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<SEC-DOCUMENT>0000950134-04-008114.txt : 20040526
<SEC-HEADER>0000950134-04-008114.hdr.sgml : 20040526
<ACCEPTANCE-DATETIME>20040526081907
ACCESSION NUMBER:		0000950134-04-008114
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040622
FILED AS OF DATE:		20040526
EFFECTIVENESS DATE:		20040526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAVCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000278166
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				860214910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08822
		FILM NUMBER:		04831101

	BUSINESS ADDRESS:	
		STREET 1:		2728 N HARWOOD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201-1516
		BUSINESS PHONE:		2149815000

	MAIL ADDRESS:	
		STREET 1:		2728 N HARWOOD
		CITY:			DALLAS
		STATE:			AZ
		ZIP:			75201-1516
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d15638ddef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">February&nbsp;28, 2006</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">12.75</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant
&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2"></FONT>
<center>
<P align="center"><FONT size="6">Cavco Industries, Inc.</FONT><HR size="1" noshade><FONT size="2">
(Name of Registrant as Specified In Its Charter)
</FONT>
</center>
<p>
<center>
<P align="center"><FONT size="2"><HR size="1" noshade>(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT>
</center>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">CAVCO INDUSTRIES, INC.



<P align="center" style="font-size: 10pt">PROXY STATEMENT AND<BR>
NOTICE OF ANNUAL MEETING<BR>
OF STOCKHOLDERS



<P align="center" style="font-size: 10pt">To Be Held June&nbsp;22, 2004



<P align="center" style="font-size: 10pt">INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Notice of Annual Meeting of Stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proxy Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Appendix&nbsp;A &#150; Cavco Industries, Inc. Audit Committee Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Appendix&nbsp;B &#150; Cavco Industries, Inc. Compensation Committee Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>To ensure representation of your shares at the annual meeting, you must
vote and submit the proxy by telephone, over the Internet, or by mail in the
manner described in the accompanying proxy. Stockholders are encouraged to
review the accompanying proxy statement carefully.</B>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page No.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">CAVCO INDUSTRIES, INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#102">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#103">PROXY STATEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#104">INTRODUCTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#105">Purposes of the Annual Meeting </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#106">Recommendation of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#107">ABOUT THE MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#108">Who Can Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#109">How You Can Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#110">How Proxies Will be Voted</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#111">How to Revoke Your Proxy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#112">Required Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#113">Expenses of Soliciting Proxies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><A href="#114"> SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#115">Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#116">Certain Beneficial Owners</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#117">ITEM 1.ELECTION OF DIRECTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#118">Nominee for Director Standing for Election</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#119">Term Expiring in 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#120">Board Meetings, Fees, Committees, and Attendance Records</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#121">Director Nominating Process</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#122">Audit Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#123">Compensation Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#124">EXECUTIVE COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#125">Compensation Committee Interlocks and Insider Participation in Compensation Decisions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#126">Report of Compensation Committee on Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#127">Base Salary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#128">Incentive Bonus</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#129">Long-term Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px"><A href="#130">CEO Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#131">Performance Graph</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#132">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#133">Code of Conduct</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#134">CERTAIN TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#135">ITEM 2.RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#136">Recommendation of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#137">RELATIONSHIP WITH INDEPENDENT AUDITORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px"><A href="#138">Audit Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#139">STOCKHOLDER PROPOSALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><A href="#140">FORM 10-K</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#141">Appendix&nbsp;A &#150; Cavco Industries, Inc. Audit Committee Charter</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#142">Appendix&nbsp;B &#150; Cavco Industries, Inc. Compensation Committee Charter</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">- i -



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.<BR>
1001 N. Central Avenue<BR>
Suite&nbsp;800<BR>
Phoenix, Arizona 85004</B>


<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>To Be Held June&nbsp;22, 2004</B>



<P align="left" style="font-size: 10pt">To the Stockholders:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Cavco
Industries, Inc., a Delaware corporation (&#147;Cavco&#148;), will be held at the offices
of Cavco Industries, Inc., 1001 N. Central Avenue, Suite&nbsp;800, in the City of
Phoenix, Arizona on Tuesday, June&nbsp;22, 2004 at 9:00 a.m. (M.S.T.) for the
following purposes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect one director comprising a class of directors to serve
until the Annual Meeting of Stockholders in 2007, or until her
successor has been elected and qualified.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To vote upon the ratification of the appointment of Ernst &#038; Young
LLP as the independent auditors of Cavco Industries, Inc. for fiscal
year 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly come before the
meeting or any adjournment thereof.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Cavco has fixed the close of business on May&nbsp;7,
2004 as the record date for the determination of stockholders entitled to
notice of and to vote at the meeting or any adjournment thereof. Only
stockholders of record at the close of business on the record date are entitled
to notice of and to vote at the meeting. The transfer books will not be
closed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially invited to attend the meeting. Whether or not you
expect to attend the meeting in person, you can be sure your shares are
represented at the meeting by promptly voting and submitting your Cavco proxy
by telephone, by Internet or by completing, signing, dating and returning the
accompanying form of Cavco proxy in the enclosed envelope. Your Cavco proxy
will be returned to you if you choose to attend the meeting and request such
return.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">By Order of the Board of Directors</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SEAN K. NOLEN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President, Chief Financial Officer,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Treasurer and Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Phoenix, Arizona<BR>
May&nbsp;26, 2004


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>To ensure representation of your shares at the annual meeting, you must
vote and submit the proxy by telephone, over the Internet or by mail in the
manner described in the accompanying proxy.</B>


<P align="center" style="font-size: 10pt">1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.</B>


<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>Annual Meeting of Stockholders<BR>
To Be Held June&nbsp;22, 2004</B>


<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INTRODUCTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy, mailed together with this proxy statement, is
solicited by and on behalf of the Board of Directors of Cavco Industries, Inc.,
a Delaware corporation (&#147;Cavco&#148;), for use at the Annual Meeting of Stockholders
of Cavco to be held on June&nbsp;22, 2004, and at any adjournment thereof (the
&#147;Annual Meeting&#148;). The mailing address of the executive offices of Cavco is
1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004. The approximate
date on which this proxy statement and accompanying proxy were first sent to
stockholders was on or about May&nbsp;26, 2004.

<DIV align="left">
<A name="105"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Purposes of the Annual Meeting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, action will be taken upon the following matters:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of one director comprising a class of directors to serve
until the Annual Meeting of Stockholders in 2007, or until her
successor has been elected and qualified.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To ratify the appointment of Ernst &#038; Young LLP as the independent
auditors of Cavco Industries, Inc. for fiscal year 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business as may properly come before the Annual Meeting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Cavco (the &#147;Board&#148; or the &#147;Board of Directors&#148;)
does not know of any matters that may be acted upon at the Annual Meeting other
than the matters set forth in items (1), (2), and (3)&nbsp;above.

<DIV align="left">
<A name="106"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Recommendation of the Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board of Directors of Cavco recommends a vote FOR the election of the
nominee for director of Cavco named in the accompanying Cavco proxy and a vote
FOR the ratification of the appointment of Ernst &#038; Young LLP as auditors for
fiscal year 2005.</B>

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ABOUT THE MEETING</B>


<DIV align="left">
<A name="108"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Who Can Vote</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record holders of common stock, par value $.01 per share, of Cavco (&#147;Cavco
Common Stock&#148;) at the close of business on May&nbsp;7, 2004 may vote at the Annual
Meeting. On that date, the issued and outstanding capital stock of Cavco
entitled to vote at the Annual Meeting consisted of 3,144,365 shares of Cavco
Common Stock. Each holder of Cavco Common Stock will be entitled to one vote
per share upon the election of directors and each other matter that is
described above or that may be properly brought before the Annual Meeting.
There are no cumulative voting rights.

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>How You Can Vote</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Stockholders can vote their Cavco shares at the Annual Meeting by
voting and submitting the accompanying Cavco proxy by telephone, over the
Internet, or by completing, signing, dating, and returning the Cavco proxy in
the enclosed envelope.


<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="110"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>How Proxies Will be Voted</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares represented by valid proxies received by telephone, over the
Internet or by mail will be voted at the Annual Meeting in accordance with the
directions given. If no specific choice is indicated, the shares represented
by all valid proxies received will be voted FOR the election of the nominee for
director named in the proxy and FOR the ratification of the appointment of
Ernst &#038; Young LLP as auditors for fiscal year 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board does not intend to present, and has no information that others
will present, any business at the Annual Meeting other than as is set forth in
the attached Notice of Annual Meeting of Stockholders of Cavco. However, if
other matters requiring the vote of stockholders come before the Annual
Meeting, it is the intention of the persons named in the accompanying form of
Cavco proxy to vote the proxies held by them in accordance with their best
judgment in such matters.

<DIV align="left">
<A name="111"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>How to Revoke Your Proxy</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Cavco Stockholder has the unconditional right to revoke his, her, or
its Cavco proxy at any time prior to the voting thereof by submitting a
later-dated proxy, by attending the Annual Meeting and voting in person, or by
written notice to Cavco addressed to Sean K. Nolen, Secretary, Cavco
Industries, Inc., 1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004.
No such revocation will be effective, however, unless received by Cavco at or
prior to the Annual Meeting.

<DIV align="left">
<A name="112"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Required Vote</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence at the Annual Meeting, in person or by proxy, of a majority
of the outstanding shares of Cavco Common Stock is necessary to constitute a
quorum. Abstentions and, by definition, broker non-votes will be counted as
present for the purpose of establishing a quorum. The nominee for director
receiving a plurality of the votes cast at the meeting in person or by proxy
shall be elected. All other matters will be adopted if the number of votes
cast for the proposal exceeds the number of votes cast against the proposal.

