or effective means of identifying qualified individuals. In addition, the
Board has a long history of being able to attract and maintain a membership with the variety of
skills necessary to properly oversee the affairs of the Corporation.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Membership of Committees</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the current membership of the Board of Directors and each of its
committees.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nominating <BR>
and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Audit </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Governance</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Board</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wade F. B. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter B. Orthwein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H. Coleman Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neil D. Chrisman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alan Siegel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jan H. Suwinski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geoffrey A. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Lead Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William C. Tomson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has affirmatively determined, by resolution of the Board of Directors as a
whole, that the following directors have no direct or indirect material relationship with the
Company and satisfy the requirements to be considered &#147;independent&#148; in accordance with the rules of
the New York Stock Exchange and the Company&#146;s Director Independence Standards which are set forth
on <U>Appendix&nbsp;D</U> to this Proxy Statement: Messrs.&nbsp;Neil D. Chrisman, Alan Siegel, Jan H.
Suwinski, Geoffrey A. Thompson and William C. Tomson. As a result, each of the Audit Committee, the
Compensation Committee and the Nominating and Corporate Governance Committee is comprised entirely
of independent directors, as determined by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Board and Committee Meetings</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors as a whole met in person, by telephone or took action by unanimous written
consent 16 times during fiscal 2008. The Audit Committee met in person or by telephone 9 times
during fiscal 2008. The Compensation Committee met in person or by telephone 5 times during fiscal
2008. The Nominating and Corporate Governance Committee met in person or by telephone 3 times in
fiscal 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the directors attended all meetings of the Board of Directors and the respective Board
committees on which they served during fiscal 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, regularly scheduled meetings of the non-management directors are held four times each
year. A non-management director is chosen to preside at each of these meetings on a rotating basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Stockholder Communications</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company has not to date developed formal processes by which stockholders may
communicate directly to directors, it believes that the informal process, in which any
communication sent to the Board of Directors in care of the Company is forwarded to the Board, has
served the Board&#146;s and its stockholders&#146; needs. Until any other procedures are developed, any
communications to the Board should be sent to it in care of the Secretary of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any communications from interested parties directed toward non-management directors specifically
may be sent to Alan Siegel, one of the Company&#146;s non-management directors, who forwards any such
communications to each of the other non-management directors that, in the opinion of Mr.&nbsp;Siegel,
deal with the functions of the Board of Directors or the committees thereof or that he otherwise
determines require their attention. Mr.&nbsp;Siegel&#146;s address for this purpose is c/o Thor Industries,
Inc., 419 West Pike St., Jackson Center, OH 45334.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Code of Ethics</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has adopted a written code of ethics, the &#147;Thor Industries, Inc. Business Ethics
Policy,&#148; which is applicable to all directors, officers and employees of the Company, including the
Company&#146;s principal executive officer, principal financial officer, principal accounting officer or
controller and other executive officers identified in this proxy statement who perform similar
functions (collectively, the &#147;Selected Officers&#148;). A copy of the code of ethics has been posted on
the Company&#146;s website and is available in print to any stockholder who requests it. The Company
intends to disclose any changes in or waivers from its code of ethics applicable to any Selected
Officer on its website or by filing a Form 8-K with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ownership of Common Stock </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth information as of September&nbsp;30, 2008 with respect to the beneficial
ownership, as defined in Rule 13(d) under the Exchange Act, of the Company&#146;s Common Stock by
(i)&nbsp;each person known by the Company to beneficially own, as defined in Rule&nbsp;13d-3 under the
Exchange Act, 5% or more of the outstanding Common Stock; (ii)&nbsp;each director of the Company; (iii)
each executive officer (or former executive officer) of the Company named in the Summary
Compensation Table below; and (iv)&nbsp;all executive officers and directors of the Company as a group.
As of September&nbsp;30, 2008, there were 55,440,924 shares of Common Stock issued and outstanding.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Beneficial Ownership (1)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Address of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,305,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.4      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,557,800      </TD>
    <TD nowrap>&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.6      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">549,124      </TD>
    <TD nowrap>&nbsp;(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,375      </TD>
    <TD nowrap>&nbsp;(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Neil D. Chrisman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33,000      </TD>
    <TD nowrap>&nbsp;(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Alan Siegel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,000      </TD>
    <TD nowrap>&nbsp;(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Jan H. Suwinski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53,000      </TD>
    <TD nowrap>&nbsp;(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Geoffrey A. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17,400      </TD>
    <TD nowrap>&nbsp;(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">William C. Tomson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">64,000      </TD>
    <TD nowrap>&nbsp;(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Royce &#038; Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,312,875      </TD>
    <TD nowrap>&nbsp;(10)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.4      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">82 Devonshire Street<BR>
Boston, MA 02109</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">All directors and executive officers as a group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,121,835      </TD>
    <TD nowrap>&nbsp;(11)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.5      </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">(eleven persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise indicated, the persons in the table have sole
voting and investment power with respect to all shares of Common
Stock shown as beneficially owned by them.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 61,350 shares owned by Mr.&nbsp;Orthwein&#146;s wife, 124,000 shares
owned of record by a trust for the benefit of Mr.&nbsp;Orthwein&#146;s
children, of which Mr.&nbsp;Orthwein is a trustee, 30,000 shares owned of
record by a trust for the benefit of Mr.&nbsp;Orthwein&#146;s half brother, of
which Mr.&nbsp;Orthwein is a trustee, 157,050 shares of record owned by
Mr.&nbsp;Orthwein&#146;s minor children for which Mrs.&nbsp;Orthwein acts as
custodian, 320,000 shares owned of record by the Orthwein Investment
Group D, L.P., in which Mr.&nbsp;Orthwein has a 0.51% economic interest
but a 51% general partnership interest, 122,500 shares held by a
charitable annuity trust of which Mr. and Mrs.&nbsp;Orthwein are the sole
trustees, and 299,700 shares held in a trust of which Mr.&nbsp;Orthwein is
sole trustee for his three youngest children as beneficiaries. Also
includes 269,600 shares owned by Mr.&nbsp;Orthwein directly that are
pledged as security.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 1,800 non-vested restricted shares issued under the
Restricted Stock Plan and options to acquire 28,000 shares issued
under the 1999 Stock Option Plan which are currently exercisable.
Also includes 508,212 shares owned by Mr.&nbsp;Riegel&#146;s wife, and 3,000
shares of record owned by Mr.&nbsp;Riegel&#146;s minor children for whom Mr.
Riegel acts as custodian.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 3,000 non-vested restricted shares issued under the
Restricted Stock Plan and options to acquire 15,225 shares issued
under the 1999 Stock Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 25,000 shares issued under the 1999 Stock
Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 2,000 shares issued under the 1999 Stock
Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 43,000 shares issued under the 1999 Stock
Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 15,000 shares issued under the 1999 Stock
Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 45,000 shares issued under the 1999 Stock
Option Plan which are currently exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>The number of shares shown for Royce &#038; Associates, LLC is based on a
Schedule&nbsp;13G filed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on February&nbsp;1, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 173,225 shares issuable under stock options which are
currently exercisable or will become exercisable within 60&nbsp;days from
September&nbsp;30, 2008.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Executive Compensation </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation Discussion and Analysis</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our Compensation Philosophy and Objectives</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our compensation structure focuses on cash compensation tied to current performance. We have
focused on cash compensation because we believe it has been the most important factor underlying
our success in attracting, motivating and retaining executive officers and other management
throughout our 29&nbsp;year history. We expect our emphasis on cash compensation to continue in the
future. Although we do not generally award long-term incentive compensation to our executive
officers, we consider providing long-term incentive compensation, including equity awards under our
2006 Equity Incentive Plan, to the extent we believe that it will help us to attract, motivate or
retain particular individuals more so than cash compensation. For example, we awarded stock options
to Christian G. Farman, our Chief Financial Officer, in May&nbsp;2008 as an inducement to join our
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company consists of a corporate parent, Thor Industries, Inc., and several operating
subsidiaries. Executive officers of the corporate parent historically have received a majority of
their compensation in the form of cash bonuses based on the profitability of the Company. In
particular, Messrs.&nbsp;Wade F. B. Thompson and Peter B. Orthwein receive low fixed salaries in
addition to discretionary cash bonuses relating to the profitability of the Company, which are
reviewed and approved by the Compensation Committee. H. Coleman Davis, III, Chairman of Keystone
RV Company (&#147;Keystone&#148;) and Chief Operating Officer of Thor Industries, Inc. from March&nbsp;2007 to
October&nbsp;2007, also receives a low fixed salary in addition to a cash bonus based on the
profitability of Keystone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The management of each operating subsidiary is provided with incentive based cash compensation
through the Company&#146;s Management Incentive Plan (&#147;MIP&#148;), which provides for an annual bonus pool
equal to a percentage of their operating subsidiary&#146;s pre-tax profits in excess of a threshold
established by the Company&#146;s Chief Executive Officer. Pre-tax profits of an operating subsidiary
are determined by reference to the income statement of the operating subsidiary after deducting an
interest factor based on the amount of capital, if any, utilized by the operating subsidiary during
the fiscal year. We believe that we have been successful in attracting, motivating and retaining
management of our operating subsidiaries in large part due to our policy of providing cash
compensation based upon the profitability of our operating subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For management of our operating subsidiaries and executive officers of the corporate parent,
pre-tax profits has been chosen as the relevant performance measure because it is a key metric used
by management to direct and measure the Company&#146;s business performance. Moreover, we believe that
pre-tax profits measures are clearly understood by both our employees and stockholders, and that
incremental growth in pre-tax profits leads to the creation of long-term stockholder value.
Therefore, the performance compensation programs employed by the Company historically have used
pre-tax profits as a performance measure for determining bonuses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee has ultimate responsibility for overseeing all forms of compensation for
our named executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Named Executive Officers</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal 2008, our named executive officers listed in the Summary Compensation Table below
(collectively, the &#147;named executive officers&#148;) and their respective titles are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Wade F. B. Thompson, <I>Chief Executive Officer, Chairman and President (principal executive
officer)</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Peter B. Orthwein, <I>Vice Chairman and Treasurer</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Richard E. Riegel, III, <I>Chief Operating Officer (effective October&nbsp;2007)</I></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Walter L. Bennett, <I>Executive Vice President, Chief Administrative Officer and Secretary
(and Chief Financial Officer until May&nbsp;2008)</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Christian G. Farman<I>, Senior Vice President and Chief Financial Officer (effective May&nbsp;2008)
(principal financial officer)</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>H. Coleman Davis, III, <I>Chairman of Keystone and, from March&nbsp;2007 to October&nbsp;2007, Chief
Operating Officer of Thor Industries, Inc.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Davis is a named executive officer for fiscal 2008 because he served as Chief Operating Officer
of the Company between March&nbsp;2007 and October&nbsp;2007 and received significant bonus compensation
based on the pre-tax profits of Keystone. The Compensation Committee made no change to Mr.&nbsp;Davis&#146;
compensation arrangements during the time he served as Chief Operating Officer of Thor Industries,
Inc. Mr.&nbsp;Davis has announced his intention to retire from the Company, including as a director of
the Company, effective December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Elements of Compensation for Named Executive Officers</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three basic elements of our executive compensation program, for our named executive
officers which are base salary, bonuses and other compensation and benefits. Historically, we have
not entered into employment agreements with our named executive officers. However, we entered into
an employment offer letter with Mr.&nbsp;Farman in May&nbsp;2008 as an inducement to join our company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Base Salary</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of our named executive officers receive low base salaries relative to their bonuses,
reflecting our philosophy that short-term compensation should be based primarily on performance.
Base salaries of named executive officers are typically not adjusted except in connection with
promotions. Notwithstanding the foregoing, for fiscal 2008, Mr.&nbsp;Bennett, then our Chief Financial
Officer, received a one-time base salary increase, from $100,000 to $500,000, with the expectation
that his annual bonus would be reduced by a similar amount. This one-time adjustment reflected the
determination by the Chief Executive Officer and the Compensation Committee that a smaller portion
of the total compensation of the Company&#146;s finance executives should be tied to profitability going
forward. For the same reason, the base salary of Mr.&nbsp;Farman, our current Chief Financial Officer,
was set at $500,000 when he joined the Company in May&nbsp;2008. Mr.&nbsp;Orthwein&#146;s base salary was
increased to $270,000 in December&nbsp;2007 to better align the compensation packages of our Chairman
and Vice Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal 2009, Mr.&nbsp;Thompson has declined to take any base salary and Mr.&nbsp;Orthwein has volunteered
to reduce his base salary by 15% to $229,500. For fiscal 2009, Mr.&nbsp;Bennett has volunteered to
reduce his base salary by 20% to $400,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Bonuses</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Messrs.&nbsp;Thompson&#146;s and Orthwein&#146;s bonuses take into account the profitability of the Company but
are discretionary; no formulas are used. For Messrs.&nbsp;Thompson and Orthwein, toward the end of each
fiscal year when profitability for the fiscal year can be reasonably estimated, the Chief Executive
Officer recommends to the Compensation Committee bonus amounts to be paid to himself and Mr.
Orthwein in recognition of their contributions to the Company for the current fiscal year with due
regard to the profitability of the Company as a whole. In approving the bonus amounts for such
officers, the reasonableness of the recommended bonus amounts in relation to compensation paid to
similarly situated executives in peer and comparably sized companies. In drawing comparisons
against peer and other companies, members of the Compensation Committee individually and informally
consult various publicly available sources, including publicly available information from Mercer
LLC and the SEC&#146;s EDGAR database. The bonus amounts historically requested for and paid to Messrs.
Thompson and Orthwein have been well below market based on the Compensation Committee&#146;s informal
review of compensation paid to the top executives at peer and comparably sized companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal 2008, Messrs.&nbsp;Thompson and Orthwein have declined annual bonuses due to the decline in
the Company&#146;s profits in fiscal 2008, resulting from market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Historically, Messrs.&nbsp;Bennett&#146;s and Riegel&#146;s bonuses were also on a discretionary, non-formula
basis. For the second, third, and fourth quarters of fiscal 2008, Messrs.&nbsp;Bennett and Riegel were
paid performance bonuses based on a formula of the Company&#146;s pre-tax profits pursuant to the
Company&#146;s Annual
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Incentive Plan (&#147;AIP&#148;). Mr.&nbsp;Bennett&#146;s bonus was equal to .25% of the Company&#146;s pre-tax profit for
each quarter for which at least $25,000,000 pre-tax profit was achieved and Mr.&nbsp;Riegel&#146;s bonus was
equal to .6% of the Company&#146;s pre-tax profit for each quarter for which at least $25,000,000
pre-tax profit was achieved. Neither Mr.&nbsp;Bennett nor Mr.&nbsp;Riegel earned bonuses in the fourth
quarter of fiscal 2008 because the Company&#146;s pre-tax profits were less than the $25,000,000
threshold. For fiscal 2009, Mr.&nbsp;Riegel will receive a guaranteed bonus of $75,000 per quarter and
is eligible to receive additional bonus compensation based on individual performance and the
pre-tax profits of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Farman, who joined the Company during the fourth quarter of fiscal 2008, did not receive a
bonus for fiscal 2008 but, pursuant to his employment offer letter, is eligible for an annual
