(14) Fair Value of Financial Instruments

Fleetwood has estimated the fair value of its financial instruments as of April 27, 2008, and April 29, 2007, based on relevant market information or using management estimates of discounted cash flows. The book and estimated fair values of financial instruments include those set out below or are discussed in Note 5:

	April 27, 2008								April 29, 2007
	Book Value				Estimated Fair Value				Book Value				Estimated Fair Value
	(Amounts in thousands)
Cash and cash equivalents (including restricted cash)	$	75,052		$	75,052		$	52,127		$	52,127
Marketable investments		25,087			25,087			24,161			24,161
Cash value of life insurance policies		29,157			29,157			39,423			39,423
Investments in unconsolidated subsidiaries		8,892			8,892			8,892			8,892
Short-term borrowings		9,568			9,568			7,314			7,314
5% convertible senior subordinated debentures		100,000			96,000			100,000			100,850
6% convertible subordinated debentures		160,142			84,139			160,142			112,150
Other long-term debt		16,145			16,145			17,508			17,508