<SUBMISSION>
<ACCESSION-NUMBER>0000950124-04-000803
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>10
<PERIOD>20040427
<FILING-DATE>20040310
<EFFECTIVENESS-DATE>20040310
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CHAMPION ENTERPRISES INC
<CIK>0000814068
<ASSIGNED-SIC>2451
<IRS-NUMBER>382743168
<STATE-OF-INCORPORATION>MI
<FISCAL-YEAR-END>1225
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-09751
<FILM-NUMBER>04660815
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2701 CAMBRIDGE COURT
<STREET2>STE 300
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
<PHONE>2483409090
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2701 UNIVERSITY DRIVE
<STREET2>STE 300
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>k83189def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<HEAD>
<TITLE>def14a</TITLE>
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<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

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


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

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
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<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

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

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

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

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


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

<P>
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        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

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

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

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

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

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

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

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


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

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

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

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<IMG src="k83189champion.gif" alt="(CHAMPION ENTERPRISES INC. LOGO)">
</DIV>

<P align="center">
<B><FONT size="5">Champion Enterprises, Inc.</FONT></B>

<DIV align="center">
<B><FONT size="5">2701 Cambridge Court, Suite&nbsp;300</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Auburn Hills, Michigan 48326</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">Notice of 2004</FONT></B>

<DIV align="center">
<B><FONT size="5">Annual Meeting of Shareholders</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">and Proxy Statement</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">March&nbsp;10, 2004</FONT></B>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<FONT size="2">CORPORATE HEADQUARTERS&nbsp;</FONT>
</DIV>

<DIV align="right">
<FONT size="2">AUBURN HILLS, MICHIGAN 48326&nbsp;</FONT>
</DIV>

<DIV align="right">
<FONT size="2">(248)&nbsp;340-9090&nbsp;</FONT>
</DIV>

<DIV align="left">
<IMG src="k83189champion.gif" alt="(CHAMPION ENTERPRISES INC. LOGO)">
</DIV>

<P align="center">
March&nbsp;10, 2004

<P align="left">
Dear Shareholder:

<P align="left">
It is my pleasure to invite you to attend the Champion
Enterprises, Inc. 2004 Annual Meeting of Shareholders. The
meeting will be held on Tuesday, April&nbsp;27, 2004, at
10:00&nbsp;a.m. at the Westin Southfield, 1500&nbsp;Town Center,
Southfield, Michigan. The attached Notice of Annual Meeting and
Proxy Statement provide information concerning the business to
be conducted at the meeting and the nominees for election as
Directors.

<P align="left">
Your vote is important. Whether or not you plan to attend the
meeting, please vote your shares using the Internet, by
telephone, or by mail. 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.

<P align="left">
Thank you for your support of Champion Enterprises, Inc.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Sincerely,</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    CHAMPION ENTERPRISES, INC.</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="k83189kochaa.gif" alt="-S- A.A. KOCH"></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    A. A. Koch</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Chairman of the Board of Directors,</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>President and Chief Executive Officer</I></TD>
</TR>

</TABLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- TOC -->
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<P align="left">
<FONT size="5">Notice of Annual Meeting of Shareholders
</FONT>

<DIV align="left">
<FONT size="5">of Champion Enterprises, Inc.
</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Time:</B></TD>
    <TD></TD>
    <TD valign="top">
    10:00&nbsp;a.m., Tuesday, April&nbsp;27, 2004</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Place:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Westin Southfield <BR>
     1500 Town Center <BR>
     Southfield, Michigan 48075</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Items of <BR>
     Business:</B></TD>
    <TD></TD>
    <TD valign="top">
    1.&nbsp;Elect six directors. <BR>
     2.&nbsp;Transact any other business properly brought before the
    meeting.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Annual Reports:</B></TD>
    <TD></TD>
    <TD valign="top">
    The 2003 Annual Report to Shareholders, which includes the
    Annual Report on Form&nbsp;10-K, is enclosed.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Who Can Vote:</B></TD>
    <TD></TD>
    <TD valign="top">
    You can vote if you were a Shareholder on March&nbsp;5, 2004.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Date of Mailing:</B></TD>
    <TD></TD>
    <TD valign="top">
    This notice and Proxy Statement are first being mailed to
    Shareholders on or about March&nbsp;10, 2004.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    By Order of the Board of Directors <BR>
     <BR>
     <BR>
     John J. Collins, Jr., Secretary</TD>
</TR>

</TABLE>

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<DIV align="left">

</DIV>

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

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

<P align="left">
<FONT size="5">Table of Contents
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="93%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>ABOUT THE MEETING</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#102'>ELECTION OF DIRECTORS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#103'>INFORMATION REGARDING THE
    BOARD OF DIRECTORS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>CORPORATE GOVERNANCE</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#105'>COMPENSATION OF DIRECTORS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;<A HREF='#106'>COMPENSATION AND HUMAN
    RESOURCES COMMITTEE REPORT ON EXECUTIVE COMPENSATION</A>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#107'>EXECUTIVE COMPENSATION</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>EMPLOYMENT AGREEMENTS</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#109'>SHARE OWNERSHIP</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#110'>OTHER INFORMATION</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">1
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<!-- link1 "About The Meeting" -->

<P align="left">
<FONT size="5">About The Meeting
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>What am I voting on?</B>

<P align="left">
You will be voting to elect six directors, each to hold office
until the next Annual Meeting of Shareholders or until a
successor is appointed and qualified.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Who is soliciting my Proxy?</B>

<P align="left">
The Company&#146;s Board of Directors is soliciting your Proxy
to be used at the 2004 Annual Meeting of Shareholders. The
Company will pay the entire cost of soliciting Proxies and will
arrange with brokerage houses, nominees, custodians and other
fiduciaries to send Proxy soliciting materials to beneficial
owners of the Company&#146;s Common Stock at the Company&#146;s
expense. In addition to solicitation by mail, officers and other
employees of the Company may solicit Proxies personally, by
telephone or by fax.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Who is entitled to vote?</B>

<P align="left">
You may vote if you owned Common Stock of the Company as of the
close of business on March&nbsp;5, 2004. Each share of Common
Stock is entitled to one vote on any matter voted on at the
Annual Meeting. As of March&nbsp;5, 2004 we had 70,040,275
shares of Common Stock outstanding.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>How do I vote?</B>

<P align="left">
You can vote in one of four ways:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    By Internet at www.voteproxy.com. We encourage you to vote this
    way.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    By toll-free telephone at 800-PROXIES.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    By completing and mailing your proxy card.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    By ballot at the Annual Meeting.</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>May I change my mind after I vote?</B>

<P align="left">
You may change your vote at any time before the polls close at
the meeting by:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Delivering a written notice of revocation, with a later date
    than the proxy card, to Champion&#146;s Secretary at or before
    the meeting.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Signing another proxy card with a later date and returning it to
    the address on the proxy card before the meeting.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Voting again by telephone or Internet before midnight EDT on
    April&nbsp;26, 2004.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Voting in person at the meeting.</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>What if I return my proxy card but do not provide voting
instructions?</B>

<P align="left">
Proxies that are signed and returned but do not contain voting
instructions will be voted by the persons named in the enclosed
proxy card &#147;FOR&#148; the election of the nominee Directors.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>How do I vote my shares in the Champion Enterprises, Inc.
Savings Plan?</B>

<P align="left">
Shares credited to your Champion Enterprises, Inc. Savings Plan
are on your proxy card. You may vote these shares using the
Internet, telephone or mail as described on the proxy card. Your
Proxy will be considered to be voting instructions to the
Trustee of the Savings Plan concerning shares held in your
account. If you do not provide voting instructions, if the card
is not signed, or if the card is not received by April&nbsp;22,
2004, the shares credited to your account will be voted in the
same proportion as directions received from other participants.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>What does it mean if I receive more than one proxy card?</B>

<P align="left">
If you receive more than one proxy card, it means that you have
multiple accounts with brokers and/or our transfer agent. Please
vote all of these shares. We recommend that you contact your
broker and/or our transfer agent to consolidate as many accounts
as possible under the same name and address. Our transfer agent
is American Stock Transfer and Trust Company and you may reach
them by phone at&nbsp;800-937-5449. Shares held by the Savings
Plan cannot be consolidated with your other holdings.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Who may attend the meeting?</B>

<P align="left">
The Annual Meeting is open to all holders of our Common Stock.
For directions to the meeting, please call Investor Relations
at&nbsp;248-340-7731. We look forward to having you at the
meeting.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>May Shareholders ask questions at the meeting?</B>

<P align="left">
Yes, representatives of the Company will answer Shareholder
questions of general interest at the meeting.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>How many votes must be present to hold the meeting?</B>

<P align="left">
In order for us to hold the meeting, a majority of our
outstanding shares of Common Stock as of March&nbsp;5, 2004 must
be present in person or by Proxy. This majority is referred to
as a quorum. Your shares are counted as present at the meeting
if you attend the meeting and vote in person or if you properly
return a Proxy using the Internet, telephone, or mail.
Abstentions and votes withheld by brokers on non-routine
proposals in the absence of instructions from beneficial owners
(&#147;broker non-votes&#148;) will be counted as present at the
Annual Meeting to determine whether a quorum exists.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>How many votes are needed to elect Directors?</B>

