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PRESS RELEASE                                            For Immediate Release
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Date:    February 11,  2003
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Contact: Leigh J. Abrams, President and CEO
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Phone:   (914) 428-9098 Fax:     (914) 428-4581
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E Mail:  Drew@drewindustries.com                                  DREW
------------------------------------------------         INDUSTRIES INCORPORATED

                   DREW REPORTS RECORD SALES AND EPS FOR 2002
                Income Up 60 Percent on Sales Gain of 28 Percent

WHITE PLAINS, NEW YORK - FEBRUARY 11, 2003 - A continuing strong recreational
vehicle (RV) market, coupled with market share gains in both its RV and
manufactured housing segments, enabled Drew Industries (AMEX: DW) to achieve
record sales and earnings per share from continuing operations in 2002. Sales
for 2002 reached a record $325 million, an increase of 28 percent from last
year's sales of $255 million. Income from continuing operations was $15.8
million, or $1.57 per share, up 60 percent from last year's income from
continuing operations of $9.8 million, or $1.02 per share. Results for 2001
included goodwill amortization expense of $1.6 million, net of taxes, or $.16
per share, while there was no goodwill amortization expense in 2002, as a result
of the adoption of a new accounting principle. The Company's axle and tire
business is now being reflected as a discontinued operation in Drew's financial
statements for 2002 and prior periods. Drew sold the last remaining operation of
the business in January 2003 for a small profit.

Drew reported that fourth quarter sales increased 27 percent to $78 million, up
from $62 million last year. Income from continuing operations increased 18
percent to $2.6 million, or $.26 per share, in the current quarter, versus
income from continuing operations of $2.2 million, or $.23 per share, in last
year's fourth quarter. Pre-tax income for the quarter increased 44 percent from
last year. This increase was partially offset by higher taxes due to an
unusually low effective tax rate in the 2001 fourth quarter. Drew noted that the
first and fourth quarters are typically its weakest quarters due to buying
cycles in the RV and manufactured housing industries.

Results for the 2001 fourth quarter included goodwill amortization expense of
$428,000, net of taxes, or $.04 per share. Results for the fourth quarter of
2002 include an after-tax charge of approximately $300,000, or $.03 per share,
relating to an $800,000 receivable due from a customer that filed for Chapter 11
protection. This customer accounted for less than five percent of the Company's
net sales. Sales to the customer are continuing pursuant to authorization of the
Bankruptcy Court.

"We are extremely pleased that our strategies and hard work are showing results,
as evidenced by our very strong 2002 operating results," said Leigh J. Abrams,
President and CEO. "Our focus on meeting the real-time needs of our customers is
paying off in higher sales and profitability and continued market share gains.
We remain optimistic that we can continue to build on this momentum in 2003 and
grow our top and bottom lines ahead of the industries we serve."


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DREW / Page 2 of 4

Calendar 2002 was marked by a number of milestones for Drew. For the first time
in the Company's history, sales and operating profit of the RV products segment
exceeded those of the Manufactured Housing ("MH") products segment. The growth
of the RV segment stems from market share gains, new product introductions and
acquisitions. Also during 2002, Drew acquired a small RV towable chassis
business that had annual sales of $7 million. Production for these newly
acquired accounts has been integrated into Drew's existing RV factories without
incurring additional fixed overhead cost. Drew also opened a new RV factory in
Portland, Oregon, the Company's fifth factory serving the rapidly expanding West
Coast market. Drew has opened three factories on the West Coast in the last
three years. In addition, in September 2002 the Company converted its tire and
axle facility in Bristol, Indiana to produce RV windows and doors.

These gains in the RV segment more than offset the continuing slide in MH
industry production, which has lasted since the peak year of 1998 when 373,000
new homes were produced by the MH industry. Industry production for 2002 fell to
approximately 168,000 homes, a decline of 55 percent since 1998. During this
same period, excluding Drew's acquisition of Better Bath in 2001, Drew's MH
segment sales have decreased only 31 percent. Drew outperformed the industry
primarily through market share gains and the significant increase in sales of
the Company's higher quality and higher priced vinyl windows, replacing sales of
lower priced aluminum windows.