discretionary bonus of up to $300,000 for fiscal 2009 based on Mr.&nbsp;Farman&#146;s performance and the
performance of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bonuses for Messrs.&nbsp;Bennett, Riegel and Farman are approved and paid on a quarterly basis. For each
fiscal quarter, either following the completion of the quarter when profitability for the quarter
can be reasonably estimated or prior to (in general) the commencement of the quarter, in the case
of bonuses paid pursuant to the 2008 Annual Incentive Plan (if approved by stockholders at the
annual meeting), the Chief Executive Officer recommends to the Compensation Committee bonus amounts
or, in the case of awards under the 2008 Annual Incentive Plan (if approved by stockholders),
performance awards for such quarter. In approving the bonus amounts or performance awards for such
officers, the Compensation Committee considers the Company&#146;s performance during the quarter and/or
year to date, projected profits for the current year, the individual performance of the executive
and the reasonableness of the recommended bonus amounts in relation to compensation paid to
similarly situated executives in peer and comparably sized companies. In drawing comparisons
against peer and other companies, members of the Compensation Committee individually and informally
consult various publicly available sources, including publicly available information from Mercer
LLC and the SEC&#146;s EDGAR database.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Davis&#146; bonus is based on a percentage of the pre-tax profits of Keystone, of which Mr.&nbsp;Davis is
the Chairman, above a threshold amount. Although we anticipate that Keystone may have pre-tax
profits each fiscal year, it is impossible to predict whether Keystone will have sufficient pre-tax
profits to warrant the payment of a performance bonus to Mr.&nbsp;Davis for any particular fiscal year.
Until the fourth quarter of fiscal 2007, Mr.&nbsp;Davis received his bonus payments pursuant to the MIP.
For the fourth quarter of fiscal 2007 and first quarter of fiscal 2008, Mr.&nbsp;Davis received his
bonus payment pursuant to the Company&#146;s AIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Other Benefits</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A limited number of additional benefits are also provided to executive officers as part of our
compensation package because we believe that it is customary to provide such benefits or otherwise
in our best interest to do so. In providing such benefits, both the Chief Executive Officer and the
Compensation Committee have determined that these elements are appropriate for the attraction,
motivation and retention of executive talent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this regard, the Company has established the Thor Industries, Inc. Non-Qualified Deferred
Compensation Plan for executives who may be impacted by the compensation limits that restrict
participation in the Company&#146;s qualified 401(k) plan. This plan allows executives to defer a
portion of their compensation and to have the funds deemed invested in certain mutual fund
investments selected by the Company. Participant benefits are limited to the value of the
investments held on their behalf. The Company made no contributions to the plan in fiscal 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company also grants long-term cash awards to certain named executive officers under the
Company&#146;s Select Executive Incentive Plan. The purpose of the plan is to provide eligible
executives with supplemental deferred compensation in addition to current bonus compensation.
Awards are determined at the sole discretion of the Compensation Committee upon the recommendation
of the Chief Executive Officer. The amount(s) credited to the account of an eligible executive
generally vest following the completion of the executive&#146;s sixth year of participation in the plan.
Historically, amounts awarded to named executive officers under this plan have represented a small
percent of the total annual compensation of such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Long-term Incentive Compensation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we have not generally awarded long-term incentive compensation to our executive officers
in recent years, we consider providing long-term incentive compensation, including equity awards,
to the extent we believe it will help us to attract, motivate or retain particular individuals more
so than cash
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">compensation. In this regard, to induce Mr.&nbsp;Farman to join our company in May&nbsp;2008, we granted Mr.
Farman options to acquire 100,000 shares of common stock. We also granted Mr.&nbsp;Riegel options to
acquire 100,000 shares of common stock in May&nbsp;2008 to better align the compensation packages of our
Chief Operating Officer and Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Several of our executive officers, including Messrs.&nbsp;Thompson, Orthwein and Davis, already own
significant amounts of our common stock, and, as a result, the Compensation Committee believes that
the financial interests of these executives are already aligned with those of our stockholders.
The Compensation Committee therefore believes there would be little incremental value in providing
these officers with additional equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Severance and Change-in-Control Benefits</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company does not typically enter into employment agreements with its named executive officers
or any other agreement with provisions regarding severance or change-in-control benefits nor does
the Company maintain a severance plan or policy for its employees. The absence of these benefits
reflects our emphasis on cash compensation for current performance as opposed to other forms of
compensation. Notwithstanding the foregoing, when Mr.&nbsp;Farman joined the Company in May&nbsp;2008,
pursuant to the terms of an employment offer letter and as an inducement to join our company, we
agreed to pay Mr.&nbsp;Farman severance equal to nine months of Mr.&nbsp;Farman&#146;s base salary in the event
Mr.&nbsp;Farman is terminated for reasons other than cause. Mr.&nbsp;Farman is the only named executive
officer with such severance benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Company&#146;s benefit plans include severance and change-in-control protections for plan
participants. For example, the Company&#146;s 1999 Stock Option Plan and 2006 Equity Incentive Plan
each specify that upon the occurrence of a change-in-control, all options will automatically become
vested and exercisable in full and all restrictions or conditions, if any, on any options will
automatically lapse. Under the Company&#146;s Restricted Stock Plan, restricted shares automatically
vest upon (x)&nbsp;the termination by the Company of the holder of restricted shares other than for
cause and (y)&nbsp;the holder&#146;s death, disability or retirement. These types of provisions are designed
to ensure that plan participants receive the benefits of prior plan awards in the event that a
change-in-control occurs or they are terminated other than for cause since these events are largely
or entirely out of their control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate value of change-in-control and termination benefits for each named executive officer
is summarized below under the subheading, &#147;Potential Payments Upon Termination or
Change-in-Control&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Tax Deductibility</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;162(m) of the Code denies a federal income tax deduction for certain compensation in excess
of $1&nbsp;million per year paid to the chief executive officer and the three other most highly-paid
executive officers (other than the Company&#146;s chief executive officer and chief financial officer)
of a publicly-traded corporation. Certain types of compensation, including compensation based on
performance criteria that are approved in advance by shareholders, are excluded from the deduction
limit. The Compensation Committee&#146;s policy is to qualify compensation paid to our executive
officers for deductibility for federal income tax purposes to the extent it believes it is
practical and in the best interests of the Company and its stockholders. However, to retain highly
skilled executives and remain competitive with other employers, the Compensation Committee has the
right to authorize compensation that would not otherwise be deductible under Section 162(m) or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation Committee Report</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We, the Compensation Committee of the Board of Directors of Thor Industries, Inc., have reviewed
and discussed the Compensation Discussion and Analysis contained in this proxy statement with
management. Based on such review and discussion, we have recommended to the Board of Directors
that the Compensation Discussion and Analysis be included in this proxy statement and in Thor
Industries, Inc.&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended July&nbsp;31, 2008.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>The Compensation Committee</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William C. Tomson</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Geoffrey A. Thompson</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Summary Compensation Table</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following Summary Compensation Table summarizes the total compensation awarded to our Chief
Executive Officer, our Chief Financial Officer, our three other most highly-compensated executive
officers and a former executive officer (collectively, our &#147;named executive officers&#148;) in fiscal
2008 and fiscal 2007.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pension Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nonqualified</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wade F. B.
Thompson,
Chief&nbsp;Executive
Officer, Chairman
and President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">(principal executive officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Peter B. Orthwein,
Vice&nbsp;Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,618</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"> and Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Richard E. Riegel,
III, </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17,286</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">999,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Chief
Operating Officer (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26,859</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,851</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Walter L. Bennett,
Executive Vice
President, Chief
Administrative
Officer and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,029</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">872,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Secretary (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70,174</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,119,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Christian G.
Farman, Senior Vice
President
and Chief
Financial Officer
(principal </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">financial officer) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">NA</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">H. Coleman Davis,
III, Chairman of
Keystone and former
Chief </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,154,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,254,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Operating Officer (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,249,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,349,030</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the payment of discretionary bonuses as more fully described in &#147;Compensation
Discussion and Analysis&#148; above.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>All awards were granted under our Restricted Stock Plan which we describe below. We account
for the plan under SFAS No.&nbsp;123R &#147;Share Based Payments.&#148; The values reported in the &#147;Share
Awards&#148; column are the amounts we expensed during fiscal 2007 and fiscal 2008 for each named
executive officer&#146;s share award. All share awards are expensed on a pro rata basis over the
six year vesting period for the awards. The amounts included in this column include expenses
related to share awards issued prior to fiscal 2007.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>All stock options were granted under our 1999 Stock Option Plan or our 2006 Equity Incentive
Plan. We account for the plan under SFAS No.&nbsp;123R &#147;Share Based Payments.&#148; The values reported
in the &#147;Option Awards&#148; column are the amounts we expensed during fiscal 2007 and fiscal 2008
for each named executive officer&#146;s stock options. All option awards are expensed ratably over
their three year vesting period. The amounts included in this column include expenses related
to option awards granted in fiscal 2008 and in earlier years.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In the case of Mr.&nbsp;Davis the amounts in this column reflect the payment of periodic bonuses
based on the achievement of pre-established performance goals relating to the pre-tax profits
of Keystone as more fully described in &#147;Compensation Discussion and Analysis.&#148; In the case of
Messrs.&nbsp;Bennett and Riegel, the amounts in this column reflect bonuses paid with respect to
the second, third and fourth quarters of fiscal 2008 based on the achievement of
pre-established performance goals relating to the pre-tax profits of the Company as more fully
described in &#147;Compensation Discussion and Analysis&#148;.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Riegel was promoted from Group President to Chief Operating Officer in October&nbsp;2007.
Mr.&nbsp;Davis served as Chief Operating Officer from March&nbsp;2007 to October&nbsp;2007. Mr.&nbsp;Davis has
announced his intention to retire from the Company, including as a director of the Company,
effective December&nbsp;31, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Farman was hired in May&nbsp;2008 to serve as Senior Vice President and Chief Financial
Officer. Mr.&nbsp;Bennett served as Chief Financial Officer until May&nbsp;2008. The base salary
shown for Mr.&nbsp;Farman for fiscal year 2008 reflects the amount paid to Mr.&nbsp;Farman in base
salary from the date Mr.&nbsp;Farman joined the Company through the end of fiscal 2008. Mr.
Farman&#146;s annual base salary is $500,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of $9,042 and $16,353 credited to Mr.&nbsp;Riegel under the Company&#146;s SEIP and $8,244 and
$10,506 of dividends paid to Mr.&nbsp;Riegel in respect of restricted stock awards held by Mr.
Riegel for 2008 and 2007 respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of $(10,231) and $43,689 credited to Mr.&nbsp;Bennett under the Company&#146;s SEIP and
$19,260 and $26,485 of dividends paid to Mr.&nbsp;Bennett in respect of restricted stock awards
held by Mr.&nbsp;Bennett for 2008 and 2007 respectively.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Grants of Plan Based Awards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth option awards and share awards granted to our named executive
officers during fiscal 2008.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRANTS OF PLAN-BASED AWARDS FOR FISCAL 2008</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">All Other</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">All Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grant</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Stock</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Option</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Date</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Awards:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Awards:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Exercise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fair</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Estimated Future Payouts</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Estimated Future Payouts</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">or Base</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Under Non-Equity Incentive</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Under Equity Incentive Plan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">of Shares</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Price of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Stock</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Plan Awards</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Awards</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">of Stocks</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Underlying</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Option</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grant</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Threshold</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Target</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Threshold</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Target</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">or Units</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Options</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Awards</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Option</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Date</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(#)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(#)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($/Sh)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Awards</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wade F.
B.
Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Peter B.
Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Richard E.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/23/08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Walter L.
Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">H.
Coleman
Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Christian
G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/5/08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.30</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As shown under the column &#147;Non-Equity Incentive Plan Compensation&#148; in the Summary
Compensation Table and as more fully described in &#147;Compensation Discussion and Analysis&#148;, Mr.
Davis received non-equity incentive plan awards under the MIP and AIP for fiscal 2008 and
Messrs.&nbsp;Bennett and Riegel received non-equity incentive plan awards under the AIP for the
second, third and fourth quarters of fiscal 2008. Because the awards are based on a
percentage of pre-tax profits of Keystone, or the Company, as applicable, it is impossible to
calculate thresholds, targets or maximum amounts for such awards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>All Stock options were granted under our 2006 Equity Incentive Plan and vest in one-third
increments on the first, second and third anniversaries of the date of grant.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outstanding Equity Awards at 2008 Fiscal Year-End</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth information concerning option awards and share awards held by our
named executive officers as of July&nbsp;31, 2008. All share amounts and exercise prices have been
adjusted to reflect the Company&#146;s 2 for 1 stock split effective January&nbsp;26, 2004.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity Incentive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Plan Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Plan Awards:</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Payout Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares, Units</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unearned</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares, Units or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Units That</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Units That</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Rights That</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Rights</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Have Not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Have Not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Have Not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>That Have Not</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/8/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">600</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/23/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/23/2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/8/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bennett