<P align="left">
The six Director nominees receiving the highest number of
&#147;For&#148; votes will be elected as Directors. This number
is called a plurality. Shares not voted, whether by marking
&#147;Withhold Authority&#148; on your proxy card, by broker
non-votes (which are described above) or otherwise, will not be
considered in the election of Directors. Unless a properly
executed proxy card is marked &#147;Withhold Authority,&#148;
the Proxy given will be voted &#147;For&#148; each of the six
Director nominees. If a nominee is unable or declines to serve,
Proxies will be voted for the balance of the nominees and for
such additional persons as designated by the Board to replace
such nominee. However, the Board does not anticipate that this
will occur.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Can my shares be voted on matters other than those described
in this Proxy?</B>

<P align="left">
Yes, if any other item or proposal properly comes before the
meeting, the Proxies received will be voted in accordance with
the discretion of the Proxy holders. The Company, however, has
not received proper notice of, and is not aware of, any business
to be transacted at the meeting other than as indicated in this
Proxy Statement.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>When are shareholder proposals due for the 2005 Annual
Meeting?</B>

<P align="left">
To be included in the Company&#146;s Proxy Statement for the
2005 Annual Meeting of Shareholders, proposals must be received
by the Company not later than November&nbsp;10, 2004. Such
proposals should be addressed to the Company&#146;s Secretary at
the address listed below. Shareholder proposals to be presented
at the 2005 Annual Meeting or any Special Meeting which are not
to be included in the Company&#146;s Proxy Statement must be
received by the Company no earlier than January&nbsp;27, 2005
nor later than February&nbsp;26, 2005 in accordance with
procedures in the Company&#146;s Bylaws.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>How do I obtain more information about Champion Enterprises,
Inc.?</B>

<P align="left">
More information on Champion can be obtained by:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Contacting Investor Relations at 248-340-7731.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Going to our website at www.championhomes.net.</TD>
</TR>

<TR valign="top">
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Writing to:</TD>
</TR>

</TABLE>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Enterprises, Inc.

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Investor Relations
</DIV>

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 Cambridge Court,
Suite&nbsp;300
</DIV>

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, Michigan 48326
</DIV>

<P align="left">
Upon request Champion will provide additional copies of the
Company&#146;s 2003 Annual Report to Shareholders, which
includes the Annual Report on Form&nbsp;10-K, and Proxy
Statement.

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="4">PLEASE VOTE. YOUR VOTE IS VERY
IMPORTANT.</FONT></B>

<P align="center"><FONT size="2">4
</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<!-- link1 "Election of Directors" -->

<P align="left">
<FONT size="5">Election of Directors
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Nominees:</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189panestis.jpg" alt="(ROBERT W. ANESTIS PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">ROBERT W.
    ANESTIS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since
    1991<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age&nbsp;58<BR>
    Chairman, President and Chief Executive Officer since 1999 of
    Florida East Coast Industries, Inc., a St.&nbsp;Augustine,
    Florida based holding company with interests in the railroad and
    commercial real estate businesses. Prior to 1999 and for the
    preceding five years, he was the President of Anestis &#38;
    Company, an investment banking and financial advisory firm.
    Mr.&nbsp;Anestis serves as a director of Genesee and Wyoming
    Inc. Mr.&nbsp;Anestis, who has been in the industry
    16&nbsp;years, brings merger and acquisition expertise,
    strategic planning and policy experience, and a strong legal and
    financial background to the Board.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189pbelskye.jpg" alt="(ERIC S. BELSKY, PH.D. PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">ERIC S. BELSKY,
    PH.D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since
    2002<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age
    43<BR>
    Executive Director since 1997 of the Joint Center for Housing
    Studies at Harvard University (the &#147;Joint Center&#148;),
    which conducts research to identify and analyze housing market
    opportunities and challenges for business and government. The
    Joint Center is a collaborative venture of the Harvard Design
    School and the John F. Kennedy School of Government. He has also
    held positions with the Millennial Housing Commission created by
    the Congress of the United States, PricewaterhouseCoopers, LLP
    (&#147;PricewaterhouseCoopers&#148;), Fannie Mae and the
    National Association of Homebuilders. Dr.&nbsp;Belsky brings to
    the Board 15&nbsp;years experience in investigating housing
    markets and expertise in housing finance, economics and policy.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189pisakows.jpg" alt="(SELWYN ISAKOW PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">SELWYN
    ISAKOW&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;</FONT></B><FONT size="2">Director
    since
    1991<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age
    52<BR>
    Chairman, President and Chief Executive Officer for more than
    five years of The Oxford Investment Group, Inc., Bloomfield
    Hills, Michigan, a merchant banking and corporate development
    firm. He is a Director of Bloomfield Hills Bancorp., Inc. and
    The Private Bank. Mr.&nbsp;Isakow brings to the Board expertise
    in the areas of mergers and acquisitions, strategic planning,
    accounting and finance from a variety of manufacturing,
    financial services and distribution industries.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">5
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189pjellisn.jpg" alt="(BRIAN D. JELLISON PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">BRIAN D.
    JELLISON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since
    1999<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age
    58<BR>
    Chairman, President and Chief Executive Officer of Roper
    Industries, Inc., Duluth, Georgia, a manufacturer of
    instrumentation, controls and scientific imaging products. He
    has served as Roper&#146;s Chairman since 2003 and President and
    Chief Executive Officer since 2001. From 1998 to 2001
    Mr.&nbsp;Jellison served as Executive Vice President of
    Ingersoll-Rand Company, a major diversified industrial equipment
    and components manufacturer. With a strong background in
    manufacturing, marketing and general management,
    Mr.&nbsp;Jellison brings 35&nbsp;years of broad-based business
    experience to Champion&#146;s Board.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189pkochaa.jpg" alt="(ALBERT A. KOCH PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">ALBERT A.
    KOCH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since
    2003<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age
    61<BR>
    Chairman, President and Chief Executive Officer of Champion
    since June 2003. Mr.&nbsp;Koch currently and for the past five
    years has been a Principal of AlixPartners, LLC
    (&#147;AlixPartners&#148;), a turnaround consulting firm. During
    2003 AP Services, LLC (&#147;AP Services&#148;) and AlixPartners
    provided interim management and other services to the Company.
    Over the past five years, Mr.&nbsp;Koch has served in various
    positions through AlixPartners, including interim Chief
    Financial Officer at Kmart Corporation and Oxford Health Plans.
    Mr.&nbsp;Koch has been the Vice Chairman of AlixPartners
    Holdings, Inc./ Questor Partners Holdings, Inc. since September
    2003 and a Principal and General Partner of Questor Management
    Company, LLC, a private equity firm, since October 2001.
    Mr.&nbsp;Koch brings a variety of finance-related and general
    business experience to Champion&#146;s Board, including
    turnaround management and capital structure expertise.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">6
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="k83189lynchm.jpg" alt="(G. MICHAEL LYNCH PHOTO)"></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">G.&nbsp;MICHAEL
    LYNCH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">Director
    since
    2003<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Age
    60<BR>
    Executive Vice President and Chief Financial Officer since 2000
    of Federal-Mogul Corporation (&#147;Federal-Mogul&#148;), a
    global manufacturer and marketer of auto motor component parts.
    On October&nbsp;1, 2001, Federal-Mogul filed a voluntary
    petition for reorganization under Chapter&nbsp;11 of the U.S.
    Bankruptcy Code. For three years prior to working for
    Federal-Mogul, Mr.&nbsp;Lynch was Vice President and Controller
    for Dow Chemical Company and previously worked for 29&nbsp;years
    with Ford Motor Company in various financial-related positions.
    With 36&nbsp;years of business experience, Mr.&nbsp;Lynch brings
    a strong financial and operations background to Champion&#146;s
    Board.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">7
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<!-- link1 "Information Regarding the Board of Directors" -->

<P align="left">
<FONT size="5">Information Regarding the Board of Directors
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Makeup of the Board:</B></TD>
    <TD></TD>
    <TD valign="top">
    Our bylaws allow for a minimum of three directors and a maximum
    of nine directors. Currently, the Board is comprised of six
    directors. In the event that a nominee is unable to serve, the
    person designated as Proxy holder for the Company will vote for
    the remaining nominees and for such other person as the Board
    may nominate.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Length of Board Term:</B></TD>
    <TD></TD>
    <TD valign="top">
    Directors who are elected will hold office until the 2005 Annual
    Meeting of Shareholders or until a successor has been duly
    appointed and qualified. All nominees are currently Directors
    and have agreed to serve if elected.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Number of <BR>
     Meetings in 2003:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board met 15 times during 2003. <BR></TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Board Committees:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board has three standing committees: the Audit and Financial
    Resources Committee; the Compensation and Human Resources
    Committee; and the Nominating and Corporate Governance
    Committee. Each committee&#146;s charter is available on the
    Company&#146;s website, www.championhomes.net. The Board has
    determined that each committee member is independent as defined
    under New York Stock Exchange (&#147;NYSE&#148;) rules.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <B>Audit and Financial Resources Committee:</B></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Committee met eight times during 2003.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Members: <BR>
     &#149;&nbsp;Brian D. Jellison, Chair <BR>
     &#149;&nbsp;Selwyn Isakow <BR>
     &#149;&nbsp;G. Michael Lynch</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Responsibilities:</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Primary function is to assist the Board in fulfilling its
    financial oversight responsibilities.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Reviews the financial information provided to Shareholders and
    the Securities and Exchange Commission (&#147;SEC&#148;).</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Reviews the corporate accounting and financial reporting
    practices.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Appoints the Company&#146;s independent auditor.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Approves the scope of the audit and related audit fees.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Monitors systems of internal financial controls.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Board has determined that each member of the Audit and
    Financial Resources Committee, Brian&nbsp;D. Jellison, Selwyn
    Isakow and G.&nbsp;Michael Lynch, is an &#147;audit committee
    financial expert,&#148; is independent and is qualified to serve
    on the Committee under NYSE rules.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <B>Compensation and Human Resources Committee:</B></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Committee met nine times during 2003.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Members: <BR>
     &#149;&nbsp;&nbsp;Robert W. Anestis, Chair <BR>
     &#149;&nbsp;&nbsp;Eric S. Belsky</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Responsibilities:</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Primary function is to consider and recommend to the independent
    members of the Board the compensation programs, benefits and
    awards for executive officers.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Considers and recommends to the Board compensation of Directors.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Develops and monitors executive compensation policies.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Oversees administration of stock-based compensation plans and
    programs.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <B>Nominating and Corporate Governance Committee:</B></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Committee met five times during 2003.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Members: <BR>
     &#149;&nbsp;Eric S. Belsky, Chair <BR>
     &#149;&nbsp;Robert W. Anestis <BR>
     &#149;&nbsp;Selwyn Isakow</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Responsibilities:</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Primary function is to assist the Board in identifying,
    screening and recommending qualified candidates to serve as
    Directors.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Recommends to the Board the nominees to fill new positions or
    vacancies as they occur among the Directors.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Recommends to the Board the candidates for election or
    reelection as Directors by the Shareholders at the Annual
    Meeting.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Reviews corporate governance documents at least annually and
    recommends appropriate changes.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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

