-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Uw/LMuU01aB3tbkHrUGRMBAuqFCFStFefnru2k25Z1XhcrJO5n2zNAksyxZNLzOg
 JUbTtLz2DrWZCtntXOc55g==

<SEC-DOCUMENT>0000950123-10-052059.txt : 20100521
<SEC-HEADER>0000950123-10-052059.hdr.sgml : 20100521
<ACCEPTANCE-DATETIME>20100521172341
ACCESSION NUMBER:		0000950123-10-052059
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100624
FILED AS OF DATE:		20100521
DATE AS OF CHANGE:		20100521
EFFECTIVENESS DATE:		20100521

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:		10851905

	BUSINESS ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602-256-6263

	MAIL ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c01494def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Definitive Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<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="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
Cavco Industries, Inc.</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<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="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>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):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c01494c0149403.gif" alt="(CAVCO LOGO)">

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Phoenix, Arizona 85004<BR>
602-256-6263
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">May&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Stockholders:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">It is our pleasure to invite you to attend the Cavco Industries, Inc. (&#147;Cavco&#148;) 2010 Annual Meeting
of Stockholders. The meeting will be held on June&nbsp;24, 2010 at 9:00 a.m. (M.S.T.) at Cavco&#146;s
offices, 1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004. The attached Notice of Annual
Meeting of Stockholders and Proxy Statement provide information concerning the business to be
conducted at the meeting and the nominee for election as a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Your vote is important. Whether or not you plan to attend the meeting, please vote your shares
using the Internet, by telephone, or by completing, signing, dating, and returning the accompanying
proxy in the enclosed envelope. Your shares will then be represented at the meeting if you are
unable to attend. You may, of course, revoke your proxy and vote in person at the meeting if you
desire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Thank you for your support.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c01494c0149404.gif" alt="-s- Joseph H. Stegmayer">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Joseph H. Stegmayer<BR>
Chairman of the Board of Directors<BR>
President and Chief Executive Officer

</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Notice of Annual Meeting of Stockholders</B><BR><B>
of Cavco Industries, Inc.</B>
</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="28%">&nbsp;</TD>
    <TD width="2%">&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"><B>Time:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9:00 a.m. (M.S.T.), June&nbsp;24, 2010&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Place:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cavco Industries, Inc.&#146;s (&#147;Cavco&#148;) Offices <BR>
1001 N. Central Avenue <BR>
Suite&nbsp;800<BR>
Phoenix, Arizona 85004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Items of Business:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">1.&nbsp;&nbsp;&nbsp;To elect one director
comprising a class of
directors to serve until the
annual meeting of
stockholders in 2013, or
until a successor has been
elected and qualified;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">2.&nbsp;&nbsp;&nbsp;To re-approve the performance goals for section
162(m) awards under the Cavco Industries, Inc. 2005 Stock Incentive
Plan, as amended;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">3.&nbsp;&nbsp;&nbsp;To ratify the appointment of Ernst &#038; Young LLP
as Cavco&#146;s independent registered public accounting firm for fiscal
year 2011; and</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">4.&nbsp;&nbsp;&nbsp;To transact such other business as may properly
come before the meeting or any adjournment thereof.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Annual Reports:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The 2010 Annual Report to Stockholders, which includes
the Annual Report on <font style="white-space: nowrap">Form&nbsp;10-K</FONT>, is enclosed and may be
viewed on Cavco&#146;s website at
http://www.cavco.com/investorrelations/annualmeeting.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Who Can Vote:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You can vote if you were a stockholder of record at the
close of business on May&nbsp;10, 2010.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Date of Mailing:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Notice and Proxy Statement are first being mailed to
stockholders on or about May&nbsp;25, 2010.</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="58%">&nbsp;</TD>
    <TD width="2%">&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;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JAMES P. GLEW</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><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. All
stockholders are encouraged to review the accompanying proxy statement.</B>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS</B>
</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="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page No.</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PROXY STATEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">INTRODUCTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Purposes of the Annual Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">ABOUT THE MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Who Can Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">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" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">How Proxies Will be Voted</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">How to Revoke Your Proxy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Quorum and Required Vote</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">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" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">STOCK OWNERSHIP</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Principal Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">PROPOSAL NO. 1: ELECTION OF ONE DIRECTOR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Recommendation of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">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" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Continuing Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#118">Term Expiring in 2011</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#119">Term Expiring in 2012</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Director Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">DIRECTOR COMPENSATION TABLE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Board and Committee Meetings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Director Nominating Process</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#124">Selection by Independent Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#125">Director Qualifications</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#126">Diversity</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#127">Nominations by Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Other Board Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#129">Board Leadership Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#130">The Board&#146;s Role in Risk Oversight</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">Audit Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Report of the Audit Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Compensation Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Communicating With Our Board</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page No.</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135">COMPENSATION DISCUSSION AND ANALYSIS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#136">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#137">Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#138">Compensation Policies and Practices as they Relate to Risk Management</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#139">Compensation Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#140">Benchmarking</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#141">Role of Compensation Consultants</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#142">Role of Management in Establishing and Awarding Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#143">Objectives of Cavco&#146;s Compensation Programs</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#144">Components of Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#145">Base Salary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#146">Incentive Bonus</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#147">Long-Term Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#148">Perquisites and Other Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#149">Employment, Severance, and Change in Control Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#150">Compensation Committee Report</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#151">Compensation Committee Interlocks and Insider Participation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#152">SUMMARY COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#153">GRANTS OF PLAN-BASED AWARDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#154">OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#155">OPTION EXERCISES AND STOCK VESTED</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#156">PROPOSAL NO. 2: RE-APPROVAL OF PERFORMANCE GOALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#157">Material Terms of the Performance Goals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#158">Eligibility</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#159">Performance Goals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#160">Maximum Payout of Performance Awards</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#161">Options</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#162">Recommendation of the Board</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#163">PROPOSAL NO. 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#164">Recommendation of the Board</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#165">AUDIT FEES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#166">GENERAL</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#167">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#168">Certain Relationships and Related Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#169">Transactions with Related Persons</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#170">Review, Approval or Ratification of Transactions with Related Persons</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#171">Code of Conduct</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#172">Form&nbsp;10-K</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#173">Stockholder Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#174">Cavco Website</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">