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/5/2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Bennett and Mr.&nbsp;Riegel, as holders of restricted shares, are entitled to receive
dividends and other distributions paid with respect to such shares while they are so
restricted.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes stock price of $19.62, the closing price on July&nbsp;31, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Riegel received an option award for 100,000 shares on 5/23/08. The options vest in
one-third increments on the first, second and third anniversaries of the date of grant.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Riegel received a restricted stock award of 1,200 shares on 10/30/2002. The remaining 600
of those shares vest on 10/30/2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Riegel received a restricted stock award of 1,200 shares on 12/08/2003. 600 of those
shares vest on 12/08/2008 and 600 shares vest on 12/08/2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Bennett received a restricted stock award of 2,000 shares on 10/30/2002. The remaining
1,000 of those shares vest on 10/30/2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Bennett received a restricted stock award of 2,000 shares on 12/8/2003. 1,000 of those
shares vest on 12/8/2008 and 1,000 vest on 12/8/2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Farman received an option award for 100,000 shares on 5/5/08. The options vest in
one-third increments on the first, second and third anniversaries of the date of grant.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Option Exercises and Shares Vested in Fiscal 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes information regarding the exercise of option awards and/or the
vesting of share awards for each named executive officer in fiscal 2008.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Share Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Realized on</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>on Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vesting</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the amount realized based on the difference between the market price of the
Company&#146;s common stock on the date of exercise and the exercise price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the amount realized based on the market price of the Company&#146;s common stock on the
vesting date.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-Qualified Deferred Compensation for Fiscal 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the contributions, earnings and account balances for the named executive
officers participating in the two non-qualified deferred compensation plans sponsored by the
Company: the SEIP and the Non-Qualified Deferred Compensation Plan.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contributions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contributions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earnings in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Withdrawals/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in fiscal 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in fiscal 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fiscal 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Distributions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>7/31/08</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36,040</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(630</TD>
    <TD nowrap>)(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">244,137</TD>
    <TD nowrap>(5)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27,500</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,410</TD>
    <TD nowrap>)(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">402,735</TD>
    <TD nowrap>(9)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,074</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,016</TD>
    <TD nowrap>)(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,058</TD>
    <TD nowrap>(10)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>There were no withdrawals by, or distributions to, any of the named executive officers in
fiscal 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of amounts contributed by Mr.&nbsp;Riegel to the Non-Qualified Deferred Compensation
Plan. This amount consists of deferred bonus amounts which are also reported in the Bonus
column of the Summary Compensation Table.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of amounts contributed by the Company on behalf of Mr.&nbsp;Riegel to the SEIP.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of $(3,458) earned under the SEIP and $2,828 earned under the Non-Qualified Deferred
Compensation Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of an aggregate balance of $38,874 under the SEIP (all of which is unvested) and an
aggregate balance of $205,263 under the Non-Qualified Deferred Compensation Plan (all of which
is vested).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of amounts contributed by Mr.&nbsp;Bennett to the Non-Qualified Deferred Compensation
Plan. This amount consists of deferred bonus amounts which are also reported in the Bonus
column of the Summary Compensation Table.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of amounts contributed by the Company to the SEIP on behalf of Mr.&nbsp;Bennett.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of $(25,231) earned under the SEIP and $(14,179) earned under the Non-Qualified
Deferred Compensation Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of an aggregate balance of $200,563 under the SEIP (all of which is vested) and an
aggregate balance of $202,172 under the Non-Qualified Deferred Compensation Plan (all of which
is vested).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of balances contributed by Mr.&nbsp;Farman, aggregate earnings and aggregate balance
under the Non-Qualified Deferred Compensation Plan.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The SEIP and the Non-Qualified Deferred Compensation Plan are described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Executive Employment Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have not entered into employment agreements with any of our named executive officers. However,
in May&nbsp;2008, we entered into an employment offer letter with Mr.&nbsp;Farman, our Chief Financial
Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The material terms of the employment offer letter with Mr.&nbsp;Farman are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Farman&#146;s annual base salary is set at $500,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;Farman is eligible for an annual bonus of up to $300,000 for fiscal 2009 based on Mr.
Farman&#146;s performance and the performance of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We agreed to grant Mr.&nbsp;Farman options to purchase 100,000 shares of the Company&#146;s common
stock pursuant to our 2006 Equity Incentive Plan. The stock options will vest over a three
year period in one-third increments on the first, second and third anniversaries of the date
of grant. The stock options were priced on May&nbsp;5, 2008, the date Mr.&nbsp;Farman commenced
employment with us.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We agreed to reimburse Mr.&nbsp;Farman for (i)&nbsp;reasonable temporary living expenses in the
Elkhart, Indiana area for up to six months from the date Mr.&nbsp;Farman commences employment with
us and (ii)&nbsp;reasonable moving expenses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We agreed to pay Mr.&nbsp;Farman severance equal to nine months of Mr.&nbsp;Farman&#146;s base salary in
the event Mr.&nbsp;Farman is terminated for reasons other than cause. For purposes of Mr.&nbsp;Farman&#146;s
offer letter, &#147;cause&#148; means (i)&nbsp;the commission of or plea of guilty or no contest to, a felony
or a crime involving moral turpitude or the commission of any other act involving willful
malfeasance or material fiduciary breach with respect to the Company or an affiliate, (ii)
conduct tending to bring the Company into substantial public disgrace, or disrepute, (iii)
gross negligence or willful misconduct with respect to the Company or an affiliate or (iv)
material violation of state or federal securities laws.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Farman also participates in the compensation and benefit programs generally available to our
executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Potential Payments Upon Termination or Change-in-Control</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The narrative and tables that follow describe potential payments and benefits to our named
executive officers or their beneficiaries under existing plans or arrangements, whether written or
unwritten, for various scenarios including change-in-control and termination of employment. The
amounts shown assume a termination effective as of July&nbsp;31, 2008, as well as a closing price of the
Company&#146;s common stock on July&nbsp;31, 2008 of $19.62 per share, and thus include amounts earned
through such time and are
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">estimates of amounts that would be paid out to the named executive officers upon a
change-in-control or their separation or termination. Unless otherwise noted, all cash benefits are
stated as the total present value of the obligation. Note that these amounts are estimates only, as
the actual obligation can only be determined at the time of a change-in-control or the named
executive officer&#146;s separation from the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for the May&nbsp;2008 employment offer letter with Mr.&nbsp;Farman summarized above, the Company has
not entered into any agreements with any named executive officer with provisions regarding
severance or change-in-control benefits nor does the Company maintain a severance plan or policy
for its employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following presentation has been keyed to four general events upon which a named executive
officer or his beneficiary would be entitled to a benefit: death, disability, termination by the
Company other than for cause and change-in-control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the amounts reported in the tables below, the SEIP and the Non-Qualified Deferred
Compensation Plan provide for payments of the vested deferred amounts upon termination of
employment and, in the case of the Non-Qualified Deferred Compensation Plan, following a change in
control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the SEIP, if a named executive officer&#146;s employment terminated on July&nbsp;31, 2008, he would
receive his entire vested account balance (reported in the &#147;Aggregate Balance at 7/31/08&#148; column of
the Non-Qualified Deferred Compensation table above) commencing after the end of the eighteenth
complete calendar month following termination of employment (assuming he did not violate the plan&#146;s
non-compete, non-solicitation or non-disclosure provisions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Non-Qualified Deferred Compensation Plan, if a named executive officer&#146;s employment
terminated on July&nbsp;31, 2008, or if the named executive officer died or became disabled, he would
receive his entire vested account balance (reported in the &#147;Aggregate Balance at 7/31/08&#148; column of
the Non-Qualified Deferred Compensation table above). A change in control would also trigger
payment to the named executive officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Benefits and Payments Upon Death</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects the benefits payable in the event of death of our named executive officers
on July&nbsp;31, 2008:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Select Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acceleration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>TOTAL</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Restricted Stock Plan provides that restrictions on restricted shares lapse upon the
death of a grant recipient. Amounts represent the value of accelerated vesting of such
shares, calculated as the product of: (i)&nbsp;the number of restricted shares becoming vested upon
the named executive officer&#146;s death and (ii)&nbsp;the closing price of our common stock on July&nbsp;31,
2008 ($19.62).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the unvested balances which would vest upon the death of a plan participant under
the SEIP.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Benefits and Payments Upon Termination Due to Disability or Change-in-Control</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects the benefits payable to our named executive officers had either of the
following events occurred as of July&nbsp;31, 2008: (i)&nbsp;termination due to disability, or (ii)
change-in-control.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Stock Acceleration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($) (1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of our Restricted Stock Plan, the restrictions on restricted stock held by
our named executive officers lapse upon the permanent and total disability of our named
executive officers. In addition, this table assumes that the Compensation Committee, as
administrator of the Restricted Stock Plan, would exercise discretionary authority to
accelerate the vesting of restricted stock upon a change-in-control. Amounts represent the
value of accelerated vesting of such shares.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Benefits and Payments Upon Termination by the Company Other Than for Cause</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Value of Stock Acceleration ($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Severance ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christian G. Farman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,000</TD>
    <TD>&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of our Restricted Stock Plan, the restrictions on restricted shares held by
our named executive officers lapse upon the Company&#146;s termination of employment of our named
executive officers other than for cause. Amounts represent the value of accelerated vesting of
such restricted shares, calculated as the product of: (i)&nbsp;the number of restricted shares
becoming vested upon such termination of employment and (ii)&nbsp;the closing price of our common
stock on July&nbsp;31, 2008 ($19.62).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In accordance with the employment offer letter between us and Mr.&nbsp;Farman, Mr.&nbsp;Farman&#146;s
severance amount consists of nine months of his base salary of $500,000.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Securities Authorized for Issuance Under Equity Compensation Plans</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table provides information as of July&nbsp;31, 2008 about the Company&#146;s Common Stock that
may be issued upon the exercise of options, warrants and rights granted to employees or members of
the Board of Directors under all the Company&#146;s existing equity compensation plans, including the
2006 Equity Incentive Plan.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of securities</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining available for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>future issuance under</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>equity compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>plans (excluding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities reflected in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>column (a)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Plan category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(c)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans approved by
security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">514,561</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD nowrap>(2)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans not approved
by security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents shares underlying stock options granted pursuant to the Thor Industries, Inc. 1999
Stock Option Plan and the Thor Industries, Inc. 2006 Equity Incentive Plan. The 1999 Stock
Option Plan was frozen in 2006 upon the adoption of the 2006 Equity Incentive Plan. As a
result, no further grants may be made under the 1999 Stock Option Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents shares authorized for issuance pursuant to the 2006 Equity Incentive Plan.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Summaries of Equity Compensation Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Thor Industries, Inc. 2006 Equity Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;5, 2006, we adopted the Thor Industries, Inc. 2006 Equity Incentive Plan (the &#147;Equity
Incentive Plan&#148; or the &#147;Plan&#148;) which is designed to enable the Company and its affiliates to obtain
and retain the services of the types of employees, consultants and directors who will contribute to
the Company&#146;s long range success and to provide incentives that are linked directly to increases in
share value which will inure to the benefit of all stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Equity Incentive Plan is designed, among other things, to replace the Company&#146;s 1999 Stock
Option Plan (the &#147;1999 Plan&#148;) and the Company&#146;s 1997 Restricted Stock Plan (the &#147;1997 Plan&#148;). When
the Board approved the Equity Incentive Plan, it also approved the termination of the 1999 Plan and
the 1997 Plan, each effective upon the approval of the Equity Incentive Plan by the stockholders of
the Company. As a result, there will be no further grants of options, restricted stock or other
equity-based awards pursuant to either the 1999 Plan or the 1997 Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The maximum number of shares available for the grant of awards under the Equity Incentive Plan is
1,100,000 subject to adjustment in accordance with the terms of the Equity Incentive Plan, which is
approximately the same number of shares that were available for issuance under the 1999 Plan and
the 1997 Plan when those plans were terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Equity Incentive Plan will be administered by the Board or a committee designated by the Board
(the &#147;Committee&#148;). The Board or the Committee (the &#147;Administrator&#148;) will have the power and
authority to select Participants (as defined below) in the Plan and grant Awards (as defined below)
to such Participants pursuant to the terms of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awards may be granted to employees, directors and, in some cases, consultants and those individuals
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whom the Administrator determines are reasonably expected to become employees, directors or
consultants following the date of the grant of the Award (&#147;Participants&#148;), provided that incentive
stock options may be granted only to employees. Awards may be in the form of options (incentive
stock options and nonstatutory stock options), restricted stock, restricted stock units,
performance compensation awards and stock appreciation rights (collectively, &#147;Awards&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Options</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Options may be granted as incentive stock options (stock options intended to meet the requirements
of Section&nbsp;422 of the Code) or nonstatutory stock options (stock options not intended to meet such
requirements) and will be granted in such form and will contain such terms and conditions as the
Administrator deems appropriate. The term of each option will be fixed by the Administrator but no
incentive stock option may be exercisable after the expiration of ten years from the grant date;
provided, that, in the case of incentive stock options granted to a 10% stockholder, the term of
such option may not exceed five years from the grant date. The exercise price of each incentive
stock option may not be less than 100% of the fair market value of the common stock subject to the
option on the date of grant; provided, that, in the case of incentive stock options granted to a
10% stockholder, the exercise price may not be less than 110% of the fair market value on the date
of grant. The exercise price of each nonstatutory stock option may not be less than 100% of the
fair market value of the common stock subject to the option on the date of grant unless such
nonstatutory stock option satisfies the additional conditions applicable to nonqualified deferred
compensation under Section&nbsp;409A of the Code. The Administrator will determine the time or times at
which, or other conditions upon which, an option will vest or become exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Restricted Stock and Restricted Stock Units</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administrator may award actual shares of common stock (&#147;Restricted Stock&#148;) or hypothetical