<!-- link1 "Corporate Governance" -->

<P align="left">
<FONT size="5">Corporate Governance
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>General:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board believes that good corporate governance is important
    to ensure that the Company is managed for the long-term benefit
    of its shareholders. The Board at least annually reviews its
    corporate governance practices and policies as set forth in its
    Corporate Governance Guidelines, Code of Ethics and various
    Committee charters, all of which were updated over the last year
    consistent with new listing standards of the NYSE and new rules
    of the SEC.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    You can access our Corporate Governance Guidelines, Code of
    Ethics and the current charters of our Audit and Financial
    Resources Committee, Compensation and Human Resources Committee
    and Nominating and Corporate Governance Committee in the
    &#147;Investor Relations&nbsp;&#151; People and Governance&#148;
    section of our website at www.championhomes.net or by writing to:</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    John J. Collins, Jr. <BR>
     Secretary <BR>
     Champion Enterprises, Inc. <BR>
     2701 Cambridge Court, Suite&nbsp;300 <BR>
     Auburn Hills, Michigan 48326.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Audit and Financial Resources Committee charter is also
    attached as Appendix&nbsp;A.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Nomination of Directors:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Committee, in accordance with its charter and the
    Board&#146;s governance principles, seeks to select a Board that
    is, as a whole, strong in its collective knowledge of and
    diversity of skills and experience concerning accounting and
    finance, management and leadership, vision and strategy,
    business operations, business judgment, risk assessment,
    industry knowledge, and corporate governance. When reviewing a
    potential candidate, the Committee looks specifically at the
    candidate&#146;s qualifications in light of the needs of the
    Board and the Company at that time given the then current mix of
    director attributes.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    In considering whether to recommend any candidate for inclusion
    as a Director nominee, the Committee will apply the criteria set
    forth in the Corporate Governance Guidelines and in applicable
    committee charters. These criteria include the candidate&#146;s
    character and integrity, business acumen, experience inside and
    outside of the business community, personal commitment,
    diligence, conflicts of interest and the ability to act in the
    balanced, best interests of the Shareholders as a whole rather
    than special interest groups or constituencies. In addition, the
    Company strives to have all Directors, other than</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">10
</FONT>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    the Chief Executive Officer, be independent in accordance with
    the NYSE definition of independence.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Committee will consider nominations submitted by
    Shareholders. To recommend a nominee, a Shareholder should write
    to the Company&#146;s Secretary at the above address. To be
    considered by the Committee for nomination and inclusion in the
    Company&#146;s Proxy Statement for its 2005 Annual Meeting of
    Shareholders, a Shareholder recommendation for a Director must
    be received by the Company&#146;s Secretary no later than
    October&nbsp;28, 2004. Any recommendation must include
    (i)&nbsp;the name and address of the candidate, (ii)&nbsp;a
    brief biographical description, including his or her occupation
    for at least the last five years, and a statement of the
    qualifications of the candidate, taking into account the
    qualification requirements summarized above, and (iii)&nbsp;the
    candidate&#146;s signed consent to be named in the Proxy
    Statement and to serve as a Director if elected. The Committee
    may seek additional biographical and background information from
    any candidate that must be received on a timely basis to be
    considered by the Committee.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The process followed by the Committee to identify and evaluate
    candidates includes requests to Board members and others for
    recommendations, including a search firm or outside consultant,
    meetings from time to time to evaluate biographical information
    and background material relating to potential candidates and
    interviews of selected candidates by members of the Committee
    and the Board. Assuming the appropriate biographical and
    background material is provided for candidates submitted by
    Shareholders, the Committee will evaluate those candidates by
    following substantially the same process, and applying
    substantially the same criteria, as for candidates submitted by
    Board members. All Director nominees recommended for election by
    the Shareholders at the 2004 Annual Meeting are current members
    of the Board. The Committee did not receive any nominations from
    Shareholders for the 2004 Annual Meeting.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Director Independence:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board has determined that all Director nominees for election
    at the 2004 Annual Meeting, other than the Chief Executive
    Officer, are independent in that such nominees have no material
    relationship with the Company either directly or indirectly or
    as a partner, shareholder or affiliate of an organization that
    has a relationship with the Company. The Board has made this
    determination based on the fact that no nominee for Director,
    other than Mr. Koch: is an officer or employee of the Company or
    its subsidiaries or affiliates; has an immediate family member
    who is an officer of the Company or its subsidiaries or has any
    current or past material relationship with the Company; has
    worked for, consulted with,</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">11
</FONT>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    been retained by, or received anything of substantial value from
    the Company aside from his compensation as a Director; is, or
    was within the past three years, employed by the independent
    auditors for the Company; serves on the compensation committee
    or the board of directors of any corporation that employs a
    nominee for Director or a member of the immediate family of any
    nominee for Director; is an executive officer of any entity
    which the Company&#146;s annual sales to or purchases from
    exceeded one percent of either entity&#146;s annual revenues for
    the last fiscal year; or serves as a director, trustee,
    executive officer or similar position of a charitable or
    non-profit organization to which the Company or its subsidiaries
    made charitable contributions or payments in fiscal year 2003 in
    excess of two percent of the organization&#146;s charitable
    receipts.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Shareholder Communications with&nbsp;Directors:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board has established a process for Shareholders to
    communicate with members of the Board. The Chairman of the
    Nominating and Corporate Governance Committee, with the
    assistance of the Company&#146;s Secretary, will be primarily
    responsible for monitoring communications from Shareholders and
    providing copies or summaries of such communications to the
    other Directors, as he or she considers appropriate.
    Communications will be forwarded to all Directors if they relate
    to appropriate matters and may include suggestions or comments
    from the Chairman of the Nominating and Corporate Governance
    Committee. In general, communications relating to corporate
    governance and long-term corporate strategy are more likely to
    be forwarded than communications relating to personal grievances
    and matters as to which the Company tends to receive repetitive
    or duplicative communications. Shareholders who wish to send
    communications to the Board may do so by writing to:</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Eric S. Belsky <BR>
     Chairman of the Nominating and <BR>
     Corporate Governance Committee <BR>
     c/o the Company&#146;s Secretary <BR>
     2701 Cambridge Court, Suite&nbsp;300 <BR>
     Auburn Hills, Michigan 48326.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Board Attendance Policy:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board&#146;s policy is that all Directors should attend the
    Annual Meeting of Shareholders if reasonably possible. All
    members of the Board at the time of the meeting attended the
    2003 Annual Meeting.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Board and Director Evaluation:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Board conducts annual performance evaluations of the Board
    as a whole, each committee as a whole, and of each individual
    member.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Executive Session Presiding Director:</B></TD>
    <TD></TD>
    <TD valign="top">
    The presiding Director for executive sessions of the Board is
    the chairperson of the Committee responsible for the matter
    being addressed by the Directors. If no specific Committee is
    identified, the chairperson of the Nominating and Corporate
    Governance Committee is the presiding Director.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>

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

<!-- link1 "Compensation of Directors" -->

<P align="left">
<FONT size="5">Compensation of Directors
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>General:</B></TD>
    <TD></TD>
    <TD valign="top">
    Nonemployee Directors are compensated pursuant to the 2000 Stock
    Compensation Plan for Nonemployee Directors (the
    &#147;Directors&#146; Plan&#148;), which the Shareholders
    approved in 2000. A Director who is also an employee of the
    Company receives no compensation for serving as a Director other
    than compensation for services as an employee. All Directors are
    reimbursed for expenses to attend Board and Committee meetings.
    The Directors&#146; Plan provides for a cash component and a
    stock component for nonemployee Director compensation.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Cash Component:</B></TD>
    <TD></TD>
    <TD valign="top">
    The cash component of nonemployee Director compensation consists
    of an annual cash retainer of $30,000 (or $34,500 for Committee
    Chairpersons), which is paid quarterly. In addition, Directors
    receive $1,500 for each Board or Committee meeting attended in
    person and $750 for each meeting attended by telephone.
    Committee meeting fees only apply to meetings not held on the
    same day as a Board meeting. A Director appointed to fill a
    vacancy on the Board prior to an Annual Meeting receives a
    prorated cash retainer for the interim term.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Stock Component:</B></TD>
    <TD></TD>
    <TD valign="top">
    Effective April&nbsp;27, 2004, the stock component of
    nonemployee Director compensation will consist of a restricted
    stock award for 7,000 shares of Champion&#146;s Common Stock (or
    8,050 shares for Committee Chairpersons) upon election or
    reelection at an Annual Meeting. Previously, the restricted
    stock award was 5,000 shares of Champion Common Stock (or 5,750
    shares for Committee Chairpersons). A Director appointed to fill
    a vacancy on the Board or who becomes a Committee Chairperson
    prior to an Annual Meeting receives a prorated restricted stock
    award for such interim term. The restricted stock award vests
    based on the Director&#146;s length of service with the Company
    following the award, as follows: 0% for less than six months;
    50% for more than six months but less than one year; and 100%
    for one year. Subject to the same vesting schedule, a Director
    may elect to defer receipt of a restricted stock award until
    retirement, death or other termination of service from the Board.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Stock Ownership Requirement:</B></TD>
    <TD></TD>
    <TD valign="top">
    Nonemployee Directors currently serving are expected to own a
    minimum of 10,000 shares of Company Common Stock by the end of
    2005. New nonemployee Directors are expected to meet this
    ownership requirement within three years of joining the Board.</TD>
</TR>