<DIV align="left">
<A name="113"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Expenses of Soliciting Proxies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of soliciting proxies for the Annual Meeting will be borne by
Cavco. Solicitation may be made by mail, personal interview, telephone, or
other electronic means by officers and other employees of Cavco, who will
receive no additional compensation therefor.


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="114"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS</B>


<DIV align="left">
<A name="115"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Management</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information as of May&nbsp;7, 2004 with respect
to the beneficial ownership of shares of Cavco Common Stock by each director,
director nominee, and executive officer named in the Summary Compensation Table
under &#147;Executive Compensation,&#148; individually itemized, and by all directors,
director nominee, and executive officers of Cavco as a group (7 persons).
Except as otherwise indicated, all shares are owned directly, and the owner has
the sole voting and investment power with respect thereto.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Cavco Common Stock <SUP>(1)</SUP></B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Class</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David L. Blank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven G. Bunger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jacqueline Dout</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jack Hanna</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sean K. Nolen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joseph H. Stegmayer <SUP>(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Michael H. Thomas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All directors, director nominee and executive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">officers of Cavco as a group (7 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Less than 1%.</TD>
</TR>

</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares covered by stock options that are outstanding under the
Cavco Industries, Inc. Stock Incentive Plan and exercisable on May&nbsp;7,
2004 or within 60&nbsp;days thereafter are included as &#147;beneficially owned&#148;
pursuant to the rules and regulations of the Securities and Exchange
Commission (the &#147;SEC&#148;). Amounts include the following shares that may
be acquired upon exercise of such stock options: Mr.&nbsp;Blank
&#150; 5,000 shares; Mr.&nbsp;Bunger &#150; 0 shares; Ms.&nbsp;Dout &#150; 2,500 shares; Mr.&nbsp;Hanna &#150;
2,500 shares; Mr.&nbsp;Nolen &#150; 12,500 shares; Mr.&nbsp;Stegmayer &#150; 47,198 shares;
Mr.&nbsp;Thomas &#150; 2,500 shares; and all directors, director nominee, and
executive officers of Cavco as a group &#150; 72,198 shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes 27,548 vested shares of restricted stock granted to Mr.
Stegmayer on July&nbsp;7, 2003 pursuant to a Restricted Stock Award
Agreement, dated June&nbsp;30, 2003, between Cavco and Mr.&nbsp;Stegmayer.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<DIV align="left">
<A name="116"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Certain Beneficial Owners</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information as of May&nbsp;7, 2004 with respect
to the holders of shares of Cavco Common Stock who are known to Cavco to be
beneficial owners of more than five percent of such shares outstanding.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Cavco Common Stock</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Address of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Class</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gabelli Asset Management Inc. <SUP>(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.26</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">One Corporate Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rye, NY 10580-1435</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Arthur Wrubel <SUP>(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.58</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Wesley Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">535 Madison Avenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">26<SUP>th</SUP> Floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New York, New York 10022</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Wachovia Corporation <SUP>(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.58</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">One First Union Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Charlotte, North Carolina 28288-0013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based solely upon information contained in the Schedule&nbsp;13D/A of
Mario J. Gabelli filed (on his behalf and on behalf of certain other
reporting Gabelli entities) with the SEC on May&nbsp;17, 2004 with respect
to shares of Cavco Common Stock owned as of May&nbsp;12, 2004 (the &#147;Gabelli
13D/A&#148;), but calculating the percentage shown by dividing the number of
such shares of Cavco Common Stock by the total number of shares of
Cavco Common Stock issued and outstanding on May&nbsp;7, 2004. According to
the Gabelli 13D/A, such number includes the following share amounts:
sole voting power &#150; 351,650; shared voting power &#150; 0; sole dispositive
power &#150; 354,150; and shared dispositive power &#150; 0. The other Gabelli
reporting entities are Gabelli Funds, LLC, GAMCO Investors, Inc.,
Gabelli Securities, Inc., MJG Associates, Inc., Gabelli Advisers, Inc.,
Gabelli Group Capital Partners Inc., Gabelli Asset Management Inc.,
Gabelli &#038; Company, Inc., Gabelli &#038; Company, Inc. Profit Sharing Plan,
Gabelli Foundation, Inc., Lynch Corporation, and Lynch Interactive
Corporation.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based solely upon information contained in the Schedule&nbsp;13G of
Arthur Wrubel filed with the SEC on February&nbsp;9, 2004 with respect to
shares of Cavco Common Stock owned as of December&nbsp;31, 2003 (the &#147;Wrubel
13G&#148;), but calculating the percentage shown by dividing the number of
such shares of Cavco Common Stock by the total number of shares of
Cavco Common Stock issued and outstanding on May&nbsp;7, 2004. According to
the Wrubel 13G, such number includes 301,182 shares over which Arthur
Wrubel had both sole voting power and sole dispositive power.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based solely upon information contained in the Schedule&nbsp;13G of
Wachovia Corporation filed with the SEC on February&nbsp;10, 2004 with
respect to shares of Cavco Common Stock owned as of December&nbsp;31, 2003
(the &#147;Wachovia 13G&#148;), but calculating the percentage shown by dividing
the number of such shares of Cavco Common Stock by the total number of
shares of Cavco Common Stock issued and outstanding on May&nbsp;7, 2004.
According to the Wachovia 13G, such number includes the following share
amounts: sole voting power &#150; 171,773; shared voting power &#150; 0; sole
dispositive power &#150; 175,238; and shared dispositive power &#150; 121.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="117"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 1. ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco&#146;s Restated Certificate of Incorporation and Amended and Restated
Bylaws provide for the division of the Board into three classes, with the
directors in each class to hold office for staggered terms of three years each.
Each class of directors is to consist, as nearly as possible, of one-third of
the total number of directors constituting the entire Board. There is
presently one director in the class whose term expires at the Annual Meeting,
two directors in the class whose term expires at the 2005 annual meeting, and
two directors in the class whose term expires at the 2006 annual meeting.
Jacqueline Dout, who is currently a member of the Board of Directors, whose
term expires at the Annual Meeting will stand for election at the Annual
Meeting. Unless contrary instructions are indicated on the proxy, it is
intended that the shares represented by the accompanying Cavco proxy will be
voted for the election of the nominee for the director named below or, if such
nominee becomes unavailable (which is not anticipated), for such substitute
nominee as the Board shall designate. A plurality of votes cast at the Annual
Meeting, in person or by proxy, is required to elect such nominee. <B>The Board
recommends that the Cavco Stockholders vote FOR the election of such nominee.</B>
The biographical information appearing below regarding the nominee for director
and the continuing directors has been furnished to Cavco by the respective
nominee and directors.

<DIV align="left">
<A name="118"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Nominee for Director Standing for Election</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jacqueline Dout</B>, 49, is Chairman of the Audit Committee, a member of the
Compensation Committee, and has been a director since 2003. Ms.&nbsp;Dout serves as
Senior Vice President, Chief Financial Officer, and Secretary for Pella
Corporation in Pella, Iowa, a retail brand company that produces building
products. She is responsible for corporate development, financial functions,
general counsel, shareholder relations, and information technology. Prior to
joining Pella, Ms.&nbsp;Dout was President of JJB Enterprises, Inc. of Detroit,
Michigan, and previously served as Executive Vice President and Chief Financial
Officer of Champion Enterprises, Inc., a publicly traded manufactured home
builder and retailer. She is a director of McKay Communications, Inc. and the
Association of Financial Professionals. Ms.&nbsp;Dout is also a member of the board
of visitors for Oakland University School of Business, and a member of the
board of trustees for Barat College.

<DIV align="left">
<A name="119"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Expiring in 2005



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Michael H. Thomas</B>, 55, is a member of the Audit Committee and Compensation
Committee and has been a board member since 2003. Mr.&nbsp;Thomas is a principal of
Stonehenge Partners, one of the largest private equity firms in Central Ohio.
Mr.&nbsp;Thomas is responsible for sourcing, structuring, closing, and monitoring
existing and new investments. Prior to joining Stonehenge Partners in August
1999, Mr.&nbsp;Thomas co-founded and was Executive Vice President and Treasurer of
JMAC, Inc., the private investment company of the McConnell family of Columbus,
Ohio. His activities included direct investments in the financial services,
publishing and health care, real estate, and other manufacturing sectors. He
was also responsible for the family&#146;s financial estate and income tax planning.
Previously, Mr.&nbsp;Thomas worked for Ernst &#038; Young and served as director of the
firm&#146;s Columbus, Ohio tax practice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Joseph H. Stegmayer</B>, 53, serves as Chairman of the Board, President, and
Chief Executive Officer. He has served as President and Chief Executive
Officer and as a member of the board of directors since March&nbsp;2001. Mr.
Stegmayer also served as President of Centex Corporation&#146;s manufactured housing
holding company, Centex Manufactured Housing Group, LLC, since September&nbsp;2000.
Prior to joining Cavco, Mr.&nbsp;Stegmayer served from January&nbsp;1998 to September
2000 as President &#150; Retail Operations and Chief Financial Officer of Champion
Enterprises, Inc., a publicly traded company that builds and sells manufactured
homes. From 1993 until January&nbsp;1998, he served as President, Vice Chairman,
and Chairman of the Executive Committee of Clayton Homes, Inc., a company that
builds, sells, finances, and insures manufactured homes and operates planned
housing communities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Expiring in 2006



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Steven G. Bunger, </B>43, has been a director since April&nbsp;2004. Since 2001,
he has served as Chairman of the Board of Mobile Mini, Inc., the nation&#146;s
largest publicly owned provider of portable storage containers and mobile
offices. He is also the President and Chief Executive Officer of Mobile Mini,
since 1997. Mr.&nbsp;Bunger joined Mobile Mini in 1983. Since that time, he has
held numerous positions with Mobile Mini, including Vice President of
Operations and Marketing and Executive Vice President and Chief Operating
Officer.