common stock units having a value equal to the fair market value of an identical number of shares
of common stock (&#147;Restricted Stock Units&#148;), which award may, but need not, provide that such
Restricted Stock or Restricted Stock Units may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of
an obligation or for any other purpose for such period as the Administrator shall determine.
Subject to the restrictions set forth in the Award, Participants who are granted Restricted Stock
generally will have the rights and privileges of a stockholder as to such restricted stock,
including the right to receive dividends and vote such restricted stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Performance Compensation Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan provides the Administrator with the authority to designate certain Awards as performance
compensation awards in order to qualify such Awards as &#147;performance-based compensation&#148; under
Section 162(m) of the Code. In addition, the Plan provides the Administrator with the authority to
make an Award of a cash bonus to any Participant and designate such Award as a performance
compensation award in order to qualify such Award as &#147;performance-based compensation&#148; under Section
162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The maximum performance compensation award payable to any one Participant under the Plan for a
Performance Period is 1,100,000 shares of common stock or, in the event such performance
compensation award is paid in cash, the equivalent cash value thereof, as determined by the
Administrator. The maximum amount that can be paid in any calendar year to any Participant pursuant
to a Performance Compensation Award in the form of a cash bonus is $10,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Stock Appreciation Rights</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stock appreciation rights may be granted either alone (&#147;Free Standing Rights&#148;) or, provided the
requirements of the Plan are satisfied, in tandem with all or part of any option granted under the
Plan (&#147;Related Rights&#148;). Upon exercise thereof, the holder of a stock appreciation right would be
entitled to receive from the Company an amount equal to the product of (i)&nbsp;the excess of the fair
market value of the
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company&#146;s common stock on the date of exercise over the exercise price per share specified in such
stock appreciation right or its related option, multiplied by (ii)&nbsp;the number of shares for which
such stock appreciation right is exercised. The exercise price of a Free Standing Right shall be
determined by the Administrator, but shall not be less than 100% of the fair market value of the
Company&#146;s common stock on the date of grant of such Free Standing Right. A Related Right granted
simultaneously with or subsequent to the grant of an option shall have the same exercise price as
the related option, shall be transferable only upon the same terms and conditions as the related
option, and shall be exercisable only to the same extent as the related option. A stock
appreciation right may be settled, at the sole discretion of the Administrator, in cash, shares of
the Company&#146;s common stock or a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Change in Control</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a change in control (as defined in the Plan) of the Company, unless otherwise
provided in an Award agreement, all options and stock appreciation rights will become immediately
exercisable with respect to 100&nbsp;percent of the shares subject to such option or stock appreciation
rights, and the restrictions will expire immediately with respect to 100&nbsp;percent of such shares of
Restricted Stock or Restricted Stock Units subject to such Award (including a waiver of any
applicable Performance Goals). In addition, unless otherwise provided in an Award agreement, all
incomplete Performance Periods in respect of a performance compensation award will end upon a
change in control, and the Administrator will (a)&nbsp;determine the extent to which performance goals
with respect to each such Performance Period have been met, and (b)&nbsp;cause to be paid to the
applicable Participant partial or full performance compensation awards with respect to performance
goals for each such Performance Period based upon the Administrator&#146;s determination of the degree
of attainment of performance goals. Further, in the event of a change in control, the Administrator
may in its discretion and upon advance notice to the affected persons, cancel any outstanding
Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value of
such Awards based upon the price per share of the Company&#146;s common stock received or to be received
by other shareholders of the Company in the event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Amendment and Termination</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board at any time, and from time to time, may amend or terminate the Plan. However, except as
provided otherwise in the Plan, no amendment shall be effective unless approved by the stockholders
of the Company to the extent stockholder approval is necessary to satisfy any applicable law of
securities exchange listing requirements. The Administrator at any time, and from time to time, may
amend the terms of any one or more Awards; provided, however, that the Administrator may not effect
any amendment which would otherwise constitute an impairment of the rights under any Award unless
the Company requests the consent of the Participant and the Participant consents in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>1999 Stock Option Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Thor Industries, Inc. 1999 Stock Option Plan (the &#147;1999 Plan&#148;) was adopted by the Company&#146;s
Board of Directors in July&nbsp;1999 and by the Company&#146;s shareholders in September&nbsp;1999 and provided
for the grant of incentive stock options and nonstatutory options (collectively, &#147;options&#148;) to
employees and directors of the Company and its subsidiaries. The 1999 Plan was frozen effective as
of December&nbsp;5, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the occurrence of a Change in Control (as defined in the 1999 Plan), all Options will
automatically become vested and exercisable in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain circumstances, in the event option holders engage in certain prohibitive behavior,
options can be forfeited at the discretion of the Committee. In addition, any gains realized by
option holders may have to be repaid under certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Restricted Stock Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company adopted the Thor Industries, Inc. Restricted Stock Plan (the &#147;Restricted Stock Plan&#148;)
effective September&nbsp;29, 1997. The Restricted Stock Plan was frozen as of December&nbsp;5, 2006.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No shares granted under the Restricted Stock Plan may be transferred by the recipient thereof until
such shares have vested. Any nonvested shares will automatically vest upon the earliest of (x)
termination other than for cause and (y)&nbsp;the recipient&#146;s death, disability or retirement. The
Restricted Stock Plan contains non-competition and non-solicitation provisions which restrict
recipients from competing with the Company. Non-compliance with such provisions will result in the
forfeiture of non vested shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Summaries of Deferred Compensation Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Select Executive Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company adopted the Thor Industries, Inc. Select Executive Incentive Plan (the &#147;SEIP&#148;)
effective September&nbsp;29, 1997. The SEIP is administered by the Compensation Committee. The purpose
of the SEIP is to provide eligible executives with supplemental deferred compensation in addition
to the current compensation earned under the Company&#146;s Management Incentive Plan. The SEIP is
intended to be an unfunded deferred compensation arrangement for the benefit of a select group of
management or highly compensated employees of the Company and its designated subsidiaries and
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For each year of participation, eligible executives are credited with the amount(s), if any,
determined by the Compensation Committee in its sole discretion. The amount(s) are credited to an
account maintained for each eligible executive, which is also credited with earnings and losses as
if the amounts were invested in specific investment funds selected by the Compensation Committee
(or by the eligible executive if the Compensation Committee establishes a procedure permitting the
eligible executive to select from amongst the index funds selected by the Compensation Committee).
The amount(s) credited to the account of an eligible executive remain unvested until the conclusion
of the executive&#146;s sixth year of participation in the SEIP at which time the amount(s) become 100%
vested. However, the amounts immediately become 100% vested upon the eligible executive&#146;s death or
attainment of age 65. The SEIP contains non-competition and non-solicitation provisions which
prohibit eligible executives from competing with the Company within the United States or Canada
during the term of such eligible executive&#146;s participation and for a period of eighteen months
after termination of employment with the Company for any reason. Non-compliance with such
provisions will result in a total forfeiture of vested benefits. Amounts become payable upon an
eligible executive&#146;s termination of employment or, if earlier, upon the eligible executive&#146;s death
or disability or the occurrence of an unforeseen emergency. Payments made upon an eligible
executive&#146;s death or disability or an unforeseen emergency, are made in a lump sum. Payments made
in connection with an eligible executive&#146;s termination of employment will commence eighteen months
following the eligible executive&#146;s termination of employment and payment is made in equal annual
installments over five years or ten years or in another actuarially equivalent form of payment, as
elected by the executive at the commencement of participation in the plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Deferred Compensation Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company adopted the Thor Industries, Inc. Deferred Compensation Plan effective as of June&nbsp;1,
2000, which was amended and restated as of February&nbsp;1, 2003. The general purpose of the Deferred
Compensation Plan is to provide key selected employees of the Company, including the named
executive officers, with the benefits of an unfunded, non-qualified deferred compensation program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amounts contributed to the Deferred Compensation Plan on behalf of a participant are credited to
the participant&#146;s individual account and credited with earnings and losses based on the performance
of certain investment funds selected by the Company and elected by the participant. Participants
may elect to defer a portion of their salary and bonus under the Deferred Compensation Plan. In
addition, the Company may make matching contributions, discretionary incentive contributions and
special contributions in accordance with an agreement between the Company and a participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company did not make any matching contributions, discretionary incentive contributions or
special contributions in fiscal 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The portion of a participant&#146;s account, attributable to his or her elective deferrals, is 100%
vested at all times. The portion of a participant&#146;s account, attributable to matching
contributions, discretionary incentive
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contributions and special contributions vests upon the participant&#146;s completion of three years of
service. However, all amounts in a participant&#146;s account become fully vested upon a Change of
Control (as defined in the Deferred Compensation Plan).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vested benefits become payable under the Deferred Compensation Plan upon the participant&#146;s
termination of employment; upon the occurrence of a Change of Control; upon the participant&#146;s death
or disability; or in connection with a severe financial hardship due to an unforeseen emergency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to the attainment of age 55, all benefits are paid in lump sum. Benefits paid following the
participant&#146;s attainment of age 55 may be paid in lump sum or in equal installments not to exceed
five years, as elected by the participant in his or her initial election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in the process of amending our deferred compensation plans for compliance with Section&nbsp;409A
of the Code and we expect our Board of Directors to approve these amendments prior to the end of
the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Annual Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company adopted the Thor Industries, Inc. Annual Incentive Plan (the &#147;2003 Annual Incentive
Plan&#148;) effective October&nbsp;2, 2003. The 2003 Annual Incentive Plan is administered by a committee
(the &#147;Committee&#148;) comprised of at least two members of the Board of Directors of the Company who
qualify as &#147;outside directors&#148; within the meaning of Section 162(m) of the Code. The purposes of
the Plan are to provide an incentive to executive officers and other key employees of the Company
and its subsidiaries to contribute to the growth, profitability and increased shareholder value of
the Company, to retain such executives and key employees and endeavor to qualify the compensation
paid under the 2003 Annual Incentive Plan for tax deductibility under Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee designates those executive officers of the Company and its subsidiaries, and such
other key employees of the Company and it subsidiaries, who are eligible to receive awards
(&#147;Performance Awards&#148;) under the 2003 Annual Incentive Plan (&#147;Eligible Executives&#148;). The Committee
determines which Eligible Executives, if any, will become participants in the 2003 Annual Incentive
Plan (the &#147;Participants&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Performance Award represents the conditional right of a Participant to receive a cash award
following the completion of a Performance Period (as defined below) based upon performance in
respect of one or more of the performance goals during the Performance Period. For purposes of the
2003 Annual Incentive Plan, &#147;Performance Period&#148; means the fiscal year, or such other shorter or
longer period designated by the Committee, during which performance is measured in order to
determine a Participant&#146;s entitlement to receive payment of a Performance Award. A performance goal
may be measured over a Performance Period on a periodic, annual, cumulative or average basis and
may be established on a corporate-wide basis or established with respect to one or more operating
units, divisions, subsidiaries, acquired businesses, minority investments, partnerships or joint
ventures. The level or levels of performance specified with respect to a performance goal may be
established in absolute terms, as objectives relative to performance in prior periods, as an
objective compared to the performance of one or more comparable companies or an index covering
multiple companies, or otherwise as the Committee may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may establish performance objectives (&#147;Performance Objective&#148;) for each Performance
Award, consisting of one or more business criteria permitted as performance goals, one or more
levels of performance with respect to each such criteria, and the amount or amounts payable upon
achievement of such levels of performance. Performance Objectives are established by the Committee
prior to, or reasonably promptly following the inception of, a Performance Period but, to the
extent required by Section 162(m) of the Code, by no later than the earlier of the date that is
ninety (90)&nbsp;day after the commencement of the Performance Period or the day prior to the date on
which twenty-five percent (25%) of the Performance Period has elapsed. The amount of compensation
payable upon the attainment of a Performance Objective may not be increased at the discretion of
the Committee. The Committee may, however, at its discretion, reduce or eliminate the amount of
compensation payable upon the attainment of a Performance Objective.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Performance Awards are subject to such conditions, including risks of forfeiture, restrictions on
transferability and other terms and conditions as specified by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Participant may not be granted Performance Awards for all of the Performance Periods commencing
in a fiscal year that permit the Participant in the aggregate to earn a cash payment in any fiscal
year in excess of $3,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon approval of the 2008 Annual Incentive Plan by the stockholders, the 2003 Annual Incentive Plan
will be superceded by the 2008 Annual Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Director Compensation </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each non-employee director of the Company receives an annual cash retainer of $170,000, payable
quarterly, plus expenses. The lead director and the chair of the Audit Committee each receive an
additional annual cash retainer of $20,000, payable quarterly. Currently, the Company does not
anticipate awarding additional equity compensation to non-employee directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal 2009, each of the non-employee directors has volunteered to forgo 15% of his fees due to
the decline in the Company&#146;s profits in fiscal 2008 resulting from market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the compensation paid to our non-employee directors in fiscal 2008.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pension Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nonqualified</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Paid Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Neil D. Chrisman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan Siegel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jan H. Suwinski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Geoffrey A. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William C. Tomson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,397</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Fees consist of an annual cash retainer for board and committee service and an additional
annual cash retainer paid to the lead director and the chair of the Audit Committee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>All option awards were granted under our 1999 Stock Option Plan. We account for the plan
under SFAS No.&nbsp;123R &#147;Share Based Payments.&#148; The value reported in the &#147;Option Awards&#148; column
is the amount we expensed during fiscal 2008 for each director&#146;s option award, all of which
were made in prior years. There were no option awards granted to directors during fiscal
2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate number of outstanding stock options, all of which are exercisable, held by each
of the non-employee directors on July&nbsp;31, 2008 was as follows: Mr.&nbsp;Chrisman &#150; 25,000, Mr.
Siegel &#150; 2,000, Mr.&nbsp;Suwinski &#150; 43,000, Mr.&nbsp;Thompson &#150; 15,000 and Mr.&nbsp;Tomson &#150; 45,000.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Certain Relationships and Transactions with Management </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Messrs.&nbsp;Wade Thompson and Peter Orthwein own all the stock of Cash Flow Management, Inc. The
Company pays Cash Flow Management a fee of $192,000 per annum, which is used to defray expenses,
including the rent of offices used by Messrs.&nbsp;Thompson and Orthwein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The son of H. Coleman Davis, III is an employee of Thor. Mr.&nbsp;Davis is Chairman of Keystone and a
Director. In addition, Mr.&nbsp;Davis served as Chief Operating Officer from March&nbsp;2007 to October
2007. For fiscal 2008, Mr.&nbsp;Davis&#146; son received aggregate compensation of $184,479.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee is required to review and approve all related party transactions that are
required to be disclosed under Item&nbsp;404 of Regulation&nbsp;S-K promulgated by the SEC. All such related
party transactions must also be approved by the disinterested members of the Board of Directors if