</TABLE>

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

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

<!-- link1 "Compensation and Human Resources Committee Report On Executive Compensation" -->

<P align="left">
<FONT size="5">Compensation and Human Resources Committee <BR>
 Report On Executive Compensation
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Committee:</B></TD>
    <TD></TD>
    <TD valign="top">
    &#149;&nbsp;Primary function is to consider and recommend to the
    independent members of the Board the compensation programs,
    benefits and awards for executive officers.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Considers and recommends to the Board the compensation of
    Directors.</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Develops and monitors executive compensation policies.</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Oversees administration of stock-based compensation plans and
    programs.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Compensation Policies:</B></TD>
    <TD></TD>
    <TD valign="top">
    Our executive compensation policies are designed to encourage
    and reward efforts that create shareholder value through
    achievement of corporate performance goals, as follows:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>annual base salaries </I>should be competitive, but slightly
    below the mean of other comparable companies;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>annual performance incentives </I>should provide opportunity
    for significant additional compensation based on meeting
    predetermined goals linked to improved Company performance; and</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>long-term performance incentives </I>should further link
    executive performance to shareholder interests, encourage
    Company stock ownership, and provide an incentive to create
    long-term shareholder value.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    To assist in its development of compensation policies, the
    Committee:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="1%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    retains an independent consultant from time to time to make
    recommendations based on its expertise in compensation
    arrangements for senior executive officers of general
    manufacturing companies with sales comparable to the
    Company&#146;s; and</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    considers the executive compensation levels for general
    comparable companies and other manufactured housing companies.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Annual Base Salaries:</B></TD>
    <TD></TD>
    <TD valign="top">
    Salaries are based on level of job responsibility, individual
    performance, work experience, and skill level, and compensation
    data for comparable companies obtained from consultant and
    market surveys. The objective for executive base salaries is
    that they be competitive but slightly below the mean of
    comparable companies. At an executive&#146;s election all or a
    portion of base salary can be deferred under the Company&#146;s
    Deferred Compensation Plan (the &#147;Deferred Plan&#148;), as
    discussed below.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">15
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Annual Performance Incentives:</B></TD>
    <TD></TD>
    <TD valign="top">
    Annual performance incentives are provided primarily through
    cash bonuses or, at an executive&#146;s election, in deferred
    compensation under the Deferred Plan or deferred stock under the
    Corporate Officer Stock Purchase Plan (the &#147;Stock
    Plan&#148;), as discussed below. Bonuses for executive officers
    are based on the achievement of performance goals, which are
    established by the Committee prior to each fiscal year. During
    2003 performance goals were related to earnings before interest
    and taxes, debt reduction and business unit performance. In
    addition, a discretionary bonus was also awarded.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Long-Term Performance Incentives:</B></TD>
    <TD></TD>
    <TD valign="top">
    In 2003 long-term performance incentives were made through
    performance share awards, which vest only if three-year earnings
    targets are met and the executive remains employed by the
    Company through the end of 2005. Previously, long-term
    performance incentives were made through stock option awards
    granted at exercise prices equal to the fair market value of our
    Common Stock on the grant date or below fair market value. The
    level of long-term performance incentives is determined
    primarily through the use of guidelines provided by an
    independent consultant using a nationwide database and are
    designed to be consistent with general industry practices.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    On March&nbsp;5, 2004 performance share awards for a total of
    155,000 shares of Company Common Stock were awarded to
    Mrs.&nbsp;Knight and Messrs.&nbsp;Cole, Collins and Williams.
    These shares vest only if certain earnings targets are met over
    the next three years and the executive remains employed by the
    Company through the end of 2006.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Policy On Deductibility Of Compensation:</B></TD>
    <TD></TD>
    <TD valign="top">
    Section&nbsp;162(m) of the Internal Revenue Code limits to
    $1&nbsp;million the corporate tax deduction for compensation
    paid to certain executive officers unless the compensation is
    based on nondiscretionary, pre- established performance goals.
    The Committee believes that it has taken appropriate actions to
    preserve the deductibility of the majority of annual incentive
    bonuses and stock-based compensation awarded as long-term
    performance incentives. However, from time to time the Committee
    may recommend incentive awards that may not be deductible when
    it believes that such awards are in the best interest of the
    Company and its Shareholders.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Deferred Compensation:</B></TD>
    <TD></TD>
    <TD valign="top">
    Executive officers may elect to defer receipt of all or a
    portion of their salaries or their bonuses under the Deferred
    Plan. Amounts deferred thereunder are held by a grantor trust,
    are 100% vested and, at the employees&#146; directions, are
    invested in various managed funds. Upon termination of
    employment, retirement, death, disability or a change in control
    of the Company, deferred amounts are paid in a lump sum or in
    annual installments, depending upon a previously-made election.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Through participation in the Stock Plan, executive officers may
    elect to defer receipt of bonus compensation up to the lesser of
    50% or $500,000. Amounts deferred thereunder are invested</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">16
</FONT>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    in shares of our Common Stock at a 30% discount to the closing
    price on the NYSE on the purchase date. Shares purchased are
    held by a grantor trust established by the Company, which
    exercises voting rights as to the shares. Upon termination of
    employment, retirement, death, disability or a change in control
    of the Company, the deferring executive receives his or her
    account balance in a lump sum or in annual installments,
    depending on a previously-made election. The vested portion is
    paid in shares of Company Common Stock and the unvested portion
    is paid in cash. The stock vests based on the executive&#146;s
    length of service with the Company following deferral, as
    follows: 0% for less than one year; 25% for one year; 50% for
    two years; and 100% for three years. For the unvested portion,
    the executive receives the lesser of the stock&#146;s fair
    market value upon termination or the amount of salary originally
    deferred.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Executive Officer Stock Ownership Requirement:</B></TD>
    <TD></TD>
    <TD valign="top">
    Effective January&nbsp;1, 2004 executive officers are required
    to own a certain minimum level of Company Common Stock depending
    on the position held.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Chief Executive Officer Compensation:</B></TD>
    <TD></TD>
    <TD valign="top">
    Albert&nbsp;A. Koch, the Company&#146;s Chairman of the Board of
    Directors, President and Chief Executive Officer, is serving
    pursuant to the terms of a Letter Agreement between the Company
    and AP Services, an affiliate of AlixPartners. In addition,
    Mr.&nbsp;Koch earns an annual salary of $60,000 for his services
    as an employee of Champion. Upon commencing employment on
    June&nbsp;30, 2003, Mr.&nbsp;Koch was granted a stock option
    award for 125,000 shares of Company Common Stock under the 1995
    Stock Option and Incentive Plan. This award was granted at fair
    market value on the grant date and vests 50% on April&nbsp;1,
    2004 and 50% on July&nbsp;1, 2004 pursuant to the terms of the
    stock option agreement. The vested options become exercisable as
    follows: 50% on the earlier of six months after termination as
    President and Chief Executive Officer or June&nbsp;30, 2006; 75%
    on the earlier of 12&nbsp;months after termination as President
    and Chief Executive Officer or June&nbsp;30, 2006; and 100% on
    the earlier of 18&nbsp;months after termination as President and
    Chief Executive Officer or June&nbsp;30, 2006. This option
    expires on June&nbsp;30, 2008.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    During 2003, Walter R. Young, the Company&#146;s former Chairman
    of the Board of Directors, President and Chief Executive
    Officer, received total base salary of $204,615. He also
    received a severance payment pursuant to his employment and
    severance agreements and received no incentive compensation for
    the year.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Robert W. Anestis, Chair</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Eric S. Belsky</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Members, Compensation and Human</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Resources Committee</I></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    March&nbsp;5, 2004</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">17
</FONT>

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

<!-- link1 "Executive Compensation" -->

<P align="left">
<FONT size="5">Executive Compensation
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Summary Compensation Table</B>

<P align="left">
The following table summarizes the compensation for the last
three years of the Company&#146;s Chief Executive Officer, the
other four most highly compensated executive officers and the
former Chief Executive Officer:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48"></TD>
</TR>

<TR>
    <TD colspan="22"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Long-Term</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Annual Compensation</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Compensation</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="30" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="6"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Restricted</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Securities</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><FONT size="1">Name and</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Fiscal</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Stock</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Underlying</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">All Other</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><FONT size="1">Principal Position</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Year</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Salary</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Bonus(5)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Awards($)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Options(#)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Compensation</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="48"></TD>
</TR>