Other highlights in the MH segment include Drew's September 2002 move from a
60,000-square-foot leased factory in Alabama to a new 109,000-square-foot owned
factory in the same town. In addition to an aluminum window line, Drew added a
new vinyl window line to this new MH factory. This marks the second consecutive
year that the Company has increased vinyl window capacity because of increased
demand for these products despite the decline in the MH industry. When the MH
industry finally recovers, Drew will be in a position to capture a large share
of the industry growth.

As previously reported, Drew adopted Statement of Financial Accounting Standards
No. 142 "Goodwill and Other Intangible Assets" on January 1, 2002, and has
recorded a first quarter after tax charge of $30.1 million, or $3.01 per share,
for impairment of goodwill associated with the Company's acquisitions. The tax
benefit related to this charge was reduced by $82,000 in the fourth quarter, as
a result of a year-end review of tax benefits to be received. The charge did not
affect cash or operations.

Recreational Vehicle Products Segment

Drew reported that its RV products segment continued to produce strong,
double-digit growth during the fourth quarter and year, as segment operating
profit increased 177 percent in the quarter and 76 percent for the year on
increases in net sales of 88 percent and 59 percent, respectively. This growth
far exceeded the overall RV industry growth rates for the fourth quarter and
year of approximately 33 percent and 21 percent, respectively. RV product sales
reached $45.1 million in the fourth quarter or 58 percent of consolidated sales,
and operating profit increased to $3.5 million, or 56 percent of consolidated
segment operating profit. The Company's newer RV product factories are still
operating at less than normal margins as they ramp up to full production. As
these factories become more efficient, their contribution to operating profits
is expected to increase. Patent litigation commenced against the Company in
connection with the introduction of its new RV slide-out systems is in the early
stages of discovery and the Company is vigorously defending against the claims.


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<PAGE>

DREW / Page 3 of 4

Abrams said: "Continued expansion of our RV products customer base, coupled with
increasing sales of RV chassis, slide-out systems, windows and doors accounted
for the bulk of our sales increase. In addition, our aggressive geographic
expansion through new factories, as well as new customers and product line
enhancements, should aid our growth in the future."

RV industry shipments continue to grow at a double-digit percentage rate
bolstered by low interest rates, strong demographics and consumers' growing
preference for domestic family vacations. Traditionally, demand for RVs is
strongest from the over-50 age group, which is the fastest growing segment of
the population. Also, as a result of an industry-wide "Go RVing" awareness and
advertising campaign, the 35 to 50 age group is becoming a more significant
buyer of RVs.

Manufactured Housing Products Segment

Drew's MH products segment out-performed the industry again in 2002, and the MH
products segment has been profitable every quarter during this prolonged
industry slump.

Through market share gains and increased sales of higher quality and higher
priced vinyl windows, Drew's MH segment sales for the year increased 5 percent
to $154.3 million, compared to a 13 percent decline for the industry. Segment
operating profit increased 6 percent to $16.9 million. For the fourth quarter,
the MH segment reported sales of $33.2 million, 12 percent less than in the
fourth quarter of last year, but far better than the industry-wide decline of
about 24 percent in the quarter. Segment operating profit for the 2002 fourth
quarter declined 31 percent to $2.8 million, due to lower sales, significant
increases in the cost of steel, which is one of this segment's primary raw
materials, and the provision for bad debt discussed above.

Commenting on the Company's growth despite difficult MH industry conditions, Mr.
Abrams said: "Credit availability, high interest rate spreads between
conventional mortgages and MH mortgages, and excessive repossessions remain
problems for the industry. However, we remain optimistic about longer-term
prospects for recovery. Manufactured homes have improved dramatically in
appearance and quality, and represent a significant cost advantage over
site-built homes. It appears that retail demand for manufactured homes remains
strong, but sales of new homes have been constrained by the limited availability
of affordable financing and re-sales of repossessed homes. We hope for a rebound
beginning in late 2003 and look forward to the opportunity to leverage our
existing infrastructure to realize gains in this segment."