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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROXY STATEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Annual Meeting of Stockholders<BR>
to be Held June&nbsp;24, 2010</B>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INTRODUCTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;24, 2010, at 9:00 a.m.
(M.S.T.), and at any adjournment thereof. The mailing address of Cavco&#146;s executive offices is 1001
N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to
Be Held on June&nbsp;24, 2010:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>The notice of meeting, proxy statement, annual report and sample proxy card are available for
review at http://www.cavco.com/investorrelations/annualmeeting.</B>
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At the annual meeting, action will be taken on the following matters:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(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 2013, or until a successor has been elected and qualified;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To re-approve the performance goals for section 162(m) awards under the Cavco
Industries, Inc. 2005 Stock Incentive Plan, as amended;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ratification of the appointment of Ernst &#038; Young LLP as Cavco&#146;s independent registered
public accounting firm for fiscal year 2011; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business as may properly come before the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our board of directors does not know of any matters that may be acted upon at the annual
meeting other than the matters set forth in the following pages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Investor Relations telephone number is (800)&nbsp;790-9111 should you wish to obtain directions
to our executive offices in order to attend the Annual Meeting and vote in person.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>YOUR VOTE IS IMPORTANT!</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>YOU ARE URGED TO VOTE YOUR PROXY PROMPTLY BY MAIL, TELEPHONE OR VIA THE<BR>
INTERNET, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ABOUT THE MEETING</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Who Can Vote</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Record holders of common stock, par value $.01 per share, of Cavco at the close of business on
May&nbsp;10, 2010 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 6,541,684 shares of common
stock. Each holder of common stock will be entitled to one vote per share on the election of
directors and each other matter that is described above or that may be properly brought before the
meeting. There are no cumulative voting rights.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>How You Can Vote</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Stockholders can vote their shares of common stock at the annual meeting by voting and
submitting the accompanying proxy by telephone, over the Internet, or by completing, signing,
dating and returning the proxy in the enclosed envelope.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: (i) <U>FOR</U> the
election of the nominee for director named in the proxy; (ii) <U>FOR</U> the re-approval of the
performance goals for Section 162(m) awards under the Cavco Industries, Inc. 2005 Stock Incentive
Plan, as amended; and (iii) <U>FOR</U> the ratification of the appointment of Ernst &#038; Young LLP as
Cavco&#146;s independent registered public accounting firm for fiscal year 2011. In the event you
specify a different choice by means of the enclosed proxy, your shares will be voted in accordance
with those instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our 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 the meeting.
However, if other matters requiring the vote of stockholders come before the annual meeting, the
persons named in the accompanying proxy intend to vote the proxies held by them in accordance with
their best judgment in such matters.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">You have the unconditional right to revoke your 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 James P. Glew, Secretary, Cavco Industries, Inc., 1001 N.
Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004. No such revocation will be effective, however,
unless received by us at or prior to the annual meeting. Attending the meeting does not revoke
your proxy.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Quorum and Required Vote</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The presence at the annual meeting, in person or by proxy, of a majority of the shares of
common stock entitled to vote at the meeting is necessary to constitute a quorum. Abstentions and
broker non-votes will be counted as present for the purpose of establishing a quorum. If a quorum
is present, in order to be elected as a director, a nominee must receive the affirmative vote of
the holders of a plurality of the shares of common stock present, either in person or by proxy, and
entitled to vote on the election of directors. If a quorum is present, approval of all other
matters that properly come before the meeting requires the affirmative vote of the holders of a
majority of the shares of common stock present, either in person or by proxy, and entitled to vote
on the matter presented at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the election of directors, withhold authority votes will have no effect on the outcome of
the vote; however, in the votes on the other matters that properly come before the meeting,
abstentions will have the effect of votes &#147;against&#148; the proposals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As you may know, recent changes to exchange rules eliminated broker discretionary voting with
respect to the election of directors. Therefore, unlike in prior years, your broker is not able to
vote on your behalf in any director election without specific voting instructions from you.
<B>Accordingly, we encourage you to vote your shares in the election of directors before the meeting
either by returning your proxy by mail, voting by telephone or voting
via the Internet so that your shares will be represented and voted at the meeting if you cannot
attend in person.</B>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If sufficient votes for approval of the matters to be considered at the annual meeting have
not been received prior to the meeting date, we may postpone or adjourn the annual meeting in order
to solicit additional votes. The form of proxy being solicited by this proxy statement provides the
authority for the proxy holders, in their discretion, to vote the stockholders&#146; shares with respect
to a postponement or adjournment of the annual meeting. At any postponed or adjourned meeting,
proxies received pursuant to this proxy statement will be voted in the same manner described in
this proxy statement with respect to the original meeting.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Expenses of Soliciting Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We will bear the cost of soliciting proxies for the annual meeting. Solicitation may be made
by mail, personal interview, telephone or other electronic means by our officers and other
employees, who will receive no additional compensation therefor.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>STOCK OWNERSHIP</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth information, as of May&nbsp;20, 2010, 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 nominees and executive officers of Cavco as a group. Except as
otherwise indicated, all shares are owned directly, and the owner has sole voting and investment
power with respect thereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>COMMON STOCK OWNERSHIP INFORMATION IS DATED MAY 20, 2010</B>
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Cavco Common stock (2)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Beneficial Owner (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Beneficially Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William C. Boor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven G. Bunger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David A. Greenblatt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack Hanna</DIV></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">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joseph H. Stegmayer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">612,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.36 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel L. Urness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All directors, director nominees and executive
officers of Cavco as a group (6 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.10 </TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The address of listed stockholders is 1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona
85004.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Shares covered by stock options that are outstanding under the Cavco Industries, Inc. Stock
Incentive Plan, as amended, and exercisable on or within 60&nbsp;days 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;Boor &#151; 10,250 shares; Mr.&nbsp;Bunger &#151; 12,125 shares; Mr.&nbsp;Greenblatt &#151; 5,625 shares;
Mr.&nbsp;Hanna &#151; 12,500 shares; Mr.&nbsp;Stegmayer &#151; 479,080 shares; Mr.&nbsp;Urness &#151; 7,000 shares; and all
directors, director nominees and executive officers of Cavco as a group &#151; 526,580 shares.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Principal Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth information with respect to the persons, other than
Mr.&nbsp;Stegmayer, that have reported beneficial ownership of more than five percent of the outstanding
shares of Cavco common stock according to statements on Schedule&nbsp;13D or 13G as filed by such
persons with the SEC on or before May&nbsp;20, 2010.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PRINCIPAL STOCKHOLDER INFORMATION IS DATED MAY 20, 2010</B>
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Beneficially Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Columbia Wanger Asset Management, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">853,684 </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.05</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">227 West Monroe Street Suite&nbsp;3000<BR>
Chicago, IL 60606-5016</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" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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:15px; text-indent:-15px">Third Avenue Management LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">831,181 </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.71</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">622 Third Avenue, 32<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor<BR>
New York, NY 10017</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">T. Rowe Price Associates, Inc. (MD)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">728,240 </TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">100 East Pratt Street <BR>
Baltimore, MD 21202-1009</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" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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:15px; text-indent:-15px">Wells Fargo and Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">712,196 </TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.89</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">420 Montgomery Street <BR>
San Francisco, CA 94104</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAMCO Investors, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">627,028 </TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.59</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">1 Corporate Center <BR>
Rye, NY 10580-1422</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" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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:15px; text-indent:-15px">Joseph H. Stegmayer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">612,428 </TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.36</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">1001 N. Central Avenue, Suite&nbsp;800<BR>
Phoenix, AZ 85004</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BlackRock, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">577,463 </TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.82</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">40 East 52<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Street <BR>
New York, NY 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" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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:15px; text-indent:-15px">Royce &#038; Associates LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">479,573 </TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">1414 Avenue of the Americas <BR>
New York, NY 10019</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dimensional Fund Advisors LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">360,630 </TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.51</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">1299 Ocean Avenue <BR>
Santa Monica, CA 90401</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 align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Columbia Wanger Asset Management, L.P. (&#147;Columbia Wanger&#148;) is based
solely upon a Schedule&nbsp;13G filed with the SEC on February&nbsp;9, 2010. Columbia Wanger reported
having sole voting and dispositive power over all of the shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Third Avenue Management LLC (&#147;TAM&#148;) is based solely upon a Schedule
13G filed with the SEC on February&nbsp;16, 2010. TAM reported having sole voting and dispositive
power over all of the shares. TAM reported that Met Investors Series&nbsp;Trust-Third Avenue Small
Cap Portfolio (&#147;Met&#148;), an investment company registered under the Investment Company Act of
1940, has the right to receive dividends from, and the proceeds from the sale of 787,653 of the
shares reported by TAM. Met separately reported its interest in these shares on schedule 13G
filed February&nbsp;10, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding T. Rowe Price Associates, Inc. (&#147;Price Associates&#148;) is based solely
upon a Schedule&nbsp;13G filed with the SEC on February&nbsp;12, 2010. Price Associates reported having
sole voting power with respect to 146,300 shares and sole dispositive power with respect to all
shares. Price Associates has informed Cavco that these securities are owned by various
individual and institutional investors including T. Rowe Price Small-Cap Value Fund, Inc. (which
owns 580,000 shares, representing 8.9% of the shares outstanding), for which Price Associates
serves as investment adviser with power to direct investments and/or sole power to vote the
securities. For purposes of the reporting requirements of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), Price Associates is deemed to be a beneficial owner of such
securities; however, Price Associates expressly disclaims that it is, in fact, the beneficial
owner of such securities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Wells Fargo &#038; Company (&#147;Wells&#148;) is based solely upon a Schedule&nbsp;13G
filed with the SEC on January&nbsp;22, 2010. Wells reported that it possessed sole voting power with
respect to 696,791 shares, shared voting power with respect to 100 shares, sole dispositive
power with respect to 711,816 shares, and shared dispositive power with respect to 380 shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding GAMCO Investor&#146;s, Inc. (&#147;GAMCO&#148;) is based solely upon a Schedule&nbsp;13D
filed with the SEC on March&nbsp;6, 2009 by Mario J. Gabelli, and other entities that are directly or
indirectly controlled by Mr.&nbsp;Gabelli or for which he acts as chief investment officer. GAMCO
reported having sole voting power over 616,028 shares and sole dispositive power over all of the
shares. Included in the Schedule&nbsp;13D are Gabelli Funds, LLC, GAMCO Asset Management, Inc., and
Gabelli Advisers, Inc.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Joseph H. Stegmayer is based upon Cavco&#146;s records.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding BlackRock, Inc. (&#147;BlackRock&#148;) is based solely upon a Schedule&nbsp;13G
filed with the SEC on January&nbsp;29, 2010. BlackRock reported having sole voting and dispositive
power over all of the shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Royce &#038; Associates LLC (&#147;Royce&#148;) is based solely upon a Schedule&nbsp;13G/A
filed with the SEC on January&nbsp;22, 2010. Royce reported that it possessed sole voting and
dispositive power with respect to all of the shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Information regarding Dimensional Fund Advisors LP (&#147;Dimensional&#148;) is based solely upon a
Schedule&nbsp;13G filed with the SEC on February&nbsp;8, 2010. Dimensional reported that it possessed
sole voting power with respect to 350,620 shares and sole dispositive power with respect to all
of the shares.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL NO. 1: ELECTION OF ONE DIRECTOR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cavco&#146;s Restated Certificate of Incorporation and Amended and Restated Bylaws provide for the
division of the board of directors 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 2010 annual meeting, two directors in
the class whose terms expire at the 2011 annual meeting, and two directors in the class whose term
expires at the 2012 annual meeting. Each director holds office until his or her successor has been
elected and qualified or until the director&#146;s earlier resignation or removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">David
A. Greenblatt, the member of the board whose term expires at the 2010 annual meeting,
will stand for re-election at the 2010 annual meeting. Mr.&nbsp;Greenblatt has been nominated for
service as a director until the 2013 annual meeting by our independent directors and the full board
pursuant to the procedures described under &#147;Director Nominating Process&#148; below. Unless contrary
instructions are indicated on the proxy, it is intended that the shares represented by the
accompanying proxy will be voted for the election of this nominee or, if the nominee becomes
unavailable (which we do not anticipate), 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 a
board nominee. The nominee and the continuing directors furnished to Cavco the biographical
information appearing below.
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>The Board of Directors recommends that the stockholders vote &#147;FOR&#148; the election of Mr.
Greenblatt.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our board of directors has determined that all the members of the board, other than Joseph H.
Stegmayer, who is an employee of Cavco, are &#147;independent&#148; in accordance with (1)&nbsp;the applicable
requirements of the Exchange Act, and the rules adopted by the SEC thereunder and (2)&nbsp;the
applicable NASDAQ Marketplace Rules (the &#147;NASDAQ Rules&#148;), including Rule&nbsp;5605(a)(2).
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>David
A. Greenblatt</B>, 48, is Chairperson of our Compensation Committee, a member of the Audit
Committee and has been a member of our board since October&nbsp;2008. Mr.&nbsp;Greenblatt currently serves
as Senior Vice President and Deputy General Counsel for Eagle Materials Inc. (&#147;Eagle Materials&#148;), a
NYSE-listed company specializing in the construction products and building materials business and
headquartered in Dallas, Texas, where he actively manages legal matters and project development.
Previously, he worked for Eagle Materials as its General Counsel from 1993 until 1998 and as Senior
Vice President &#151; Mergers &#038; Acquisitions from 2000 to 2002. He has also worked in various roles for
Centex Corporation (&#147;Centex&#148;), including Vice President and General Counsel of its Investment Real
Estate Group, Vice President and Assistant General Counsel of Centex and General Counsel of Cavco.
Prior to joining Centex, Mr.&nbsp;Greenblatt was an associate for over 5&nbsp;years in the corporate and
securities group of Hughes &#038; Luce (now K&#038;L Gates, LLP) in Dallas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to his executive and legal experience, Mr.&nbsp;Greenblatt brings to our board his
extensive knowledge of our company and industry, having served as Cavco&#146;s General Counsel while
with Centex.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Continuing Directors</B>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Term Expiring in 2011</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Joseph H. Stegmayer</B>, 59, serves as our 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 of Cavco and its predecessor since March&nbsp;2001. Mr.&nbsp;Stegmayer also served as President of
Centex&#146;s manufactured housing holding company, Centex Manufactured Housing Group, LLC, from
September&nbsp;2000 until Cavco&#146;s spin-off from Centex in June&nbsp;2003. Prior to joining Cavco,
Mr.&nbsp;Stegmayer served as Executive Vice President of Champion Enterprises, Inc., a company that
builds and sells manufactured homes and 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.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As Chairman of the Board, President and CEO of Cavco, with twenty-five years of experience in
the manufactured housing industry, Mr.&nbsp;Stegmayer has an in depth understanding of the factors
affecting Cavco&#146;s business. Mr.&nbsp;Stegmayer is widely recognized as a manufactured housing industry
expert and has extensive experience managing public companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>William C. Boor, </B>44, is Chairperson of our Audit Committee, a member of our Compensation
Committee and has been a member of our board since July&nbsp;2008. Mr.&nbsp;Boor is a Senior Vice President
of Cliffs Natural Resources, Inc. (&#147;Cliffs&#148;) and President of Cliffs&#146; Ferroalloys business. Mr.
Boor joined Cliffs in May&nbsp;2007 as Senior Vice President, Business Development after having served
as Executive Vice President, Strategy and Development, at American Gypsum Company, a subsidiary of
Eagle Materials from 2005 to 2007. From 2002 to 2005, Mr.&nbsp;Boor served as Senior Vice President -
Corporate Development and Investor Relations of Eagle Materials. From 2001 to 2002 he served as
Vice President &#151; Corporate Development of Centex. He also has held key leadership roles at
Weyerhaeuser Co. and Procter &#038; Gamble Co.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Boor earned an MBA from Harvard Business School and is a Chartered Financial Analyst. Mr.
Boor brings to our board diverse experience in manufacturing management, process engineering,
financial management, investor relations and marketing.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Term Expiring in 2012</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Steven G. Bunger, </B>49, is a member of our Audit Committee and has been a member of our board
since April&nbsp;2004. Since 2001, he has served as Chairman of the Board of Mobile Mini, Inc. (&#147;Mobil
Mini&#148;), 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, having served in
those capacities 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Bunger brings to our board a breadth of operational, managerial, and marketing experience
from running the world&#146;s leading provider of portable storage solutions. Additionally, Mr.&nbsp;Bunger
has extensive acquisition experience which he lends in assisting Cavco&#146;s management and board in
evaluating growth opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Jack Hanna</B>, 63, is a member of our Compensation Committee and has been a member of our board
since 2003. Since 2007, Mr.&nbsp;Hanna has hosted <I>Jack Hanna&#146;s Into the Wild, </I>a nationally syndicated
television program and spends the majority of each year filming and lecturing around the world.
From 1993 through 2006, Mr.&nbsp;Hanna hosted <I>Jack Hanna&#146;s Animal Adventures</I>, a nationally syndicated
television program. Since 1992, Mr.&nbsp;Hanna has served as Director Emeritus of the Columbus Zoo and
Aquarium in Columbus, Ohio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As evidenced by his long tenure with the Columbus Zoo and Aquarium, Mr.&nbsp;Hanna has extensive
management and leadership experience. With his keen understanding of people, marketing, operations
and facilities management, Mr.&nbsp;Hanna helped transform the Columbus Zoo and Aquarium into one of the
largest and most highly attended zoos in the United States. These attributes make Mr.&nbsp;Hanna a
valuable member of our board.
</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Director Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Only non-employee directors are compensated for service as a director. Upon commencement of
service, non-employee directors receive a one-time grant of an option to purchase 10,000 shares of
Cavco common stock. Effective April&nbsp;1, 2010, annually, non-employee directors receive compensation
in the form of a $20,000 retainer fee, a grant of an option to purchase 3,000 shares of Cavco
common stock on the anniversary of the director&#146;s election to the board, and an additional $2,000
for each board meeting attended. Members of board committees also receive a fee of $1,000 for each
committee meeting attended. The chairperson of the Audit Committee receives an additional $10,000
per year for such service and the chairperson of the Compensation Committee receives an additional
$4,000 per year for such service.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All options awarded to non-employee directors have a seven-year term and a per share exercise
price equal to the fair market value of a share of common stock of Cavco on the date of grant. All
options awarded prior to April&nbsp;1, 2010, become exercisable at the rate of 25% on the date of grant
and an additional 25% on the following three anniversaries of the date of grant. Options awarded
on or after April&nbsp;1, 2010, become exercisable at the rate of 50% on the date of grant and 50% on
the first anniversary of the date of grant. All rights to exercise the options terminate within
four (4)&nbsp;months of the date that the non-employee director ceases to be a director of Cavco for any
reason other than death or disability. However, if the non-employee director held the position for
at least ten (10)&nbsp;years, the options will vest on the date that the non-employee director ceases to
be a director and all rights to exercise the options will terminate three (3)&nbsp;years thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All board members are reimbursed for reasonable expenses of attending board and committee
meetings.
</DIV>
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DIRECTOR COMPENSATION TABLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides information regarding compensation paid to each non-employee
director during the year ended March&nbsp;31, 2010.
</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees Earned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>or Paid in Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Awards ($) (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>William C. Boor</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Steven G. Bunger</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>David A. Greenblatt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Jack Hanna</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,725</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column include the annual retainer and meeting fees earned, regardless of when
paid.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column represent the aggregate grant date fair value computed in accordance
with the Financial Accounting Standards Board Accounting Standards Codification 718,
<I>Compensation&#151;Stock Compensation </I>(&#147;ASC 718&#148;). We describe the assumptions made in this valuation in
Note 7 to the Consolidated Financial Statements filed with the Form 10-K in the discussion below.
As of March&nbsp;31, 2010, each director had the following number of options outstanding: Mr.&nbsp;Boor -
12,500 shares (10,000 granted on July&nbsp;9, 2008; 2,500 granted on July&nbsp;9, 2009); Mr.&nbsp;Bunger &#151; 12,500
shares (5,000 granted on April&nbsp;27, 2006; 2,500 granted on April&nbsp;27, 2007; 2,500 granted on April
27, 2008; 2,500 shares granted on April&nbsp;27, 2009); Mr.&nbsp;Greenblatt &#151; 12,500 shares (10,000 granted
on October&nbsp;21, 2008; and 2,500 granted on October&nbsp;21, 2009); and Mr.&nbsp;Hanna &#151; 16,250 shares (1,250
granted on March&nbsp;31, 2005; 5,000 granted on November&nbsp;30, 2005; 2,500 granted on September&nbsp;22, 2006;
2,500 granted on September&nbsp;22, 2007, 2,500 granted on September&nbsp;22, 2008; and 2,500 granted on
September&nbsp;22, 2009). Options are granted on the date of the director&#146;s initial election to the
board and the anniversary date of such election. The foregoing options vest at the rate of 25% on
the date of grant and an additional 25% on each of the following three anniversaries of the date of
grant. See Note 7 to the Consolidated Financial Statements in Cavco&#146;s Annual Report on Form 10-K
for fiscal year ended March&nbsp;31, 2010.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Board and Committee Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During Cavco&#146;s fiscal year ended March&nbsp;31, 2010, our board held five regularly scheduled
meetings and one special meeting. Each of our directors attended all of the meetings of the board
and board committees on which they served in fiscal year 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All board members are expected to attend our annual meetings of stockholders, unless an
emergency or unavoidable conflict prevents them from doing so. At our 2009 annual meeting of
stockholders, all directors serving at that time were present in person with the exception of Mr.
Hanna who was present by telephone and could not attend the meeting in person because of an
emergency related to his duties with the Columbus Zoo and Aquarium.
</DIV>
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director Nominating Process</B>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Selection by Independent Directors.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The board has not established a director nominating committee. Instead, our board has
determined that the independent directors, as a group, should fulfill this responsibility. The
board has adopted resolutions, as required by the NASDAQ Rules, providing for the nomination of
directors by the independent directors of the board, which promotes flexibility and independence.
Generally, director nominees are identified and screened by all independent directors. For any
nominee to be placed on Cavco&#146;s ballot for voting by Cavco&#146;s stockholders at any meeting of
stockholders of Cavco, such nominee must first be approved by a majority of the independent
directors of Cavco, and by a majority of the entire board of directors. The 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>
<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Director Qualifications</I>. The independent directors evaluate potential director nominees
according to the following criteria:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decisions for nominating candidates are based on the business and corporate governance
needs of Cavco and if the need for a director exists, then candidates are evaluated on the
basis of merit, qualifications, performance and competency;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the independent directors consider the composition of the entire board when evaluating
individual directors, including the diversity of experience and background represented by
the board; the need for financial, business, academic, public or other expertise on the
board and its committees; and the desire for directors working cooperatively to represent
the best interests of Cavco, its stockholders and employees, and not any particular
constituency;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a majority of our board must be comprised of &#147;independent&#148; directors in accordance with
applicable NASDAQ Rules;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we seek directors with the highest personal and professional character and integrity who
have outstanding records of accomplishment in diverse fields of endeavor, and who have
obtained leadership positions in their chosen business or profession;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>candidates must be willing and able to devote the necessary time to discharge their
duties as a director, and should have the desire to represent and evaluate the interests of
Cavco as a whole;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>candidates must be free of conflicts of interest that would interfere with their ability
to discharge their duties as a director or that would violate any applicable law or
regulation; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>candidates must also meet any other criteria as determined by the independent directors,
which may differ from time to time.</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Diversity. </I>Cavco does not have a formal policy with regard to the consideration of diversity
in identifying Director nominees, but the board strives to nominate Directors with a variety of
complementary skills so that, as a group, the board will possess the appropriate talent, skills,
and expertise to oversee Cavco&#146;s businesses.
</DIV>
<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Nominations by Stockholders. </I>Our bylaws also impose some procedural requirements on
stockholders who wish to:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make nominations for the election of directors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>propose that a director be removed; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>propose any other business to be brought before an annual meeting of stockholders.</TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under these procedural requirements, in order to bring a proposal before an annual meeting of
stockholders, a stockholder must deliver timely notice of a proposal pertaining to a proper subject
for presentation at the meeting to our corporate secretary along with, among other specified
information, the following:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a description of the business or nomination to be brought before the meeting and the
reasons for conducting such business at the meeting;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the stockholder&#146;s name and address;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares beneficially owned by the stockholder;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names and addresses of all persons with whom the stockholder is acting in concert
and a description of all arrangements or understandings with such persons; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares beneficially owned by each person with whom the stockholder is
acting in concert.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To be timely, a stockholder must deliver notice:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with an annual meeting of stockholders, not less than 90 nor more than 180
days prior to the date on which the immediately preceding year&#146;s annual meeting of
stockholders was held;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with a special meeting of stockholders to elect directors, not less than
40 nor more than 60&nbsp;days prior to the date of the special meeting; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with a special meeting of stockholders for purposes other than the
election of directors, not less than 10 nor more than 60&nbsp;days prior to the date of the
special meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In order to submit a nomination for our board of directors, a stockholder must also submit
information with respect to the nominee that would be required to be included in a proxy statement,
as well as other specified information. If a stockholder fails to follow the required procedures,
the stockholder&#146;s nominee or proposal will be ineligible for election or other action and will not
be voted on by our stockholders.
</DIV>
<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Other Board Matters</B>
</DIV>