<TR>
    <TD colspan="48" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Albert A. Koch
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chairman, President&nbsp;&#38;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Executive Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Phyllis A. Knight
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">320,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">252,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive Vice
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,087</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">600,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President &#38; Chief
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Mark Cole
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">246,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">247,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retail Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">263,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">665,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John J. Collins, Jr.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Vice President,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">264,167</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">181,913</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">General Counsel&nbsp;&#38;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">221,353</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">190,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Secretary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bobby J. Williams
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">237,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">220,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Champion Homes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">185,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">241,727</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Walter R. Young
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">204,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">392,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">554,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Former Chairman,
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">466,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">391,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,053</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President&nbsp;&#38; Chief
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">693,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">850,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">154,946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="48" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Koch joined the Company on June&nbsp;30,
    2003. See &#147;Related Party Disclosures&#148; in the
    &#147;Other Information&#148; section of this Proxy Statement.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mrs.&nbsp;Knight joined the Company on
    October&nbsp;17, 2002.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $61,719 deferred under the Deferred Plan.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Young&#146;s employment with the Company
    was terminated on June&nbsp;29, 2003.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Bonuses are generally paid in February or March
    of the year following the fiscal year in which they are earned.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes payments as inducements to join the
    Company.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $56,900 paid in cash and $56,900
    deferred under the Stock Plan in 2003; $117,375 paid in cash,
    $117,375 deferred under the Stock Plan and 5,525 shares of
    Champion Common Stock valued at $12,375 in 2002; and $131,916
    paid in cash, $65,958 deferred under the Stock Plan and $65,958
    deferred under the Deferred Plan in 2001.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $141,075 paid in cash and 18,232 shares
    of Champion Common Stock valued at $40,838.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $150,100 paid in cash and 11,474 shares
    of Champion Common Stock valued at $25,700.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $147,500 paid in cash, $147,500 deferred
    under the Stock Plan and 43,036 shares of Champion Common Stock
    valued at $96,400 in 2002; and $346,591 paid in cash and
    $346,591 deferred under the Stock Plan in 2001.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(11)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reflects the award date fair market value of
    $3.14 per share for performance share awards that will vest only
    if three-year earnings targets are met and the executive remains
    employed by the Company through the end of 2005. The number of
    restricted shares held and the value of these holdings for each
    individual based on a fiscal year end closing price of $7.01 per
    share are as follows: Mr.&nbsp;Cole&nbsp;&#151; 30,000 shares
    valued at $210,300; Mr.&nbsp;Collins&nbsp;&#151; 40,000 shares
    valued at $280,400; and Mr.&nbsp;Williams&nbsp;&#151; 50,000
    shares valued at $350,500. Dividends, if any, paid by the
    Company on shares of its Common Stock are not paid on
    performance shares.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(12)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reflects a performance share award in 2003, which
    was forfeited upon Mr.&nbsp;Young&#146;s termination of
    employment. Of the total options granted in 2001, options for
    250,000 shares were also forfeited upon termination.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(13)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reflects options granted as inducements to join
    the Company. See &#147;Chief Executive Officer
    Compensation&#148; in the &#147;Compensation and Human Resources
    Committee Report on Executive Compensation&#148; section of this
    Proxy Statement.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(14)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reflects options granted as inducements to join
    the Company, 120,000 of which were granted below fair market
    value on the grant date and vest 25% on each six-month
    anniversary of the grant until fully vested on October 17, 2004.
    The remaining 480,000 shares were granted at fair market value
    and become exercisable ratably over a four-year period from the
    grant date.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(15)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes life insurance premiums.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(16)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $1,477 of Company contributions to the
    401(K) Savings Plan (&#147;Savings Plan&#148;) and $1,368 of
    life insurance premiums in 2003; and life insurance premiums in
    2002.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(17)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $24,386 representing the value of the
    discount on shares to be issued under the Stock Plan, $4,700 of
    Company contributions to the Savings Plan and $798 of life
    insurance premiums in 2003; $50,304 representing the value of
    the discount on shares issued under the Stock Plan, $5,500 of
    Company contributions to the Savings Plan and $222 of life
    insurance premiums in 2002; $28,268 representing the value of
    the discount on shares issued under the Stock Plan and $218 of
    life insurance premiums in 2001.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(18)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $4,076 of Company contributions to the
    Savings Plan and $570 of life insurance premiums in 2003; $5,500
    of Company contributions to the Savings Plan and $781 of life
    insurance premiums in 2002; $5,100 of Company contributions to
    the Savings Plan and $616 of life insurance premiums in 2001.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(19)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes $4,076 of Company contributions to the
    Savings Plan and $570 of life insurance premiums in 2003; $5,500
    of Company contributions to the Savings Plan and $835 of life
    insurance premiums in 2002; $3,800 of Company contributions to
    the Savings Plan and $803 of life insurance premiums in 2001.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(20)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes a $550,000 severance payment, $4,076 of
    Company contributions to the Savings Plan and $684 of life
    insurance premiums in 2003; $63,215 representing the value of
    the discount on shares issued under the Stock Plan, $5,500 of
    Company contributions to the Savings Plan and $1,338 of life
    insurance premiums in 2002; and $148,541 representing the value
    of the discount on shares issued under the Stock Plan, $5,100 of
    Company contributions to the Savings Plan and $1,305 of life
    insurance premiums in 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>Option Grants in Last Fiscal Period</B>

<P align="left">
The following table provides information about stock options
granted to the executives in the Summary Compensation Table
during the 2003 fiscal year. The table also shows projected
hypothetical gains for the options over the full option term,
based on assumed annual compound rates of stock price
appreciation of 5% and 10%.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">Potential Realizable Value at</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">Assumed Annual Rates of</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">Stock Price Appreciation for</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Individual Grants</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">Option Term</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Number of</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">% of Total</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="13"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Securities</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Options</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="13"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Underlying</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Granted To</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="13"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Options</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Employees</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Exercise</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Granted</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">in Fiscal</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Price</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Expiration</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD align="center" nowrap><FONT size="1">Name</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">(#)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Year End</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">($/Share)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Date</FONT></TD><TD></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">5%</FONT></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">10%</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Albert A. Koch
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6/30/08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">$141,594
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">$312,886
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="23" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B>Aggregated Fiscal Year End Option Values</B>

<P align="left">
The following table provides information regarding the pretax
value realized from the exercise of stock options during the
2003 fiscal year and the value of unexercised in-the-money
options held at the end of the 2003 fiscal year by the
executives in the Summary Compensation Table.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35"></TD>
</TR>

<TR>
    <TD colspan="35" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Number of Securities</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Underlying Unexercised</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Value of Unexercised</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Options at</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">In-the-Money Options</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
    <TD></TD>
    <TD colspan="14" align="center" nowrap><FONT size="1">Fiscal Year End (#)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">at Fiscal Year End ($)(4)</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="35"></TD>
</TR>

<TR>
    <TD colspan="35" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Shares</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="29"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Acquired</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Value</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">on Exercise</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Realized</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD align="center" nowrap><FONT size="1">Name</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">(#)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">($)</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Exercisable</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><FONT size="1">Unexercisable</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Exercisable</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Unexercisable</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="35"></TD>
</TR>

<TR>
    <TD colspan="35" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Albert A. Koch
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">125,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">363,750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Phyllis A. Knight
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">360,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">543,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,630,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">M. Mark Cole
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">627,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,329,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">John J. Collins, Jr.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">170,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">525,275</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Bobby J. Williams
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">127,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Walter R. Young
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">600,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,368,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes options for 250,000 shares exercised in
    February 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes options for 10,000 shares exercised in
    March 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes options for 28,750 shares exercisable on
    March&nbsp;12-13, 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assumes a market price of $7.01 per share, which
    was the last sale price on the last trading day prior to the
    fiscal year end.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>Performance Graph</B>

<P align="left">
The graph below compares the cumulative, five-year shareholder
returns on Company Common Stock to the cumulative, five-year
shareholder returns for (i) the S&#38;P 500 Stock Index and
(ii)&nbsp;an index of peer companies selected by the Company.
The peer group is composed of five publicly-held manufactured
housing companies, which were selected based on similarities in
their products and their competitive position in the industry.
The companies comprising the peer group are Cavalier Homes,
Inc., Fleetwood Enterprises, Inc., Oakwood Homes Corporation,
Palm Harbor Homes, Inc., and Skyline Corporation.