Balance Sheet/Other Highlights

Drew reported that it continued to generate strong cash flow from operations in
2002, allowing investment in new facilities and equipment and a strategic
acquisition. The Company reported debt of $49 million at December 31, 2002, down
from $53 million a year earlier, despite a $12 million increase in inventory due
to higher sales. Drew's ratio of debt to EBITDA (earnings for the last 12
months, before interest, taxes, depreciation and amortization) was 1.3 as of
December 31, 2002, which enabled Drew to obtain the most favorable interest rate
available under its line of credit. Capital expenditures for 2002 were $10.4
million, including the new factories. Depreciation for 2002 was $7.3 million.


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DREW / Page 4 of 4

Conference Call

Drew will provide an online, real-time webcast and rebroadcast of its fourth
quarter and year-end earnings conference call on Tuesday, February 11, 2003, at
11 a.m. eastern time, at www.drewindustries.com. Individual investors can also
listen to the call at www.companyboardroom.com.

Institutional investors can access the call via the password-protected event
management site, StreetEvents (www.streetevents.com). A replay of the conference
call will be available by telephone by dialing (800) 274-0251 and referencing
access code 443354. A replay will also be available on Drew's website.

About Drew

Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components,
supplies a broad array of components for RVs and manufactured homes.
Manufactured products include aluminum and vinyl windows and screens, doors,
chassis, chassis parts, chassis slide-out systems, and bath and shower units.
From 40 factories located throughout the United States and one factory in
Canada, Drew serves most major national manufacturers of RVs and manufactured
homes in an efficient and cost-effective manner. Additional information about
Drew and its products can be found at www.drewindustries.com.

Forward Looking Statements

This press release contains certain statements, including the Company's plans
and expectations regarding its operating strategy, products and costs, and its
views of the prospects of the recreational vehicle and manufactured housing
industries, which are forward-looking statements and are made pursuant to the
safe harbor provisions of the Securities Litigation Act of 1995. These
forward-looking statements reflect the Company's views, at the time such
statements were made, with respect to the Company's future plans, objectives,
events and financial results, such as revenues, expenses, income, earnings per
share, capital expenditures, and other financial items. Forward-looking
statements are not guarantees of future performance; they are subject to risks
and uncertainties. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the date the
forward-looking statements are made.

There are a number of factors, many of which are beyond the Company's control,
which could cause actual results and events to differ materially from those
described in the forward-looking statements. These factors include pricing
pressures due to competition, raw material costs (particularly aluminum, vinyl,
steel, glass, and ABS resin), availability of retail and wholesale financing for
manufactured homes, availability and costs of labor, inventory levels of
retailers and manufacturers, the financial condition of our customers, interest
rates, the outcome of pending litigation, and adverse weather conditions
impacting retail sales. In addition, general economic conditions and consumer
confidence may affect the retail sale of manufactured homes and RVs.


                                      # # #

<PAGE>

                              OPERATING RESULTS (1)

<TABLE>
<CAPTION>
                                                                       Year Ended                       Quarter Ended
                                                                      December 31,                       December 31,
                                                              ---------------------------         -------------------------
(In thousands, except per share amounts)                        2002              2001              2002             2001
                                                              ---------         ---------         --------         --------
<S>                                                           <C>               <C>               <C>              <C>
Net sales                                                     $ 325,431         $ 254,770         $ 78,309         $ 61,556
                                                              ---------         ---------         --------         --------
Cost of sales                                                   246,844           194,309           60,389           46,546
                                                              ---------         ---------         --------         --------
   Gross profit                                                  78,587            60,461           17,920           15,010
Selling, general and administrative expenses                     49,374            40,116           12,595           10,949
                                                              ---------         ---------         --------         --------
       Operating profit                                          29,213            20,345            5,325            4,061
Interest expense                                                  3,566             4,151              866              954
                                                              ---------         ---------         --------         --------
       Income from continuing operations before
         income taxes and cumulative effect of
         change in accounting principle                          25,647            16,194            4,459            3,107
Provision for income taxes                                        9,883             6,364            1,842              885
                                                              ---------         ---------         --------         --------
       Income from continuing operations before
         cumulative effect of change in
         accounting principle                                    15,764             9,830            2,617            2,222
Discontinued operations (net of taxes)                             (200)             (896)             (52)            (120)
                                                              ---------         ---------         --------         --------
       Income before cumulative effect of
         change in accounting principles                         15,564             8,934            2,565            2,102
Cumulative effect of change in accounting
   principle (net of taxes of $2,743 for the
   year and ($82) for the quarter)                              (30,162)                               (82)
                                                              ---------         ---------         --------         --------
       Net income (loss)                                      $ (14,598)        $   8,934         $  2,483         $  2,102
                                                              =========         =========         ========         ========