<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jack Hanna</B>, 57, is Chairman of the Compensation Committee, a member of the
Audit Committee and has been a director since 2003. Mr.&nbsp;Hanna serves as
President and CEO of a media production company based in Columbus, Ohio. Among
its productions is a nationally syndicated, educational, and
conservation-oriented program. He previously was Chief Executive Officer and
Director of the Columbus Zoo and Aquarium. Mr.&nbsp;Hanna is also a member of the
board of trustees for both Muskingum College and Kiski Preparatory School.

<DIV align="left">
<A name="120"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Board Meetings, Fees, Committees, and Attendance Records</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During Cavco&#146;s fiscal year ended March&nbsp;31, 2004, the Board held three
regularly scheduled meetings and each director attended all of the meetings of
the Board. In addition, all directors attended all their respective committee
meetings except as otherwise noted below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board members who are not employees of Cavco or any of its subsidiaries
receive compensation in the amount of $8,000 per year and $1,000 for each
meeting attended. The Chairman of the Audit Committee receives $2,000 per year
for serving as such. All non-employee Board members are eligible to receive
stock option grants and are reimbursed for reasonable expenses of attending
board or committee meetings. In December&nbsp;2003, each non-employee director was
given a grant of options to purchase 10,000 shares of Cavco Common Stock at an
exercise price equal to the fair market value of such shares on the date of
grant. These options vest 25% at the time of grant, with 25% of the options
vesting upon each of the first three anniversaries of the date of grant. Each
non-employee also will receive an annual grant of options to purchase 2,500
shares for each year of service.

<DIV align="left">
<A name="121"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Nominating Process



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco does not have a Nominating Committee to assist in the director
nominating process. Rather, the Cavco Board has implemented a nominating
process involving independent directors and the entire Board to nominate
directors which promotes flexibility and independence in the director
nominating process. Initially, director nominees are screened by all
independent directors of Cavco&#146;s Board. Then, director nominees are considered
and voted upon by all independent directors (other than nominees), then by all
independent directors, and finally by the entire Board. Cavco&#146;s Board may form
a Nominating Committee in the future at such time as the Board determines that
a committee structure is necessary or useful in the director nominating
process.

<DIV align="left">
<A name="122"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is composed of three directors who satisfy the
independence requirements set forth in (i)&nbsp;Section&nbsp;10A(m) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and the rules adopted by
the Securities and Exchange Commission (the &#147;SEC&#148;) thereunder and (ii)&nbsp;the
corporate governance and other listing standards of the The Nasdaq Stock
Market, Inc. (&#147;Nasdaq&#148;) National Market as in effect from time to time (the
&#147;Nasdaq Standards&#148;) and the National Association of Securities Dealers, Inc.
(the &#147;NASD&#148;). The Audit Committee functions under a Charter, which was adopted
by the Board of Directors on September&nbsp;22, 2003, a copy of which is attached to
this Proxy Statement as Appendix&nbsp;A. The Board of Directors has determined that
one or more of the members of the Audit Committee meets the definition of
&#147;audit committee financial expert&#148; as such term is defined under the rules of
the SEC. Jacqueline Dout, the Chairman of the Audit Committee, is currently
the Chief Financial Officer of Pella Corporation, a large, privately held
company that produces building products, and, prior to that position, was the
Executive Vice President and Chief Financial Officer of Champion Enterprises,
Inc., a publicly traded company that builds and sells manufactured homes, and,
accordingly, is one of such members of the Audit Committee who meets the
definition of an &#147;audit committee financial expert&#148; under the rules of the SEC.
The Audit Committee assists the Board in its general oversight of (i)&nbsp;the
quality and integrity of Cavco&#146;s accounting, auditing, and financial reporting
practices and processes, (ii)&nbsp;the financial information to be provided to the
stockholders of the Company, (iii)&nbsp;the systems of internal control established
by management, the Audit Committee, and the Board, (iv)&nbsp;compliance with the
Company&#146;s Code of Ethics, (v)&nbsp;the independence, qualification, and performance
of Cavco&#146;s independent auditors, and (vi)&nbsp;the internal and external audit
process<B><I>.</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are certain key responsibilities of the Audit Committee:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the selection, appointment, compensation, evaluation, retention,
and oversight of the work of any independent auditors engaged to issue
an audit report or related work or performing other audit, review, or
attest services for Cavco, including all audit engagement fees, and
approving all non-audit services</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establishment of procedures for (i)&nbsp;the receipt, retention, and
treatment of complaints received by Cavco regarding accounting,
internal accounting controls, or auditing matters and (ii)&nbsp;the
confidential, anonymous submission by Cavco employees of concerns
regarding questionable accounting or auditing matters</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discuss the annual audited financial statements and quarterly
financial statements of Cavco and other significant financial
disclosures (including press releases and financial information and
earnings guidance provided to analysts and, if applicable, rating
agencies) with management and the independent auditors of Cavco</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discuss policies with respect to risk assessment and risk
management</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepare the report required to be included in Cavco&#146;s annual proxy
statement regarding review of financial statements and auditor
independence (the report for fiscal year 2004 is included below)</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review and reassess at least annually the adequacy of the Audit
Committee Charter and recommend appropriate changes to the Board.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee also reviews Cavco&#146;s corporate compliance program.
The Audit Committee meets separately with the independent auditors and with
members of the internal audit staff, outside the presence of Cavco&#146;s management
or other employees, to discuss matters of concern, to receive recommendations
or suggestions for change and to exchange relevant views and information.
During the last fiscal year, the Audit Committee met two times. All of the
members attended all two meetings, except for Mr.&nbsp;Hanna who was outside the
U.S. and missed the Audit Committee meeting held on October&nbsp;21, 2003.


<P align="left" style="font-size: 10pt"><B><I>Report of Audit Committee</I></B>



<P align="left" style="font-size: 10pt"><I>To the Board of Directors of Cavco Industries, Inc.:</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We have reviewed and discussed with management Cavco Industries, Inc.&#146;s
audited financial statements as of and for the year ended March&nbsp;31, 2004.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We have discussed with the independent auditors the matters required to be
discussed by Statement on Auditing Standards No.&nbsp;61, Communication with Audit
Committees, as amended by Statement on Auditing Standards No.&nbsp;90, Audit
Committee Communications, by the Auditing Standards Board of the American
Institute of Auditors.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We have received and reviewed the written disclosures and the letter from
the independent auditors required by Independence Standard No.&nbsp;1, Independence
Discussions with Audit Committees, as amended, by the Independence Standards
Board, and have discussed with the auditors the auditors&#146; independence. We
have also considered whether the auditors&#146; provision of non-audit services to
Cavco Industries, Inc. and its affiliates is compatible with the auditors&#146;
independence.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Based on the reviews and discussions referred to above, we recommend to
the Board of Directors that the financial statements referred to above be
included in Cavco Industries, Inc.&#146;s Annual Report on </I><I>Form 10-K</I><I> for the year
ended March&nbsp;31, 2004.</I>


<P align="left" style="font-size: 10pt"><B><I>Audit Committee of the Board of Directors</I></B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><I>Jacqueline Dout, Chairman<BR>
Jack Hanna<BR>
Michael H. Thomas<BR>
April&nbsp;22, 2004</I>


<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="123"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Committee



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is composed of three &#147;non-employee directors&#148;
as defined by Rule&nbsp;16b-3(b)(3) promulgated under the Securities Exchange Act of
1934, as amended, who are independent under applicable Nasdaq and NASD listing
standards. Pursuant to its charter, which is attached as Appendix&nbsp;B hereto,
the Compensation Committee assists the Board in (i)&nbsp;assessing whether the
various compensation programs of Cavco are designed to attract, motivate and
retain the senior management necessary for Cavco to deliver superior results
and are performance based, market driven and stockholder aligned, (ii)&nbsp;its
oversight of specific incentive compensation plans adopted by Cavco, with the
approval of the Compensation Committee, including stock plans and short term
and long term incentive compensation plans for members of senior management of
Cavco, (iii)&nbsp;its approval, review and oversight of benefit plans of Cavco, and
(iv)&nbsp;its oversight of the performance and compensation of the Chief Executive
Officer of Cavco and the other members of senior management of Cavco. All of
the members attended the only meeting.

<DIV align="left">
<A name="124"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the cash and non-cash compensation for each of
the last three fiscal years (or such shorter period of time during which such
person was an executive officer) awarded to or earned by the Chief Executive
Officer of Cavco and the next two most highly compensated executive officers of
Cavco at the end of fiscal 2004 and fiscal 2003 (the &#147;named executive
officers&#148;).