<P align="left">
<IMG src="k83189k8318901.gif" alt="(LINE GRAPH)">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="27" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/98</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/99</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/00</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/01</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/02</FONT></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">12/03</FONT></TD><TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="27" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;CHAMPION
    ENTERPRISES, INC.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="27" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&#916;&nbsp;&nbsp;S&#38;P 500 INDEX
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">76.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="27" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">O&nbsp;&nbsp;PEER GROUP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="27" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<!-- link1 "Employment Agreements" -->

<P align="left">
<FONT size="5">Employment Agreements
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Termination and Change In Control:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Company has Change in Control Severance Agreements with Mrs.
    Knight and Messrs.&nbsp;Collins and Williams. Under each
    agreement, the executive would receive a cash severance payment
    if her or his employment is terminated following a change in
    control of the Company, as defined in the agreement. For
    Mrs.&nbsp;Knight and Mr.&nbsp;Collins, the severance payment
    would be twice the highest annual base salary and annual
    performance incentive earned by the executive in any one of the
    three fiscal years prior to termination. For Mr.&nbsp;Williams
    the severance payment would be one and a half times his annual
    base salary plus a prorated portion of his annual performance
    incentive.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Employment: Mr.&nbsp;Koch:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Company has a letter agreement, dated June&nbsp;30, 2003,
    with AP Services pursuant to which interim management services
    are provided to the Company, including the services of
    Mr.&nbsp;Koch.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Mrs.&nbsp;Knight:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Company has a letter agreement with Mrs.&nbsp;Knight, dated
    October&nbsp;17, 2002, which provides for an initial annual
    salary of $320,000. Mrs. Knight is entitled to participate in
    various benefit and incentive plans.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Mr.&nbsp;Cole:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Company has letter agreements with Mr.&nbsp;Cole, dated
    January&nbsp;8, 1998 and September&nbsp;11, 1998, which provide
    for an initial annual salary of $100,000. This amount increased
    to $150,000 in September 1998 and to $250,000 in 1999.
    Mr.&nbsp;Cole&#146;s annual salary was voluntarily reduced to
    $237,500 in October 2002 and increased to $266,000 in March
    2003. Mr.&nbsp;Cole is entitled to participate in various
    benefit and incentive plans.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Mr.&nbsp;Collins:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Company has letter agreements with Mr.&nbsp;Collins, dated
    February&nbsp;12, 1997 and April&nbsp;7, 2000, which provide for
    an initial annual salary of $190,000. This amount increased to
    $220,000 in 1999, to $250,000 in 2000 and to $275,000 in 2002.
    Effective September&nbsp;1, 2002 Mr.&nbsp;Collins&#146; annual
    salary was voluntarily reduced to $261,250. Mr.&nbsp;Collins is
    entitled to participate in various benefit and incentive plans.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<!-- link1 "Share Ownership" -->

<P align="left">
<FONT size="5">Share Ownership
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Principal Shareholders</B>

<P align="left">
The following table provides information about any person known
by management to have been a beneficial owner of more than 5% of
the Company&#146;s Common Stock as of December&nbsp;31, 2003.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">Amount of Beneficial</FONT></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">Percent of</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">Name and Address of Beneficial Owner</FONT></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">Ownership</FONT></TD>
    <TD></TD>
    <TD align="center" nowrap><FONT size="1">Class</FONT></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">FMR Corp.<BR>
    82 Devonshire Street<BR>
    Boston, MA 02109
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">8,815,390(1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">15.0%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">First Pacific Advisors, Inc.<BR>
    11400 West Olympic Blvd., Suite&nbsp;1200<BR>
    Los Angeles, CA 90064
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">6,121,500(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">10.4%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Fletcher Asset Management<BR>
    22 East 67th Street<BR>
    New York, NY 10021
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">5,093,839(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="middle">
    <FONT size="2">7.4%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based upon its statement on Schedule&nbsp;13G
    filed with the SEC on February&nbsp;17, 2004, FMR Corp. has sole
    voting power over 4,785,990 shares of Common Stock and has sole
    investment power over 8,815,390 shares of Common Stock.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based upon its statement on Schedule&nbsp;13G
    filed with the SEC on February&nbsp;12, 2004, First Pacific has
    neither sole voting power nor sole investment power over any
    shares of Common Stock. First Pacific has shared voting power
    over 2,527,100 shares of Common Stock and shared investment
    power over 6,121,500 shares of Common Stock.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based upon the statement on Schedule&nbsp;13G
    filed by Fletcher Asset Management with the SEC on
    February&nbsp;17, 2004, the Common Stock reported to be
    beneficially owned consists of shares of Common Stock issuable
    upon the exercise of certain warrants, convertible preferred
    stock and investment rights pursuant to agreements between
    Fletcher International, Ltd. and the Company that are held in
    one or more accounts managed by Fletcher Asset Management for
    Fletcher International, Ltd. Fletcher Asset Management has sole
    voting and dispositive power over all of these shares of Common
    Stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>Management</B>

<P align="left">
The following table provides information about the beneficial
ownership of Company Common Stock by Directors and Executive
Officers as of March&nbsp;5, 2004. Except as otherwise indicated
each owner has sole voting and investment powers with respect to
the Common Stock listed.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="10" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="5" align="center" nowrap><FONT size="1">Number of Shares</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Percent of</FONT></TD><TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><FONT size="1">Name</FONT></TD>
    <TD></TD>
    <TD colspan="5" align="center" nowrap><FONT size="1">Beneficially Owned (1)</FONT></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><FONT size="1">Class</FONT></TD><TD></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="10" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Robert W. Anestis
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Eric S. Belsky
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Mark Cole
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">495,296</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John J. Collins, Jr.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">210,576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selwyn Isakow
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253,920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brian D. Jellison
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">187,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Phyllis A. Knight
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">240,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Albert A. Koch
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Michael Lynch
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,726</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bobby J. Williams
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">(4)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All Directors and Executive Officers as a
    Group<BR>
    (11 persons)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,780,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">(5)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.5%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
than 1%
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The number of shares shown in the table includes
    the following number of shares which the person specified may
    acquire by exercising options which may be exercised within
    60&nbsp;days of March&nbsp;5, 2004: Mr.&nbsp;Anestis, 105,400;
    Mr.&nbsp;Belsky, 24,196; Mr.&nbsp;Cole, 377,500;
    Mr.&nbsp;Collins, 160,000; Mr.&nbsp;Isakow, 153,800;
    Mr.&nbsp;Jellison, 137,400; Mrs.&nbsp;Knight, 120,000;
    Mr.&nbsp;Williams, 140,000; and all Directors and Executive
    Officers as a group, 1,255,696.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Does not include 500 shares held by
    Mr.&nbsp;Cole&#146;s child. Mr.&nbsp;Cole disclaims beneficial
    ownership of these shares. Includes 112,271 shares held under
    the Stock Plan.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Does not include 1,860 shares held by
    Mr.&nbsp;Isakow&#146;s children. Mr.&nbsp;Isakow disclaims
    beneficial ownership of these shares.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 4,212 shares held under the Stock Plan.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 116,483 shares held under the Stock Plan.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">24
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "Other Information" -->

<P align="left">
<FONT size="5">Other Information
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Audit and Financial Resources Committee Report</B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Committee:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Committee consists of three independent Directors, as
    defined by the NYSE listing standards, who are neither officers
    nor employees of the Company. The Committee acts under a written
    charter adopted and approved by the Board in 1996 and last
    revised in December 2003. A copy of this charter is attached as
    Appendix&nbsp;A.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The primary function of the Audit Committee is to assist the
    Board in fulfilling its financial oversight responsibilities by
    reviewing the financial information provided to shareholders,
    the corporate accounting and financial reporting practices, and
    the systems of internal financial controls that management and
    the Board have established. The Committee is also responsible
    for the appointment, compensation and oversight of the
    Company&#146;s independent auditor.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    While the Committee has the responsibilities and powers set
    forth in the Committee&#146;s charter, it is not the duty of the
    Committee to plan or conduct audits or to determine that the
    Company&#146;s financial statements are complete and accurate
    and in accordance with generally accepted accounting principles.
    This is the responsibility of management and the independent
    auditor. It is also not the duty of the Committee to assure
    compliance with laws and regulations and with the Company&#146;s
    Code of Ethics.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>2003 Audited Consolidated Financial Statements:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Committee has reviewed and discussed with management and our
    independent auditors, PricewaterhouseCoopers, the Company&#146;s
    audited consolidated financial statements for the fiscal year
    ended January&nbsp;3, 2004. Based on its review and discussions
    with management and with PricewaterhouseCoopers, the Committee
    has recommended to the Board that these financial statements be
    included in the Annual Report on Form&nbsp;10-K as filed with
    the SEC for the fiscal year ended January&nbsp;3, 2004.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Independence Discussion with Audit Committee:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Committee has also discussed with PricewaterhouseCoopers the
    matters required to be discussed by the Auditing Standards Board
    Statement on Auditing Standards (&#147;SAS&#148;) No.&nbsp;61,
    as amended by SAS&nbsp;89 and SAS&nbsp;90. As required by
    Independence Standards Board Standard No.&nbsp;1, as amended,
    &#147;Independence Discussions with Audit Committees,&#148; the
    Committee has received and reviewed the required written
    disclosures and a confirming letter from PricewaterhouseCoopers
    regarding their independence, and has discussed the matter with
    the auditors.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">25
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Committee has considered the provision of all non-audit
    services performed by PricewaterhouseCoopers with respect to
    maintaining auditor independence.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Brian D. Jellison, Chair</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Selwyn Isakow</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    G. Michael Lynch</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Members, Audit and Financial Resources Committee</I></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    February&nbsp;25, 2004</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Independent Accountants:</B></TD>
    <TD></TD>
    <TD valign="top">
    PricewaterhouseCoopers has served as our independent accountants
    since 1961 and was selected by the Board to serve as our
    independent accountants for the current fiscal year ending
    January&nbsp;1, 2005. It is anticipated that a representative of
    PricewaterhouseCoopers will be present at the Annual Meeting,
    have an opportunity to make a statement and respond to
    appropriate questions.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Fees:</B></TD>
    <TD></TD>
    <TD valign="top">
    PricewaterhouseCoopers was paid the following fees during the
    last two fiscal years:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Audit Fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">458,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Audit-Related Fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tax-Related Fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">352,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Audit Fees.</I> Audit fees were paid to
    PricewaterhouseCoopers for professional services rendered in
    connection with the audit of the Company&#146;s financial
    statements, limited reviews of the Company&#146;s unaudited
    condensed consolidated interim financial statements included in
    Form&nbsp;10-Q and reviews and assistance with SEC filings.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Audit-Related Fees.</I> The Company paid
    PricewaterhouseCoopers fees for various accounting-related
    assistance, audits of employee benefit plans and internal
    control reviews.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Tax-Related Fees.</I> The Company paid PricewaterhouseCoopers
    fees for review of its federal income tax return and for tax
    compliance advice and planning.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Pre-approval Policy:</B></TD>
    <TD></TD>
    <TD valign="top">
    The Committee has adopted a Pre-approval Policy for Audit and
    Non-Audit Services pursuant to which it pre-approves all audit
    and non-audit services provided by the independent auditors
    prior to the engagement with respect to such services. The
    Committee annually reviews and pre-approves the services that
    may be provided by the independent auditors. The Committee has
    delegated authority to its Chairman to pre-approve any proposed
    services not covered by the general pre-approval of the
    Committee or exceeding the pre-approved levels or amounts. The
    Chairman must report all such pre-approvals to the Committee at
    its next meeting.</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">26
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Related Party Disclosures:</B></TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Koch, the Company&#146;s Chairman, President and Chief
    Executive Officer, is serving in accordance with the terms of a
    letter agreement dated June&nbsp;30, 2003 with AP Services.
    Pursuant to this agreement, AP Services provides interim
    management services to the Company, including the services of
    Mr.&nbsp;Koch. AP Services is owned by AlixPartners of which
    Mr.&nbsp;Koch is a Principal. On June&nbsp;30, 2003, the Company
    also entered into a letter agreement with AlixPartners pursuant
    to which financial and operational consulting services are
    provided to the Company. During 2003, the Company recorded
    expenses of $2.0&nbsp;million and paid fees of $1.4&nbsp;million
    to AP Services and AlixPartners for services rendered, including
    the services of Mr. Koch. An independent review committee of the
    Board approved all related payments.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Company has a lease agreement relating to rental property in
    North Carolina with MMG Investments, LLC (&#147;MMG&#148;), in
    which M. Mark Cole, President, Retail Operations, has 75%
    ownership. During 2003 lease payments of $211,000 were paid
    pursuant to this agreement. The Company previously leased real
    estate for a retail sales center in North Carolina from MMG and
    paid $6,400 for rent in 2003. The Company believes that payments
    made to MMG represent the fair value for the rental of these
    properties.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Section&nbsp;16(a) Beneficial Ownership Reporting
    Compliance:</B></TD>
    <TD></TD>
    <TD valign="top">
    Section&nbsp;16(a) of the Securities Exchange Act of 1934
    requires the Company&#146;s Executive Officers and Directors,
    and persons who own more than ten percent of a registered class
    of the Company&#146;s equity securities, to file reports of
    ownership and changes in ownership with the SEC. Officers,
    Directors and greater than ten percent shareholders are required
    by regulations of the SEC to furnish the Company copies of all
    Section&nbsp;16(a) forms they file.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Based solely on the Company&#146;s review of copies of such
    forms received by it, or written representations from certain
    reporting persons that no Forms&nbsp;5 were required for those
    persons, the Company believes that its Officers, Directors and
    greater than ten percent beneficial owners met all applicable
    filing requirements during the last fiscal year.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Other Matters:</B></TD>
    <TD></TD>
    <TD valign="top">
    At the date of this Proxy Statement, management is not aware of
    any matters to be presented for action at the Annual Meeting
    other than those described in this Proxy Statement. However, if
    any other matters should come before the meeting, the persons
    named in the proxy card intend to vote the Proxy in accordance
    with their judgment on such matters.</TD>
</TR>

