NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(16) Fair Value of Financial Instruments

Fleetwood has estimated the fair value of its financial instruments as of April 29, 2007, and April 30, 2006, 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 29, 2007								April 30, 2006
	Book Value				Estimated Fair Value			Book Value				Estimated Fair Value
	(Amounts in thousands)
Cash and cash equivalents	$	52,128		$	52,128		$	123,141		$	123,141
Marketable investments		24,161			24,161			22,768			22,768
Cash value of company-owned life insurance		39,423			39,423			45,163			45,163
Investments in unconsolidated subsidiaries		8,892			8,892			8,892			8,892
Other short-term borrowings		7,314			7,314			7,476			7,476
Convertible senior subordinated debentures		100,000			100,850			100,000			103,330
Convertible subordinated debentures		160,142			112,150			210,142			147,251
Other long-term debt		17,508			17,508			23,199			23,199