Fleetwood Enterprises

Nature of business: Makes recreational vehicles and manufactured housing Total employees: 12,000 In Orange County: 60 Stock listing in The Times: On NYSE “FleetEn” Ticker symbol: “FLE” Friday’s stock close: $18.87 One-week change: Down $3.88 Analyst review: “Fleetwood is a leader in the recreational vehicle and manufactured housing business by almost any measurement--market share, product innovations, financial performance. But it is in a cyclical business. The Rv industry hit bottom in mid-1991 and the manufactured housing business hit bottom later that year. But 1992 was a recovery year for the industry, and Fleetwood did very well. It has substantial cash on the balance sheet, and will have a two- to three-year recovery period if the economy doesn’t tank. We have a long-term buy on the stock for investors who are willing to hold the stock longer than 12 months.” --Robert P. Curran, analyst Merrill Lynch, New York Revenue Dollar amounts in billions

3 qtrs. 3 qtrs. 1990 1991 1992 1992 1993 $1.5 $1.4 $1.6 $1.1 $1.4

*Profit Dollar amounts in millions

3 qtrs. 3 qtrs. 1990 1991 1992 1992 1993 $55.0 $30.4 $40.2 $27.5 $40.9

Corporate outlook: “Fleetwood has been able to achieve a large market share position by being very sensitive to the needs of its customers and by producing high-value products. One of the keys to our success is the way we compensate our people. We have bonus plans at every level of the company; all of us have a real incentive to take a proprietary interest in developing our business.” --Paul M. Bingham, chief financial officer RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Apr. 30 Apr. 30 Apr. 30 3 qtrs. 1990 1991 1992 1992 52-week high* $14.75 $16.81 $24.00 $20.00 52-week low* $11.00 $7.88 $14.06 $14.06 Book value per share $18.61 $19.20 $20.53 $20.14 Price per share* $13.06 $14.88 $19.00 $19.81 Net profit per share $2.42 $1.37 $1.76 $1.21 Price-to-earnings ratio 5:1 11:1 11:1 13:1 Avg. return on investor equity 13% 7% 9% 8%

Fiscal year ending 3 qtrs. 1993 52-week high* $24.88 52-week low* $12.69 Book value per share $21.41 Price per share* $24.75 Net profit per share $1.78 Price-to-earnings ratio 11:1 Avg. return on investor equity 11%

* Reflects adjustment for the two-for-one split on March 1. For more information, write Fleetwood Enterprises Inc.: 3125 Myers St., Riverside, Calif. 92513 (909) 351-3504 Source: Fleetwood Enterprises Inc.; Bloomberg Business News