required by Delaware General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Report of the Audit Committee </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Working under the guidance of a written charter approved by the Board of Directors, the Audit
Committee, which is comprised of Messrs.&nbsp;Neil D. Chrisman, Jan H. Suwinski and Geoffrey A.
Thompson, is primarily responsible for assisting the Board in overseeing the Company&#146;s financial
reporting process as well as the internal controls that management and the Board have established.
The Board of Directors adopted a revised charter for the Audit Committee on October&nbsp;3, 2008, a copy
of which is available on the Company&#146;s website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management is responsible for the financial reporting process, including the system of internal
control, and for the preparation of consolidated financial statements in accordance with accounting
principles generally accepted in the United States of America. The Company&#146;s independent auditors
are responsible for auditing those financial statements. The Audit Committee&#146;s responsibility is to
monitor and review these processes, acting in an oversight capacity. The Audit Committee relies,
without independent verification, on the information provided to it and on the representations made
by management and the independent auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the past fiscal year, the Audit Committee met in person or by telephone and met in separate
executive sessions with the Company&#146;s Chief Financial Officer, the Company&#146;s senior internal
auditing executive and the independent auditing partner for the Company. The Audit Committee also
met privately on a quarterly basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In carrying out its duties, the Audit Committee has reviewed and discussed the Company&#146;s audited
consolidated financial statements for the fiscal year ended July&nbsp;31, 2008 with the Company&#146;s
management and Deloitte &#038; Touche, LLP (&#147;Deloitte&#148;), the Company&#146;s independent auditors. The Audit
Committee has also discussed with Deloitte the matters required to be discussed by Statement on
Auditing Standards No.&nbsp;61, &#147;Communication with Audit Committees&#148;, as amended. In addition, the
Audit Committee has received the written disclosures and the letter from Deloitte required by
Independence Standards Board Standard No.&nbsp;1, &#147;Independence Discussions with Audit Committees&#148; and
has discussed with Deloitte its independence from the Company and its management. Based on the
foregoing reports and discussions and subject to the limitations on the role and responsibilities
of the Audit Committee referred to above and in the Charter of the Audit Committee, the Audit
Committee recommended to the Board of Directors, and the Board of Directors has approved, that the
audited consolidated financial statements be included in the Company&#146;s Annual Report on Form 10-K
for the fiscal year ended July&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has affirmatively determined that each of the members of the Audit Committee
is &#147;independent&#148; as defined under the rules of the New York Stock Exchange.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>The Audit Committee</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Neil D. Chrisman</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jan H. Suwinski</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Geoffrey A. Thompson</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing report of the Audit Committee shall not be deemed to be incorporated by reference in
any previous or future documents filed by the Company with the Securities and Exchange Commission
under the Securities Act or the Exchange Act, except to the extent that the Company incorporates
the report by reference in any such document.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Independent Auditor Fees</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table represents aggregate fees billed to the Company for fiscal 2008 and 2007 by
Deloitte and Touche, LLP, the Company&#146;s principal independent registered public accounting firm.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fiscal 2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Fiscal 2007</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,145,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,642,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtotal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,677,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,426,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,329,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,108,939</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit Fees</I>. Represents fees for professional services provided for the audit of the Company&#146;s
annual financial statements and review of the Company&#146;s quarterly financial statements, and audit
services provided in connection with other statutory or regulatory filings. Included in 2007 audit
fees is $519,123 for the restatement of the Company&#146;s financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit-Related Fees</I>. Represents fees for assurance services related to the audit of the Company&#146;s
financial statements. The amount shown consists of fees for benefit plan audits and, for fiscal
2008, due diligence for potential transactions involving the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Tax Fees</I>. Represents fees for professional services related to taxes including the preparation of
domestic and international returns, tax examinations assistance and tax planning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Fees</I>. Represents fees for products and services provided to the Company not otherwise
included in the categories above. The amounts shown consist of fees for benefit plan tax
consultation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee has considered whether performance of services other than audit services is
compatible with maintaining the independence of Deloitte.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee has adopted a formal policy concerning the approval of audit and non-audit
services to be provided by the independent auditor to the Company. The policy requires that all
services Deloitte, the Company&#146;s independent auditor, may provide to the Company, including audit
services and permitted audit-related and non-audit services, be pre-approved by the Audit
Committee. The Audit Committee approved all audit and non-audit services provided by Deloitte
during fiscal 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Additional Corporate Governance Matters</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The federal securities laws require the filing of certain reports by officers, directors and
beneficial owners of more than ten percent (10%) of the Company&#146;s securities with the Securities
and Exchange Commission and the New York Stock Exchange. Specific due dates have been established
and the Company is required to disclose in this Proxy Statement any failure to file by these dates.
Based solely on a review of copies of the filings furnished to the Company, or written
representations that no such filings were required, the Company believes that all filing
requirements were satisfied by each of the Company&#146;s officers, directors and ten percent (10%)
stockholders for fiscal 2008.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Stockholder Proposals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proposals by stockholders that are intended to be presented at the 2009 annual meeting must be
received by the Company on or before July&nbsp;2, 2009 to be included in the proxy statement and form of
proxy for the 2009 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notice of a shareholder proposal for the 2009 annual meeting submitted outside the processes of
Rule&nbsp;14a-8 of the Securities Exchange Act of 1934, as amended, which is not received on or before
September&nbsp;15, 2009 will be considered untimely. The Company reserves the right to reject, rule out
of order or take other appropriate action with respect to any proposal that does not comply with
applicable requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Other Matters</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management knows of no other matters that will be presented for consideration at the meeting.
However, if any other matters are properly brought before the meeting, it is the intention of the
persons named in the proxy to vote the proxy in accordance with their best judgment.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="l34360al3436002.gif" alt="-s- Walter L. Bennett"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WALTER L. BENNETT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Officer and Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;30, 2008
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>2008 Annual Incentive Plan</B></U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As adopted by the Board of Directors of Thor Industries, Inc.</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Purposes</U>. The purposes of this Plan are to provide an incentive to executive
officers and other selected key executives of the Company to contribute to the growth,
profitability and increased stockholder value of the Company, to retain such executives and
endeavor to qualify the compensation paid under the Plan for tax deductibility under Section
162(m) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions</U>. For purposes of the Plan, the following terms shall be defined as set
forth below:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Award&#148; </I></B>shall mean, with respect to a Performance Period, that portion of the Pre-Tax
Profits payable to a Participant as determined pursuant to Section&nbsp;4(a).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Board&#148; </I></B>shall mean the Company&#146;s Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Code&#148; </I></B>shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time,
including any authoritative guidance and regulations thereunder and successor provisions
thereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Committee&#148; </I></B>shall mean a committee composed of at least two members of the Board who
qualify as &#147;outside directors&#148; within the meaning of Section 162(m) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Company&#148; </I></B>shall mean Thor Industries, Inc. and any entity that succeeds to all or
substantially all of its business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Effective Date&#148; </I></B>shall mean the date the Plan is adopted by the Board, subject to
approval of the Company&#146;s stockholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Eligible Employee&#148; </I></B>shall mean each executive officer of the Company, including those
employed by subsidiaries, and other key executives of the Company selected by the
Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Fiscal Quarter&#148; </I></B>shall mean a quarter of a Fiscal Year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Fiscal Year&#148; </I></B>shall mean the fiscal year of the Company which commences on August 1 and
ends on July&nbsp;31.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Participant&#148; </I></B>shall mean an Eligible Employee designated by the Committee to
participate in the Plan for a designated Performance Period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Goal&#148; </I></B>shall mean, with respect to each Performance Period, Pre-Tax Profits
of $15,000,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Period&#148; </I></B>shall mean a Fiscal Quarter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Plan&#148; </I></B>shall mean this Thor Industries, Inc. 2008 Annual Incentive Plan, as amended
from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Pre-Tax Profits&#148; </I></B>shall mean consolidated pre-tax profits of the Company.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Administration</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Authority</U>. The Plan shall be administered by the Committee. Subject to the
provisions of the Plan and applicable law, the Committee shall have the power, in addition
to other express powers and authorizations conferred on the Committee by the Plan, to:
(i)&nbsp;designate Participants; (ii)&nbsp;determine the terms and conditions of any Award;
(iii)&nbsp;determine whether, to what extent, and under what circumstances Awards may be
canceled, forfeited, or suspended and the method or methods by which Awards may be
canceled, forfeited, or suspended; (iv)&nbsp; interpret, administer, reconcile any
inconsistency, correct any defect and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; (v)&nbsp;establish, amend, suspend,
or waive any rules and regulations; and (vi)&nbsp;make any other determination and take any
other action that the Committee deems necessary or desirable for the administration of the
Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Manner of Exercise of Committee Authority</U>. The Committee may delegate its
responsibility with respect to the administration of the Plan to one or more officers of
the Company, to one or more members of the Committee or to one or more members of the
Board; <U>provided</U>, <U>however</U>, that the Committee may not delegate its
responsibility (i)&nbsp;to make Awards to executive officers of the Company; (ii)&nbsp;to make
Awards which are intended to constitute &#147;qualified performance-based compensation&#148; under
Section 162(m) of the Code; or (iii)&nbsp;to certify the satisfaction of Performance Goals
pursuant to Section 4(c) in accordance with Section 162(m) of the Code. The Committee may
also appoint agents to assist in the day-to-day administration of the Plan and may delegate
the authority to execute documents under the Plan to one or more members of the Committee
or to one or more officers of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Limitation of Liability</U>. The Committee may appoint agents to assist it in
administering the Plan. The Committee and each member thereof shall be entitled to, in
good faith, rely or act upon any report or other information furnished to him or her by any
officer or employee of the Company, the Company&#146;s independent certified public accountants,
consultants or any other agent assisting in the administration of the Plan. Members of the
Committee and any officer or employee of the Company acting at the direction or on behalf
of the Committee shall not be personally liable for any action or determination taken or
made in good faith with respect to the Plan, and shall, to the extent permitted by law, be
fully indemnified and protected by the Company with respect to any such action or
determination.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Awards</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Allocation of Awards</U>. Prior to, or reasonably promptly following the inception
of, a Performance Period but, to the extent required by Section 162(m) of the Code, by no
later than the day prior to the date on which twenty-five percent (25%) of the Performance
Period has elapsed, the Committee shall allocate in writing, on behalf of each Eligible
Employee designated as a Participant eligible to receive an Award pursuant to the Plan for
such Performance Period, the portion of Pre-Tax Profits (not to exceed 3% on behalf of any
Participant), if any, to be paid to such Participant with respect to the Performance Period
if the Performance Goal is achieved. With respect to any single Participant, the maximum
Award that shall be paid with respect to any Performance Period shall be $5,000,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Adjustments</U>. The Committee is authorized at any time during or after a
Performance Period to reduce or eliminate an Award allocated to any Participant for any
reason, including, without limitation, changes in the position or duties of any Participant
with the Company during or after a Performance Period, whether due to any termination of
employment (including death, disability, retirement, voluntary termination, or termination
with or without cause) or otherwise; <U>provided</U>, <U>that</U>, no such reduction or
elimination will increase the amount otherwise payable to any other Participant if such
action would cause the Awards to fail to qualify as &#147;qualified performance-based
compensation&#148; under Section 162(m) of the Code, as determined by the</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Committee. In addition, to the extent necessary to preserve the intended economic effects
of the Plan to the Company and the Participants, the Committee shall adjust the
calculation of Pre-Tax Profits and Awards and the allocation thereof to take into account:
(i)&nbsp;a change in corporate capitalization, (ii)&nbsp;a corporate transaction, such as any merger
of the Company or any subsidiary into another corporation, any consolidation of the
Company or any subsidiary into another corporation, any separation of the Company or any
subsidiary (including a spin-off or the distribution of stock or property of the Company
or any subsidiary), any reorganization of the Company or any subsidiary (whether or not
such reorganization comes within the definition of Section&nbsp;368 of the Code), (iii)&nbsp;any
partial or complete liquidation of the Company or any subsidiary or a large, special and
non-recurring dividend paid or distributed by the Company, or (iv)&nbsp;a change in accounting
or other relevant rules or regulations; <U>provided</U>, <U>however</U>, that no
adjustment hereunder shall be authorized or made if and to the extent that the Committee
determines that such authority or the making of such adjustment would cause the Awards to
fail to qualify as &#147;qualified performance-based compensation&#148; under Section 162(m) of the
Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Payment of Awards</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following the completion of each Performance Period, the Committee shall
certify in writing, in accordance with the requirements of Section 162(m) of the
Code, the achievement of the Performance Goal and the Awards payable to Participants.
Unless the Committee determines otherwise, no amounts shall be paid with respect to
Awards for a Performance Period until the Performance Period has ended and the
Committee has made the certification required by this Section&nbsp;4(c)(i).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided below, as soon as practicable following the Committee&#146;s
certification pursuant to Section&nbsp;4(c)(i) for the applicable Performance Period, each
Participant shall receive payment, in a cash lump sum, of his or her Award. In no
event shall such payment be made later than 2 <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> months following the date the
Committee certifies that the Performance Goal has been achieved.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General Provisions</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination of Employment</U>. In the event a Participant terminates employment
for any reason during a Performance Period or prior to the Award payment, he or she shall
not be entitled to receive any Award for such Performance Period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Taxes</U>. The Company is authorized to withhold from any Award granted, any
payment relating to an Award under the Plan, or any payroll or other payment to a
Participant, amounts of withholding and other taxes due in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to
enable the Company and Participants to satisfy obligations for the payment of withholding
taxes and other tax obligations relating to any Award. This authority shall include
authority for the Company to withhold or receive other property and to make cash payments
in respect thereof in satisfaction of a Participant&#146;s tax obligations, either on a
mandatory or elective basis in the discretion of the Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Limitations on Rights Conferred under Plan and Beneficiaries</U>. Status as a
Participant shall not be construed as a commitment that any Award will become payable under
the Plan. Nothing contained in the Plan or in any documents related to the Plan or to any
Award shall confer upon any Eligible Employee or Participant any right to continue as an
Eligible Employee, Participant or in the employ of the Company or constitute any contract
or agreement of employment, or interfere in any way with the right of the Company to reduce
such person&#146;s compensation, to change the position held by such person or to terminate the
employment of such Eligible Employee or Participant, with or without cause, but nothing
contained in this Plan or any document related thereto shall affect any other contractual
right of any Eligible Employee or Participant. No benefit payable under, or interest in,
this Plan shall be transferable by a</TD>
</TR>