Net income (loss) per common share:
       Income from continuing operations before
       cumulative effect of change in
         accounting principle:
                Basic                                         $    1.61         $    1.02         $    .26         $    .23
                                                              =========         =========         ========         ========
                Diluted                                       $    1.57         $    1.02         $    .26         $    .23
                                                              =========         =========         ========         ========
       Discontinued operations, net of taxes:
                Basic                                         $    (.02)        $    (.10)        $     --         $   (.01)
                                                              =========         =========         ========         ========
                Diluted                                       $    (.02)        $    (.10)        $     --         $   (.01)
                                                              =========         =========         ========         ========
       Cumulative effect of change in
        accounting principle, net of taxes:
                Basic                                         $   (3.08)        $      --         $   (.01)        $     --
                                                              =========         =========         ========         ========
                Diluted                                       $   (3.01)        $      --         $   (.01)        $     --
                                                              =========         =========         ========         ========
       Net income (loss)
                Basic                                         $   (1.49)        $     .92         $    .25         $    .22
                                                              =========         =========         ========         ========
                Diluted                                       $   (1.46)        $     .92         $    .25         $    .22
                                                              =========         =========         ========         ========

Weighted average common shares outstanding:
     Basic                                                        9,790             9,661            9,888            9,668
                                                              =========         =========         ========         ========
     Diluted                                                     10,009             9,666           10,123            9,673
                                                              =========         =========         ========         ========

Depreciation and amortization                                 $   7,332         $   8,411         $  2,014         $  2,101
                                                              =========         =========         ========         ========
Capital expenditures                                          $  10,446         $   8,192         $  1,986         $  1,903
                                                              =========         =========         ========         ========
</TABLE>

(1)   Financial information for prior periods has been reclassified to reflect
      the Company's axle and tire business as a discontinued operation.

<PAGE>

                          BALANCE SHEET INFORMATION (2)

<TABLE>
<CAPTION>
                                                                         December 31,
                                                                    -------------------
(In thousands, except per share amounts and ratios)                   2002       2001
                                                                    --------   --------
<S>                                                                 <C>        <C>
Current assets
   Cash and short term investments ..............................   $    316   $  1,191
   Accounts receivable, net .....................................     12,969     10,493
   Inventories ..................................................     37,143     25,526
   Prepaid expenses and other current assets ....................      8,618      4,219
   Discontinued operations ......................................      1,211      3,216
                                                                    --------   --------
       Total current assets .....................................     60,257     44,645
Fixed assets, net ...............................................     74,041     69,651
Goodwill, net ...................................................      7,043     38,303
Other intangible assets .........................................        814      1,073
Other assets ....................................................      3,241      3,303
                                                                    --------   --------
       Total assets .............................................   $145,396   $156,975
                                                                    ========   ========

Current liabilities
   Current maturities of long-term obligations ..................   $  9,993   $  9,630
   Accounts payable and accrued expenses ........................     25,697     21,163
   Discontinued operations ......................................        500      1,036
                                                                    --------   --------
       Total current liabilities ................................     36,190     31,829
Long-term indebtedness ..........................................     38,812     43,691
Other long-term obligations .....................................        290        245
                                                                    --------   --------
       Total liabilities ........................................     75,292     75,765
       Total stockholders' equity ...............................     70,104     81,210
                                                                    --------   --------
       Total liabilities and stockholders' equity ...............   $145,396   $156,975
                                                                    ========   ========

Current ratio ...................................................        1.7        1.4
Total debt to equity ............................................        0.7        0.7

Stockholders' equity per share ..................................   $   7.06   $   8.40

Tangible net worth (stockholders' equity less goodwill) per share   $   6.35   $   4.44
</TABLE>

(2)   Financial information for prior periods has been reclassified to reflect
      the Company's axle and tire business as a discontinued operation.