<DIV align="left">
<A name="129"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Board Leadership Structure</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The board does not have a policy regarding the separation of the roles of Chief Executive
Officer and Chairman of the board as the board believes it is in the best interests of Cavco to
make that determination based on the position and direction of Cavco and the membership of the
board. The board has determined that having Cavco&#146;s Chief Executive Officer serve as Chairman is in
the best interest of Cavco&#146;s shareholders at this time. This structure makes the best use of the
Chief Executive Officer&#146;s extensive knowledge of Cavco and its industry, as well as fostering
greater communication between Cavco&#146;s management and the board. Cavco does not have a lead
independent director.
</DIV>
<DIV align="left">
<A name="130"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>The Board&#146;s Role in Risk Oversight</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management of risk is the responsibility of Cavco&#146;s executive officers and senior management
team. The Board has oversight responsibility and has designated the Audit Committee to oversee
Cavco&#146;s processes to manage business and financial risk and compliance with significant applicable
legal, ethical, and regulatory requirements. The Audit Committee reports to the board regarding
the adequacy of Cavco&#146;s risk management processes. To assist
the Audit Committee in overseeing risk management, Cavco&#146;s Director of Internal Audit is directly
accessible by the Audit Committee and reports to the Audit Committee upon request. Additionally,
the board encourages management to promote a corporate culture that incorporates risk management
into Cavco&#146;s corporate strategy and day-to-day business operations. The board regularly works, with
the input of Cavco&#146;s executive officers, to assess and analyze the most likely areas of future risk
for Cavco.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Audit Committee is composed of three directors, Messrs.&nbsp;Boor, Bunger, and Greenblatt, who
satisfy the independence requirements set forth in (1)&nbsp;Section&nbsp;10A(m) of the Exchange Act and the
rules adopted by the SEC thereunder and (2)&nbsp;applicable NASDAQ Rules. The Audit Committee functions
under a charter, which was initially adopted by our board of directors on September&nbsp;22, 2003, and
was most recently amended on June&nbsp;30, 2009. The Audit Committee Charter is posted on our website
at <U>www.cavco.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 SEC rules.
William C. Boor, the chairperson of the Audit Committee, is a Senior Vice President of Cliffs, an
international mining company, and President of Cliffs&#146; Ferroalloys business. Previously, Mr.&nbsp;Boor
held the position of Senior Vice President, Business Development at Cliffs. Prior to joining
Cliffs, Mr.&nbsp;Boor was Executive Vice President, Strategy and Development, at American Gypsum
Company, a company that manufactures, sells, and distributes gypsum wallboard products. Mr.&nbsp;Boor
earned an MBA from Harvard University in 1994 and is a Chartered Financial Analyst. Accordingly,
the board of directors has determined that Mr.&nbsp;Boor meets the qualifications of an &#147;Audit Committee
financial expert&#148; in accordance with the SEC rules and similar sophistication requirements under
the NASDAQ Rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit Committee assists the board in its general oversight of (1)&nbsp;the quality and
integrity of Cavco&#146;s accounting, auditing and financial reporting practices and processes, (2)&nbsp;the
financial information to be provided to Cavco stockholders, (3)&nbsp;the systems of disclosure controls
and procedures and internal control over financial reporting established by management, the Audit
Committee and the board, (4)&nbsp;compliance with Cavco&#146;s code of ethics, (5)&nbsp;the independence,
qualification and performance of Cavco&#146;s independent auditors and (6)&nbsp;Cavco&#146;s internal audit
process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit Committee Charter provides that the Audit Committee shall perform the following key
tasks:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>select, appoint, evaluate, retain, terminate and replace Cavco&#146;s independent auditors
(subject, if the Audit Committee so determines, to stockholder ratification);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain and review, at least annually, a report by Cavco&#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>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive the applicable written independence disclosures required by the Public Company
Accounting Oversight Board, including those disclosures required by Ethics and Independence Rule
3526 (the &#147;Independence Report&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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 Audit 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>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review any report made by the Cavco&#146;s independent auditors pursuant to Section&nbsp;10A(k) of the
Exchange Act;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confirm with the independent auditor that the independent auditor is in compliance with the
partner rotation requirements established by the SEC;</TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preapprove all auditing services, audit engagement fees and terms and permitted
non-audit services provided to Cavco 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), provided that the Audit Committee may delegate to one or more
subcommittees the authority to grant approvals of audit and permitted non-audit
services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit Committee also reviews Cavco&#146;s corporate compliance program. The Audit Committee
meets separately with the independent auditors, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the last fiscal year, the Audit Committee met six times. Every member attended each of
the meetings.
</DIV>
<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Report of the Audit Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>In accordance with its written charter, the primary function of the Audit Committee is to
assist the board in fulfilling its responsibility for oversight of: (i)&nbsp;the quality and integrity
of Cavco Industries Inc.&#146;s (&#147;Cavco&#148;) accounting, auditing, and financial reporting practices and
processes; (ii)&nbsp;the financial information to be provided to the stockholders of Cavco; (iii)&nbsp;the
systems of disclosure controls and procedures and internal control over financial reporting
established by management, the Committee and the Board; (iv)&nbsp;compliance with Cavco&#146;s Code of
Conduct; (v)&nbsp;the independent auditors qualifications and independence; (vi)&nbsp;the performance of
Cavco&#146;s independent auditors; and (vii)&nbsp;the internal audit process.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Management is responsible for Cavco&#146;s financial reporting process, including the system of
internal controls, and for the preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America. The independent accountants are
responsible for auditing and rendering an opinion on Cavco&#146;s consolidated financial statements, as
well as auditing certain aspects of the Cavco&#146;s internal controls. The Audit Committee&#146;s
responsibility is to monitor these processes.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>In discharging its duties, the Audit Committee has: (i)&nbsp;reviewed and discussed Cavco&#146;s audited
Consolidated Financial Statements as of and for the year ended March&nbsp;31, 2010 with our management;
(ii)&nbsp;discussed with the independent registered public accounting firm the matters required to be
discussed by Statement of Auditing Standards No.&nbsp;114, The Auditor&#146;s Communication with Those
Charged with Governance (AICPA, Professional Standards, Vol. 1. AU section 380), as adopted by the
Public Company Accounting Oversight Board in Rule&nbsp;3200T; (iii)&nbsp;received and reviewed the written
disclosures and the letter from the independent registered public accounting firm required by
applicable requirements of the Public Company Accounting Oversight Board regarding the independent
registered public accounting firm&#146;s communications with the audit committee concerning
independence; (iv)&nbsp;discussed with the independent registered public accounting firm such
independent registered public accounting firm&#146;s independence; and (v)&nbsp;discussed with management
critical accounting policies and the processes and controls related to the President and Chief
Executive Officer and the Chief Financial Officer financial reporting certifications required by
the SEC and the Sarbanes-Oxley Act of 2002 to accompany Cavco&#146;s periodic filings with the SEC.
Based on the reviews and discussions referred to above, we recommend to the Board of Directors that
the Consolidated Financial Statements referred to above be included in Cavco&#146;s Annual Report on
Form&nbsp;10-K for the year ended March&nbsp;31, 2010.</I>
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&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"><U><B><I>Audit Committee of the Board of Directors </I></B></U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>William C. Boor, Chairperson</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Steven G. Bunger</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>David A. Greenblatt</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee of our board of directors reviews and approves, or recommends to
the board for approval, all salary and other remuneration for our executive officers and oversees
matters relating to our employee compensation and benefit programs. The Compensation Committee is
comprised of David A. Greenblatt, its Chairman, William C. Boor, and Jack Hanna.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">No member of the Compensation Committee is an employee of Cavco. The Compensation Committee
operates pursuant to a written charter that sets forth its functions and responsibilities. The
Compensation Committee Charter is posted on our website at <U>www.cavco.com</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Compensation Committee is charged with assisting the board in:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessing whether the various compensation programs of Cavco are designed to attract,
motivate, and retain the senior management necessary for Cavco to deliver consistently superior
results and are performance based, market driven, and stockholder aligned;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its approval, review and oversight of benefit plans of Cavco, and;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its oversight of the performance and compensation of the Chief Executive Officer of Cavco
and the other members of the senior management of Cavco.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee met three times during the fiscal year and all members attended
each meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For information regarding the process and procedures for consideration and determination of
executive and director compensation, please see the Compensation Discussion and Analysis below.
</DIV>
<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Communicating With Our Board</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">You can communicate with any member of our board of directors by sending the communication to
Cavco Industries, Inc., 1001 N. Central Avenue, Suite&nbsp;800, Phoenix, Arizona 85004, to the attention
of the director or directors of your choice. We relay these communications addressed in this
manner as appropriate. Communications addressed to the attention of &#147;The Board of Directors&#148; are
forwarded to the chairperson of our Audit Committee for review and further handling.
</DIV>
<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>COMPENSATION DISCUSSION AND ANALYSIS</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Introduction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The purpose of this compensation discussion and analysis is to provide information about each
material element of compensation that we pay or award to, or that is earned by, our named executive
officers. For fiscal year 2010, our named executive officers were Joseph H. Stegmayer, our
Chairman, Chief Executive Officer, and President; and Daniel L. Urness, our Chief Financial
Officer, Vice President, and Treasurer.
</DIV>
<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our executive compensation program for our named executive officers is relatively
uncomplicated, consisting of cash compensation comprised of base salary, and either a cash bonus or
non-equity incentive compensation, as well as awards of options to purchase shares of our common
stock or grants of restricted stock. Generally, we do not offer perquisites to our named executive
officers. We do not have a defined benefit pension plan or any other similar retirement plan;
however, our named executive officers are permitted to participate in Cavco&#146;s 401(k) plan and other
health and welfare programs that are generally available for all other full-time employees.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Policies and Practices as they Relate to Risk Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee has reviewed Cavco&#146;s compensation policies and practices for its
employees as they relate to risk management and has determined that such policies and practices are
not reasonably likely to have a material adverse effect on Cavco.
</DIV>
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Compensation Committee of our board of directors reviews and approves, or recommends to
the board for approval, all salary and other remuneration for our executive officers and oversees
matters relating to our employee compensation and benefit programs.
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Benchmarking</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Market pay levels are one of many elements used by Cavco to maintain competitive pay
opportunities for our named executive officers. For fiscal year 2010, we considered our
compensation peer group for benchmarking the Chief Executive Officer and Chief Financial Officer
compensation to include the following companies: Cavalier Homes; Champion Enterprises, Inc.;
Coachmen Industries, Inc.; Fleetwood Enterprises, Inc.; Palm Harbor Homes, Inc.; and Skyline
Corporation. These peers were chosen because each is publicly traded manufactured housing company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with its compensation decisions for Fiscal Year 2010, the Compensation Committee
used peer group compensation information as guidance to ascertain whether our Chief Executive
Officer and Chief Financial Officer base salaries and incentive compensation are generally aligned
with those positions in the peer group. The Committee did not decide that the compensation for the
named executives should be a specified percentage above or below, or equal to, the comparable
compensation for the peer group. However, the Compensation Committee did note that the
compensation of its senior management was below that paid to executives of most peer group
companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">While the Compensation Committee does review peer group compensation information, it is not
the sole factor it considers in setting executive compensation. The Compensation Committee also
takes into account other factors, including an executive&#146;s compensation history, experience,
performance, tenure, and Cavco&#146;s performance.
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Role of Compensation Consultants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee has authority to retain compensation consultants in determining or
recommending executive or director compensation pursuant to its written charter (including the sole
authority to approve such consultant&#146;s fees and other retention terms). The Compensation Committee
did not engage a compensation consultant during fiscal year 2010 and relied primarily on its
analysis of peer group performance and compensation data.
</DIV>
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Role of Management in Establishing and Awarding Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee annually reviews and approves the base salary levels and incentive
opportunity levels for Cavco&#146;s named executive officers. Following the conclusion of each fiscal
year, the Compensation Committee then makes a recommendation of incentive compensation awards to be
paid to the named executive officers. Upon this recommendation, the board makes all final
compensation decisions related to our named executive officers. In addition, our Chief Executive
Officer, with the assistance of the Human Resources Department and General Counsel, regularly
provides information and recommendations to the Compensation Committee on the performance of the
Chief Financial Officer, appropriate levels and components of compensation, including equity
grants, as well as such other information as the Compensation Committee may request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Following the conclusion of a fiscal year, the Compensation Committee reviews and makes
recommendations to the board with respect to incentive compensation awards for the Chief Executive
Officer and the other members of senior management of Cavco, including awards under short-term and
long-term incentive compensation plans.
To assist the Compensation Committee with its review, management provides the Compensation
Committee with peer group performance results and compensation data and other information as
requested by the Compensation Committee. The board then reviews the recommendations of the
Compensation Committee and considers the approval of such incentive compensation awards.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Objectives of Cavco&#146;s Compensation Programs</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Cavco&#146;s executive compensation program is structured to achieve the following objectives:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>
</DIV>
<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Components of Executive Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In structuring the specific components of executive compensation, Cavco is guided by the
following principles:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensation programs should be performance based, market driven and stockholder aligned;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bonus payments should vary with the individual&#146;s performance and Cavco&#146;s financial
performance;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a significant portion of compensation should be in the form of long-term, equity-linked
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; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compensation programs should not encourage executives to take unnecessary risks.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee attempts to structure its compensation programs to the named
executive officers as performance-based compensation that is tax deductible. However, the
Compensation 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>
<DIV align="left">
<A name="145"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Base Salary</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Compensation Committee is responsible for recommending to the board the base salary levels
for the named executive officers. In developing salary amounts, the Compensation Committee
conducts a general review of salaries for similar positions in our peer group. In setting base
salary levels, the Compensation Committee also considers an executive&#146;s compensation history,
experience, performance, tenure, and potential for significant contributions to Cavco&#146;s
profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Stegmayer&#146;s employment agreement specifies an initial base salary and requires Cavco to
review the base salary at such times as Cavco regularly reviews the compensation being paid to its
executives generally (but no less frequently than once each year). Upon completion of such review,
Cavco may in its sole discretion adjust Mr.&nbsp;Stegmayer&#146;s current base salary; however, Cavco may not
decrease Mr.&nbsp;Stegmayer&#146;s then current base salary
without his prior written consent. Mr.&nbsp;Stegmayer&#146;s base salary for fiscal year ended March&nbsp;31,
2010 was $236,250. Effective April&nbsp;1, 2010, Mr.&nbsp;Stegmayer&#146;s base salary was increased for the first
time since April&nbsp;1, 2004 to $300,000 per annum.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Urness, who does not have an employment agreement, was paid a base salary of $175,000 for
fiscal year ended March&nbsp;31, 2010. Effective April&nbsp;1, 2010, Mr.&nbsp;Urness&#146; base salary was increased
to $190,000 per annum. See the Summary Compensation Table on page 19.
</DIV>
<DIV align="left">
<A name="146"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Incentive Bonus</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Incentive compensation for Mr.&nbsp;Stegmayer is derived from his employment agreement and is based
solely upon Cavco&#146;s earnings performance. Mr.&nbsp;Stegmayer receives non-equity incentive compensation
(referred to as &#147;bonus&#148; in his employment agreement) in an amount equal to 3% of the first $2.5
million of pretax income for the fiscal year and 6% of pretax income for the fiscal year in excess
of such amount. See the Summary Compensation Table on page 19. Based on this formula, for the
fiscal year ended March&nbsp;31, 2010, there was no non-equity incentive compensation paid to Mr.
Stegmayer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Incentive Compensation for Mr.&nbsp;Urness is paid at the sole discretion of Cavco&#146;s board in
accordance with the incentive compensation program that is considered and adopted annually by the
Compensation Committee. On November&nbsp;5, 2009, the Compensation Committee approved the Vice
President and Chief Financial Officer Incentive Compensation Plan for Fiscal Year 2010 (the &#147;CFO
Incentive Plan&#148;) for Mr.&nbsp;Urness, consisting of three components: (i)&nbsp;a specific objectives based
bonus of up to $50,000 to be paid in quarterly installments corresponding to Cavco&#146;s fiscal year;
(ii)&nbsp;a special projects based bonus of up to $50,000 to be paid in increments upon completion of
certain assigned projects; and (iii)&nbsp;a profit related bonus of up to $75,000. The specific
objectives based bonus is based upon the performance of Mr.&nbsp;Urness and the specific progress made
in successfully achieving certain business objectives established by the Compensation Committee and
the CEO in the areas of (i)&nbsp;accounting and finance, including the expansion of the internal audit
function; (ii)&nbsp;information technology; and (iii)&nbsp;operations. The special projects bonus is related
to Mr.&nbsp;Urness&#146; work on projects such as the integration of the Fleetwood Homes assets; development
and implementation of an inventory finance program; and other acquisition and corporate development
work. The profit based bonus is dependent upon Cavco achieving specific pre-tax income thresholds
as follows: (i)&nbsp;for pretax income between $500,000 and $999,999 a bonus of up to $25,000 may be
awarded; (ii)&nbsp;for pretax income between $1,000,000 and $1,499,000 a bonus of up to $50,000 may be
paid; and (iii)&nbsp;for pretax income of $1,500,000 and above, a bonus of up to $75,000 may be paid.
For fiscal year 2010, the Compensation Committee awarded Mr.&nbsp;Urness the full specific objectives
and special projects based bonuses payable under the CFO Incentive Plan. The specific objectives
based bonus was paid in quarterly installments following reviews by the Compensation Committee and
Mr.&nbsp;Stegmayer of Mr.&nbsp;Urness&#146;s performance in, among other things, financial reporting, advancement
of inventory finance initiatives, expansion of the accounting staff, development of Cavco&#146;s
internal audit function, and progress achieved toward information system related activities. The
special projects based bonus awards, also paid in installments, were made following reviews and
determinations by the Compensation Committee that certain projects pertaining to corporate
development, including among other things, activities related to Cavco&#146;s Fleetwood Homes
transaction, were satisfactorily completed. In making the performance related awards, the
Compensation Committee specifically considered the degree of completion of objective goals and
special projects, as well as the quality of the work performed. Mr.&nbsp;Stegmayer, who supervises Mr.
Urness and monitors the progress he makes towards satisfying the performance goals, recommended to
the Compensation Committee that the full performance bonus be paid. No profit based bonus was paid
for fiscal year 2010. See the Summary Compensation Table on page 19.
</DIV>
<DIV align="left">
<A name="147"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Long-Term Compensation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The existing stock incentive 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 include the named executive officers, to focus on maximizing Cavco&#146;s return to
stockholders and to plan and prepare properly for Cavco&#146;s future. Stock options or grants of
restricted stock may be granted at the fair market value on the date of the grant under the Cavco
Industries, Inc. Stock Incentive Plan, as amended, and the Cavco Industries, Inc. 2005 Stock
Incentive Plan, as amended.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&nbsp;30, 2009, consistent with Cavco&#146;s objective of creating incentives for its executive
officers to increase stockholder returns by establishing a direct and substantial link to executive
compensation, Cavco granted to Mr.&nbsp;Stegmayer a non-qualified option to purchase up to 80,000 shares
of common stock and to Mr.&nbsp;Urness a non-qualified option to purchase up to 20,000 shares of common
stock, each grant subject to a five year pro-rata vesting schedule commencing on the second
anniversary of the grant date. Among other reasons, the primary reasons for the Compensation
Committee to make these stock option grants include the following: the date or dates of the most
recent equity grants to the named executive officers, the estimated value of the equity grants to
the named executive officers (using customary option modeling tools), the contribution of the named
executive officers to the successful implementation of strategic goals of the Company, the
retentive effect of the equity grants, and the dilutive effect of the equity grants. In
determining the size of the awards made, the Compensation Committee did not utilize a set formula
but made a grant that it deemed an appropriate level of estimated compensation for the Named
Executive Officers based on the factors set forth above. See the Summary Compensation Table on
page 19.
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Perquisites and Other Compensation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cavco does not offer perquisites. Mr.&nbsp;Stegmayer&#146;s employment agreement does provide for an
automobile allowance; however, Mr.&nbsp;Stegmayer has never accepted this allowance. The named
executive officers may participate in Cavco&#146;s 401(k) plan and other health and welfare programs
that are available to all other full-time employees.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Employment, Severance, and Change in Control Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Stegmayer&#146;s employment agreement, as amended on March&nbsp;26, 2007, provides for: (a)&nbsp;a term
ending September&nbsp;30, 2008, and is automatically extended for successive one-year periods unless the
board or Mr.&nbsp;Stegmayer elects not to renew the term by notice to the other at least 90&nbsp;days prior
to the end of the three-year term or any renewal term; (b)&nbsp;an annual base salary of no less than
$225,000; (c)&nbsp;an annual cash bonus in an amount equal to 3% of the first $2.5&nbsp;million of pretax
income for the fiscal year and 6% of pretax income for the fiscal year in excess of such amount;
and (d)&nbsp;certain fringe benefits. During fiscal year 2010, Mr.&nbsp;Stegmayer declined any fringe
benefits that are not generally available to salaried employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mr.&nbsp;Stegmayer&#146;s employment agreement includes provisions for certain payments to be made upon
his termination or resignation. If Cavco terminates Mr.&nbsp;Stegmayer&#146;s employment for cause, or if he
voluntarily resigns prior to the occurrence of a Change in Control, as defined in the agreement, of
Cavco at a time when there is no uncured breach by Cavco of the agreement, then in either case he
is entitled to receive only his then current base salary on a pro rata basis to the date of such
termination or resignation. If Mr.&nbsp;Stegmayer dies, or becomes disabled, or if Cavco terminates his
employment without cause prior to the occurrence of a Change in Control, or if he resigns because
of a breach by Cavco of this agreement, then in each case Cavco must continue to pay his base
salary for each fiscal year under the remaining term of the employment agreement and the Average
Bonus (as defined in the agreement) for such year(s), plus an additional year of base salary, and
Average Bonus and health insurance for such additional year. If within two years after the
occurrence of a Change in Control of Cavco (a)&nbsp;Cavco terminates Mr.&nbsp;Stegmayer&#146;s employment
hereunder for any reason other than for cause, or (b)&nbsp;he voluntarily resigns his employment
hereunder for any reason, then in each case Cavco must pay to him a lump sum termination payment
equal to two times the sum of his then current base salary and Average Bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below reflects the amount of compensation that would have been payable to Mr.
Stegmayer in the event of termination of his employment, per the terms of his employment agreement.
The amounts shown assume that termination was effective as of March&nbsp;31, 2010, and are estimates of
the amounts that would have been paid to Mr.&nbsp;Stegmayer upon his termination. The actual amounts
that would be payable can be determined only at the time of termination. We have not included below
any accrued but unpaid salary or payment of accrued and vested benefits and unused vacation time,
as those amounts would be paid in the event of termination of employment for any reason. Equity
awards that are not subject to acceleration and the value of health benefits, which is nominal, are
not included below.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Termination without Cause</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Termination without</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Executive Benefits and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>prior to a Change in Control</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cause within two years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Voluntary Resignation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Payments Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Disability or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>or Resignation by Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>after a Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>after a Change in</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Death</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>due to Breach by Company</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Control</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Control</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Base Salary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">354,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">354,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">472,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">472,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bonus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">360,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">360,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">480,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">480,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>714,420</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>714,420</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>952,560</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>952,560</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We do not have a written or oral employment, severance or change in control agreement with Mr.
Urness. Certain restricted stock award agreements with Mr.&nbsp;Urness provide for full vesting of all
restricted shares in the event of his termination of service, other than as a result of: (i)&nbsp;a
termination for cause; (ii)&nbsp;a voluntary resignation when there is no uncured breach by Cavco of any
obligation or duty owed by Cavco to him; (iii)&nbsp;disability; or (iv)&nbsp;death. The restricted stock
award agreements require that Mr.&nbsp;Urness must have been in continuous service with Cavco since the
grant date in order to be eligible for such benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below reflects the value of restricted stock vesting that would accelerate in the
event of the termination of Mr.&nbsp;Urness&#146;s employment as described in the preceding paragraph. The
value shown assumes that termination was effective as of March&nbsp;31, 2010.
</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="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2"><B>Number of Restricted Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of Restricted Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vesting (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <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" style="background: #cceeff; padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD align="right">840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,678</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Value is based on a share price of $34.14 on March&nbsp;31, 2010.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="150"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Compensation Committee Report</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>The Compensation Committee of Cavco has reviewed and discussed the Compensation Discussion and
Analysis required by </I><I>Item 402(b)</I><I> of Regulation&nbsp;S-K with management and included in the Proxy
Statement for the 2010 Annual Meeting of Stockholders. Based on such review and discussions with
management, the Compensation Committee recommended to the board that the Compensation Discussion
and Analysis be included in this Proxy Statement.</I>
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&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"><U><B><I>Compensation Committee of the Board of Directors</I></B></U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>David A. Greenblatt, Chairperson</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>William C. Boor</I></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Jack Hanna</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee Interlocks and Insider Participation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There were no interlocking relationships between Cavco and other entities that might affect
the determination of the compensation of our executive officers.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below summarizes the total compensation paid or earned by each of the named
executive officers for fiscal years ended March&nbsp;31, 2010, 2009 and 2008, respectively.
</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="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Joseph H. Stegmayer,</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,250</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,056,670</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Chairman of the Board,</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,250</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">9,660</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">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>President and Chief Executive Officer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,250</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">470,400</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">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
    <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:15px; text-indent:-15px"><B>Daniel L. Urness,</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</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">204,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Vice President,</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</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">116,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Chief Financial Officer and Treasurer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2008</B></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">100,000</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">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,220</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column represent the aggregate grant date fair value computed in accordance
with ASC 718. Grant date fair value is the closing price on date of grant for stock awards.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column represent the aggregate grant date fair value computed in accordance
with ASC 718. We describe the assumptions made in this valuation in Note 7 to the Consolidated
Financial Statements in Cavco&#146;s Annual Report on Form 10-K for the fiscal year ended March&nbsp;31,
2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column represent short-term disability, long-term disability and life insurance
premiums paid by Cavco.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="153"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRANTS OF PLAN-BASED AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth certain information with respect to the options and stock
granted during the fiscal year ended March&nbsp;31, 2010 to each of our named executive officers listed
in the Summary Compensation Table found on page 19.
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>All Other Option Awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise or Base</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grant Date Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Options (#) (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($/Sh)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Joseph H. Stegmayer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>June 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">819,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Daniel L. Urness</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">June 30, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">204,800</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These options vest ten percent on the second anniversary of the grant date, and thirty percent
on each anniversary thereafter until fully vested.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in this column represent the aggregate grant date fair value computed in accordance
with ASC 718. Grant date fair value is the closing price on date of grant for option awards.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table includes certain information with respect to the value of all unexercised
options and restricted stock awards previously awarded to the executive officers named above at the
fiscal year end, March&nbsp;31, 2010.
</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="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Market</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 0px solid #000000"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Or Units</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Units of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Of Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock That</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>That Have</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Have</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Not Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Not Vested</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($) (3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Joseph H. Stegmayer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,580</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">11.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/12/10</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,000</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">20.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/22/11</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,500</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">27.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5/17/12</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80,000 </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/30/16</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>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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:15px; text-indent:-15px"><B>Daniel L. Urness</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/01/14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">840 </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/10/15</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20,000 </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6/30/16</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>
</TR>
<!-- End Table Body --></TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These options vest ten percent on the second anniversary of the grant date, and thirty percent
on each anniversary thereafter until fully vested.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>These shares vest as follows: 157 shares on June&nbsp;1, 2010; 185 shares on August&nbsp;9, 2010; 157
shares on June&nbsp;1, 2011; 183 shares on August&nbsp;9, 2011; 158 shares on June&nbsp;1, 2012.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The market value of the restricted shares to Mr.&nbsp;Urness is based on a share price of $34.14 on
March&nbsp;31, 2010.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OPTION EXERCISES AND STOCK VESTED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table includes certain information with respect to the options exercised by the
executive officers named above and stock vested during the fiscal year ended March&nbsp;31, 2010.
</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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>On</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>On Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Vesting</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Joseph H. Stegmayer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">815,011 </TD>
    <TD nowrap>(2)</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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Daniel L. Urness</B></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 nowrap align="left">&nbsp;</TD>
    <TD align="right">342 </TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9,317 </TD>
    <TD nowrap>(4)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This column represents the maximum number of shares underlying options that were exercised by
the Named Executive Officer during the fiscal year ended March&nbsp;31, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The value realized for the option awards is the difference between the market price of the
underlying security at exercise and the exercise or base price of the option.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the number of shares of restricted common stock that vested in fiscal year ended March
31, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>157 shares of restricted common stock vested on June&nbsp;1, 2009. The value realized on vesting of
these 157 shares is based on the closing share price of $23.03 on June&nbsp;1, 2009. 185 shares of
restricted common stock vested on August&nbsp;9, 2009. Because no sales of shares were reported on
August&nbsp;9, 2009, the value realized on vesting of these 185 shares is based on the closing share
price of $30.82 on August&nbsp;7, 2009, which is the last preceding date on which a sale of Cavco shares
was reported.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="156"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL NO. 2: RE-APPROVAL OF PERFORMANCE GOALS<BR>
UNDER THE CAVCO INDUSTRIES, INC. 2005 STOCK INCENTIVE PLAN, AS AMENDED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;162(m) of the Internal Revenue Code (&#147;Section&nbsp;162(m)&#148;) limits the tax deductibility of
annual compensation paid to certain executive officers in excess of $1&nbsp;million. Section 162(m) and
the applicable regulations provide exemptions to the limitation on the deductibility of
compensation, one of which is the &#147;performance-based compensation&#148; exception. The Cavco
Industries, Inc. 2005 Stock Incentive Plan, as amended (the &#147;Plan&#148;) permits Cavco to grant
Performance Awards (which are Cash Awards, Restricted Stock Awards or Stock Unit Awards) that are
intended to satisfy the &#147;performance-based compensation&#148; exception to Section&nbsp;162(m). Performance
Awards must be granted by the Compensation Committee and are payable only upon achieving one or
more &#147;Performance Goals&#148; which must be based on one or more business criteria set forth in the
Plan. The Section 162(m) regulations require that Cavco obtain shareholder approval of the
specific business criteria upon which the Performance Goals are based every five years to rely on
the &#147;performance-based compensation&#148; exception to Section 162(m) for the Performance Awards. To
comply with the Section 162(m) regulations, the Board asks that the shareholders re-approve the
specific business criteria upon which the Performance Goals are based as set forth in the Plan.
</DIV>
<DIV align="left">
<A name="157"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Material Terms of the Performance Goals</I>. The Plan permits the grant of the following Awards
as Performance Awards that are intended to qualify as &#147;performance-based compensation&#148; under
Section&nbsp;162(m): Cash Awards, Restricted Stock Awards and Stock Unit Awards. See Section&nbsp;7 of the
Plan for additional information on each of these Awards. The Plan is administered by the
Compensation Committee of the Board of Directors of Cavco (the &#147;Administrator&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The material terms of the performance goals for Performance Awards consist of (i)&nbsp;the
employees eligible to receive Performance Awards; (ii)&nbsp;the performance criteria on which the
performance goals for the Performance
Awards are based; and (iii)&nbsp;the maximum payout of a Performance Award that can be paid to a
participant pursuant to the Plan.
</DIV>
<DIV align="left">
<A name="158"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Eligibility</I>. Awards may be granted under the Plan to certain officers, Directors, and key
employees of Cavco and its Affiliates (as defined in the Plan) and individuals who have agreed to
become employees of Cavco and its Affiliates and are expected to become such employees within the
following six months.
</DIV>
<DIV align="left">
<A name="159"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Performance Goals. </I>The Administrator, in its discretion, may designate any Award as a
Performance Award that is intended to qualify for the &#147;performance-based compensation&#148; exception to
Section&nbsp;162(m). If the Administrator designates an Award as a Performance Award, the Administrator
must establish the Performance Goal(s) for the Performance Award prior to the earlier to occur of
ninety (90)&nbsp;days after the commencement of the period of service to which the Performance Goals
relate and the lapse of twenty-five (25)&nbsp;percent of the period of service. The Performance Goal(s)
may be based on one or more of the following business criteria:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating income;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating margin;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>earnings before interest, taxes, depreciation and amortization (EBITDA);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pre-tax income;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net income;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net earnings per share;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net earnings per share growth;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>return on beginning stockholders&#146; equity;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>return on average net assets;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total stockholder return relative to other companies in a relevant industry group;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>debt/capitalization ratio; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer satisfaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The business criteria on which the Performance Goal(s) is based may apply to the individual
receiving the Performance Award, to one or more business units of Cavco or to Cavco and its
Affiliates as a whole. A Performance Goal that is based on the above-listed business criteria
need not be based upon an increase or positive result under a particular business criterion but may
include, for example, maintaining the status quo or limiting economic losses, as measured by
reference to such criterion. The Administrator must certify that the Performance Goal(s)
applicable to any Performance Award have been satisfied prior to the lapse of restrictions,
vesting, or payment of the Performance Award.
</DIV>
<DIV align="left">
<A name="160"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Maximum Payout of Performance Awards</I>. The following limitations shall apply to any
Performance Awards made under the Plan:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;No individual may be awarded a Restricted Stock Award or Stock Unit Award on shares having
a having a Fair Market Value on the Grant Date of the Award of more than $1,000,000 in any one-year
period; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;No individual may be awarded a Cash Award having a value of more than $1,000,000 in any
one-year period.
</DIV>
<DIV align="left">
<A name="161"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Options</I>. Options granted pursuant to the Plan are deemed to qualify for the
&#147;performance-based compensation&#148; exception to Section 162(m) provided that the Options are granted
by the Administrator at Fair Market Value and the number of shares does not exceed the limit set
forth in the Plan.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing summary of the material terms of the performance goals is qualified in its
entirety by reference to the Plan, a copy of which is attached as an annex to the electronic copy
of the proxy statement filed with the SEC and may be accessed from the SEC&#146;s website at
www.sec.gov.
</DIV>
<DIV align="left">
<A name="162"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Recommendation of the Board</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>The Board of Directors unanimously recommends a vote &#147;FOR&#148; the re-approval of the performance
goals under the Cavco Industries, Inc. 2005 Stock Incentive Plan, as amended.</B>
</DIV>
<DIV align="left">
<A name="163"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL NO. 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Ernst &#038; Young LLP acted as Cavco&#146;s independent registered public accounting firm to audit its
books and records for fiscal year 2010, and the Audit Committee has appointed Ernst &#038; Young LLP as
Cavco&#146;s independent registered public accounting firm for fiscal year 2011, subject to ratification
by Cavco stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the stockholders do not ratify the appointment, the Audit Committee will reconsider whether
or not to retain Ernst &#038; Young LLP, but still may retain them. Even if the appointment is
ratified, the Audit Committee, in its discretion, may change the appointment at any time during the
year if it determines that such a change would be in the best interests of Cavco and our
stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Representatives of Ernst &#038; Young LLP 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>
<DIV align="left">
<A name="164"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Recommendation of the Board</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>The Board of Directors unanimously recommends a vote &#147;FOR&#148; the ratification of the appointment
of Ernst &#038; Young LLP as Cavco&#146;s independent registered public accounting firm for fiscal year 2011.</B>
</DIV>
<DIV align="left">
<A name="165"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AUDIT FEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit Committee has adopted policies and procedures pre-approving all audit and
permissible non-audit services performed by Ernst &#038; Young LLP. Under these policies, the Audit
Committee pre-approves 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 LLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate fees billed for professional services by Ernst &#038; Young LLP in the last two
fiscal years are as follows:
</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Type of Fees</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fiscal 2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fiscal 2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">430,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">432,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">602,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">486,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As used in the foregoing table:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Audit Fees&#148; are the aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the audit of Consolidated
Financial Statements included in Form 10-K, internal controls, and review of Consolidated
Financial Statements included in Form 10-Q quarterly reports or services that are normally
provided by the accountant in connection with statutory and regulatory filings or
engagements;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Audit-Related Fees&#148; are the aggregate fees billed for each of the last two fiscal years
for assurance and related services by the principal accountant that are reasonably related
to the performance of the audit or review of the Consolidated Financial Statements,
including accounting consultations, due diligence related to business combinations,
internal control reviews, and attest services that are not required by statute or
regulation;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Tax Fees&#148; are the aggregate fees billed for each of the last two fiscal years fees for
professional services rendered by the principal accountant for tax compliance, tax advice
and tax planning; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;All Other Fees&#148; includes the aggregate fees billed for each of the last two fiscal
years for products and services provided by the principal accountant for permitted
corporate finance assistance and permitted advisory services.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="166"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL</B>
</DIV>