</TABLE>
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Participant except by will or the laws of descent and distribution or otherwise be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Changes to the Plan and Awards</U>. Subject to Section&nbsp;5(h), notwithstanding
anything herein to the contrary, the Board, or the Committee, may, at any time, terminate
or, from time to time, amend, modify or suspend the Plan and the terms and provisions of
any Award theretofore granted to any Participant which has not been paid No Award may be
granted during any suspension of the Plan or after its termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Unfunded Status of Awards; Creation of Trusts</U>. The Plan is intended to
constitute an &#147;unfunded&#148; plan for incentive and deferred compensation. With respect to any
amounts payable to a Participant pursuant to an Award, nothing contained in the Plan (or in
any documents related thereto), nor the creation or adoption of the Plan, the grant of any
Award, or the taking of any other action pursuant to the Plan shall give any such
Participant any rights that are greater than those of a general creditor of the Company;
<U>provided,</U> <U>that</U>, the Committee may authorize the creation of trusts and
deposit therein cash or other property or make other arrangements, to meet the Company&#146;s
obligations under the Plan. Such trusts or other arrangements shall be consistent with the
&#147;unfunded&#148; status of the Plan unless the Committee otherwise determines with the consent of
each affected Participant. The trustee of such trusts may be authorized to dispose of
trust assets and reinvest the proceeds in alternative investments, subject to such terms
and conditions as the Committee may specify in accordance with applicable law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Non-Exclusivity of the Plan</U>. Neither the adoption of the Plan by the Board (or
a committee designated by the Board) nor submission of the Plan or provisions thereof to
the stockholders of the Company for approval shall be construed as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem
necessary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governing Law</U>. The validity, construction, and effect of the Plan, any rules
and regulations relating to the Plan, and any Award shall be determined in accordance with
the laws of the State of Delaware, without giving effect to principles of conflicts of
laws, and applicable Federal law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exemption Under Section 162(m) of the Code</U>. The Plan, and all Awards issued
thereunder, are intended to be exempt from the application of Section 162(m) of the Code,
which restricts under certain circumstances the Federal income tax deduction for
compensation paid by a public company to &#147;covered employees&#148; (within the meaning of Section
162(m) of the Code) in excess of $1&nbsp;million per year. The Committee may, without
stockholder approval, amend the Plan retroactively or prospectively to the extent it
determines necessary in order to comply with any subsequent clarification of Section 162(m)
of the Code required to preserve the Company&#146;s Federal income tax deduction for
compensation paid pursuant to the Plan. Notwithstanding Section&nbsp;5(d), the Committee may
not change the Performance Goal unless all necessary stockholder approval or re-approval of
the Plan is obtained in order to qualify Awards as &#147;performance-based compensation&#148; within
the meaning of Section 162(m) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Effective Date</U>. The Plan is effective on the Effective Date, subject to
subsequent approval thereof by the Company&#146;s stockholders at the first annual meeting of
stockholders to occur after the Effective Date, and shall remain in effect until it has
been terminated pursuant to Section&nbsp;5(e). If the Plan is not approved by the stockholders
at such annual meeting, the Plan and all interests in the Plan awarded to Participants
before the date of such annual meeting shall be void <U>ab</U> <U>initio</U> and of no
further force and effect.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AUDIT COMMITTEE OF THE BOARD OF DIRECTORS<BR>
OF THOR INDUSTRIES, INC. &#151; CHARTER</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As reviewed and approved by the Board of Directors, October&nbsp;3, 2008</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>I. PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee (the &#147;<U>Audit Committee</U>&#148; or the &#147;<U>Committee</U>&#148;) of the Board of
Directors (the &#147;<U>Board of Directors</U>&#148; or the &#147;<U>Board</U>&#148;) of Thor Industries, Inc. (the
&#147;<U>Company</U>&#148;) is established by and among the Board of Directors for the primary purpose of
assisting the Board in:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the integrity of the Company&#146;s financial statements,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the Company&#146;s compliance with legal and regulatory requirements,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the independent auditor&#146;s qualifications, independence and performance,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the performance of the Company&#146;s independent auditor, and internal audit
function,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the Company&#146;s system of disclosure controls and procedures, internal controls
over financial reporting, and compliance with ethical standards adopted by the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consistent with this function, the Audit Committee should encourage continuous improvement of, and
should foster adherence to, the Company&#146;s policies, procedures, and practices at all levels. The
Audit Committee should also provide for open communication among the independent auditor, financial
and senior management, the internal auditing function, and the Board of Directors. The Audit
Committee has the authority to obtain advice and assistance from outside legal, accounting, or
other advisors as deemed appropriate to perform its duties and responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will provide appropriate funding, as determined by the Audit Committee, for
compensation to the independent auditor, to any advisors that the Audit Committee chooses to
engage, and for payment of ordinary administrative expenses of the Audit Committee that are
necessary or appropriate in carrying out its duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee will primarily fulfill its responsibilities by carrying out the activities
enumerated in Section&nbsp;III of this Charter. The Audit Committee will report regularly to the Board
of Directors regarding the execution of its duties and responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the Committee has the responsibilities and authority set forth in this Charter, it is not the
duty of the Committee to plan or conduct audits or to determine that the Company&#146;s financial
statements are complete and accurate and are in accordance with generally accepted accounting
principles. It is the responsibility of management and the responsibility of the independent
auditor to audit management&#146;s conclusions. Nothing contained in this Charter is intended to expand
applicable standards of liability under statutory or regulatory requirements for the directors of
the Company or members of the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>II. COMPOSITION AND MEETINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee will comprise three or more directors as determined by the Board of Directors.
Each Audit Committee member will have no material relationship with the Company (either directly or
as a partner, shareholder, or officer of an organization that has a relationship with the Company
other than as a Board member), as affirmatively determined by the Board of Directors. All committee
members must be
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">independent, including being free of disallowed compensation agreements, under all applicable rules
and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All members of the Committee must comply with all financial literacy requirements of the New York
Stock Exchange. The Board of Directors will determine whether at least one member of the committee
qualifies as an &#147;audit committee financial expert&#148; in compliance with the criteria established by
the SEC. The existence of such a member, including his or her name and whether or not he or she is
independent, will be disclosed in periodic filings as required by the SEC. Committee members are
encouraged to enhance their familiarity with finance and accounting by participating in educational
programs, including those conducted by the Company or outside consultants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members of the Committee will be elected by the Board at the annual organizational meeting of
the Board of Directors to serve until their successors are elected. Unless a Chairperson is elected
by the full Board, the members of the Committee may designate a Chairperson by majority vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any director serving on the Committee is also serving on the audit committee of three or more
other public companies, the Board of Directors must make a determination, as promptly as
practicable following the time when the Company first becomes aware of such circumstances and
thereafter on a periodic basis but no less frequently than annually, that such simultaneous service
does not impair the ability of such director to effectively serve on the Committee, and such
determination must be disclosed in the Company&#146;s proxy statement issued in connection with the
Company&#146;s annual meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a member of the Committee ceases to be independent for reasons outside the member&#146;s reasonable
control, his or her membership on the Committee may, if so permitted under then applicable NYSE
rules, continue until the earlier of the Company&#146;s next annual meeting of shareholders or one year
from the occurrence of the event that caused the failure to qualify as independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee will meet four times annually, or more frequently as it deems necessary to fulfill
its responsibilities. Each regularly scheduled meeting will include an executive session of the
Committee absent members of management. As part of its responsibility to foster open communication,
the Committee will meet periodically with management, the director of the internal auditing
function, and the independent auditor in separate executive sessions. In addition, the Committee
will meet with the independent auditor and management to discuss the annual audited financial
statements and quarterly financial statements, including the Company&#146;s disclosure under
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may meet by telephone conference call or by any other means permitted by law or the
Company&#146;s Bylaws. A majority of the members of the Committee shall constitute a quorum. The
Committee shall act on the affirmative vote of a majority of members present at a meeting at which
a quorum is present. Subject to the Company&#146;s Bylaws, the Committee may act by unanimous written
consent of all members in lieu of a meeting. The Committee shall determine its own rules and
procedures, including designation of a chairperson pro tempore in the absence of the Chairperson,
and designation of a secretary. The secretary need not be a member of the Committee and shall
attend Committee meetings and prepare minutes. The Committee shall keep written minutes of its
meetings, which shall be recorded or filed with the books and records of the Company. Any member
of the Board of Directors shall be provided with copies of such Committee minutes if requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may ask members of management, employees, outside counsel, the independent auditors,
internal auditors or others whose advice and counsel are relevant to the issues then being
considered by the Committee, to attend any meetings and to provide such pertinent information as
the Committee may request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chairperson of the Committee shall be responsible for leadership of the Committee, including
preparing the agenda, presiding over Committee meetings, making Committee assignments and regularly
reporting the Committee&#146;s actions to the Board of Directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>III. RESPONSIBILITIES AND DUTIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To fulfill its responsibilities and duties, the Audit Committee&#146;s policies and procedures should
remain flexible to enable the Committee to react to changes in circumstances and conditions so that
it can fulfill its oversight responsibilities. In addition to such other duties as the Board of
Directors may assign from time to time, the Committee will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Documents/Report/Accounting Information Review</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review this Charter periodically, at least annually, and recommend to the Board
of Directors any necessary amendments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the independent auditor the Company&#146;s
annual financial statements, quarterly financial statements (prior to the Company&#146;s
10-Q filings or release of earnings), and all internal controls reports (or summaries
thereof). Review other relevant reports or financial information submitted by the
Company to any governmental body or the public, including management certifications as
required by the Sarbanes-Oxley Act of 2002 and relevant reports rendered by the
independent auditors (or summaries thereof).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare the audit committee report for inclusion in the Company&#146;s annual proxy
statement as required by the applicable rules and regulations of the Securities and
Exchange Commission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommend to the Board of Directors whether the financial statements should be
included in the Annual Report on Form 10-K.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with management and the independent auditor significant financial
reporting issues and judgments made in connection with the preparation of the Company&#146;s
financial statements, including any significant changes in the Company&#146;s selection or
application of accounting principles, and the judgments of each of management and the
independent auditor as to the quality and appropriateness of the Company&#146;s accounting
principles as applied in its financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the independent auditor Management&#146;s
Report on Internal Control Over Financial Reporting to be included in the Company&#146;s
Form 10-K.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss earnings press releases, including the type and presentation of
information, paying particular attention to any pro forma or adjusted non-GAAP
information. Such discussions may be in general terms (i.e., discussion of the types of
information to be disclosed and the type of presentations to be made).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss financial information and earnings guidance provided to analysts and
ratings agencies. Such discussions may be in general terms (i.e., discussion of the
types of information to be disclosed and the type of presentations to be made).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the regular internal reports to management (or summaries thereof)
prepared by the internal auditing department, as well as management&#146;s response.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Independent Auditors</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appoint (and recommend that the Board of Directors submit for shareholder
ratification, if applicable), compensate, retain (and, where appropriate, replace) and
oversee the work performed by the independent auditor for the purpose of preparing or
issuing an audit report or related work. Review the performance of the independent
auditors and remove the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>independent auditors if circumstances warrant. The independent auditor will report
directly to the Audit Committee, which has the sole authority to oversee the
resolution of disagreements between management and the independent auditors if they
arise. Consider whether the auditor&#146;s performance of permissible nonaudit services is
compatible with the auditor&#146;s independence. Discuss with the independent auditor the
matters required to be discussed under Statement on Auditing Standards (SAS)&nbsp;No.&nbsp;61,
as amended by SAS No.&nbsp;84 and SAS No.&nbsp;90.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the independent auditor any problems or difficulties and
management&#146;s response; review the independent auditor&#146;s attestation and report on
management&#146;s internal control report, from the time that such reports are prepared; and
hold timely discussions with the independent auditors regarding the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All critical accounting policies and practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All alternative treatments of financial information within generally accepted
accounting principles that have been discussed with management, ramifications of
the use of such alternative disclosures and treatments, and the treatment
preferred by the independent auditor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other material written communications between the independent auditor and
management, including, but not limited to, the management letter and schedule of
unadjusted differences.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least annually, obtain and review a report by the independent auditor
describing:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The firm&#146;s internal quality-control procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any material issues raised by the most recent internal quality-control review
or peer review, or by any inquiry or investigation conducted by governmental or
professional authorities during the preceding five years with respect to
independent audits carried out by the firm, and any steps taken to deal with any
such issues; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All relationships between the independent auditor and the Company, addressing
the matters set forth in Independence Standards Board Standard No.&nbsp;1.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">This Report should be used to evaluate the independent auditor&#146;s qualifications,
performance, and independence. Further, the committee will review the experience and
qualifications of the lead partner and other senior members of the independent audit
team each year and determine that all partner rotation requirements, as promulgated by
applicable rules and regulations, are executed. The committee will also consider
whether there should be rotation of the firm itself.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Actively engage in dialogue with the independent auditor with respect to any
disclosed relationships or services that may affect the independence and objectivity of
the auditor and take, or recommend that the full Board of Directors take, appropriate
actions to oversee the independence of the outside auditor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure the rotation of the lead audit partner having primary responsibility for
the Company&#146;s audit and the audit partner responsible for reviewing the audit as
required by law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider whether there should be regular rotation of the Company&#146;s independent
auditor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and pre-approve (which may be pursuant to pre-approval policies and
procedures) both audit and nonaudit services to be provided by the independent auditor.
The authority to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant pre-approvals may be delegated to one or more designated members of the Audit
Committee whose decisions will be presented to the full Audit Committee at its next
regularly scheduled meeting. Approval of nonaudit services will be disclosed to
investors in periodic reports required by Section 13(a) of the Securities Exchange Act
of 1934.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Set clear hiring policies, compliant with governing laws and regulations, for