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Summary Compensation Table</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Long-Term Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Annual Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Awards</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other Compen-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Award(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options/SARs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>sation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus ($) <SUP>(1)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)<SUP>(2)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)<SUP>(3)</SUP></B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joseph H. Stegmayer, <SUP>(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Chairman of the Board,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">328,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap> <SUP>(4)</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">President and Chief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David L. Blank,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,719</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Vice President -
Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sean K. Nolen,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Vice President, Chief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Financial Officer,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Treasurer and Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Information with respect to Mr.&nbsp;Stegmayer for fiscal year 2003
reflects compensation paid for services in connection with Cavco and
other operations of Centex Corporation (&#147;Centex&#148;). Based upon
estimates of the actual time spent by Mr.&nbsp;Stegmayer in rendering
services related to Cavco, $400,000 of the amount in fiscal 2003 has
been allocated to Cavco and included in Cavco&#146;s financial statements
for such fiscal year. The remainder, which was not allocated to Cavco,
represents compensation for services performed by Mr.&nbsp;Stegmayer related
to other business operations of Centex.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Award of restricted stock was granted to Mr.&nbsp;Stegmayer in
connection with the spin-off of Cavco from Centex on June&nbsp;30, 2003 and
pursuant to a Restricted Stock Agreement Award, dated as of June&nbsp;30,
2003,</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">between Cavco and Mr.&nbsp;Stegmayer. The value shown is the number of shares
of Cavco restricted stock granted to Mr.&nbsp;Stegmayer (55,096 shares) times
the closing price for shares of Cavco Common Stock on the Nasdaq National
Market on the date of award. The value does not reflect a discount for
the fact that the shares are restricted. Mr.&nbsp;Stegmayer is entitled to
receive dividends on these shares and has the right to vote the shares,
but the shares cannot be sold and are subject to forfeiture during the
restricted period. The restriction expired as to 25% of the award on the
date of grant and expires as to 25% of the award on each of the first
three anniversaries of the date of grant.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Excepted as noted in footnote 4, represents matching contributions
to the named executive officer for the calendar year ending in the
indicated fiscal year.</TD>
</TR>
<TR valign="top">
    <TD width="3%">&nbsp;</TD>
</TR>

 <TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the profit sharing contribution made by Centex to Mr.
Stegmayer for the indicated fiscal year, none of which was allocated to
Cavco.</TD>
</TR>
</TABLE>
<P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Option/SAR Grants in Last Fiscal Year <SUP>(1)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Potential Realizable</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value at Assumed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Annual Rates of Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Appreciation for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="17"><B>Individual Grants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Option Term</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options/SARs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options/SARs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Employees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in Fiscal Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Sh)<SUP>(2)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5% ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10% ($)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joseph H. Stegmayer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">73.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,775,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,137,402</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David L. Blank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438,307</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sean K. Nolen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/11/10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,097,683</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Amounts set forth in the table reflect the number and value of
options only. Cavco has not issued any stock appreciation rights
(&#147;SARs&#148;).</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">These options were granted under Cavco&#146;s Stock Incentive Plan at
$23.10 per share, the fair market value on the date of grant. The
exercise price is equal to the closing trading price of Cavco common
stock on December&nbsp;12, 2003. These options become exercisable at the
following rate: 25% on the date of grant and 25% on each of the first
three anniversaries of the date of grant.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

</TABLE>
<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="25"><B>Aggregate Option/SAR Exercises in Last Fiscal Year and Fiscal Year-End Option/SAR Values <SUP>(1)</SUP></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="25">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options/SARs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>In-the-Money Options/SARs</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>at Fiscal Year-End (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>at Fiscal Year-End ($) <SUP>(2)</SUP></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Realized ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Joseph H. Stegmayer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,946,890</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David L. Blank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sean K. Nolen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515,625</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Amounts set forth in the table reflect the number and value of
options only. Cavco has not issued any SARs.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the difference between the closing price of Cavco Common
Stock on March&nbsp;31, 2004 of $36.85 per share and the exercise price of
such options.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="125"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Compensation Committee Interlocks and Insider Participation in Compensation
Decisions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee includes the following non-employee directors:
Jack Hanna (Chairman), Jacqueline Dout, and Michael H. Thomas. None of Cavco&#146;s
directors, officers, or employees has any relationship requiring disclosure
under Item 402(j) of Regulation&nbsp;S-K.

<DIV align="left">
<A name="126"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Report of Compensation Committee on Executive Compensation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee provides advice and recommendations to the
Board concerning the salaries and bonuses of the executive officers of Cavco.
The Board approves those salaries and bonuses. The Compensation Committee also
administers Cavco&#146;s equity compensation plan and incentive compensation bonus
plan and is authorized under such plans to grant options and to make awards of
restricted stock to directors, officers and other key employees of Cavco and
its subsidiaries and to grant short and long-term incentive compensation awards
to executive officers of Cavco. The Compensation Committee is composed of
&#147;non-employee directors&#148; as defined by Rule&nbsp;16b-3(b)(3) promulgated under the
Securities Exchange Act of 1934, as amended, and are independent under
applicable Nasdaq listing standards and NASD rules. This report describes the
policies and principles that shape the structure of Cavco&#146;s executive
compensation program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco&#146;s executive compensation program is structured to achieve the
following objectives:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to attract, retain, and motivate highly qualified, energetic, and
talented executives necessary for Cavco to deliver consistently
superior results;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to create an incentive to increase stockholder returns by
establishing a direct and substantial link between individual
compensation and certain financial measures that have a direct effect
on stockholder values; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to create substantial long-term compensation opportunities for
individual executive officers based not only on long-term corporate
performance but also on sustained long-term individual performance.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To achieve its compensation objectives, Cavco has structured an executive
compensation program using a combination of short-term and long-term elements:
(i)&nbsp;annual salary, (ii)&nbsp;annual bonus, and (iii)&nbsp;long-term incentive
compensation in the form of stock options and, in some cases, performance-based
bonuses, and awards of restricted


<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">stock. In addition, the executive officers of Cavco are eligible to
receive other benefits, such as medical benefits and 401(k) matching
contributions, which are generally available to employees of Cavco.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In structuring the specific components of executive compensation, Cavco is
guided by the following principles:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensation programs should be performance based, market driven,
and stockholder aligned;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual compensation should be set within reasonable ranges of the
annual compensation for similar positions with similarly-sized and
similar types of companies that engage in one or more of the principal
businesses in which Cavco engages;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bonus payments should vary with the individual&#146;s performance and
Cavco&#146;s financial performance; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a significant portion of compensation should be in the form of
long-term incentive compensation that aligns the interests of
executives with those of the stockholders and that creates rewards for
long-term sustained company performance and the achievement of Cavco&#146;s
strategic objectives.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee attempts to structure its compensation programs to named
executive officers as performance-based compensation that is tax deductible.
However, the Committee may award compensation that is or could become
non-deductible when such awards are in the best interest of Cavco, balancing
tax efficiency with long-term strategic objectives.

<DIV align="left">
<A name="127"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Salary


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is responsible for recommending the base salary
levels for the named executive officers. In developing salary amounts, the
Compensation Committee reviews the salaries for similar positions in similarly
sized companies that engage in the manufactured housing business. The
Compensation Committee confirmed that the base salaries of the named executive
officers were consistent with its objective of setting base salaries within
reasonable ranges for similar positions in competitive companies. In setting
base salary levels, the Compensation Committee also considers the executive&#146;s
experience level and potential for significant contributions to Cavco&#146;s
profitability.

<DIV align="left">
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</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Bonus


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is also responsible for developing
recommendations for the incentive bonuses awarded to the named executive
officers at the end of each fiscal year. The annual incentive bonus program
for the named executive officers has been structured to create financial
incentives and rewards that are directly related to corporate performance
during the fiscal year. In fiscal 2004, a portion of the annual bonus was
determined pursuant to metrics, including net profit performance, product
quality, and working capital management and the satisfaction of various
individual goals, approved by the Compensation Committee.

<DIV align="left">
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</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term Compensation


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The existing stock option program of Cavco, which is subject to annual
review and may be revised or superseded in the future, is designed to provide
incentive to the participants under such program, which includes each named
executive officer of Cavco, to focus on maximizing Cavco&#146;s return to
stockholders and to plan and prepare properly for Cavco&#146;s future. Under this
program, a maximum of 450,00 shares of common stock may be subject to grants of
options or awards of restricted stock to certain officers, directors, and key
employees, provided that no more than 200,000 of such shares will be subject to
awards of restricted stock. Options granted under our stock incentive plan
will be non-qualified options, which do not meet the incentive stock option
criteria set forth in Section&nbsp;422 of the Internal Revenue Code of 1986, as
amended. No person may be granted options under the stock incentive plan for
more than 450,00 shares of common stock in any one-year period. Shares of
common stock covered by options that terminate or are canceled prior to
exercise and shares of restricted stock that are returned to us will again be
available for grants of options and awards of restricted stock. Also, if the
option price or any applicable tax withholding obligation payable upon exercise
of an option is satisfied by the tender or withholding of shares of common
stock, the number of shares so tendered withheld will be eligible for grants of
options and awards


<P align="center" style="font-size: 10pt">12
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">of restricted stock under the stock incentive plan. The option price may
not be less than 100% of the fair market value of our common stock at the time
of grant.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive officers will be entitled to normal cash dividends on shares
of restricted stock awarded to them. In fiscal 2004, Mr.&nbsp;Stegmayer received a
restricted stock award in the amount of 55,096 shares of Cavco common stock in
accordance with the terms of his Employment Agreement with Cavco.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco accounts for its stock-based compensation programs under Accounting
Pronouncement Bulletin No.&nbsp;25, under which no compensation expense is
recognized, as all stock options have been granted with an exercise price equal
to the fair value of common stock on the date of grant. Cavco has adopted the
disclosure-only provisions of Statement of Financial Accounting Standards No.
123.

<DIV align="left">
<A name="130"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO Compensation


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive Officer of Cavco participates in the same compensation
programs as the other executive officers, with each component of his
compensation determined by the Compensation Committee according to the same
criteria. Incentive compensation to Mr.&nbsp;Stegmayer for fiscal year 2004 was
awarded in accordance with the existing incentive compensation plans and as
required by Mr.&nbsp;Stegmayer&#146;s employment agreement with Cavco.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under his employment agreement, Mr.&nbsp;Stegmayer&#146;s is eligible to receive,
and did receive, a cash bonus in an amount equal to 3% of the first $2.5
million of pretax income and 6% of pretax income in excess of such amount.