<DIV align="left">
<A name="167"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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) reports that they file with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based solely on its review of the copies of such reports received by it with respect to fiscal
year 2010 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 the filing requirements of Section 16(a) for fiscal
year 2010 applicable to such persons, with the exception of a transaction by Mr.&nbsp;Stegmayer on
December&nbsp;31, 2009, which was misreported on Form&nbsp;4 on December&nbsp;31, 2009 and corrected by way of a
Form&nbsp;4/A on January&nbsp;7, 2010.
</DIV>
<DIV align="left">
<A name="168"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Certain Relationships and Related Transactions</B>
</DIV>

<DIV align="left">
<A name="169"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Transactions with Related Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have entered into Change of Control Agreements with certain of our executive officers. See
above under &#147;Compensation Discussion and Analysis &#151; Employment, Severance and Change of Control
Arrangements.&#148;
</DIV>
<DIV align="left">
<A name="170"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Review, Approval or Ratification of Transactions with Related Persons</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cavco has established policies and other procedures regarding approval of transactions between
Cavco and any employee, officer, director, and certain of their family members and other related
persons, including those required to be reported under Item&nbsp;404 of Regulation&nbsp;S-K. These policies
and procedures are generally not in writing, but are evidenced by long standing principles set
forth in our code of conduct or adhered to by our board. As set forth in the Audit Committee
Charter, as and to the extent required under applicable federal securities laws and related rules
and regulations, and/or the NASDAQ Rules, related party transactions are to be reviewed and
approved, if appropriate, by the Audit Committee. Generally speaking, we enter into such
transactions only on terms that we believe are at least as favorable to Cavco as those that we
could obtain from an unrelated third party.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="171"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Code of Conduct</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cavco has adopted a code of conduct that applies to Cavco directors and all 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:
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with applicable governmental laws, rules and regulations;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></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>
</DIV>

<DIV style="margin-top: 10pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accountability for adherence to the code of conduct.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cavco has posted the text of its code of conduct on its Internet website at
<U>www.cavco.com</U>. 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 to provide a copy of the code of conduct to any
person without charge.
</DIV>
<DIV align="left">
<A name="172"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Form&nbsp;10-K</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Stockholders entitled to vote at the annual meeting may obtain a copy of Cavco&#146;s Annual Report
on </B><B>Form 10-K</B><B> for the fiscal year ended March&nbsp;31, 2010, including the Consolidated Financial
Statements, required to be filed with the SEC, without charge, upon written or oral request to
Cavco Industries, Inc., Attention: James P. Glew, Secretary, 1001 N. Central Avenue, Suite&nbsp;800,
Phoenix, Arizona, 85004, (800)&nbsp;790-9111.</B>
</DIV>
<DIV align="left">
<A name="173"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Stockholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To be considered for inclusion in next year&#146;s proxy statement, stockholder proposals,
submitted in accordance with the SEC&#146;s Rule&nbsp;14a-8, must be received at Cavco&#146;s principal executive
offices, addressed to the attention of the Secretary, no later than the close of business on
January&nbsp;24, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For any proposal that is not submitted for inclusion in Cavco&#146;s proxy material for the 2011
annual meeting of stockholders but is instead sought to be presented directly at that meeting, Rule
14a-4(c) under the Exchange Act permits Cavco&#146;s management to exercise discretionary voting
authority under proxies it solicits unless Cavco is notified about the proposal no earlier than
December&nbsp;26, 2010 and no later than March&nbsp;26, 2011, and the stockholder submitting the proposal
satisfies the other requirements of Rule&nbsp;14a-4(c). Cavco&#146;s bylaws further provide that, to be
considered at the 2011 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
principal executive offices of Cavco no earlier than December&nbsp;26, 2010 and no later than March&nbsp;26,
2011, and must contain the information required by Cavco&#146;s bylaws. Any stockholder wishing to
receive a copy of Cavco&#146;s bylaws should direct a written request to the Secretary at Cavco&#146;s
principal executive offices.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="174"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cavco Website</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In this proxy statement, we state that certain information and documents are available on the
Cavco website. These references are merely intended to suggest where additional information may be
obtained by our stockholders, and the materials and other information presented on our website are
not incorporated in and should not otherwise be considered part of this proxy statement.
</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="58%">&nbsp;</TD>
    <TD width="2%">&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;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JAMES P. GLEW</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</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; margin-left: .25in; width: 7.20in">

<P align="center" style="font-size: 10pt"><B>CAVCO INDUSTRIES, INC. 2005 STOCK INCENTIVE PLAN</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="left">1.&nbsp;&nbsp;</TD>
    <TD><B>Objectives. </B>The Cavco Industries, Inc. 2005 Stock Incentive Plan (the &#147;Plan&#148;) is designed to
retain selected Directors of Cavco Industries, Inc. and employees of Cavco Industries, Inc.
and all subsidiaries, partnerships and affiliates with regard to which Cavco Industries, Inc.
owns, directly or indirectly, at least 80% of the ownership interest therein, and reward them
for making significant contributions to the success of Cavco Industries, Inc. These
objectives are to be accomplished by making Awards under the Plan and thereby providing
Participants with a financial interest in the growth and performance of the Company. The Plan
shall not constitute a &#147;qualified plan&#148; subject to the limitations of Section 401(a) of the
Code, nor shall it constitute a &#147;funded plan&#148; for purposes of such requirements. This Plan
shall be exempt from the participation, vesting, funding requirements and the fiduciary
requirements of the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#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="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><B>Definitions. </B>As used herein, the terms set forth below shall have the following respective
meanings:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Act&#148; </I></B>means the Securities Exchange Act of 1934, as amended.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Administrator&#148; </I></B>means (i)&nbsp;the Board, during any period in which there is
no Compensation Committee of the Board comprised of two or more
nonemployee Directors or in which the Board elects to exercise the
authority of the Administrator or (ii)&nbsp;the Compensation Committee of the
Board, during all other periods.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Affiliate&#148; </I></B>means any direct or indirect subsidiary or parent of Cavco
Industries and any partnership, joint venture, limited liability company
or other business venture or entity in which Cavco Industries owns
directly or indirectly at least 80% of the ownership interest in such
entity, as determined by the Administrator in its sole and absolute
discretion (such determination by the Administrator to be conclusively
established by the grant of an Award by the Administrator to an officer or
employee of such an entity).