employees or former employees of the independent auditor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Financial Reporting Processes, Accounting Policies, and Internal Control Structure</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consultation with the independent auditor and the internal auditor, review
the integrity of the Company&#146;s financial reporting processes (both internal and
external), and the internal control structure (including disclosure controls and
procedures and internal control over financial reporting).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive and review any disclosure from the Company&#146;s CEO or CFO made in
connection with the certification of the Company&#146;s quarterly and annual reports filed
with the SEC of: a) all significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely
to adversely affect the Company&#146;s ability to record, process, summarize, and report
financial data; and b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Company&#146;s internal controls.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review major issues regarding accounting principles and financial statement
presentations, including any significant changes in the Company&#146;s selection or
application of accounting principles; major issues as to the adequacy of the Company&#146;s
internal controls; and any special audit steps adopted in light of material control
deficiencies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review analyses prepared by management (and the independent auditor as noted in
item 12 above) setting forth significant financial reporting issues and judgments made
in connection with the preparation of the financial statements, including analyses of
the effects of alternative GAAP methods on the financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the effect of regulatory and accounting initiatives, as well as
off-balance-sheet structures, on the financial statements of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve all related-party transactions, defined as those
transactions required to be disclosed under item 404 of Regulation&nbsp;S-K.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish procedures for the receipt, retention, and treatment of complaints
regarding accounting, internal accounting controls, or auditing matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish procedures for the confidential, anonymous submission by Company
employees regarding questionable accounting or auditing matters.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Internal Audit</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and advise on the selection and removal of the internal audit director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review activities, organizational structure, and qualifications of the internal
audit function.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually, review and recommend changes (if any) to the internal audit charter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Periodically review, with the internal audit director any significant
difficulties, disagreements with management, or scope restrictions encountered in the
course of the function&#146;s work.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Ethical Compliance, Legal Compliance, and Risk Management</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish, review and update periodically a code of business conduct and ethics
and determine whether management has established a system to enforce this code.
Determine whether the code is in compliance with all applicable rules and regulations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review management&#146;s monitoring of the Company&#146;s compliance with its code of
business conduct and ethics, and determine whether management has the proper review
system in place such that the Company&#146;s financial statements, reports, and other
financial information disseminated to governmental organizations, and the public,
satisfy legal requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review, with the Company&#146;s counsel, legal compliance matters, including
corporate securities trading policies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review, with the Company&#146;s counsel, any legal matter that could have a
significant impact on the Company&#146;s financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">34.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss policies with respect to risk assessment and risk management, including
appropriate guidelines and policies to govern the process, as well as the Company&#146;s
major financial risk exposures and the steps management has undertaken to control them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">35.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain from the independent auditor assurance that Section&nbsp;10A(b) of the
Securities Exchange Act of 1934 has not been implicated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Other Responsibilities</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">36.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the independent auditor, the internal auditing department, and
management the extent to which changes or improvements in financial or accounting
practices have been implemented.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">37.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conduct an annual performance assessment relative to the Audit Committee&#146;s
purpose, duties, and responsibilities outlined herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">38.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform any other activities consistent with this Charter, the Company&#146;s
by-laws, and governing law, as the Board of Directors deems necessary or appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IV. MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In discharging its responsibilities, the Committee shall have the authority to engage and determine
funding for independent legal, accounting or other advisors (without seeking Board approval) as the
Committee determines necessary or appropriate to carry out its duties. The Committee may conduct
or authorize investigations into or studies of matters within the Committee&#146;s scope of
responsibilities as described herein. The Company shall provide appropriate funding, as determined
by the Committee, for the payment of (i)&nbsp;compensation to the independent auditor, and legal,
accounting or other advisors engaged by the Committee and (ii)&nbsp;ordinary administrative expenses of
the Committee that are necessary or appropriate in carrying out its duties.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->B-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Compensation Committee Charter</B></U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Amended and Restated Charter of the Compensation Committee<BR>
of the Board of Directors of Thor Industries, Inc.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As adopted by the Board of Directors on October&nbsp;22, 2008</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>I. PURPOSE AND AUTHORITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee (the &#147;Committee&#148;) of the Board of Directors (the &#147;Board&#148;) of Thor
Industries, Inc. (the &#147;Company&#148;) is appointed by the Board to discharge the Board&#146;s
responsibilities with respect to all forms of compensation of the Company&#146;s senior executive
officers, to administer the Company&#146;s equity incentive plans for employees and to produce an annual
report on executive compensation for use in the Company&#146;s proxy statement or Form 10-K. This
Charter sets forth the authority and responsibility of the Committee for approving and evaluating
compensation arrangements for senior executive officers, compensation plans, policies and programs
of the Company, and for administering the Company&#146;s equity incentive plans for employees whether
adopted prior to or after the date of adoption of this charter (the &#147;Stock Plans&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>II. MEMBERSHIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee will consist of two or more members, with the exact number being determined by the
Board. Each of the members of the Committee will be (i)&nbsp;an &#147;independent director&#148; as defined under
the rules of the New York Stock Exchange, as they may be amended from time to time (the &#147;Rules&#148;),
except as may otherwise be permitted by such Rules and (ii)&nbsp;a &#147;Non-Employee Director,&#148; as defined
in Rule&nbsp;16b-3 promulgated under Section&nbsp;16 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;). If any such person does not qualify as an &#147;outside director&#148; within the meaning
of Treasury Regulation&nbsp;1.162-27(e)(3) at the time that the Committee is granting &#147;qualified
performance-based compensation&#148; within the meaning of Treasury Regulation&nbsp;1.162-27(e)(2), such
person shall recuse himself or herself from considering any compensation arrangements for which the
Company will seek to so qualify. In such event, the Board shall appoint one or more &#147;outside
directors&#148; to the Committee such that it is comprised solely of two or more &#147;outside directors&#148; in
order to satisfy the requirements of Section 162(m) of the Internal Revenue Code of 1986, as
amended. All members of the Committee will be appointed by, and shall serve at the discretion of,
the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board will select members of the Committee who will be approved by a majority vote of the
Board. Committee members will serve during their respective term as a director, subject to earlier
removal by a majority vote of the Board. Unless a chair is elected by the full Board, the members
of the Committee may designate a chair by majority vote of the Committee membership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>III. DUTIES AND RESPONSIBILITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal processes of the Committee in carrying out its oversight responsibilities are set
forth below. These processes are set forth as a guide with the understanding that the Committee
may supplement them as appropriate and may establish policies and procedures from time to time that
it deems necessary or advisable in fulfilling its responsibilities.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will have the sole authority to determine the form and amount of
compensation to be paid or awarded to the Chief Executive Officer (&#147;CEO&#148;) and other
senior executive officers.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will annually review and approve the corporate goals and
objectives relevant to CEO compensation and evaluate the CEO&#146;s performance in light of
these goals and objectives. Based on this evaluation, the Committee will make and
annually review decisions respecting (i)&nbsp;salary paid to the CEO, (ii)&nbsp;the grant of all
cash-based bonuses and equity compensation to the CEO, (iii)&nbsp;the entering into or
amendment or extension of any employment contract or similar arrangement with the CEO,
(iv)&nbsp;any CEO severance or change in control arrangement, and (v)&nbsp;any other CEO
compensation matters as from time to time directed by the Board. In determining the
long-term incentive component of the CEO&#146;s compensation, the Committee will consider,
among other things: the Company&#146;s performance and relative shareholder return, the
value of similar incentive awards to chief executive officers at companies that the
Committee determines comparable based on factors it selects, and the incentive awards
given to the Company&#146;s CEO in prior years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will annually review and approve the corporate goals and
objectives relevant to the compensation of the Company&#146;s senior executive officers
other than the CEO. In light of these goals and objectives, the Committee will
annually review the proposals of the CEO respecting (i)&nbsp;salary paid to such executive
officers, (ii)&nbsp;the grant of cash-based bonuses and equity compensation provided to such
executive officers, (iii)&nbsp;the entering into or amendment or extension of any employment
contract or similar arrangement with such executive officers, (iv)&nbsp;such executive
officers&#146; severance or change in control arrangements, and (v)&nbsp;any other executive
officer compensation matters as from time to time directed by the Board. In
determining the long-term incentive component of an executive officer&#146;s compensation,
the Committee will consider the same factors pertaining to such compensation that it
considers for that element of the CEO&#146;s compensation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will periodically review and make recommendations to the Board
with respect to adoption and approval of, or amendments to, all equity-based incentive
compensation plans and arrangements for employees, and the shares and amounts reserved
thereunder. The Committee will also periodically review and make recommendations to
the Board with respect to adoption and approval of, and amendments to, all cash based
incentive plans for senior executives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will have the authority to: (i)&nbsp;approve grants of stock, stock
options or stock purchase rights to employees eligible for such grants (including
grants in compliance with Rule&nbsp;16b-3 promulgated under the Exchange Act to individuals
who are subject to Section&nbsp;16 of the Exchange Act); (ii)&nbsp;interpret the Stock Plans and
agreements thereunder; and (iii)&nbsp;determine acceptable forms of consideration for stock
acquired pursuant to the Stock Plans. Pursuant to &#167;157 of the Delaware General
Corporation Law, the Committee may delegate to the Company&#146;s CEO the authority to grant
options to employees of the Company or of any subsidiary of the Company who are not
directors or executive officers, provided that such grants are within the limits
established by &#167;157 and by resolution of the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will periodically review the Company&#146;s policies and procedures
with respect to employee loans, and will not approve any arrangement in which the
Company, directly or indirectly, extends or maintains credit, arranges for the
extension of credit or renews an extension of credit, in the form of a personal loan to
or for any director or executive officer (or equivalent thereof) of the Company. The
Committee will assist the Board and management of the Company in complying with this
prohibition.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will exercise the powers of the Board and perform such duties and
responsibilities as may be assigned to a &#147;committee&#148;, this Committee or the Board under
the terms of any incentive-compensation, equity-based, deferred compensation, or other
plan in the Company&#146;s executive benefit program.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will prepare an annual report on executive compensation to the
Company&#146;s stockholders for inclusion in the proxy statement or Form 10-K for the
Company&#146;s annual meeting in accordance with the rules and regulations of the Securities
and Exchange Commission (the &#147;SEC&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will make regular reports to the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will review this Charter annually and recommend to the Board any
changes it determines are appropriate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will at least annually review its performance and submit a report
on its performance to the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will have the sole authority and right, as and when it shall
determine to be necessary or appropriate to the functions of the Committee, at the
expense of the Company, to retain and terminate compensation consultants, legal counsel
and other advisors of its choosing to assist the Committee in connection with its
functions. The Committee shall have the sole authority to approve the fees and other
retention terms of such advisors. The Company shall provide for appropriate funding,
as determined by the Committee, for payment of compensation to any such advisors
employed by the Committee pursuant to this charter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee will perform any other activities required by applicable law,
rules or regulations, including the rules of the SEC and any exchange or market on
which the Company&#146;s capital stock is traded, and perform other activities that are
consistent with this charter, the Company&#146;s certificate of incorporation and bylaws,
and governing laws, as the Committee or the Board deems necessary or appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IV. MEETINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Meetings of the Committee will be held from time to time, but at least once a year, in response to
the needs of the Committee or the Board or as otherwise determined by the Chairman of the
Committee, and the Committee shall provide reports to the Board. Directors not on the Committee
may attend meetings of the Committee at the discretion on the Chairman of the Committee. At the
invitation of the Chairman, members of management and outside consultants may attend Committee
meetings. A majority of the members of the Committee shall constitute a quorum for the transaction
of business. Unless the Committee by resolution determines otherwise, any action required or
permitted to be taken by the Committee may be taken without a meeting if all members of the
Committee consent thereto in writing, and the writing or writings are filed with the minutes of the
proceedings of the Committee. Members of the Committee may participate in a meeting through the
use of conference telephone or similar communication equipment, as long as all members
participating in such meeting can hear one another, and such participation shall constitute
presence at the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>V. MINUTES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee will maintain written minutes of its meetings, and will file such minutes with the
books and records of the Company.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix&nbsp;D</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Director Independence Standards</B></U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As adopted by the Board of Directors of Thor Industries, Inc.</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A director will not be considered independent if, within the preceding three years:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is an employee, or whose immediate family member is an executive officer, of the
Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director receives, or whose immediate family member receives, more than $100,000 per year
in direct compensation from the Company, other than director and committee fees and pension
or other forms of deferred compensation for prior service (provided such compensation is not
contingent in any way on continued service).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is affiliated with or employed by, or whose immediate family member is affiliated</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with or employed in a professional capacity by, a present or former internal or external
auditor of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is employed, or whose immediate family member is employed, as an executive
officer of another company where any of the Company&#146;s present executives serve on that
company&#146;s compensation committee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is an executive officer or an employee, or whose immediate family member is an
executive officer, of another company that makes payments to, or receives payments from, the
Company for property or services in an amount which, in any single fiscal year, exceeds the
greater of $1&nbsp;million or 2% of such other company&#146;s consolidated gross revenues.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For relationships not covered by the guidelines above, or for relationships that are covered, but
as to which the Board believes a director may nonetheless be independent, the determination of
independence shall be made by the directors who satisfy the NYSE independence rules and the
guidelines set forth above. However, any determination of independence for a director who does not
meet these standards must be specifically explained in the Company&#146;s proxy statement for a meeting
of shareholders at which directors are to be elected.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
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<!-- Begin Table Body -->