<P align="left" style="font-size: 10pt"><B>Compensation Committee</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Jack Hanna, Chair<BR>
Jacqueline Dout<BR>
Michael H. Thomas


<P align="center" style="font-size: 10pt">13
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="131"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Performance Graph</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the yearly change in the cumulative total
stockholder return on Cavco Common Stock during the fiscal year ended March&nbsp;31,
2004 with the Nasdaq U.S. index and a peer group composed of companies with
businesses in one or more of Cavco&#146;s primary lines of businesses: the
production and sale of manufactured homes. The companies comprising the peer
group are weighted by their respective market capitalization and include the
following: Cavalier Homes, Inc. Champion Enterprises, Inc., Fleetwood
Enterprises, Inc., Liberty Homes, Inc. (Class&nbsp;A Common Stock), Nobility Homes,
Inc., Palm Harbor Homes, Inc., and Skyline Corporation. The comparison assumes
$100 was invested on June&nbsp;30, 2003 in Cavco Common Stock and in each of the
foregoing indices, and assumes reinvestment of dividends.


<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>6/30/03</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3/31/04</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CAVCO INDUSTRIES, INC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>199</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">NASDAQ U.S. INDEX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>122</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">PEER GROUP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>152</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><IMG src="d15638dd1563800.gif" alt="(PERFORMANCE GRAPH)">



<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="132"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act requires Cavco directors and executive
officers, and persons who beneficially own more than 10% of a registered class
of Cavco&#146;s equity securities, to file initial reports of ownership, reports of
changes in ownership, and annual reports of ownership with the SEC and Nasdaq.
Such persons are required by SEC regulations to furnish Cavco with copies of
all Section 16(a) forms that they file with the SEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on its review of the copies of such forms received by it with
respect to fiscal year 2004 or written representations from certain reporting
persons, Cavco believes that its directors, executive officers, and persons who
beneficially own more than 10% of a registered class of Cavco&#146;s equity
securities have complied with all filing requirements required by Section 16(a)
for fiscal year 2004 applicable to such persons.

<DIV align="left">
<A name="133"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Code of Conduct</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco has adopted a Code of Conduct that applies to all Cavco employees,
including Cavco&#146;s Chief Executive Officer, Chief Financial Officer, and
Controller. Cavco&#146;s Code of Conduct is designed to deter wrongdoing and to
promote:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Full, fair, accurate, timely, and understandable disclosure in
reports and documents that Cavco files with, or submits to, the SEC and
in other public communications made by Cavco;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compliance with applicable governmental laws, rules, and
regulations;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prompt internal reporting of violations of the Code of Conduct
to an appropriate person or persons identified in the Code of Conduct;
and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accountability for adherence to the Code of Conduct.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco has posted the text of its Code of Conduct on Cavco&#146;s Internet
website, which is www.cavco.com. Cavco&#146;s Code of Conduct will remain
accessible on its Internet website. However, if Cavco ever desires to remove
its Code of Conduct from its Internet website, then, prior to such removal,
Cavco will either file its Code of Conduct as an exhibit to its Annual Report
on Form 10-K filed with the SEC or will undertake in an Annual Report on Form
10-K to provide a copy of the Code of Conduct to any person without charge.

<DIV align="left">
<A name="134"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>CERTAIN TRANSACTIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Board approved an employment agreement with Mr.&nbsp;Stegmayer.
The agreement provides for a term of three years, for a cash bonus in an amount
equal to 3% of the first $2.5&nbsp;million of pretax income and 6% of pretax income
in excess of such amount and certain other fringe benefits. If Mr.&nbsp;Stegmayer
dies, or becomes disabled, or if Cavco terminates Mr.&nbsp;Stegmayer&#146;s employment
without cause prior to a change of control, or if Mr.&nbsp;Stegmayer resigns because
of a breach by Cavco of the employment agreement, then Mr.&nbsp;Stegmayer (or his
heirs or executor) will continue to receive his base salary for each fiscal
year under the remaining term of the employment agreement and an average bonus
based on the bonus payable to him in the prior two years, plus an additional
year of base salary, an average bonus and health insurance for such additional
year from the date of termination. If, within two years after a change of
control of Cavco, Mr.&nbsp;Stegmayer is terminated for any reason other than cause
or voluntarily resigns, Cavco will pay to Mr.&nbsp;Stegmayer a lump sum termination
payment equal to two times the sum of his then current base salary and average
bonus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Board approved an employment agreement with Mr.&nbsp;Nolen. The
agreement provides for a term of three years and an annual base salary of no
less than $150,000 and a cash bonus in an amount to be determined from time to
time by the board of directors after consultation with the chief executive
officer. On September&nbsp;22, 2003, Mr.&nbsp;Nolen was granted a non-qualified option
to purchase 50,000 shares of common stock. The option will vest over a
three-year period with 25% becoming vested on the grant date and the remainder
becoming vested in cumulative 25% annual increments on each of the first three
anniversaries of the date of grant. Mr.&nbsp;Nolen may also


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">participate in all incentive, savings, and retirement plans established or
adopted and maintained by Cavco in accordance with its regular practices
applicable to other similarly situated executives. If Mr.&nbsp;Nolen&#146;s employment
is terminated without cause prior to the occurrence of a change in control, or
if Mr.&nbsp;Nolen resigns because of a breach by Cavco of the employment agreement,
Mr.&nbsp;Nolen will continue to receive his base salary for 12&nbsp;months. If within
one year after the occurrence of a change in control, Mr.&nbsp;Nolen&#146;s employment is
terminated for any reason other than for cause, then Cavco will pay Mr.&nbsp;Nolen
his then current annual base salary for 12&nbsp;months.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Cavco entered into a distribution agreement with Centex providing
for, among other things, the corporate transactions required to effect the
distribution of Cavco&#146;s common stock to Centex&#146;s stockholders, the terms of and
conditions to the distribution, and other arrangements relating to the
distribution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Cavco entered into a tax sharing agreement with Centex in order
to allocate the responsibilities for certain tax matters. Pursuant to the
agreement, Cavco agreed not to liquidate, merge, or consolidate with any other
entity within two years of the distribution, dispose of a substantial portion
of our assets within two years of the distribution, or take any other action
that would cause the distribution to fail to qualify as a tax-free transaction.
Cavco also agreed, in certain circumstances, to indemnify Centex against any
tax liability that is incurred as a result of the failure of the distribution
to qualify as a tax-free transaction. The agreement also allocates
responsibilities for certain miscellaneous matters such as the filing of tax
returns, payment of taxes, maintenance of records, and procedures for handling
certain audits and examinations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Cavco entered into an administrative services agreement with
Centex Service Company, a subsidiary of Centex. Pursuant to this agreement,
Centex Service Company provides Cavco with certain legal, public/investor
relations, and accounting services. In exchange for these services, Cavco pays
Centex Service Company a fee of $75,000 per year. The administrative services
agreement also provides that, for periods in which Cavco was a Centex
subsidiary, Centex Service Company and Cavco will maintain certain joint
insurance coverage, including general liability, primary and excess umbrella,
automobile liability, and workers&#146; compensation insurance as well as joint
bonding programs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;31, 2003, Cavco transferred all of the assets and liabilities of
two idled manufactured housing production facilities located in Belen, New
Mexico and in Seguin, Texas to a Centex subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2003, AAA Holdings, Inc. (a subsidiary of Centex) assumed
approximately $32.5&nbsp;million of indebtedness owed to an affiliate of Centex by
Cavco Industries, LLC, Cavco&#146;s predecessor. As of the same date, AAA Holdings
created an intercompany receivable owing to Cavco Industries, LLC in an amount
equal to approximately $12.2&nbsp;million, which amount was adjusted to reflect
intercompany payments and advances made after March&nbsp;31, 2003. The purpose of
the transactions was to provide Cavco with sufficient capital to enable Cavco
to conduct business after the distribution in a manner consistent with Cavco&#146;s
prior operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2003, AAA Holdings, Inc. repaid the full amount of the intercompany
receivable it owed to Cavco. Immediately prior to the distribution, Cavco
Industries, LLC was merged with and into Cavco Industries, Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centex agreed to continue to make compensation payments to Mr.&nbsp;Stegmayer
in the aggregate amount of $600,000, $100,000 of which was paid on the
distribution date, $100,000 of which was paid at the conclusion of Cavco&#146;s
fiscal 2004, and $400,000 of which will be paid on June&nbsp;1, 2005, in
consideration of his past services to Centex, his continued part-time
employment with Centex, and his agreement not to compete with Centex.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of gypsum wallboard that Cavco uses in producing its
manufactured homes was purchased from Eagle Materials Inc. (f/k/a Centex
Construction Products, Inc.) (&#147;Eagle Materials&#148;), a majority owned subsidiary
of Centex until Eagle Materials was spun-off to Centex&#146;s stockholders on
January&nbsp;30, 2004. Cavco purchased approximately $950,000, $1.6&nbsp;million, and
$2.0&nbsp;million of gypsum wallboard from Eagle Materials in fiscal 2002, fiscal
2003, and fiscal 2004, respectively. Cavco also purchased approximately
$592,000, $1.4&nbsp;million, and $1.5&nbsp;million of wood products from CTX Builders
Supply, a unit of Centex, in fiscal 2002, fiscal 2003, and fiscal 2004,
respectively. The purchases from Eagle Materials and CTX Builders Supply have
been at prices and on terms comparable to those that would be available in
arm&#146;s-length transactions. Cavco expects to continue to purchase these
materials on arm&#146;s-length terms from Eagle Materials and CTX Builders Supply in
the future. However, these materials are also readily available from other
suppliers at market rates, and Cavco is under no obligation to purchase these
materials from current or former affiliates of Centex.