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Award&#148; </I></B>means a Cash Award, Option, Restricted Stock Award, or Stock Unit
Award.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Award Agreement&#148; </I></B>means an agreement between Cavco Industries and a
Participant that sets forth the terms, conditions and limitations
applicable to an Award.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Beneficiary&#148; </I></B>means such person or persons, or the trustee of an inter
vivos trust for the benefit of natural persons, designated by the
Participant in a written election filed with the Administrator as entitled
to receive the Participant&#146;s Award(s) in the event of the Participant&#146;s
death, or if no such election shall have been so filed, or if no
designated Beneficiary survives the Participant or can be located by the
Administrator, the person or persons entitled thereto under the last will
of such deceased Participant, or if such decedent left no will, to the
legal heirs of such decedent determined in accordance with the laws of
intestate succession of the state of the decedent&#146;s domicile.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Board&#148; </I></B>means the Board of Directors of Cavco Industries, as the same may
be constituted from time to time.


<P align="center" style="font-size: 10pt">A-1
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Cash Award&#148; </I></B>means an award denominated in cash.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Cavco Industries&#148; </I></B>means Cavco Industries, Inc., a Delaware corporation,
or any successor thereto.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Change in Control&#148; </I></B>unless otherwise defined by the Administrator, means a change
in control of a nature that would be required to be reported in response to Item
6(e) of Schedule&nbsp;14A of Regulation&nbsp;14A promulgated under the Act, whether or not
Cavco Industries is then subject to such reporting requirement; provided, that,
without limitation, such a change in control shall be deemed to have occurred if:



<P align="left" style="margin-left:6%; font-size: 10pt">(i)&nbsp;a third person, including a &#147;Group&#148; as defined in Section&nbsp;13(d)(3) of the Act,
becomes the beneficial owner of Shares having fifty (50)&nbsp;percent or more of the
total number of votes that may be cast for the election of Directors; or



<P align="left" style="margin-left:6%; font-size: 10pt">(ii)&nbsp;as a result of, or in connection with, a contested election for Directors,
persons who were Directors immediately before such election shall cease to
constitute a majority of the Board.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Code&#148; </I></B>means the Internal Revenue Code of 1986, as amended.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Company&#148; </I></B>means each of Cavco Industries, Inc. and its Affiliates.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Director&#148; </I></B>means an individual who is a member of the Board.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Disability&#148; </I></B>means a disability that entitles the Participant to benefits
under the long-term disability plan sponsored or adopted by a Company that
covers the Participant.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Employment&#148; </I></B>means employment with a Company.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Expiration Date&#148; </I></B>means, as to an Award, that date which is seven years
from the Grant Date of such Award or such other period (not beyond seven
years) as the Administrator may determine.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Fair Market Value&#148; </I></B>means the closing price per Share as of a particular
date reported on the consolidated transaction reporting system for The
Nasdaq Market, Inc. or, if there shall have been no such sale so reported
on that date, on the last preceding date on which such a sale was
reported.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Grant Date&#148; </I></B>means the date an Award is made to a Participant hereunder.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Grant Price&#148; </I></B>means the Fair Market Value on the Grant Date.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Option&#148; </I></B>means a non-qualified Option to purchase one or more Shares
granted under and pursuant to the Plan. A non-qualified Option does not
satisfy the requirements of Section&nbsp;422 of the Code, or any successor
provision.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Participant&#148; </I></B>means an employee or a nonemployee Director of a Company to
whom an Award has been made under this Plan.


<P align="center" style="font-size: 10pt">A-2
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Payout&#148; </I></B>means the issuance or delivery of Shares that were the subject of
a Restricted Stock Award or Stock Unit Award without restrictions.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Payout Date&#148; </I></B>means the date a Award becomes payable pursuant to Section
7(c)(iii).



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Plan&#148; </I></B>means this Cavco Industries, Inc. 2005 Stock Incentive Plan, as set
forth herein and as may be amended from time to time.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Restricted Stock&#148; </I></B>means a right to receive at Payout the number of Shares
covered by an Award, subject to the terms of this Plan and the applicable
Award Agreement.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Restricted Stock Award&#148; </I></B>means an award of Restricted Stock granted to a
Participant pursuant to any applicable terms, conditions and limitations
as the Administrator may establish in order to fulfill the objectives of
the Plan.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Retirement&#148; </I></B>means the termination of a Participant&#146;s Employment due to
retirement on or after age 62 provided that the Participant has at least
ten years of service with one or more Companies.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Share&#148; </I></B>means a share of Cavco Industries common stock, par value $.01,
and any share or shares of capital stock or other securities of Cavco
Industries hereafter issued or issuable upon, in respect of or in
substitution or in exchange for each present share. Such shares may be
unissued or reacquired shares, as the Board, in its sole and absolute
discretion, shall from time to time determine.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Stock Unit&#148; </I></B>means a unit equal to one Share subject to the terms of the
Plan and the applicable Award Agreement. A Stock Unit does not represent
any actual legal or beneficial interest in Cavco Industries.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Stock Unit Award&#148; </I></B>means an award of Stock Units granted to a Participant
pursuant to any applicable terms, conditions and limitations as the
Administrator may establish in order to fulfill the objectives of the
Plan.



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>&#147;Termination Date&#148; </I></B>means the last date on which the Participant is carried
on a Company&#146;s payroll as an employee.


<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="left">3.&nbsp;&nbsp;</TD>
    <TD><B>Eligibility. </B>Certain officers, Directors, and key employees of the Company and individuals
who have agreed to become employees of the Company and are expected to become such employees
within the following six months are eligible for Awards under this Plan, as determined in the
sole discretion of the Administrator. The Administrator shall select the Participants in the
Plan from time to time as evidenced by the grant of Awards under the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD><B>Plan Administration. </B>The Plan shall be administered by the Administrator, which shall have
full and exclusive power to interpret this Plan and to adopt such rules, regulations and
guidelines for carrying out this Plan as it may deem necessary or appropriate in its sole
discretion. The Administrator shall determine all terms and conditions of the Awards. The Administrator
may, in its discretion, provide for the extension of the exercisability of an Option,
accelerate the vesting, exercisability, or Payout of an Award, eliminate or make less
restrictive any restrictions contained in an Award Agreement, waive any restriction or
other provision of this Plan or an Award Agreement</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">A-3
</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; margin-left: .25in; width: 7.20in">


<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="left">&nbsp;&nbsp;</TD>
    <TD>or otherwise amend or modify an Award in any manner that is either (i)&nbsp;not adverse to the Participant holding the Award or (ii)
consented to by such Participant, provided, however, that except for adjustments described
in Section&nbsp;11, the Grant Price of any Option shall not be amended, and no Option may be
granted in exchange for a previously granted Option if the exercise price of the previously
granted Option is greater than the exercise price of the replacement Option. The
Administrator may correct any defect or supply any omission or reconcile any inconsistency
in the Plan or in any Award in the manner and to the extent the Administrator deems
necessary or desirable to further the purposes of the Plan. Any decision of the
Administrator in the interpretation and administration of the Plan is final, conclusive and
binding on all parties concerned.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD><B>Delegation of Authority. </B>The Administrator may delegate to one or more employees of the
Company the performance of non-discretionary functions under this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD><B>Shares Available for Awards. </B>Subject to Section&nbsp;11 below, the maximum number of Shares that
may be awarded under this Plan is 450,000, provided that no more than 200,000 of such Shares
will be subject to awards of Restricted Stock or Stock Units<B>. </B>Shares covered by Options that
terminate or are canceled prior to exercise and Shares of Restricted Stock or Shares covered
by Stock Units returned to Cavco Industries will again be available for grants of Options,
Restricted Stock Awards, and Stock Unit Awards. 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, the number of Shares so tendered or withheld will be eligible for
grants of Options, Restricted Stock Awards, and Stock Unit Awards under this Plan. The
Administrator may from time to time adopt and observe such procedures concerning the counting
of Shares against the Plan maximum as it may deem appropriate. The Board and the appropriate
officers of Cavco Industries shall from time to time take whatever actions are necessary to
file any required documents with governmental authorities, stock exchanges and transaction
reporting systems to ensure that Shares are available for issuance pursuant to Awards.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD><B>Awards. </B>The granting of Awards under this Plan shall be entirely discretionary, and nothing
in this Plan shall be deemed to give any employee of the Company any right to participate in
this Plan or to be granted an Award. Awards shall be granted to Participants at such times
and subject to Section&nbsp;6 above, in such amounts as the Administrator, in its sole and absolute
discretion, shall determine.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash Award. </I>An Award to an officer or key employee of the Company may be in the form
of a Cash Award. The terms, conditions and limitations applicable to any Cash Awards
granted pursuant to this Plan shall be determined by the Administrator in order to fulfill
the objectives of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;</TD>
    <TD>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Option</I>. An Award to an officer, key employee, or Director of the Company may be in the
form of an Option. The Grant Price of an Option shall be not less than 100% of the Fair
Market Value of the Shares subject to such Option on the Grant Date. Subject to the
foregoing provisions, the terms, conditions and limitations applicable to any Options
awarded pursuant to this Plan, including the Grant Price, the term of the Options and the
date or dates upon which they become exercisable, shall be determined by the Administrator.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt">(i) <I>Option Period. </I>Options will become exercisable at such time or times not more
than seven (7)&nbsp;years from the Grant Date as may be provided by the applicable Award
Agreement, subject to the following limits:



<P align="left" style="margin-left:9%; font-size: 10pt">(A)&nbsp;Except as is otherwise provided in the Award Agreement and as


<P align="center" style="font-size: 10pt">A-4
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:9%; font-size: 10pt">provided below in this subsection (A), all rights to exercise an Option shall
terminate within four (4)&nbsp;months after the date the optionee ceases to be
an employee of the Company, or ceases to be a Director, whichever may
occur later, for any reason other than death or Disability (but in no
event later than the end of the original period of the Option). In the
event of an optionee&#146;s death, an Option will terminate fifteen (15)&nbsp;months
thereafter. In the event of an optionee&#146;s Disability and resulting
termination of Employment, an Option will terminate six (6)&nbsp;months after
such optionee&#146;s Employment Termination Date. However, if an Option is
held by a Director who, on the date he or she ceases to be a Director
(and, if also an employee, ceases to be an employee), has at least ten
(10)&nbsp;years of service as a Director, then all Shares subject to such
Option will vest on the date the Director ceases to be a Director, and all
rights to exercise such Option will terminate three (3)&nbsp;years thereafter.



<P align="left" style="margin-left:9%; font-size: 10pt">(B)&nbsp;The Administrator may, in its discretion, grant a new Option or amend
an outstanding Option to provide an extended period of time during which
an optionee can exercise such Option to the maximum permissible exercise
period (seven (7)&nbsp;years from the original Grant Date) for which such
Option would have been exercisable in the absence of the optionee&#146;s
ceasing to be an employee of the Company or ceasing to be a Director. In
no case may any Option be exercised later than seven years from the Grant
Date. If the Employment of the optionee or the optionee&#146;s service as a
Director is terminated for cause, the Option shall thereafter be null and
void for all purposes.



<P align="left" style="margin-left:6%; font-size: 10pt">(ii) <I>Payment of Option/Exercise Price</I>. The exercise price of an Option may be paid
in cash, by check or wire transfer or, with the consent of the Administrator, by
delivery or withholding of Shares, including actual or deemed multiple exchanges of
Shares. The exercise price shall be paid at the time of delivery of Shares.



<P align="left" style="margin-left:3%; font-size: 10pt">(c) <I>Restricted Stock Award</I>. An Award to an officer, key employee, or Director of the
Company may be in the form of a Restricted Stock Award which shall be subject to vesting or
forfeiture as described below. Cash dividends on Restricted Stock shall be paid directly
to the holder of the Restricted Stock Award.


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD><I>Vesting of Awards.</I></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">(A)&nbsp;Unless different terms are set by the Administrator, a Restricted
Stock Award shall be immediately 25% vested on its Grant Date and shall
become vested in cumulative 25% increments on each of the first through
third anniversaries of such Grant Date, so that on the third anniversary
of the Grant Date the Award will be 100% vested; provided, however, that
the Participant must be in continuous Employment from the Grant Date
through the date of the applicable anniversary in order for the Restricted
Stock Award to vest.



<P align="left" style="margin-left:9%; font-size: 10pt">(B)&nbsp;A Participant&#146;s Restricted Stock Award shall be fully vested,
irrespective of the limitations set forth in subparagraph (A)&nbsp;above, in
the event of (i)&nbsp;a Change in Control, as provided for in Section&nbsp;8 below,
provided that the Participant has been in continuous Employment from the
Grant Date until the date of such Change in Control or (ii)&nbsp;Retirement of
the Participant.


<P align="center" style="font-size: 10pt">A-5
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:6%; font-size: 10pt">(ii) <I>Forfeiture of Restricted Stock Awards</I>. Except as otherwise provided in
subsection (i)&nbsp;above and the applicable Award Agreement, if a Participant&#146;s
Employment is terminated for any reason, the Participant shall forfeit his or her
Restricted Stock Award(s) with respect to any portion that is not vested as of such
Participant&#146;s Termination Date and such portion will be transferred at no cost to
Cavco Industries unless otherwise determined by the Administrator. Prior to
vesting, a Restricted Stock Award, with the approval of the Administrator, shall be
fully vested on the date selected by the Administrator on or after the date the
Participant satisfies the definition of Disability.



<P align="left" style="margin-left:6%; font-size: 10pt">(iii) <I>Removal of Restrictions</I>. As soon as practicable following a determination
that a Participant&#146;s Restricted Stock Award is vested, but not later than five (5)
business days after the date of such vesting, Cavco Industries shall remove the
employment-related restrictions from the Shares except that no fractional Shares
will be issued and in lieu thereof cash will be paid to the Participant.



<P align="left" style="margin-left:3%; font-size: 10pt">(d) <I>Stock Unit Award</I>. An Award to an officer, key employee, or Director of the Company may
be in the form of a Stock Unit Award. The term of a Stock Unit Award shall run from the
Grant Date to the Expiration Date, subject to early Payout or forfeiture as described
below. Credit for cash dividends on Stock Units will not be allowed (or accrued) prior to
the Payout.


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD><I>Vesting of Awards</I>.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">(A)&nbsp;Unless different terms are set by the Administrator, a Stock Unit
Award shall be immediately 25% vested on its Grant Date and shall become
vested in cumulative 25% increments on each of the first through third
anniversaries of such Grant Date, so that on the third anniversary of the
Grant Date the Award will be 100% vested; provided, however, that the
Participant must be in continuous Employment from the Grant Date through
the date of the applicable anniversary in order for the Stock Unit Award
to vest.



<P align="left" style="margin-left:9%; font-size: 10pt">(B)&nbsp;A Participant&#146;s Stock Unit Award shall be fully vested, irrespective
of the limitations set forth in subparagraph (A)&nbsp;above, in the event of
(i)&nbsp;a Change in Control, as provided for in Section&nbsp;8 below, provided that
the Participant has been in continuous Employment from the Grant Date
until the date of such Change in Control or (ii)&nbsp;Retirement of the
Participant.



<P align="left" style="margin-left:6%; font-size: 10pt">(ii) <I>Forfeiture of Stock Unit Awards</I>. Except as otherwise provided in subsection
(i)&nbsp;above and the applicable Award Agreement, if a Participant&#146;s Employment is
terminated for any reason, the Participant shall forfeit his or her Stock Unit
Award(s) with respect to any portion that is not vested as of such Participant&#146;s
Termination Date and such portion will be transferred at no cost to Cavco
Industries unless otherwise determined by the Administrator.



<P align="left" style="margin-left:6%; font-size: 10pt">(iii) <I>Payouts of Stock Unit Awards</I>. Payouts will occur as follows:



<P align="left" style="margin-left:9%; font-size: 10pt">(A) <I>Automatic Payout on Expiration Date</I>. When a Participant&#146;s Stock Unit
Award has vested, such Award shall have an automatic Payout on the
Expiration Date of such Stock Unit Award.


<P align="center" style="font-size: 10pt">A-6
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:9%; font-size: 10pt">(B) <I>Early Payouts</I>. In addition to automatic Payout on the Expiration
Date, there may be an early Payout of the vested portion of a Stock Unit
Award as follows:



<P align="left" style="margin-left:12%; font-size: 10pt">(1) <I>Termination of Employment (whether voluntary or
involuntary). </I>The vested portion of each Stock Unit Award
shall have an automatic Payout on the Participant&#146;s Termination
Date.