<TR valign="bottom">

<TD valign="middle" COLSPAN="4" style="font-size: 6pt"><IMG src="l34360al3436003.gif" alt="(THOR INDUSTRIES INC. LOGO)"></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size:6pt">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 150pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size:6pt">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="middle" nowrap COLSPAN="3" style="font-size: 8pt"><DIV style="margin-left:0px; text-indent:-0px">Using a <b><u>black ink</u></b> pen,
mark your votes with an <b>X</b> as shown in &nbsp;&nbsp;<br>
this example. Please do not write outside the designated areas.
</DIV></TD>
    <TD align="left" valign="middle"><FONT face="Wingdings" style="font-size: 24pt">&#120;</FONT>&nbsp;</TD>
   <TD nowrap valign="top">&nbsp;</TD>
   <TD nowrap valign="top">&nbsp;</TD>
   <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="2" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 3pt">
    <TD width="60%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #ffffff">
    <TD align="left" valign="middle" nowrap style="border-bottom: 3px solid #000000; border-top: 3px solid #000000"><FONT face="arial" style="font-size: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Annual Meeting Proxy Card
</B></font>&nbsp;</TD>
    <TD align="center" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000"><BR>&nbsp;</TD>

<TD align="RIGHT" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000"><FONT face="arial" style="font-size: 12pt"><B>&nbsp;</B></FONT></TD>

<TD align="center" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000">&nbsp;
</TD>

</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt; MARGIN-LEFT: 2%"><FONT style="font-size:8pt">&#9660;</FONT>

<B>
PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.
</B>&nbsp;<FONT style="font-size:8pt">&#9660;</FONT></DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">


<TD nowrap align="left" valign="middle" colspan="2" style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="background:#000000;  width=2%">&nbsp;<font color="#FFFFFF"><B>A</B>&nbsp;</FONT></FONT>
<B>
Proposals &#151;
The Board of Directors recommends a vote <u>FOR</u> each of the listed nominees and <U>FOR</U> Proposal 2.
</B>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt" valign="bottom">
     <TD nowrap valign="top" align="left">1.</TD>
    <TD nowrap align="left">Election of directors:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Withhold</B>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 26pt" rowspan="4"><B>&#043;</B>&nbsp;</TD>


</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 3pt"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>


</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>

<TD valign="middle"><DIV style="margin-left: 0px; text-indent:-0px">01 - Wade F.B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="middle">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<tr>
    <TD colspan="20">&nbsp;</td>
</tr>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="middle">02 - Jan H. Suwinski

</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<tr>
    <TD colspan="21">&nbsp;</td>
</tr>


<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="middle">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<tr>
    <TD colspan="21">&nbsp;</td>
</tr>
<TR style="font-size: 7pt" valign="bottom">
     <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center"><B>&nbsp;</B>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Withhold</B>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="left">&nbsp;&nbsp;<b>Abstain</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom">
    <TD align="left" valign="middle">2.</td>
    <TD colspan="7" valign="middle"> Approve 2008 Annual Incentive Plan.</td>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;</td>
    <TD align="left" valign="top">&nbsp;</td>
</TR>

<tr style="font-size: 20px">
    <TD colspan="20">&nbsp;</td>
</tr>

<tr>
    <TD colspan="20">In their discretion, upon the transaction of such other business as may come before the meeting.</td>
</tr>

<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD style="font-size: 3pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<font style="font-size: 10pt; background:#000000; color=#FFFFFF">&nbsp;<B>B</B>&nbsp;</font><B><font style="font-size: 10pt">&nbsp;Non-Voting
Items</font></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Change of Address &#151; </B>
Please print new address below.
</DIV></TD>
    <TD>&nbsp;</TD>
<TD valign="top">&nbsp;</TD>
</TR>
<TR><TD style="font-size: 3pt">&nbsp;</TD></TR>
<TR style="font-size: 8px">
    <TD colspan="3" valign="top" style="border: 1px solid #000000; font-size: 25pt"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>


</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="margin-top: 3pt; MARGIN-LEFT: 1%">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="97%">
<TR valign="bottom">

    <TD COLSPAN="2">
<DIV style="background:#000000; WIDTH: 1%">
<font color="#FFFFFF"><font style="font-size: 12pt">&nbsp;<B>C</B></font>&nbsp;</FONT></DIV></TD>

<TD align="left" width="97%" nowrap><font style="font-size: 10pt"><b>Authorized
Signatures &#151;
This section must be completed for your vote to be counted.  &#151;
Date and Sign Below</b></font>

</TD>
</TR>

</TABLE>
</DIV>





<DIV align="left" style="font-size: 8pt; margin-top: 3pt; margin-left: 2%">
Please sign exactly as name(s) appears hereon. Joint owners should
each sign. When signing as executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title.
</DIV>




<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 3pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap align="left"><DIV style="margin-left:0px; text-indent:-0px">Date (mm/dd/yyyy) &#151; Please print date below.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature 1 &#151; Please keep signature within the box.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature 2 &#151; Please keep signature within the box.</TD>
</TR>
<TR><TD style="font-size: 2pt">&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 20pt">
    <TD align="center" style="border-bottom: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">
&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="center">
<TABLE style="font-size: 8pt; margin-top: 3pt;" cellspacing="0" border="0" cellpadding="3" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<tr>
      <TD align="left" valign="top" style="font-size:22pt"><FONT face="Wingdings">&#110;</FONT></TD>
      <TD align="center" valign="bottom" style="font-size:12pt"><B>1 U P X &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T H O 1</B></TD>
      <TD align="right" valign="top" style="font-size:26pt"><B>&#043;</B>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 24pt; margin-top: 200pt">&nbsp;</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 18pt; MARGIN-LEFT: 2%"><FONT style="font-size:8pt">&#9660;</FONT>

<B>
PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.
</B>&nbsp;<FONT style="font-size:8pt">&#9660;</FONT></DIV>

<DIV align="left" style="font-size: 24pt; margin-top: 12pt; margin-left: 2%"><IMG src="l34360al3436003.gif" alt="(THOR INDUSTRIES INC. LOGO)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt; margin-top: 3pt;" cellspacing="0" border="0" cellpadding="3" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" >

<TD align="left" valign="middle" nowrap style="border-bottom: 3px solid #000000; border-top: 3px solid #000000"><FONT face="arial" style="font-size: 12pt"><br style="font-size: 3pt"><B>Proxy &#151; Thor Industries, Inc.
</B></font><BR><br style="font-size: 3pt"></TD>
    <TD align="center" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000">&nbsp;</TD>

<TD align="center" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000">&nbsp;</TD>

<TD align="center" valign="middle" style="border-bottom: 3px solid #000000; border-top: 3px solid #000000"><FONT face="arial" style="font-size: 12pt"><B>&nbsp;
</B></font></TD>

</TR>
<TR style="font-size: 0pt">
<TD align="left" valign="top" style="font-size:3pt">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="LEFT" style="font-size: 12pt; margin-top: 0pt; MARGIN-LEFT: 2%; MARGIN-RIGHT: 2%"><B>ANNUAL MEETING OF STOCKHOLDERS, DECEMBER 9, 2008</B>
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt; MARGIN-LEFT: 2%; MARGIN-RIGHT: 2%">
The undersigned stockholder of
Thor Industries, Inc. hereby appoints WADE F. B. THOMPSON and
PETER B. ORTHWEIN or each of them, with power of substitution and revocation to each, as
proxies to appear and vote all shares of the Company which the undersigned would be entitled to
vote if personally present at the Annual Meeting of Stockholders to be held on December 9, 2008
and any adjournments thereof, hereby revoking any proxy heretofore given, notice of which meeting
and related proxy statement have been received by the undersigned.
</DIV>

<DIV align="JUSTIFY" style="font-size: 10pt; margin-top: 12pt; MARGIN-LEFT: 2%; MARGIN-RIGHT: 2%">
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS AND SHALL BE VOTED AS SPECIFIED HEREIN. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL #1 AND PROPOSAL #2.
</DIV>

<DIV align="CENTER" style="font-size: 10pt; margin-top: 8pt; MARGIN-LEFT: 2%; MARGIN-RIGHT: 2%">PLEASE MARK, SIGN, DATE AND MAIL THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; MARGIN-LEFT: 2%; MARGIN-RIGHT: 2%">(Continued
and to be signed on reverse side.)
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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