Cover Table of Contents Company Profile Financial Summary Chairman's Letter to Shareholders President's Letter to Shareholders Recreational Vehicles Review    RV Market    A Focus: On Our Growing Customer Base    RV Operations    A Focus: On Our Product Line Operations    RV Products    A Focus: On Market Share-Enhancing Innovation Manufactured Housing Review    Housing Market    A Focus: On an Improving Market    Housing Operations    A Focus: On Regional Preferences    Housing Advances    A Focus: On True Customer Satisfaction Ten-Year Summary of Selected Financial Data Five-Year History of Selected Segment Data Management's Discussion and Analysis Report of Independent Registered Public Accounting Firm Consolidated Statements of Operations Consolidated Balance Sheets Consolidated Statements of Cash Flows CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Notes to Consolidated Financial Statements Directors Executive Officers Shareholder Information Back Cover

MANUFACTURED HOUSING REVIEW

A FOCUS ON REGIONAL PREFERENCES One of the operational changes currently underway at Fleetwood includes a renewed focus on addressing consumer product preferences that vary between regions across the nation. By developing products with customer-driven input, we are able to cost-effectively include subtle design elements that cater to individual regional and local market tastes.