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    By Order of the Board of Directors <BR>
     <BR>
     <BR>
     John J. Collins, Jr. <BR>
     Secretary <BR>
     March&nbsp;10, 2004</TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">27
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B>Appendix A</B>

<P align="center">
<FONT size="5">CHAMPION ENTERPRISES, INC.
</FONT>

<P align="center">
<FONT size="5">Audit and Financial Resources Committee
</FONT>

<DIV align="center">
<FONT size="5">of the Board of Directors
</FONT>
</DIV>

<P align="center">
<FONT size="5">CHARTER
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B>Organization</B>

<P align="left">
There shall be a committee of the Board of Directors to be known
as the Audit and Financial Resources Committee. The Audit and
Financial Resources Committee shall be comprised of
non-management directors who are independent of the management
of the Corporation and are free of any relationship that, in the
opinion of the Board of Directors, may interfere with their
exercise of independent judgment as a Committee member. The
Committee shall consist of at least three members. Members of
the Committee shall be appointed annually by the Board of
Directors at its annual meeting or as necessary to fill
vacancies in the interim. The Board shall designate one of the
Committee members as chairman. Each Committee member shall be
financially literate and at least one member of the Committee
shall be an &#147;audit committee financial expert&#148; as
defined by SEC rules. The Committee shall hold meetings (in
person or by telephone conference) as appropriate, but not less
than four times per year. A majority of the Committee members
shall constitute a quorum for the transaction of business. The
action of a majority of those present at a meeting at which a
quorum is present shall be the action of the Committee. The
independence of Committee members shall be determined in
accordance with the Company&#146;s Corporate Governance
Guidelines and the provisions of Rule&nbsp;303A.02 of the New
York Stock Exchange Listed Company Manual, including the
provisions governing permissible business relationships with the
Corporation. Due to the demands of serving on this Committee, no
member of this Committee shall serve on more than two additional
audit committees of other public companies without the written
approval of the Board.

<P align="left">
<B>Statement of Policy</B>

<P align="left">
The primary function of the Audit and Financial Resources
Committee shall be to assist the Board in its oversight of the
integrity of the Corporation&#146;s financial statements, the
Corporation&#146;s compliance with legal and regulatory
requirements, the independent auditor&#146;s qualifications and
independence, and the performance of the Corporation&#146;s
independent audit function. In addition, the Audit and Financial
Resources Committee shall review other financial matters as
delegated by the Board of Directors.

<P align="left">
While the Audit Committee has the responsibilities and powers
set forth in this Charter, it is not the duty of the Committee
to plan or conduct audits or to determine that the
Company&#146;s financial statements are complete and accurate
and in accordance with generally accepted accounting principles.
This is the responsibility of management and

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
the independent auditor. Nor is it the duty of the Committee to
assure compliance with laws and regulations or the
Company&#146;s code of conduct.
</DIV>

<P align="left">
The Audit Committee shall have authority to inquire into any
financial matters including those set forth in this charter,
with the right and power (at the expense of the Corporation) to
employ such persons and organizations to assist it in carrying
out its duties as it shall reasonably deem to be necessary.

<P align="left">
<B>Responsibilities</B>

<P align="left">
The Committee shall:

<P align="left">
1.&nbsp;Be directly responsible for the appointment,
compensation, and oversight of the work of the independent
auditor (including resolution of disagreements between
management and the independent auditor regarding financial
reporting) for the purpose of preparing or issuing an audit
report or related work. The independent auditor shall report
directly to the Committee.

<P align="left">
2.&nbsp;Preapprove all auditing services and permissible
non-audit services (including scope, compensation and terms of
engagement) to be performed by the independent auditor, subject
to the de minimis exception for non-audit services described in
SEC rules.

<P align="left">
3.&nbsp;Periodically review and evaluate the independent
auditor&#146;s and lead partner&#146;s qualifications and
performance, assure regular rotation of the lead audit partner
as required by law, and further consider whether there should be
rotation in the audit firm itself. The Committee shall present
to the full Board the Committee&#146;s conclusions with respect
to the independent auditor.

<P align="left">
4.&nbsp;Consider the independence of auditors at least annually
including evaluating whether non-audit services performed by the
independent auditor impairs the independence of the independent
auditor. The independent auditor shall at least annually submit
to the Committee a formal written statement delineating all
relationships between the independent auditor and the Company,
and describing the independent auditor&#146;s quality control
procedures, including any material issues raised by the last
internal quality-control review of the firm or by any
governmental inquiry conducted within the preceding five years.
The Committee shall actively engage in a dialogue with the
independent auditor with respect to any disclosed relationships
or services that may impact the objectivity and independence of
the independent auditor, and shall establish clear hiring
policies for employees or former employees of the
Corporation&#146;s independent auditor.

<P align="left">
5.&nbsp;Consider, in consultation with the independent auditor,
the independent auditor&#146;s responsibility under generally
accepted auditing standards.

<P align="left">
6.&nbsp;Review reports of the independent auditor and the
internal auditor regarding:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    the adequacy of the Corporation&#146;s internal accounting
    controls including electronic data processing procedures and
    controls and related security programs;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    any related management letter, and management&#146;s responses
    to recommendations made by the independent auditor; and</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    any quarterly reports which may be received from the independent
    auditor concerning (i)&nbsp;critical accounting policies and
    practices to be used, and (ii)&nbsp;alternative treatments of
    financial information within generally accepted accounting
    principles that have been discussed with management,
    ramifications of the use of such alternative disclosures and
    treatments, and the treatment preferred by the independent
    auditor.</TD>
</TR>

</TABLE>

<P align="left">
7.&nbsp;Review and discuss with management and the independent
auditor, based on the reports of the independent auditor and
management:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    the Corporation&#146;s annual and quarterly financial statements;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    the results of each external audit of the Corporation&#146;s
    financial statements, including any certification, report,
    opinion or review rendered by the independent auditor in
    connection with those financial statements;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    significant recent professional and regulatory pronouncements
    and their potential impact on the financial statements;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    significant disputes between management and the independent
    auditor that arose in connection with such audit;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    significant changes required in the independent auditor&#146;s
    plan; and</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD align="left">
    other matters related to the conduct of the audit which are
    communicated to the Audit Committee under generally accepted
    auditing standards, including those concerning:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="4%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD align="left">
    selection of and changes in significant accounting policies and
    practices and questions of choice of appropriate policies and
    practices;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD align="left">
    management&#146;s formulation of any particularly sensitive
    accounting estimate and the auditor&#146;s conclusion as to
    their reasonableness;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD align="left">
    significant audit adjustments;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD align="left">
    consultation by management with other accountants about
    significant matters;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD align="left">
    serious difficulties the auditor encountered in dealing with
    management in performing the audit; and</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD align="left">
    policies and reports with respect to officer&#146;s expense
    accounts.</TD>
</TR>

</TABLE>

<P align="left">
8.&nbsp;Review and discuss with management the
Corporation&#146;s earnings press releases, and the types of
financial information and earnings guidance to be disclosed to
analysts and rating agencies.