<P align="left" style="margin-left:12%; font-size: 10pt">(2) <I>Death</I>. If a Participant dies prior to the Expiration Date,
such Participant&#146;s Stock Unit Award<B>, </B>to the extent vested,
shall have an automatic Payout as of the date of the
Participant&#146;s death and be made to the Participant&#146;s
Beneficiary.



<P align="left" style="margin-left:12%; font-size: 10pt">(3) <I>Disability</I>. Prior to the Expiration Date, a Stock Unit
Award, with the approval of the Administrator, shall both be
fully vested and have an automatic Payout on the date selected
by the Administrator on or after the date the Participant
satisfies the definition of Disability.



<P align="left" style="margin-left:12%; font-size: 10pt">(4) <I>Early Payout Request</I>. A Participant may request that the
Administrator consider an early Payout to him or her with
respect to any vested portion of a Stock Unit Award. The
Administrator will consider such request at such time as it
deems appropriate and determine in its sole and absolute
discretion whether to allow such early Payout, and then notify
the Participant of its decision.



<P align="left" style="margin-left:6%; font-size: 10pt">(iv) <I>Form of Payout</I>. As soon as practicable following a determination that Payout
of a Participant&#146;s Stock Unit Award shall be made as described in paragraph (iii),
but not later than five (5)&nbsp;business days after the required Payout Date, Cavco
Industries shall make a Payout to the Participant. All Payouts shall be made in
Shares except that no fractional Shares will be issued and in lieu thereof cash
will be paid to the Participant.



<P align="left" style="margin-left:6%; font-size: 10pt">(v) <I>Delivery of Share Certificates</I>. As promptly as may be practicable following a
Payout, Cavco Industries shall make delivery of one or more Share certificates,
either by delivery of a physical certificate or an electronic transfer to a broker,
for the appropriate number of Shares.



<P align="left" style="margin-left:3%; font-size: 10pt">(e) <I>Performance Award. </I>The Administrator may determine that an Award will be subject to
restriction until one or more pre-established, objective performance goals established by
the Administrator have been achieved. With respect to any such Award, the restrictions
will lapse and the Award will vest only upon achievement of the goals. A performance goal
may be based on one or more business criteria that apply to the recipient, one or more
business units of Cavco Industries or the Company as a whole, and may include one or more
of the following criteria: operating income, operating margin, earnings before interest,
taxes, depreciation and amortization (EBITDA), pre-tax income, net income, net earnings per
Share, net earnings per Share growth, return on beginning stockholders&#146; equity, return on
average net assets, total Shareholder return relative to other companies in a relevant
industry group, debt/capitalization ratio and customer satisfaction. A performance goal
need not be based upon an increase or positive result under a particular business criterion
but may include, for example, maintaining the status quo or limiting economic losses, as
measured by reference to such criterion. Performance goals must be established prior to
the earlier to occur of ninety (90)&nbsp;days after the commencement of the period of service to
which the goals


<P align="center" style="font-size: 10pt">A-7
</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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:3%; font-size: 10pt">relate and the lapse of twenty-five (25)&nbsp;percent of the period of service.
Prior to the lapse of any applicable restrictions and the vesting of any Award based on the
achievement of performance goals, the Administrator must determine that the applicable
performance goals were, in fact, satisfied.



<P align="left" style="margin-left:3%; font-size: 10pt">(f)&nbsp;Notwithstanding anything contrary contained in this Plan, the following limitations
shall apply to any Awards made hereunder:



<P align="left" style="margin-left:6%; font-size: 10pt">(i)&nbsp;No individual may be awarded Options (including Options awarded as Performance
Awards) that are exercisable for more than 250,000 Shares in any one-year period;



<P align="left" style="margin-left:6%; font-size: 10pt">(ii)&nbsp;No individual may be awarded a Restricted Stock Award or Stock Unit Award
subject to performance goals designed to comply with Section 162(m) of the Code on
shares having a having a Fair Market Value on the Grant Date of the Award of more
than $1,000,000 in any one-year period (the limitation set forth in this clause
(ii), together with the limitation set forth in clause (i)&nbsp;above, being hereinafter
referred to as the &#147;Stock Based Awards Limitations&#148;); and



<P align="left" style="margin-left:6%; font-size: 10pt">(iii)&nbsp;No individual may be awarded a Cash Award subject to performance goals
designed to comply with Section 162(m) of the Code having a value of more than
$1,000,000 in any one-year period.


<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="left">8.&nbsp;&nbsp;</TD>
    <TD><B>Change in Control. </B>Notwithstanding the provisions of Section&nbsp;7 hereof, unless otherwise
expressly provided in the applicable Award Agreement, or as otherwise specified in the terms
of an Award, in the event of a Change in Control during a Participant&#146;s employment (or service
as a nonemployee Director) with the Company or one of its Affiliates, each Award granted under
this Plan to the Participant shall become immediately vested and fully exercisable, with
performance-based awards vested at target level (regardless of the otherwise applicable
vesting or exercise schedules or performance goals provided for under the Award Agreement or
the terms of the Award); provided however, that this Section&nbsp;8 shall not apply with respect to
Awards that have expired or been terminated, canceled or forfeited.</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="left">9.&nbsp;&nbsp;</TD>
    <TD><B>Tax Withholding. </B>Cavco Industries may satisfy withholding obligations with respect to any
Award or Payout by retaining, or accepting delivery by the Participant of, at the time of
Award or Payout, or the exercise or vesting of an Award, as appropriate, a number of Shares,
based on the Fair Market Value on such date, for payment of taxes required by law.</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="left">10.&nbsp;&nbsp;</TD>
    <TD><B>Non-Assignability. </B>Unless otherwise determined by the Administrator and provided in the
applicable Award Agreement, no Award or Payout or any other benefit under this Plan shall be
assignable or otherwise transferable except to a Beneficiary or by will, the laws of descent
and distribution or a domestic relations order, and during the lifetime of the optionee the
Option may be exercised only by the optionee or the optionee&#146;s guardian or legal
representative. The Administrator may prescribe other restrictions on transfer. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this Section&nbsp;10
shall be null and void.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">11. <B>Changes in Shares and Certain Corporate Transactions.</B>




<P align="left" style="margin-left:3%; font-size: 10pt">(a)&nbsp;The existence of outstanding Awards shall not affect in any manner the right or power
of Cavco Industries or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the capital stock of Cavco
Industries or its business or any


<P align="center" style="font-size: 10pt">A-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; margin-left: .25in; width: 7.20in">


<P align="left" style="margin-left:3%; font-size: 10pt">merger or consolidation of Cavco Industries, or any issue
of bonds, debentures, preferred or prior preference stock (whether or not such issue is
prior to, on a parity with or junior to the existing Shares) or the dissolution or
liquidation of Cavco Industries, or any sale or
transfer of all or any part of its assets or business, or any other corporate act or
proceeding of any kind, whether or not of a character similar to that of the acts or
proceedings enumerated above.



<P align="left" style="margin-left:3%; font-size: 10pt">(b)&nbsp;In the event of any subdivision or consolidation of outstanding Shares, declaration of
a dividend payable in Shares or other stock split, then (i)&nbsp;the number of Shares reserved
under this Plan, (ii)&nbsp;the number of Shares covered by outstanding Awards, (iii)&nbsp;the Grant
Price or other price in respect of such Awards, (iv)&nbsp;the appropriate Fair Market Value and
other price determinations for such Awards, and (v)&nbsp;the Stock Based Awards Limitations
shall each be proportionately adjusted by the Board as appropriate to reflect such
transaction. In the event of any other recapitalization or capital reorganization of Cavco
Industries, any consolidation or merger of Cavco Industries with another corporation or
entity, the adoption by Cavco Industries of any plan of exchange affecting Shares or any
distribution to holders of Shares of securities or property (other than normal cash
dividends or dividends payable in Shares), the Board shall make appropriate adjustments to
(x)&nbsp;the number of Shares reserved under this Plan and (y)(i) the number of Shares covered
by Awards, (ii)&nbsp;the Grant Price or other price in respect of such Awards, (iii)&nbsp;the
appropriate Fair Market Value and other price determinations for such Awards, and (iv)&nbsp;the
Stock Based Awards Limitations to reflect such transaction; provided that such adjustments
shall only be such as are necessary to maintain the proportionate interest of the holders
of the Awards and preserve, without increasing, the value of such Awards. In the event of a
merger, consolidation, acquisition of property or stock, separation, reorganization or
liquidation, the Administrator shall be authorized (x)&nbsp;to issue new Awards in substitution
for previously issued compensatory awards, including Awards, as deemed appropriate by the
Board or (y)&nbsp;to reflect the assumption of, any other compensatory award (including Awards),
whether or not awarded under the Plan.


<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="left">12.&nbsp;&nbsp;</TD>
    <TD><B>Requirements of Law. </B>Notwithstanding anything herein to the contrary, Cavco Industries shall
not be required to issue Shares under any Award if the issuance thereof would constitute a
violation by the Participant or Cavco Industries of any provisions of any law or regulation of
any governmental authority or any national securities exchange, automated quotation system or
other self regulated organization, and as a condition of any issuance of Shares under any
Award, Cavco Industries may require such agreements or undertakings, if any, as Cavco
Industries may deem necessary or advisable to ensure compliance with any such law or
regulation.</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="left">13.&nbsp;&nbsp;</TD>
    <TD><B>Amendment, Suspension or Termination. </B>The Board may amend, modify, suspend or terminate this
Plan for the purpose of meeting or addressing any changes in legal requirements or for any
other purpose permitted by law, except that (i)&nbsp;no amendment or alteration that would
adversely affect the rights of any Participant under any Award previously granted to such
Participant shall be made without the consent of such Participant and (ii)&nbsp;no amendment or
alteration shall be effective prior to its approval by the stockholders of Cavco Industries to
the extent such approval is required by applicable legal requirements or the requirements of
the securities exchange on which Cavco Industries&#146;s stock is listed or automated quotation
system or other self regulated organization to which such stock is admitted for trading.</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="left">14.&nbsp;&nbsp;</TD>
    <TD><B>Unfunded Plan. </B>This Plan shall be unfunded. Although bookkeeping accounts may be
established with respect to Participants representing Awards, any such accounts shall be used
merely as a bookkeeping convenience. Cavco Industries shall not be required to segregate any
assets that may at any time be represented by Awards, nor shall this Plan be construed as
providing for such segregation, nor shall Cavco Industries, the Board or the Administrator be
deemed to be a trustee of any Awards to be granted under this Plan. Any liability or
obligation of Cavco Industries to any</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">A-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; margin-left: .25in; width: 7.20in">




<P align="left" style="margin-left:3%; font-size: 10pt">Participant with respect to a grant of Awards under this
Plan shall be based solely upon any contractual obligations that may be created under this
Plan, and no such liability or obligation of Cavco Industries shall be deemed to be secured by any pledge or
other encumbrance on any property of Cavco Industries. None of Cavco Industries or any
other Company, the Board or the Administrator shall be required to give any security or
bond for the performance of any obligation that may be created by this Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">Notwithstanding the foregoing, upon the occurrence of a Change in Control each company
whose employees are Participants shall, as soon as possible, but in no event longer than 15
days following the Change in Control, make an irrevocable contribution to a trust
established by Cavco Industries in an amount sufficient to fully pay the entire benefit to
which each Participant employed by such company would be entitled pursuant to the terms of
this Plan as of the date on which such Change in Control occurs. In its sole discretion,
Cavco Industries may establish such a trust at any time prior to a Change in Control and
may make contributions to such trust in Shares or in cash which would be used to acquire
Shares to transfer to Participant. Any such trust shall be designed to assist Cavco
Industries in satisfying its obligations under this Plan; but it shall remain subject to
the claims of its creditors.


<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="left">15.&nbsp;&nbsp;</TD>
    <TD><B>No Employment Guaranteed. </B>No provision of this Plan or any Award Agreement hereunder shall
confer any right upon any employee to continued Employment with the Company.</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="left">16.&nbsp;&nbsp;</TD>
    <TD><B>No Stockholder Rights. </B>A recipient of an Option shall have no rights as a holder of the
Shares subject thereto unless and until the Option has been exercised in accordance with this
Plan and the Award Agreement. Unless specifically provided otherwise in the applicable Award
Agreement, and in accordance with the terms of the Plan, the recipient of any Restricted Stock
Award shall be the record owner of such Shares, and have all the rights of a stockholder with
respect to such Shares, including the right to vote and the right to receive dividends or
other distributions made or paid with respect to such 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="left">17.&nbsp;&nbsp;</TD>
    <TD><B>Governing Law. </B>This Plan and all determinations made and actions taken pursuant hereto, to
the extent not otherwise governed by mandatory provisions of the Act or other securities laws
of the United States, shall be governed by and construed in accordance with the laws of the
State of Delaware, without reference to any conflicts of law principles thereof that would
require the application of the laws of another jurisdiction.</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="left">18.&nbsp;&nbsp;</TD>
    <TD><B>Indemnification. </B>Neither the members of the Board nor any member of the Compensation
Committee, acting in the capacity of Administrator, shall be liable for any act, omission or
determination taken or made in good faith with respect to the Plan or any Award granted under
it, and the members of the Board and the Administrator shall be entitled to indemnification
and reimbursement by Cavco Industries in respect of any claim, loss, damage or expense
(including counsel fees) arising therefrom to the full extent permitted by law and under any
directors and officers liability or similar insurance coverage that may be in effect from time
to time.</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="left">19.&nbsp;&nbsp;</TD>
    <TD><B>Release. </B>Any issuance or transfer of Shares or other payment to a Participant or to his
legal representative, heir, legatee or distributee in accordance with the provisions hereof
shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder.
The Board or Administrator may require any Participant or legal representative, heir, legatee
or distributee, as a condition precedent to such payment, to execute a release and receipt
therefor in such form as it shall determine.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">A-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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>YOUR VOTE IS IMPORTANT. PLEASE VOTE TODAY.</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>We encourage you to take advantage of Internet or telephone voting.<BR>
Both are available 24 hours a day, 7&nbsp;days a week.</B>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 6pt">Internet and telephone voting is available through 11:59 PM Eastern Time the day prior to the
shareholder meeting date.
</DIV>

<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="center" style="font-size: 16pt; margin-top: 50pt"><B>CAVCO INDUSTRIES, INC.</B>
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV style="width: 100%; border: 1px solid black; padding: 6px;">



<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>INTERNET</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>http://www.proxyvoting.com/cvco</B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 0pt">Use the Internet to vote your proxy. Have your proxy card in hand when you access the web site.
</DIV>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>OR</B>
</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 6px;">



<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>TELEPHONE<BR>
1-866-540-5760</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 3pt">Use any touch-tone telephone to vote your proxy. Have your proxy card in hand when you call.
</DIV>
</DIV>



<DIV align="justify" style="font-size: 8pt; margin-top: 6pt; margin-left: 4%">If you vote your proxy by Internet or by telephone, you do NOT need to mail back your proxy card.
</DIV>

<DIV align="justify" style="font-size: 8pt; margin-top: 6pt; margin-left: 4%">To vote by mail, mark, sign and date your proxy card and return it in the enclosed postage-paid
envelope.
</DIV>

<DIV align="justify" style="font-size: 8pt; margin-top: 6pt; margin-left: 4%"><B>Your Internet 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>
</DIV>
<BR clear="all"><BR>

<DIV align="justify" style="font-size: 8pt; margin-top: 10pt; margin-left: 2%">74059-1
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><FONT style="font-size: 10pt">&#9660;</FONT>&nbsp;&nbsp;<B>FOLD AND DETACH HERE</B>&nbsp;&nbsp;<FONT style="font-size: 10pt">&#9660;</FONT>
</DIV>


<DIV align="Center" style="font-size: 1pt; margin-top: 0pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 16pt">
    <TD width="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 7pt"><B>The Board of Directors recommends a vote &#147;FOR&#148;
the election of the nominee in Item&nbsp;1 and &#147;FOR&#148;
Items 2 and 3.</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><FONT style="font-size: 6pt">Please mark your votes as<BR>
indicated in this example</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#120;</FONT></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 38%">
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><br><br><B>1.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2"><br><br><DIV align="justify">Election of a director to
serve until the Annual
Meeting of Stockholders in
2013.</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap colspan="2">Nominee:<BR>
David A. Greenblatt
</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 style="border-top: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10px"><!-- Blank Space -->
    <TD valign="top" style="border-left: 2px solid #000000; border-bottom: 0px solid #000000">&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>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top" style="border-left: 2px solid #000000; border-bottom: 2px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 2px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 2px solid #000000">&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>

</DIV>
<DIV style="position: relative; float: right; width: 58%">
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>AGAINST</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ABSTAIN</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">The re-approval of the performance goals
for Section&nbsp;162(m) awards under the Cavco
Industries, Inc. 2005 Stock Incentive Plan,
as amended.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>3.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Ratification of the appointment of
independent auditor for fiscal 2011.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><B>4.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><DIV align="justify">In their discretion, on such other business as may properly
be brought before the meeting or any adjournment thereof.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="9" valign="top" align="left"><DIV align="justify"><B>UNLESS OTHERWISE SPECIFIED, THIS PROXY WILL BE VOTED FOR THE
ELECTION OF THE DIRECTOR NOMINEE NAMED IN ITEM 1 AND FOR ITEMS 2
AND 3, 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>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="middle" align="left" nowrap>Will Attend Meeting</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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>
<TR valign="bottom" style="padding-top: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>Mark Here for <BR>
Address Change or <BR>
Comments<BR>
<B>SEE REVERSE</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