<P align="center" style="font-size: 10pt">16
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the transfer of the idled manufacturing plants in
Belen, New Mexico and Seguin, Texas, Cavco leased from Centex: (i)&nbsp;a retail
center facility at the Belen plant (which lease was subsequently terminated),
(ii)&nbsp;a service center at the Belen plant, and (iii)&nbsp;a service center at the
Seguin plant. During fiscal 2004, Centex sold the Belen plant to a third party
unaffiliated with Centex or Cavco, and Cavco entered into a new lease with the
new owner of the Belen plant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2002 and fiscal 2003, Cavco sold homes and office units to
affiliates of Centex for approximately $1.0&nbsp;million and $2.0&nbsp;million,
respectively, at prices and on terms that we believe are comparable to
arm&#146;s-length transactions. Cavco expects to continue to make those sales on
arm&#146;s-length terms in the future.

<DIV align="left">
<A name="135"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>ITEM 2. RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst &#038; Young LLP (&#147;Ernst &#038; Young&#148;) acted as Cavco&#146;s independent auditors
to audit its books and records for fiscal year 2004, and the Audit Committee
has appointed Ernst &#038; Young as Cavco&#146;s independent auditors for fiscal year
2005, subject to ratification by Cavco Stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Ernst &#038; Young are expected to be present at the Annual
Meeting, with the opportunity to make a statement if they desire to do so, and
will be available to respond to appropriate questions from Cavco Stockholders.

<DIV align="left">
<A name="136"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Recommendation of the Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board of Directors of Cavco unanimously recommends a vote FOR the
ratification of the appointment of Ernst &#038; Young LLP as auditors for fiscal
year 2005.</B>

<DIV align="left">
<A name="137"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>RELATIONSHIP WITH INDEPENDENT AUDITORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;21, 2003, the Audit Committee approved the engagement of Ernst
&#038; Young LLP as Cavco&#146;s independent auditors for the fiscal year ending March
31, 2004.

<DIV align="left">
<A name="138"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Audit Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted policies and procedures for pre-approving
all audit and permissible non-audit services performed by Ernst &#038; Young after
January&nbsp;21, 2004. Under these policies, the Audit Committee preapproves the
use of audit and specific permissible audit-related and non-audit services up
to certain dollar limits. Services that do not come under this authority must
be pre-approved separately by the Audit Committee. In determining whether or
not to pre-approve services, the Audit Committee determines whether the service
is a permissible service under the SEC&#146;s rules, and, if permissible, the
potential effect of such services on the independence of Ernst &#038; Young.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco did not become a public company until June&nbsp;30, 2003. Professional
fees billed by Ernst &#038; Young for each of fiscal 2003 and fiscal 2004 include
fees billed for services performed by Ernst &#038; Young related to the distribution
of Cavco to Centex&#146;s stockholders. The aggregate fees billed for professional
services by Ernst &#038; Young LLP in the last two fiscal years are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal 2004</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Type of Fees</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ernst &#038; Young</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ernst &#038; Young</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">249,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">174,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">423,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in the foregoing table: &#147;Audit Fees&#148; are fees for professional
services rendered by the principal accountant for the audit of annual financial
statements and review of financial statements included in the Quarterly


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Report on Form 10-Q or services that are normally provided by the
accountant in connection with statutory and regulatory filings or engagements;
&#147;Audit-Related Fees&#148; are fees for assurance and related services by the
principal accountant that are reasonably related to the performance of the
audit or review of the financial statements, including audits of employee
benefit plans and accounting consultations, due diligence related to mergers,
internal control reviews, and attest services that are not required by statute
or regulation; &#147;Tax Fees&#148; means fees for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning; and &#147;All
Other Fees&#148; includes all other fees for products and services provided by the
principal accountant, including fees for auditing previous year&#146;s financial
statements and fees for permitted corporate finance assistance and permitted
advisory services.


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</DIV>

<P align="center" style="font-size: 10pt"><B>STOCKHOLDER PROPOSALS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco&#146;s 2005 annual meeting of stockholders is scheduled to be held on
June&nbsp;21, 2005. In order to be considered for inclusion in Cavco&#146;s proxy
material for that meeting, stockholder proposals must be received at Cavco&#146;s
executive offices, addressed to the attention of the Secretary, not later than
February&nbsp;25, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any proposal that is not submitted for inclusion in Cavco &#145;s proxy
material for the 2005 annual meeting of stockholders but is instead sought to
be presented directly at that meeting, Rule&nbsp;14a-4(c) under the Exchange Act
permits Cavco &#145;s management to exercise discretionary voting authority under
proxies it solicits unless Cavco is notified about the proposal on or before
April&nbsp;10, 2005 and the stockholder submitting the proposal satisfies the other
requirements of Rule&nbsp;14a-4(c). Cavco &#145;s Amended and Restated Bylaws further
provide that, to be considered at the 2005 annual meeting, a stockholder
proposal relating to the nomination of a person for election as a director must
be submitted in writing and received by the Secretary at the executive offices
of Cavco no earlier than December&nbsp;24, 2004 and no later than March&nbsp;24, 2005,
and must contain the information specified by and otherwise comply with Cavco
&#145;s Amended and Restated Bylaws. Any stockholder wishing to receive a copy of
Cavco &#145;s Amended and Restated Bylaws should direct a written request to the
Secretary at Cavco &#145;s principal executive offices.

<DIV align="left">
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</DIV>

<P align="center" style="font-size: 10pt"><B>FORM 10-K</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders entitled to vote at the Annual Meeting may obtain a copy of
Cavco &#145;s Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2004,
including the financial statements, required to be filed with the SEC, without
charge, upon written or oral request to Cavco Industries, Inc., Attention: Sean
K. Nolen, Secretary, 1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona, (602)
256-6263.

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">By Order of the Board of Directors</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SEAN K. NOLEN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President, Chief Financial Officer,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Treasurer and Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Phoenix, Arizona<BR>
May&nbsp;21, 2004


<P align="center" style="font-size: 10pt">18
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="141"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>APPENDIX A</B>



<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.<BR>
Audit Committee Charter</B>



<P align="center" style="font-size: 10pt"><B>Purpose</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Audit Committee (the &#147;Committee&#148;) is to assist the
Board of Directors (the &#147;Board&#148;) of Cavco Industries, Inc. (the &#147;Company&#148;) in
fulfilling its responsibility for oversight of: (i)&nbsp;the quality and integrity
of the Company&#146;s accounting, auditing, and financial reporting practices and
processes; (ii)&nbsp;the financial information to be provided to the stockholders of
the Company; (iii)&nbsp;the systems of internal control established by management,
the Committee and the Board; (iv)&nbsp;compliance with the Company&#146;s Code of Ethics;
(v)&nbsp;the internal and external audit process. The Committee&#146;s role includes a
particular focus on qualitative aspects of financial reporting to the
stockholders of the Company, the Company&#146;s processes to manage business and
financial risk and compliance with significant applicable legal, ethical, and
regulatory requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee serves a Board level oversight role in which it provides
advice, counsel and direction to management and the registered public
accounting firm engaged to prepare or issue an audit report (or perform related
work) (the &#147;independent auditors&#148;), on the basis of information it receives,
discussions with management and the independent auditors and the experience of
the Committee&#146;s members in business, financial and accounting matters.


<P align="center" style="font-size: 10pt"><B>Membership and Operation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The membership of the Committee shall consist of at least three (3)
members, all of whom shall (i)&nbsp;be a member of the Board, (ii)&nbsp;be able to read
and understand fundamental financial statements, including the Company&#146;s
balance sheet, income statement and cash flow statement and (iii)&nbsp;meet the
independence requirements of (a)&nbsp;The Nasdaq Stock Market, Inc. (&#147;Nasdaq&#148;) and
(b)&nbsp;the Securities and Exchange Commission (the &#147;SEC&#148;), including, without
limitation, the requirements set forth in Section&nbsp;10A(m) of the Securities Act
of 1934, as amended (the &#147;Exchange Act&#148;), and the rules and regulations adopted
by the SEC thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least one member of the committee shall have past employment experience
in finance or accounting, requisite professional certification in accounting or
other comparable experience which, in the business judgment of the Board,
results in such member being financially sophisticated as required by the
Marketplace Rules of the National Association of Securities Dealers, Inc. (the
&#147;NASD&#148;). The Board shall determine whether any Committee member is an &#147;audit
committee financial expert&#148; in accordance with federal securities laws. The
Committee shall meet all other financial knowledge and experience
qualifications required by applicable laws, rules, and regulations, including,
without limitation, the rules promulgated by Nasdaq, the NASD, the SEC, and
other governing bodies, as the same may be in effect from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall elect the members of the Committee at the Board meeting
(the &#147;Annual Board Meeting&#148;) that is held immediately after the annual meeting
of the stockholders of the Company and each Committee member shall serve until
the date of the next Annual Board Meeting, unless he or she resigns, is removed
or replaced or otherwise ceases to be a director or a member of the Committee
prior to such date, in which event the Board shall appoint another director of
the Company to fill the resulting vacancy for his or her unexpired term.
Furthermore, if for any reason the Board does not elect the members of the
Committee at an Annual Board Meeting, the directors who then comprise the
Committee will continue to serve as members of the Committee. The Board may
remove or replace a member of the Committee at any time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by applicable legal requirements, the Committee may form, and
delegate specified duties and responsibilities to, a subcommittee created by a
vote of a majority of the members of the Committee. Each subcommittee shall
have one or more members designated by the Committee, and shall be governed by
such procedures as the Committee shall determine from time to time.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall elect one member of the Committee to act as chairperson of
the Committee (the &#147;Chairperson&#148;). Such member shall act as Chairperson until
the next Annual Board Meeting unless he or she resigns, is removed or replaced
or otherwise ceases to be a director or a member of the Committee prior to such
date, in which event the Board shall appoint another member of the Committee to
serve as Chairperson for his or her unexpired term. The Chairperson shall
preside over all meetings of the Committee. The Board may remove or replace
the Chairperson at any time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A majority of the members of the Committee shall constitute a quorum. The
act of a majority of the members of the Committee in attendance at a meeting at
which a quorum is present shall constitute the act of the Committee. The
Committee may establish such rules as it determines to be necessary or
appropriate to conduct its business, so long as such rules do not contravene
the express provisions of this Charter.


