LOOKING BACK...  MOVING FORWARD Our long-term goal is simple — enhance shareholder value. In 2003, we accomplished this objective by many meas- ures and through a variety of means. We made two acqui- sitions, which were immediately accretive to earnings and brought us new products and new channels for growth. We continued our investments in new product develop- ment, which helped us grow sales and profitability in every single product line in our RV segment. We also stayed focused on execution, which allowed us to grow faster than a strong RV market and buffered us from the down- turn in manufactured housing. The results showed in sales growth and 23 percent increase in income from continuing operations. It showed in our return on equity (ROE) of 24 percent, and our ability to generate $31 million in “cash flow from operating activ- ities” which enabled us to reduce debt by $14 million. Most importantly, our success in delivering enhanced shareholder value in 2003 included a sizable gain in the most tangible metric, our stock price. Drew’s stock price increased 73 percent in 2003 and has climbed even farther in the first quarter of 2004. Since the end of 2000, our stock price is up nearly five fold, an accomplishment that every Drew employee should take great pride in and every stockholder can applaud. So, what made a difference for Drew in 2003? The same things that will make the difference in the coming year and in the foreseeable future: Organic Growth Acquisitions Management/Shareholder Alignment “The Exchange is privileged to welcome Drew Industries to its family of listed companies.” NYSE President and co-COO Catherine Kinney. NYSE OPENING CEREMONY Drew’s board and management rang the bell to open trading on the New York Stock Exchange on December 11, 2003. Drew moved its stock listing to the NYSE the  same day in a move to improve exposure  and liquidity for the stock.  David L. Webster Chairman, President and  Chief Executive Officer of Kinro, Inc. Jason Lippert President and Chief Executive Officer of Lippert Components, Inc. L. Douglas Lippert Chairman of Lippert Components, Inc. • Our Highly Experienced and Motivated Management • Low Cost Producer in our Markets • Outstanding Customer Service • National Supplier Serving National Customers • Proven Product Line Expansion Abilities • Strategic Acquisition Discipline and Execution 8