</DIV>
<BR clear="all"><BR style="font-size: 6pt">

<DIV align="justify" style="font-size: 8pt; margin-top: 0pt"><B>NOTE: Please sign as name appears hereon. Joint owners should each sign. When signing as attorney,
executor, administrator, trustee or guardian, please give full title as such.</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&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"><B>Signature</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 12pt; margin-top: 10pt; margin-left: 4%"><B><I>You can now access your Cavco Industries, Inc. account online.</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Access your Cavco Industries, Inc. account online via Investor ServiceDirect<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> (ISD).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">BNY Mellon Shareowner Services, the transfer agent for Cavco Industries, Inc., now makes it easy
and convenient to get current information on your shareholder account.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&#149;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">View account status
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">View payment history for dividends</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&#149;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">View certificate history
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Make address changes</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&#149;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">View book-entry information
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obtain a duplicate 1099 tax form</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>Visit us on the web at http://www.bnymellon.com/shareowner/isd </i></b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><b><i>For Technical Assistance Call 1-877-978-7778 between 9am-7pm </i></b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><b><i>Monday-Friday Eastern Time</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>Investor ServiceDirect</I></B><B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B><I>Available 24 hours per day, 7&nbsp;days per week</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>TOLL FREE NUMBER: 1-800-370-1163</B>
</DIV>


<P>
<DIV align="center">
<DIV style="width: 70%; border: 1px solid black; padding: 1px;">




<DIV align="justify" style="font-size: 10pt; margin-top: 0pt; margin-left:2%; margin-right:2%">Choose <B>MLink</B><SUP style="font-size: 85%; vertical-align: text-top"><B>SM </B></SUP>for fast, easy and secure 24/7 online access to your
future proxy materials, investment plan statements, tax documents and more.
Simply log on to <B>Investor ServiceDirect<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </B>at
<U>www.bnymellon.com/shareowner/isd</U> where step-by-step instructions will prompt
you through enrollment.
</DIV>
</DIV>
</DIV>





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Important notice regarding the Internet availability of proxy materials for the Annual Meeting of
shareholders. </B>The Proxy Statement and the 2010 Annual Report to Stockholders are available at:
<U><B>http://www.cavco.com/investorrelations/annualmeeting</B></U>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 50pt"><FONT style="font-size: 10pt">&#9660;</FONT>&nbsp;&nbsp;<B>FOLD AND DETACH HERE</B>&nbsp;&nbsp;<FONT style="font-size: 10pt">&#9660;</FONT>
</DIV>