<P align="center" style="font-size: 10pt"><B>Communications and Reporting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent auditors shall report directly to the Committee. The
Committee is expected to maintain free and open communication with the Board,
the independent auditors, the internal auditors of the Company and the
Company&#146;s management. The Committee Chairperson shall regularly report on
Committee activities to the full Board; provided, however, that the opportunity
for the independent auditors to meet with the entire Board shall not be
restricted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have unrestricted access to members of management and
all information relevant to its responsibilities. All employees of the Company
are directed to cooperate as requested by members of the Committee.


<P align="center" style="font-size: 10pt"><B>Meetings</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall meet at least four times per year, and may hold
additional meetings in person or telephonically as often as may be necessary or
appropriate, in the discretion of the Committee. Prior to each meeting, the
Chairperson of the Committee may communicate with the independent auditors to
review the agenda and shall solicit input on any additional topics that should
be covered from the independent auditors and the Chief Financial and Executive
Officers of the Company.


<P align="center" style="font-size: 10pt"><B>Attendance</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of the Committee are expected to use all reasonable efforts to
attend each meeting of the Committee. As necessary or desirable, the
Chairperson may request that the internal audit director, members of management
or representatives of the independent auditors be present at meetings of the
Committee.


<P align="center" style="font-size: 10pt"><B>Minutes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes of each meeting shall be prepared under the direction of the
Chairperson of the Committee, circulated to Committee members for review and
approval, and then circulated to the Company&#146;s directors who are not members of
the Committee. Copies are to be made available to the independent auditors and
filed in the minute book of the Company.


<P align="center" style="font-size: 10pt"><B>Responsibilities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To fulfill its purpose as described above, the Committee shall have the
following specific duties and responsibilities:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General Responsibilities</I></B><B>. </B>The Committee shall provide such assistance as
the Board shall request in connection with the general oversight of the
Company&#146;s financial reporting, internal control, and audit functions. The
Committee shall not be responsible for preparing financial statements,
performing audits, conducting investigations, assuring compliance with laws and
regulations or the Company&#146;s internal policies, procedures and controls or
performing other functions that are the responsibility of management or the
independent auditors.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Independent Auditors. </I></B>The Company&#146;s independent auditors are ultimately
accountable to the Board and the Committee, as representatives of the
stockholders. The Committee is directly responsible for the appointment,
compensation, oversight, evaluation, engagement, and termination of the
independent auditors. The independent auditor shall report directly to the
Committee and promptly report any serious difficulties or disagreements with
management regarding financial reporting. The Committee shall be responsible
for the resolution of such disputes. Without limiting the foregoing, the
Committee shall:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>select, appoint, evaluate, retain, terminate and replace the
Company&#146;s independent auditors (subject, if the Committee so
determines, to stockholder ratification);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain and review, at least annually, a report by the
Company&#146;s independent auditors describing the firm&#146;s internal
quality-control procedures, any material issues raised by the most
recent internal quality-control review, or peer review, of the firm,
or by any inquiry or investigation by governmental or professional
authorities, within the preceding five years, respecting one or more
independent audits carried out by the firm, and any steps taken to
deal with such issues;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that the independent auditors submit on a periodic
basis to the Committee a formal written statement or report which is
consistent with Independence Standards Board Standard 1, and which
delineates all relationships between the independent auditors and
the Company (the &#147;Independence Report&#148;);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actively engage in a dialogue with the independent auditors
with respect to any relationships or services disclosed in the
Independence Report or otherwise known to the Committee that may
impact the objectivity or independence of the auditor, and recommend
that the Board take appropriate action in response to such
information to satisfy itself of the auditor&#146;s independence;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review any report made by the Company&#146;s independent auditors
pursuant to Section&nbsp;10A(k) of the Exchange Act;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review with the independent auditors any audit problems or
difficulties and management&#146;s response; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preapprove all auditing services, audit engagement fees and
terms and permitted non-audit services provided to the Company by
its independent auditors (subject to the de minimis exceptions for
certain non-audit services set forth in Section&nbsp;10A(i)(1)(B) of the
Exchange Act); <I>provided </I>that the Committee may delegate to one or
more subcommittees the authority to grant approvals of audit and
permitted non-audit services.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Complaints</I></B>. The Committee shall establish procedures for (i)&nbsp;the receipt,
retention and treatment of complaints received by the Company regarding
accounting, internal accounting controls or auditing matters and (ii)&nbsp;the
confidential, anonymous submission by employees of the Company of concerns
regarding questionable accounting or auditing matters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Responsibilities. </I></B>It shall also be the duty and responsibility of
the Committee to:


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discuss the annual audited financial statements and quarterly
financial statements of the Company and other significant financial
disclosures with management and the independent auditors of the
Company, including the Company&#146;s disclosures under &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations&#148; and any other matters required to be reviewed under
applicable legal or regulatory requirements;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discuss earnings press releases to be issued by the Company,
as well as financial information and earnings guidance provided to
analysts and rating agencies;</TD>
</TR>

</TABLE>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as appropriate, obtain advice and seek assistance from
outside legal, accounting and other advisers;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discuss policies with respect to risk assessment and risk
management;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>meet separately, periodically, with management, with internal
auditors (other than personnel responsible for the internal audit
function) and with the independent auditors;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepare the report that is required to be included in the
Company&#146;s annual proxy statement in accordance with the rules of the
SEC;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>set clear hiring policies for employees or former employees
of the independent auditors; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when requested by the Board or Chief Legal Officer of the
Company, review with the Board or the Chief Legal Officer legal,
disclosure or other matters that may have a material effect on the
financial condition or results of operations of the Company or its
compliance policies.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Certain Limitations. </I></B>It is the responsibility of the Company&#146;s management
to prepare consolidated financial statements that are complete, accurate and in
accordance with generally accepted accounting principles, and it is the
responsibility of the Company&#146;s independent auditors to audit those financial
statements. The Committee&#146;s responsibility in this regard is one of oversight
and review. The Committee does not provide any expert or other special
assurance as to the financial statements of the Company, nor can they certify
that the independent auditors are &#147;independent&#148; under applicable rules.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Committee has the responsibilities and powers set forth in
this Charter, it is not the duty of the Committee to initiate or conduct
investigations unless directed to do so by the Board, or to assure compliance
with applicable laws, regulations or the Company&#146;s policies or procedures.
Furthermore, the manner in which such responsibilities and powers are to be
exercised should be determined by the Committee in light of the circumstances
and conditions existing from time to time. In many cases, the Committee will
discharge its responsibilities through evaluating information and reports
presented or otherwise given to the Committee by the Company&#146;s management,
internal auditors, and independent auditors. Members of the Committee are not
required to assume the functions or responsibilities of full-time employees of
the Company or of experts in the fields of accounting or auditing, and their
functions are not intended to duplicate or substitute for the activities of
management and the independent auditors.


<P align="center" style="font-size: 10pt"><B>Engagement of Advisers; Funding</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to engage independent counsel and
other advisers, as it determines to be necessary to carry out its duties. The
Committee shall have authority to approve and authorize payment by the Company
of appropriate compensation (i)&nbsp;to any independent auditors engaged for the
purpose of rendering or issuing an audit report or related work or performing
other audit, review or attest services for the Company and (ii)&nbsp;any counsel or
other advisers employed by the Committee as provided above.


<P align="center" style="font-size: 10pt"><B>Annual Performance Evaluation of the Committee</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall conduct an annual performance evaluation of the Committee.
This evaluation will be conducted by the Board in one or more separate
sessions at which members of the Committee shall not be in attendance. After
completing its annual performance evaluation of the Committee, the Board or a
representative thereof shall review such evaluation or a summary thereof with
the members of the Committee.


<P align="center" style="font-size: 10pt"><B>Review and Reassessment of Charter</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall review and reassess at least annually the adequacy of this
Charter and shall recommend any changes it deems appropriate to the Board.