<DIV align="center" style="font-size: 1pt; margin-top: 0pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>ANNUAL MEETING OF STOCKHOLDERS &#151; JUNE 24, 2010</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The undersigned hereby appoints William C. Boor and Steven G. Bunger, 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;24, 2010, 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;10, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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 THE ELECTION OF THE
DIRECTOR NOMINEE NAMED IN ITEM 1 AND FOR ITEMS 2 AND 3. THE PROXIES WILL USE THEIR DISCRETION WITH
RESPECT TO ANY MATTER REFERRED TO IN ITEM 4.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">By execution of this proxy, you hereby acknowledge receipt herewith of Notice of Annual Meeting and
Proxy Statement for the June&nbsp;24, 2010 Annual Meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>READ, EXECUTE AND DATE REVERSE SIDE AND MAIL IN THE ENCLOSED ENVELOPE.</B>
</DIV>
<DIV align="right">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 3pt">
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top" align="center" style="border-bottom: 1px solid #000000; border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000"><B>Address Change/Comments<BR>
(Mark the corresponding box on the reverse side)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><br>BNY MELLON SHAREOWNER SERVICES<br>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center" style="border-bottom: 1px solid #000000; border-top: 0px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>P.O. BOX 3550<BR>
SOUTH HACKENSACK, NJ 07606-9250<br><br>
<B>(Continued and to be marked, dated and
signed, on the other side)</B><br><br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
74059-1</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c01494c0149403.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c01494c0149403.gif
M1TE&.#EA,`%=`.8``.3#B/W\^?KTZ9=M)J:XM+3'QLW*M>S4JJ"082E49OSZ
M]-RR:N"[>]^W=,-W#.[9L\5\$_?MVLK7UN3KZ<Z1-.C-FM*:0_GQX_3GS?/C
MQN*_@8:DILN+*MJM8]:D4XJ6A^?)DL>!&O7JU-FJ7:VOF?+V]7:6FN;FV>K1
MI+S"L#=A;Y>BDMSEX^#<QM"5.O#=O&*%BT)J=9"HJ-3BWTEQ?'=B,VIK35)Y
M@LF%(=36QIFTL]2=26A[<BM-6._<N,/2SQI(7M6A3<N()L[=V?/S[.[R\6>,
MD'&%??OW[UIV>$5B9J^%.E5D5NKO[._LW^?,H,W`FH=V14M51WR+@,V.+WV1
MBER`B!]+88.>HL"41\#+Q)ZOI^;&C]BF5_'PYEMO:>?*F.3@SY.NKF^1E>?*
MEOCZ^<6B8O?OWLF=4JO`P/7X]M:F6>S6KG"-D=BH67R;G.7;P.W7KDYL<?/F
MS^G/GL^M;O7IT?'@O]&8/_SX\?CPX=O@W-_2L<)S!1=%7?___R'Y!```````
M+``````P`5T```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=A7D1
MH1%W(G>F=W.BH6>>K:ZOL+&RLY`O<0TC.Q04(50AOR$<%#L[(PU<=#[*R\L8
MM,_0T=+3G`(-0GW9VMO<W=DXN^&[.PL-#!IS"M3K[.WNK]84'!"^OT)"P2&\
M','B>'@[+.S`$Z3#@H,'S6G0$.&=PX<0(RH2D*&BQ8L8&TK<R+&CQX\@0XH<
M2;*DR9/2%`A8*>#"G#A<`,B4Z>."`"2(D`BX$Y,!`P]`?9[3(//.&3TL!:A#
MR;3I+`7,E,4<,:*+/!S\@.'`2F5'APHU!V6@,X*"$!PAO/6!``&8$&$N_Z@V
MT'"`S@%F=Y8ZW<O74(`((D3X`-.@08<.'EQ8H$#E+`0'CQTX4,L-,A4W#_Y$
MT!!BLEH(V4!+'BV9;5NTP3C@\;"@@P:[?6/OQ0"B@1MB%A:+V[V;8)`@%H`&
M(>9A!W`\'1K8^8,D@^'#T*,_-]P`(<+JA;.#>/#@A8B*(C3*'F\2`_?SZ-.K
M?W"'O/OW\#$%F$\_OOW[@@)@.,7?E(!J_%40DP8*=<`%%P?TYPQ^#'*$Q`40
M0GC&'"^0<>!"';AA@1O_=(A'.08^<(9-E(C`Q0+_X,/6+RN:!LP_'A0TU(%@
MS#''B!&2V.".K41@T0M<,(!+!P/A0`456U'6S?]6Y!Q`"0@<*"GE-A!L925`
M.W1Q$!G_\>BE)7>`H(%`%+@0`FKWI*GFFFOB@(\]]U"@07N3/```'0`<H">"
M>O;IYY^`!MHGG5\6*LF#(J0"F"@BY.CHHSE&H$=@$>28AZ&89JKIIISFE-11
M9R2U4@#KY+&2'G&@0`<9K)(!!AATH"#K`Q&(*@"IG>:ZB`(8]-KK`4+BTH4+
M>+C011>'S84"!N(]M1\`"WBP&`<XD-;66QQD2\&QY3``P@$O9."KK\WJBE\`
M2*2;[@5TT%$!JZT1PX$0IH'636GV>%`!3K,<T`&]DWFFY&BAV;/56\0"Y8$;
MKUU@;GP75$38`L2X8*7_O5-*B8,'&="2@0;1$N/&<,243$P0Q[KA1E5=!.$&
MM]$"\.K,K]+![\/D(7&+LG2`T>K/0`<M=-`BW/R4ND@GK?322$20+JXX1_T>
M?523&H?46/<5P!FAE'(''2"`0,9,;-Q!JRI=9GUNU7G8P5T<<,,-0@4HP,V=
M'O-]%$"JMEE03PAG906,/A2X7%W=<9R7AP(*5*TV22TYJL<#"PF)8C@"<P/!
M+FZ8<P'4$5W00,89;ZY8C.1T"X+#CW,D0)\+N*'PO&>%T-9CI&\C61=&0R3Z
M;\#M$&,0%"\0Q`C1[N)"$!3$:-WSUIFS>NL2(0$"`!V0;/+VVQ.)<@==<&]R
M_Q`,W*%'(Q1EX,,3T%\'!AL89<`*]?0'`.G]^.<?8>^'($$'%VO8@6/J14"W
M"*$KQ5@#``Y4@0K0X0RA2@K]<(:$$\S@@A<$'2%*,(<9E&`3#YA'[J1DNN`$
MP0-R`8$&(1&!<6&`#7JZ@PM7.,&-"&`/8H!!`J[`PQXFP`1I8,$%1$`&$$!A
M##Q<`0#LL!*]3"(`[JI`.;C0P"I:\8I8M&*[VE7%6-%P(IM9@`LX0!K/D(8*
MQ%J`3V3"A3D@Q59?K"$L2I"&)%S!#WC,HQ[]<(4$1*$70K!!'@>P%2IXH`%W
M&0\*=D#&$6[#'H`[DLHFV8`*/,`'<FQ%``(C@A<P8/\%-TC`'A,@A5*64I1X
M!$(/!E`#(`Q2&Y+1AY,FP<E:<O)2BC@#)WW`G0-Q9PX9L"7_$I$!YH6C9*L9
MCL*6R<QF4N69(W#-"S+I"0R`C)%10&4>$_`%!#"F3%E```]4X$H^EA./-MB-
M!1:PH$$H0&D7>"$,#_`$P@#%!<)36#EDE0$DX!)=&$!!M/!``=0,C@K":!Y0
MU!@K%+"!#0^`$$N0A@%;6O2B&,UHHZCI"3LH@P]&V*,?5`"%J`!&$"T8@TCQ
MN()+-H,YM;P#&0B4H=MD*ULXP)B4',"!+C!`!'\000<LD#E'KB5;0<A6L5R`
MPG(<P(D<'8D::'!'/28`"E#_+807IK#2#91!+-B3G0ON,;C(E/&L:#WK"#(C
M`@VXH3.D$0*,D*5&H=CUKGCU"5&XI(CYB&"+@&V7`!;GN*C"8@(T$.D5=*`&
M!5S@!9!=!G<^>@21>G40$6##"PZ0@1>X\+.@#2UHT_8'`7R6=;'XRV!&D"(D
M6>FU."#6,QD`@,0M`[)*J5H<#8L(+\#@G'F,@3F0MP,7C/$M:,F6"[+0@SU>
M]DL'N`;N2.>BM@!.&*OQREP66#?>3L0B=V`#"5;J!QOH5$H#:&X>G_N1B,7O
M(D"-Q!VZ@`?4;*6@\A"??O5KD`4@P[N&`)88+3"/QTAAI4Q`"YO:M!6V*$&/
M[#5$_^0@I(<(`$`HYD"(D'Q"!PCMEA$N`4!U"!H.T-A.'&4A7ET!P(9&.>H/
MN!1$!OI$6@"_`E@;%DH5R-L&+U0J?Z*P$0$@7(8'!"IVTKH'6NH%&6T\9D5R
M9<`L)2&"!MBNJ-2MTK44NE"#H"!!-G:'%K1IU31(P@E)R",/\#E&U-SNO)_Q
M!@0XL`!*G$$#'LJSGO><S..=,#@+.Q`7R"##1>C'5SX(K0@^'&9$E,$$P,VC
M"K0@`#U<0`]O5$HB%#!D/!XA.X71*P`6`NI2@YI`IM;`"\H%"06HXM6PCK6L
M1=$(5Z.`,+]Q`9*.1`48O<P8#&`5W5#P``R(:I@`SH$*R/^K!#0DYA],11X`
MQ$7#">31"A_,51X6B0VCKN4>B3DA\M1X@&(S:X)(NT`%PM:3("R!O'Y@@EI*
MTU,N$&H0*O4#MA7QSA(T80\DT('`!YX#%A0AJX-00PD6SO"&.UP-A"B#PR>^
M\'1-^`)WJ)073I""@0L<"@9'N"!>8&4"LL4!"$#`$3X0A14L80E4(+`%L"(,
M;#%FJ<8M;@5:AP$?<&$$+F!,+UBD#4&2MP93<H`;,%F(-.!QWX)0P!V8P845
M3$$."8AT'H&@`A[(8`Z',`$-QD[VLIO="-G^@PYN8/:VTV`7;P+&$FS`A*PK
M-@9M^`&K!2$`6Z;@`S$@LZ1IL`+_*&CTHO-3&P8.,.J&RNKQCX\!O*L`><@O
M<-@14`<2:LD')C`!`=7)4!""3J\H,.$*6B?O%6*P`M0*X@;P%FD,BC"(#505
MWD#HQ@"DT(/4ZQ$("5`!`EI#'=IFG#D_,,(.8\_'!!Q!`C5N-"(F('@BY_(%
M/D#!A:EB`8)NY<K=B,+M\:@")M3@_#6P^QZO\(&T_\$*J&<^$*Y``]H+0@;+
M)Z\J;9<:&QQX_5\0!5'``S$`7`E@`VC0`3'W&VZ``FJP!0_V>S?P!C(P!>2T
M1S1``AG0.+HE?8,P!-671R0@<G]P`2``=+R6@E0`'+DA+0&!!VL@?GIT!59@
M!AP0$-VW_P,(0%XK8#0Y@`4AB$>+E0.D%0`MH`5M('DS*`<Z@!Y/\`8K10,&
M4`B)-8,D8`AE,`:1=@4K,&/540<VH'4\@"P&D1T,P!X9\&HDB#.ZQ3@'D`)!
MZ`<KD!<T%`"V<H=WR`>"MUAX"'LBE0![4`A$P%7D10-?A0@*4`3+EDIOX`6$
M$`!6H'4T,`.%4`9*J$<TP`*/:`3CYP=`<`1)=7+94`,B!03RU@>087+Z\!MS
MT44=QF@-DCX6@0(:X!/1T@6+(00R2%Z$A`==0`<8L(:/T&E[)`=$<`@KT(DL
M%6."T`1!F`":J`A6<&T0-PA%(`,KE0`D<`<8`86*96:"4`(ZH/]U<E`'L+45
M2Q""A(0#!$4%RH-0%``0-Z@++;@`9.`..A-]L=`T!_`J%T8D%C!6]'(:HJ$-
MK01O`Y`-#A`"#:"/_>,H?_5X/+!2BW4(!1""1F!_A&![*P4$5Z@(BY@`$@`Z
M*;"(>Z0$N>$W'.`"Z4A>'W``X5&2*V4"%T`S-)-F?ZB!7$,I@!$>(^)BH3`'
M(C`B[L`KR.8*2"!0"+%?^X4`ON<'45`R(_`"".<C%_$`)T(QN!&/QF5T(F4%
MAS`$)HF)$V`($W")&+AW@L`">=0&1G,&T[A24:![\!:5NC"1*Z6!\54(.J",
M?C`&U1@UP@@):>"7>%0`4;<2%[`9I!;_>D&'`Z03!>3%`R#0.V*Y4BH0C84@
M`[Z7!C2D`/EV!7Q0"#\0@D"P!(/S"P-0EV>231V)FE-&"`80@BI@`!$D*H/)
M(+>B"2`(;XB9`0`P`BH)#%BF#7#E%M02#!!0?0E@!@^@09<I4IEY"&$0A')0
MEH:0`ZC$`Z`3`%60>BK0`G9@2P;@EY,VGA\`GCE@!XE'""Q@FC8`#H630GD2
M%<L1-;84!Q9R5U`0ARL0`'GP-G$SH`1:H'%S'HD3!SEP!*B4`$D@`8UC"&DP
MEI*FF8^X`O"V!1H4`!^`1PD`C@F'EGJ$=A)&B%8E`[A2A2(%`QKY"5`@!^0E
M!?=21D9R)'$1_TU",6C@<91,\4[JTA)W$`<'H"IT4!A`X3>[%G>_@`/JU56'
M.`EKJ`<24``%\`,GD!]%,`$&D`9O``,7*)T62@C*1EXWT`2%4`1*R*)G:I@D
M6@B;9($]I`0K\`(W@02&J::'<`$[X)6C9#LF!P'T@E"`2@^`FB;&52P4L`!J
M:1)]]QU!P@"'$03%PCP#6492$H<1Q@@]&1@D(`$LX)"/>`(_L`5M0`,)D'_D
M-9W]\YW9B)B$\`/EM`6&$`;PUJ:;%!ALP`!UD`4"&`5+L`860(;P=@17>@@!
M``<FND<D57F/-Z1Z\F70^JS0^G@O`(LA01:,825GH6M9D29G,B^Q9?]<XCJN
M+O`%M9IM>9`T?:<J[\(%B$$DQJ$$P?<!#4`&=G$!,18`39`")B"OXP=\AJFJ
MAV``%)I*4%>"E>4'-!"(A4",(E4%.!$`#\!(*E*<VE"7"P`R9-!`6Q0'3I!O
MBA6FF_)>)%NR)8NAY"4'<'`'8(`0\"H/O)`6NB=*J_0-0F`!(]`0$[`!!>L'
M"6`%,O`#!$";(IMP*+M2KOH'$H!*/6@(#KM')"H"(_!D;]86QEDEDGETKW4D
M>)`;>)`%?+I'12M]VDE>/;`$!G5E:55&`^!*/1`%UN("+Y`&5+5'7+<"0V!_
MT:FL8_L'`3!FY&4%7U4&&Y!*83"PY_H'4#'_:C/1N`M!%`L$!?`&`V$`:Q82
M$PG[AR<@`'901>PF:*!K17$P6'E0NHO3(%2C`*:[.'E`-8;@!3BI6%-@:K1K
M#GZ"`DHH!T_0)_#SA,J8`#)0K!_8LP*[JJJ'F&$`HWY@!(A0!$'8IHP`.D&(
MIX=0`B"KK%G@6F@A&6IQ)@<C5_^P,OYE6Y#U`I]CK1(!"J_627A"4\!S/(<T
M%V`0'GH1`!RY4CV&A\=&"&%055CPI'_@!56@C(L5F,.+F7TK"#E@F-@VM#[[
M`XB@!CT[4MBY"$2@!7O0-!$@HGE$O8;0!'XH4DP`9]9E,&ZB9(UQ0$>RM<V3
M$!J``N<3$E9I$=!R_Q#A4UQRE5-*4B6^>`"))P$3'`,)W#];0'Y:`#5E<)$K
M98QA2;Q#K`9X^8<&$)=RX(B'4`8A+%(YP`AZ0+!)L`('$<48:``8D7AG.9E:
M:3(`\`1L_`0^`%$^\`+<T5GA4A$HT,9L'#\\N@X!$"8@X!/@,RU_.L@G%S"1
M42\4P'1_H`9BX'NM!R$^@F'8(13AH<1_:::#<`(J^GM8@`AI0+2,4)KDI4-\
MM,6)@`6^)P:*D`<,$`01>(H#$(()D)!](`3-4R8'809-JD>3AK[C(0!%],?!
MP@!UA5>YFE?!TBVAYA,HX#2$<`+**U)*X`'@RF2&S!9H$8%^`,&$8,GKI__*
MAY">",P("A"7\*8"/*J'*=N>A8`!H*%>2)<-_R=2M.P-NUB,=<",-M9"6+D`
M(Q`C+H``?@D$-I`[I^=I$AJ"5[`!B,#!Y#?$@J`%ALE',L`(UUMF`$P(%\`%
M5<@$'H`''+($?OF2%7`'"7(*#W`$6I<`*9`7B)`'OD('Q-P^8'``;.`K["P;
M=J@4>SP(!S!0BB&N0O`!?GD%`^`5'5`5T'$05($&-E!5X9G09&K`?Y#$\'8%
M6E#514#5&Q2)Y!4#E+@(/^#0"IL#614`87`$=Y0`6Z`*8;!C(I6)U.G06,#5
M@H`$%:`!0;#":9N:O]`50;`&]@@T#;5J-C$J'M'_0KTR8RW+`!4@99S5*\BV
M'_UQ"A?0!GZ9`&(@O(4@`#G``^64`$E+"(";C2#JMY\<>R8P`SH``P1PE-[\
M>R:`/N/5D7*0`H6`!#]P`^7$`Q7<C)LLA!5M"$>K1U^PEP$&F=Z&,=,%.&FR
M&AY0/M3@H^JRF&.#(3%"4-.%B@+C`.R8L1L("64`A!T9`R0P`450`@I7!`;P
M!MJ4`"LP?5F\?F,`!7N0`C103CRD>JZ$HHD0`&V0C;C="`&`RJIG!"#7`EL`
M`[<'UH>@R:4(!6S$!2(0VT_WVWXQ4\)#S`T0-A[^X2`>S&(#XB1>`3%,"X*A
M#!50%<554,#@;=I@`8KL_P@"(,KDE0`Q0`-)0`,Q,'XQH`7(5@:%R7Q[%`-I
M(`;,Q\V)(-$B=016W`AJ4-M$KD<.GML^``!@VXD)P`.HN00\T(E`\`5UP`!1
MT3&%H`"+MA=YX"Y+:1P'@<QPCF$`@1S,?`#W60B3PDEF$R0@,G>[3.0)@`4S
ML%M>L`)Q:%4F,`0!X`3FVI%CD-&&@*:C=,20D`=:0,J`S@-AL$)@0`'V$@52
M`%SSUP.]MT=2,`"0D8KR*:F^>!@,P`9:@U$K00EH'AC_01]G\`!Q0XL:D"$>
ML`LWU1D8PTI,``2^-W\),`4%`.F'H`<Z0%5:A^PP4`"!V0(#?$[SMP(MF@A(
M3O_E[O<(+-#:/*1U/!0#!*"6*`!-(V`&@)=UY'X%-_`!ZC[OZBYEB$`?`:KK
M!FHWW'$'2."ZX_$`,\U(@N/7J?E]+/(+2_`%7\`$2A`#2J`$7U`%4.#+@_`#
M&V`%<A`#<B`';2`&/_#M@]`";]#Q-R`#&+X(5K#R*Z_DE#`#7`H#/,[Q,)`&
M.>!ZC]`".O`&7\#Q<F`%)E``+9";T9M9K8%/^%"<O=!K75N&9\B-L`:JKU`U
MC%.Z$8`"+T!8>8,(5ZX!%3!KLH9IL.8%-G$&7M`$7H!INVD)1%`$1"#U@Q``
M;V_7U%`";4\$%I\3;H_WG8`"GFZQ25<OWKN2'(`R=W+_-:^`!*?`>*)'8`5U
M7VZB&`:1('#O@;"`<96M(+Y,1%T`%(:T/,T$%%21U"-`%X("*`^`W)'0$E=_
M:X(F8K@`K&;18-O]&3P\)Y7P((_2TS;F6+<&+=(2D&J24(I1#,E!%"``*U_O
M*$NA^T,T1):F/Q?`^Y<0`207/L224U9KG&OAO>?X_5:"3PV@^B]]$7?`QC-M
M'0OT`!5QXI;_`/2EW-YV)O!(#/VUQD]`*QPQ8Z</"`>"@P<O`7^(B8@'`HJ.
M?Q>1%Q%G<VP,F`T+"W@+%"$A?:*CI*,A%$$-AH^LK:ZOL+&RL[2UKB\`.T*[
MO%0N02X>P,$4P5T`#5P,7!K+_UP`=&"$!QFO"I(7(G,:!P`,`&0BXM@7MN;G
MK78/<1IN%E2[H/(.I?7VI2Y<C>C\_?[__")$:-`,P!V!"!,B/`/PSXL'*!:X
MH4`%%(Z+(2YJI$+%30<&;!Z(?*"@H2P1&#"(./0*B2`R(+B@`/.$RX$G%2J`
M>,+FR<B?0(..S,`R41,Q,8RP^%,$2PPL14J0L)*F3!$9-(R(>6.B!2(656*8
M&#+!A)$A?P20$+-E!8T9?YK`^&#EQHH;!OZ<V!#CR!88;;S&72%60H`26(WH
MV'!#QM<-6\08P0+KQXT;.OX$2&$EA@$%!JQ40?N'!0P96ZH8*>,J0C.9!XJ:
M?'2A0_]%!_3NW<.-.P0'%Q0L='&SJ8%Q#+(4"%B^7,\%B"@JD-&TR4,'-R,:
MD`&#(H,`V8B0@)\-:\85$ZS_S%"1P`22"V,F(!K2OLEZ'DX0;;DB!E$:,:R=
M0$,!7CAQPP^ET1#&#3'DL,(6_EU111XR)+!!(EKXX=A\"8QQ@@%57$C$"F^<
M48)DL$Q``PU+,;5!`C%(((`86AQBFA4E"/!7>JP(LD8#/C2`1"+,3;+.`2@<
MX,,=+^C!W')#QB(``\8U,$('"W30@955;CG"`E6&*6:5&F@`P)EQ.'*&.&S.
M,0<S5;J!QPY!<,`!!+J)`@$'%HRP"GG\F/=!>B6\08,?).3_88)\?]#WAAIE
M&.$'@G\0P!\B6A#PE0IV9;I4$P24P>`,3:00(19JO$A"(C]HF`A]5?S7!()-
M5)'`!P5HD=DK*K*82`%O7`'#!&F@%<`*0&@:5ZBN9%"<!F0H$$`$&&CB1IW7
MXD'!G!;@@8<;'AFGP0MVL&FN."4!&DMTF.S@KA#R0!`"!/3RQEN]]N:+&[T,
MC/=(`$@$'+`>(,1T)A=<%$P&(P&G2XMYZ"%2P@H2W)``"8MR:$()D?J1!B*6
M]O='IHB4@<450%RAQ!Z:E1$`#S',`'"$,<`0`PEJL.HJAS&H,$8B`="7<@)B
M^)N(%TGXBD@!+(QQ!0]CH%7&!E=0_QI`SJ_<`28*`5P`@`L0X)9G*?;2.R\5
M%J2]PP(>-%!P!1&HRXHV&6`@U-TBO7#'''@/)8+#"O@@^.!<T*&!E2,$00$%
M.(!RK[R^"<$!*@SX$/<L$!/Z1A'K)6`$H_1MW#&E(6.J[*P2$%`%$(.6/*HB
M:5R!!0LQ\+#/'ZUNV&B'N@Y1`%-IG%#`!RN6P.N*+?ZA0Q.%`D&#U!LDBT@1
M/QB=R)J'Z"$1N-QW[_WWW7<P0O<^_81"E'*GSTH$(MR!S`)T`C=OV&';.S;9
M$%!0#>97?,!2H47X0PH28`70W4H-$U"!"O+SAP(D``MG0((,*$4[/N1!#48@
M`4O*D(28P?].=DV@@0JT\#O<[6QW'RC0"B[4A#;(0`%J2`,-C)>"#93#$2%4
MFO+DPX(D)(`T/U!!Q(:P!=:$008?>P7`!,;$)CKQB4X$C\/41\5$D$$#"P@"
M'BP0'`]TX8M@#*,8QTC&+CS@=K!H`A82`(.E%&$#`_J#&K!PA/P4X0T$W$H2
M*,64-_2E"F((8&EB4(4"%,`()TA$&I2@@MDAX@0F(&`!*@2#O#1!!L(R3*$(
MJ(,/Q.!"7JC":0H`F4-$,@>/T`(C'1,``]Q@`Q,`C0I(4X(MT$`&I$S!(8;P
ME"KZ\I?`#&8BSCB+"/Q`!(K0PP,:E0/KL4(!+6!4+280@`S\0)HK.;#".5Z`
GS$3HX0<Y0.,>D"/,<IKSG.A,IR,*P$=UNO.=\(RG/.=)3WX$`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c01494c0149404.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c01494c0149404.gif
M1TE&.#EAN``S`.8``/;V],3!OOS]_)&-BKFVL_[^_LG&PKRYMHB%@K.QKZ&>
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MXUQ75<_-S(Z*B6UI9H*`?2$='6YJ:4Q(1L;&Q69A8'9R<>/AWQ@4%<[,R=O9
MU_?W]O3S\>_O[0\,#<+!P?KY^=/0T$0_/M_=W#PW-C0O+B,?'Q(/$!L7%_S\
M^_KZ^?O[^_W]_??X]OGZ^?O\_",@(*2@H"LG)[JWM^_P[O___R'Y!```````
M+`````"X`#,```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7@@4](YB=GI^@
MH95G#D@GHJBIJJN3*6P8:`BLL[2UJ44T&!@W(+:^O\"/(R<X.$HEP<F"#24N
MRKY"#AAB;Q9JS\$_.'PG4T_8K#,X&&XQX,%D.S5B<0@DYZD5&$-YB`5F\*D%
M?6]8,$=#<E@0D*]3`0)HK/0ZI$-+B#H%1<V9PF9/!!%6W&094R8BI3(^X+@A
MDD@$DAQV/(H*4..%$#,)*@S!PD,EI#(FT&"00@=1"A5PS-D,!4'.#$$Z6NS`
ML6+.T$5"-.!@(69/HBY1+CP5Q>)&GT$&FHCA(F0K(B!P/"01(P*1"#1._PP8
M6#(E@`$R9BW5X7"#0L<_:O@J:;`@KR`;5MX0H)-$CH4(,DXTN5&#CQ*=..+$
M$8-&YY%OAB<5B%$!2(1!#[[LR/+`K)`>1U!`<+H$#94))Z(,4=%$'@8@!RY<
M.``#QHH7H0<5`,!CC1$C80HL&A&""Y5!.CBHJ`!E*P$E320,6H%&@!T;*1Z0
M"/,%@Y4RKSD)2IE<P)@93"K`T4R#`/U$$RBA10?*+1$%"@3:9($*?)PVR`]*
M&/(6'$0```,?7TB7W"!55""&&$C4L`,*."#QSB(\A!!"(6WL$$)KD0CQP!FK
M@+"%%?()<@8:"K#H!@8&_*%!'!@XH:%*+ESPE_\A=(SQ`@02E%&''6\%R0@/
M&U20`B$95(!"#X]`\(,<FR%PY"=S[(&$`R<*(H`,6W1'"`UB#)#!!V^$@(:5
M@M01P!=?7/?+`P/4),@2-<`Q!B%KE$`0(EY@$(`C+IS@Q@M+0O'!#6$04L<$
M.A12``@[*,%"`AHHT:8G'7BP@P^@#9*$"AL4AA0+:&@!``=UWO##(`NTP00<
M8BBA@3UF`/!'`45(D%(5#Y3%D`$B_'?("D@@4T`*2F!0`TF"E.#&#@X>X@$&
M"S72@1,U3,&H"E]`)(@%/R1PYA-2Z#'%'$\`48.AGM3A`1I!7%/("AC@-8@"
M<73!B15=_(!$6X*\(,__%C/\@`8B'0RP0AT/;.!&$B!\4`$#AW1`065+'G("
M$JT!(`T:;IQ81+<G.'5(&5M$X<PC9AP1@J!_V/&"&`H4H(,)<6SA@0F="F+$
M%BN8`0$3<6Q@K27G:2`&"QD80@(**PH2`<(8<""=A^T\P<,5.8B!@P,2!#`$
M'(78P<.P<>2Z3F8XR`'B`%-`\`(,`Y"(AAQ?`%#&&1U8X(`%TLUA`!H[.#4&
M$FR@(8-T0EA!SA6(1``&&D=%$H$5.X2Z,`X!8!''`&$PP$<.$610@.P#L!%'
M%"STY`D'._!!`"):9"7(%5V(X00&"MSQ`A+>:M!$#3JI$(`="5!?MB!%;%##
M_YHBZ!+""UH4N08#773661Q\8`"'%4K$P08-*KQ!)!`%"#"`'!B0Q1\X`(L;
MA`T`&T`#+Q!Q@/9EP5:(,$,?*/`%#9A@$"G0@.L$L0`@1`$)'I!."Y#@/ASH
M9`A-X``)=(:)843A!&<XTR`@$`<@V"$#%$!"%UY``AJ@80MQ0,$/=J`"-GA@
M"G#!0@5P4`$Y,$%'%.##$!!0A#F$80A`P$<,"'"-`CPA#"`PW`1>@`'-U"`$
M;G##=IR`ABYTI5AQ2,`?ZH``#$2A!"(`PP>+5`4-%8`*!Z!`".+PA@'$RA!4
MD$$%*L`%&"QA53+\`QUNH(0D%,`&%=A!<63@`P0@@?\&*6#A)0KP@AN@@`/X
M.(0+NN"&%'1`+`@P%!2"X``8V(`.89A`*J6"@P]P@`%*&,`?7!`",1P!!/*:
M0PI:E@@;9&$#*X@!'4A@@RID0`=9T,4.^E`"',@1!ELH(Q_$`(<3,``,<7"#
M$S1@/3<@00XT:``9MC:(.22@"3\(@@&4Y0@/U``&'+!"#7HTB#,@H(U8X$`*
M)D`"(>"A``7(0R03(80#N.$#1MB@(1@F@PS(``,.:%D=Y&4("<A@!E48H!)@
M\`<&N`<"E7#!(0D1!BUH`64!0,,OE>`&!W2A"5I0X1\ZH`$XZ`0-0V`#%Q2P
M)8JR8`LEH"<C2"`/'-!@`H?_D,`)UM$W76`@,XNK01>\(%5!Y&$)1T""#\ZE
MP#ZD``#285;YC@#1/F"!I(XH@P3`R0<+""(&S$R%#[8`!#2$H`B*P$,')GH(
M`&"A!GZE1`OBL`9^'J(`/(C!%990@@0HP`<K8$$64(`&#SS*$#;(`0ZR`((S
MG(`"/L@%$F[@!#`X80=Q"($-/J(`-FQA!W"X0;EJ00%8-(%HG4B`',13"2C<
M@&*4F(,?$!$#*6RA"PR`X"#"T(`<H.`&;-"`528!A0%LH08;L,`"E)"#7U@4
M`[4"A0#`8(5+```,&Q#%$QC0!"1P@;F(.`,94B`!&DD"`&+:PA$X$+8"U-`6
M3[`;_P;D@`Q0).$(*+L$!6@@+4^T00IRJ`!+5]$!%M0@GAN,0`!K\00%1$$%
M-=@"GSPQ@PKL]A(&X`-6,4$'(N`J!#E2A1]N$`4*&.("8C#"+`I0A1]D+0\A
MX,.B0(&`[UE"`E&`D24L=(.Q6E85=5#-I`S!A"V0CA5D4,(6]O`$.BPRI:"@
M@!,Z80$]M.$221B15FIQA3@T8&<H:,*J4!$!/<1AS&40HH$_,8,/G+82?=C!
MHBG!!`Q_F1470,.=#9$!%4BAPZ@X`QB0T("_G&$')PCL)?KP`X!58@\T>/0D
M0'!C6S1`#HC@00U\P(H^H$&8@^"!'AP@B@7\0("5,,,S-_\DB`1@H-:$,().
M5U&&V(":#&)(72AFL(5+C(`&>][0`Z(PXD*4#\"HR/$3"7$!#,!4%%!PPPP8
MVX@TX.!G&ZI#$S80MD(4]M*A>$$-UCT((&`@R)]8``'>\!5*2&$']-[*`:+@
M!4-\@`VL2,$;4%)/%>P`WZ+`PA!B($I'A($&6F`V(7:@A:VI@."IJ(,&:D`T
M*F"`"7@-Q1P\0.JR)J()7=`HLQN@&$+D`0UR9$4/Q*""=]!!=I%5Q1RZP`<3
M@%H1!4@"P51.B`BP(01W&(0$,)"&662`"QCXP@@,,(0A]'L5+I!!#3YP`#.4
MG!`%H(,(]``&Q')]$`2(@@;ZC622H;"B#$Q``Q*0((8ISZ(,+W#"#9K`@CY,
M(.<Z"(`#^."`X?Z]#+=F`@D*X`,E0!ON)G""$T1P]U7880PBDX,*/N"!&5``
M"Q[HPA:4T`)5_WT`..C"!;YPA-;_?1%V"(,,;D`D78@A!*@\?B(,,(ZT2W\2
B>2"!<U[@!2)$P/C7_\,!/%3A\)L_%4^8[OG7S_Y4!`(`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