<P align="center" style="font-size: 10pt">A-4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="142"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>APPENDIX B</B>



<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.</B>



<P align="center" style="font-size: 10pt"><B>COMPENSATION COMMITTEE CHARTER</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purpose.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee (the &#147;Committee&#148;) of the Board of Directors
(the &#147;Board&#148;) of Cavco Industries, Inc. (the &#147;Company&#148;) shall be charged with
assisting the Board in (i)&nbsp;assessing whether the various compensation programs
of the Company are designed to attract, motivate, and retain the senior
management necessary for the Company to deliver consistently superior results
and are performance based, market driven, and stockholder aligned, (ii)&nbsp;its
oversight of specific incentive compensation plans adopted by the Company, with
the approval of this Committee, including stock plans and short term and long
term incentive compensation plans for members of senior management of the
Company, (iii)&nbsp;its approval, review and oversight of benefit plans of the
Company, and (iv)&nbsp;its oversight of the performance and compensation of the
Chief Executive Officer of the Company (&#147;CEO&#148;) and the other members of the
senior management of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the Committee will direct the production of all reports that
Securities and Exchange Commission rules require be included in the Company&#146;s
annual proxy statement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Membership.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall consist of at least three persons, all of whom are
members of the Board. Each member of the Committee shall satisfy the
independence requirements set forth in the corporate governance and other
listing standards of The Nasdaq Stock Market, Inc. (&#147;Nasdaq&#148;) as in effect from
time to time (the &#147;Nasdaq Standards&#148;). In addition, each member of the
Committee shall be a &#147;non-employee director&#148; as defined by Rule&nbsp;16b-3(b)(3)
under the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall elect the members of the Committee at the Board meeting
(&#147;Annual Board Meeting&#148;) that is held immediately after the annual meeting of
the stockholders, and each Committee member shall serve until the date of the
next Annual Board Meeting unless he or she resigns, is removed or replaced or
otherwise ceases to be a director or member of the Committee prior to such
date, in which event the Board shall appoint another director to fill the
resulting vacancy for his or her unexpired term. Further, if for any reason
the Board does not elect the members to the Committee at an Annual Board
Meeting, the directors who then comprise the Committee will continue to serve
as members of the Committee until the Board takes action to elect new members
of the Committee. The Board may remove or replace a member of the Committee at
any time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by the Nasdaq Standards and applicable legal
requirements, the Committee may delegate specified duties and responsibilities
to a subcommittee created by a vote of a majority of the members of the
Committee. Each subcommittee shall have one or more members designated by the
Committee, and shall be governed by such procedures as the Committee shall
determine from time to time.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Operation.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall elect one of the members of the Committee to act as
chairperson of the Committee (the &#147;Chairperson&#148;). Such member shall act as
Chairperson until the next Annual Meeting unless prior thereto he or she (x)
resigns as Chairperson, (y)&nbsp;is removed or replaced by the Board or (z)&nbsp;ceases
to be a director, in which event the Board shall appoint another member of the
Committee to serve as Chairperson for the unexpired term. The Chairperson
shall preside over all meetings of the Committee. In addition, the Chairperson
shall periodically report the Committee&#146;s findings and conclusions to the
Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of the members of the Committee shall constitute a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall meet as often as is appropriate but not less than two
times annually. The Committee shall maintain minutes of its meetings and
written records of its actions.


<P align="center" style="font-size: 10pt">B-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, at its discretion, engage such independent consultants
as it deems appropriate. Further, the Committee may invite to all or part of
any Committee meeting such representatives of independent consultants and
members of management and other persons as the Committee shall deem necessary
or appropriate. The Committee shall, when it deems it appropriate, meet with
such consultants without any members of management in attendance. The
Committee shall have the sole authority to engage, retain, and terminate any
compensation consultant to be used to assist it in the performance of its
duties hereunder, and shall have the sole authority to approve such
consultant&#146;s fees and other retention terms. The Committee shall also have the
authority to obtain advice and assistance from internal or external legal
counsel, accounting, or other advisors.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Duties and Responsibilities.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To fulfill its purpose as described above, the Committee shall have the
following duties and responsibilities:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;The Committee will review and approve for the CEO and for the other
members of senior management of the Company (collectively, &#147;Senior
Management&#148;), annual base salary levels, annual incentive opportunity levels,
and long-term incentive opportunity levels for each fiscal year. In this
regard, the Committee will review and approve corporate goals and objectives
related to compensation. In addition, the Committee will take into account
whether the compensation is reasonably related to personal and corporate
performance and whether the goals of each compensation program are compatible
with external peer businesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Following the conclusion of a fiscal year, the Committee will review
and make recommendations to the Board with respect to incentive compensation
awards for the CEO and the other members of senior management of the Company,
including awards under short-term and long-term incentive compensation plans.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;The Committee will review Senior Management compensation programs on a
periodic basis to determine whether they are properly coordinated and achieving
their intended purposes. In addition, the Committee will consider from time to
time whether to adopt compensation or benefit plans for Senior Management that
address matters relating to severance or retirement provided that the benefits
to be derived from those programs are appropriately related to the overall
benefit of the Company and are reasonable in amount and duration.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;The Committee will review on a periodic basis all benefit plans
sponsored by the Company to determine whether they are properly coordinated and
achieving their intended purposes. The benefit plans currently in place
include a 401(k) plan, with a company matching contribution, and health
insurance and life insurance plans. In addition, the Committee will consider,
from time to time, amendments to existing benefit plans and proposals for new
benefit plans, and if appropriate, recommend the same for approval to the
Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;The Committee will review and assess the adequacy of this charter
annually and recommend any proposed changes to the Board for approval.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;The Committee will make periodic reports to the Board on the work of
the Committee.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Performance Evaluation of the Committee.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board will conduct an annual performance evaluation of the Committee.
This evaluation will be conducted by the Board in one or more separate sessions
at which members of the Committee shall not be in attendance. After completing
its annual performance evaluation of the Committee, the Board or a
representative thereof shall review such evaluation or a summary thereof with
the members of the Committee.



<P align="center" style="font-size: 10pt">B-2
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC.</B>



<P align="center" style="font-size: 10pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>



<P align="center" style="font-size: 10pt"><B>Annual Meeting of Stockholders &#150; June&nbsp;22, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Joseph H. Stegmayer and Michael H. Thomas,
or either of them, proxy, with full power of substitution, to vote, as
specified on the reverse side, at the Annual Meeting of Stockholders of Cavco
Industries, Inc. to be held June&nbsp;22, 2004, or any adjournment thereof, all
shares of Common Stock of Cavco Industries, Inc. registered in the name of the
undersigned at the close of business on May&nbsp;7, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS SPECIFIED ON THE BALLOT
ON THE REVERSE SIDE, BUT IF NO INSTRUCTIONS ARE INDICATED, THEN THIS PROXY WILL
BE VOTED FOR ITEM 1 AND ITEM 2. THE PROXIES WILL USE THEIR DISCRETION WITH
RESPECT TO ANY MATTER REFERRED TO IN ITEM 3.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>By execution of this proxy, you hereby acknowledge receipt herewith of
Notice of Annual Meeting and Proxy Statement for the June&nbsp;22, 2004 Annual
Meeting.</B>


<P align="center" style="font-size: 10pt"><B>SEE REVERSE SIDE</B>



<P align="center" style="font-size: 10pt">(Continued and to be signed on the reverse side)



<P align="center" style="font-size: 10pt"><B>Address Change/Comments (Mark the corresponding box on the reverse side)</B>



<P align="center" style="font-size: 10pt"><FONT face="Wingdings">&#108;</FONT><B>FOLD AND DETACH HERE</B><FONT face="Wingdings">&#108;</FONT>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please<BR>
Mark Here<BR>
for Address<BR>
Change or<BR>
Comments
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3" nowrap><B>SEE REVERSE SIDE</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>UNLESS OTHERWISE SPECIFIED, THIS PROXY WILL BE VOTED FOR ITEM 1 AND ITEM 2, and, at the discretion of the named
proxies, upon such other business as may properly be brought before the meeting or any adjournment thereof.
By executing this proxy, the undersigned hereby revokes prior proxies relating to the meeting.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Please mark<BR>
your vote as<BR>
indicated in<BR>
this example</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#120;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>The Board of Directors recommends a vote &#147;FOR&#148; the election of the nominee in Item&nbsp;1 and &#147;FOR&#148; Item&nbsp;2.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>

    <TD align="left" valign="top">Election of 01 Jacqueline Dout as a director to serve until the
Annual Meeting of Stockholders in 2007.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">MARK HERE IF YOU PLAN TO
ATTEND THE MEETING.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>

    <TD align="left" valign="top">Ratification of the appointment of Ernst &#038; Young LLP as
independent auditor for fiscal year 2005.<BR><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>

    <TD align="left" valign="top">In their discretion, on such other business as may properly be
brought before the meeting or any adjournment thereof.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Signature</B> ________________________
<B>Signature</B> ________________________
<B>Date</B> ________________________


<P align="left" style="font-size: 10pt"><B>Please sign exactly as your name appears on your stock certificate. For joint
accounts, each owner should sign. Executors, Administrators, Trustees, etc.
should give full title.</B>



<P align="center" style="font-size: 10pt"><FONT face="Wingdings">&#108;</FONT><B>FOLD AND DETACH HERE</B><FONT face="Wingdings">&#108;</FONT>



<P align="center" style="font-size: 10pt"><B>Vote by Internet or Telephone or Mail<BR>
24 Hours a Day, 7 Days a Week</B>



<P align="center" style="font-size: 10pt"><B>Internet voting and telephone voting are available through 11:59 PM Eastern Time the day prior to annual meeting day.</B>



<P align="center" style="font-size: 10pt"><B>Your Internet vote or telephone vote authorizes the named proxies to vote your shares in the same manner as if you marked, signed and returned your proxy card.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet<BR>http://www.eproxy.com/cvco</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Telephone<BR>
1-800-435-6710</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Mail</B><BR>
Mark, sign and date</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="28%" valign="top" align="left"><DIV style="margin-left:0px; text-indent:-0px">Use the Internet to vote your proxy.<BR>
Have your proxy card in hand when<BR>
you access the web site.
</DIV></TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%" align="left" valign="middle"><B>OR</B>
</TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="left" valign="top" width="28%">Use any touch-tone telephone to<BR>
vote your proxy. Have your proxy<BR>
card in hand when you call.
</TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="left" valign="middle" width="1%"><B>OR</B>
</TD>
    <TD width="4%">&nbsp;</TD>
    <TD align="center" valign="top" width="20%">your proxy card<BR>
and<BR>
return it in the<BR>
enclosed postage-paid<BR>
envelope.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>If you vote your proxy by Internet or by telephone,<BR>
you do NOT need to mail back your proxy card.</B>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