<P align="left">
9.&nbsp;Review significant filings with the SEC containing the
Corporation&#146;s financial statements, as the Committee deems
appropriate, including the Corporation&#146;s disclosures under
the &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148;. Review disclosures
made to the Committee by the Corporation&#146;s CEO and CFO
during their certification process for the Form&nbsp;10K and
Form&nbsp;10Q about any significant deficiencies in the design
and operation of the internal controls or

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
material weaknesses therein and any fraud involving management
or other employees who have a significant role in the
Corporation&#146;s internal controls.
</DIV>

<P align="left">
10.&nbsp;Review the process for communicating the
Corporation&#146;s Code of Ethics to company personnel and for
monitoring compliance therewith.

<P align="left">
11.&nbsp;Establish procedures for the receipt, retention and
treatment of complaints received by the Corporation regarding
accounting, internal accounting controls or auditing matters,
and the confidential, anonymous submission by employees of
concerns regarding questionable accounting or auditing matters.

<P align="left">
12.&nbsp;Periodically obtain updates from management and company
legal counsel on the status of any pending litigation which
could have significant impact on the Corporation&#146;s
financial situation or seriously affect its reputation as well
as other compliance matters.

<P align="left">
13.&nbsp;Review the internal audit function of the Corporation
including the independence of its reporting obligations, the
appointment and replacement of the senior internal audit
director, the qualifications of the staff, and the proposed
audit plan for the coming year and the coordination of such
plans with the independent auditor. Prior to each Audit and
Finance Committee meeting, receive and review a summary of
findings from completed internal audits and provide sufficient
opportunity for the internal auditors to meet with members of
the Committee without members of management present.

<P align="left">
14.&nbsp;Review with management proposed equity, debt and other
finance offerings of the Company that are of a material nature.

<P align="left">
15.&nbsp;Review the Committee charter annually to reassess
adequacy.

<P align="left">
16.&nbsp;Evaluate the committee&#146;s performance annually in
consultation with and oversight by the Nominating and Corporate
Governance Committee.

<P align="left">
17.&nbsp;Prepare a Report of the Committee, in accordance with
applicable SEC rules, for inclusion in the Company&#146;s Annual
Meeting Proxy Statement.

<P align="left">
18.&nbsp;Perform such other functions as may be assigned to it
by law or the Corporation&#146;s charter or Bylaws, or by the
Board.

<P align="left">
19.&nbsp;Regularly report Committee agenda and actions to the
Board of Directors with such recommendations as the Committee
may deem appropriate.

<P align="left">
20.&nbsp;Review periodically with management the Company&#146;s
major financial risk exposures and the steps management has
taken to monitor and control such exposures.

<P align="left">
21.&nbsp;Discuss with the independent auditor the matters
required to be discussed by Statement on Audit Standards
No.&nbsp;61 relating to the conduct of the audit.

<P align="left">
22.&nbsp;Meet regularly with the independent auditor, the chief
financial officer, the director of internal audit, the
controller, and the general counsel in separate executive
sessions.

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<FONT size="5">CHAMPION ENTERPRISES, INC.
</FONT>

<P align="left">
<FONT size="5">Audit and Financial Resources Committee <BR>
 Responsibilities for 2004
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    Date</TD>
    <TD></TD>
    <TD valign="top">
    Function</TD>
</TR>

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

<TR>
    <TD valign="top">
    January</TD>
    <TD></TD>
    <TD valign="top">
    Write Audit and Financial Resources Committee Report for Proxy</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Face to Face Session&nbsp;&#151; January Board Meeting</TD>
</TR>

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

<TR>
    <TD valign="top">
    February</TD>
    <TD></TD>
    <TD valign="top">
    Review annual financial results press release</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review 10-K</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Year End Earnings Conference Call</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review annual financial results with independent auditor and
    management</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review other matters to be discussed under generally accepted
    auditing standards, including significant changes required in
    the independent auditor&#146;s plan, changes in significant
    accounting policies or estimates, significant audit adjustments,
    consultation with other accountants, and serious difficulties
    encountered performing the audit</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review significant disputes between management and the
    independent auditor</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Discuss with the independent auditor the matters required to be
    discussed by Statement on Audit Standards No.&nbsp;61</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review and assess major financial risk exposures with management</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review material pending litigation with company legal counsel</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review internal audit function and plan</TD>
</TR>

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

<TR>
    <TD valign="top">
    April</TD>
    <TD></TD>
    <TD valign="top">
    Review 1st Quarter financial results press release</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review 1st Quarter 10-Q filing</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    1st Quarter Earnings Conference Call</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review annual management report prepared by the independent
    auditor with independent auditor and management</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Meet with Internal Auditors to Review Audit Actions</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Face to Face Session&nbsp;&#151; Annual Board Meeting</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review and reassess this charter</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
    April-July</TD>
    <TD></TD>
    <TD valign="top">
    Evaluate the performance of the Committee</TD>
</TR>

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

<TR>
    <TD valign="top">
    July</TD>
    <TD></TD>
    <TD valign="top">
    Review 2nd Quarter financial results release</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review 2nd Quarter 10-Q filing</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    2nd Quarter Earnings Conference Call</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Face to Face Session&nbsp;&#151; July Board Meeting</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review independent auditor &#147;Scope and Fee&#148; and appoint
    independent auditor</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review Policy on Business Conduct Compliance and Officer Expense
    Accounts</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Meet with Internal Auditors to Review Audit Actions</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review and evaluate independent auditor&#146;s and lead
    partner&#146;s qualifications, performance and independence,
    including a review of the formal written statement from the
    independent auditor delineating its quality control procedures
    and all relationships between it and the Corporation</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review communication of and compliance with the
    Corporation&#146;s Code of Ethics</TD>
</TR>

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

<TR>
    <TD valign="top">
    October</TD>
    <TD></TD>
    <TD valign="top">
    Review 3rd Quarter financial results release</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review 3rd Quarter 10-Q filing</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    3rd Quarter Earnings Conference Call</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Face to Face Session&nbsp;&#151; October Board Meeting</TD>
</TR>

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

<TR>
    <TD valign="top">
    December</TD>
    <TD></TD>
    <TD valign="top">
    Face to Face Session&nbsp;&#151; December Board Meeting</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <B>General Responsibilities</B></TD>
</TR>

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

<TR>
    <TD valign="top">
    Each earnings call</TD>
    <TD></TD>
    <TD valign="top">
    Review financial results with independent auditor and management</TD>
</TR>

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

<TR>
    <TD valign="top">
    Each earnings call</TD>
    <TD></TD>
    <TD valign="top">
    Review certifications, reports, opinion or other issues
    generated by the independent auditor or internal auditor</TD>
</TR>

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

<TR>
    <TD valign="top">
    Each face to face session</TD>
    <TD></TD>
    <TD valign="top">
    Review findings from completed internal audits in executive
    sessions with the director of internal audit</TD>
</TR>

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

<TR>
    <TD valign="top">
    Each face to face session</TD>
    <TD></TD>
    <TD valign="top">
    Report Committee agenda, actions, and recommendations to Board</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Oversight and pre-approval of all services provided by the
    independent auditor (other than de minimus)</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review other significant filings with the SEC</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review material equity, debt, and other finance offerings.</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="79%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Regular meetings with the chief financial officer, the director
    of internal audit, the controller, the general counsel, and the
    independent auditor</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review recent professional and regulatory pronouncements</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Review with the director of internal audit complaints received
    regarding accounting, accounting controls, or auditing matters.</TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="31%" align="left" noshade>
</DIV>

<DIV align="left">
<FONT size="2">Revisions as approved by the Board of Directors
effective as of December&nbsp;2, 2003
</FONT>
</DIV>

<P align="center"><FONT size="2">A-7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">Dear Shareholder:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reverse side of this proxy card contains instructions on how to vote
your shares over the Internet or by telephone for the election of directors and
for all other matters that may properly come before the meeting. Please
consider voting using one of these options. Your vote is recorded as if you
mailed in your proxy card.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders now have the option to electronically receive our Proxy
Statements and Annual Reports. If you would like to receive these future
investor communications electronically, please visit www.amstock.com. Then
click on &#147;Shareholder Account Access&#148; and enter your account and tax
identification numbers. Upon logging in select &#147;Receive Company Mailings via
E-Mail&#148; and provide your e-mail address.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your attention to these matters.


<P align="center" style="font-size: 10pt">Champion Enterprises, Inc.


<P align="center" style="font-size: 10pt"><B>CHAMPION ENTERPRISES, INC.<BR>
THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF<BR>
CHAMPION ENTERPRISES, INC.</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The undersigned hereby appoints Albert A. Koch and Brian D. Jellison, or either
of them, attorneys and proxies with power of substitution, to vote all of the
Common Stock of the undersigned in Champion Enterprises, Inc. at the Annual
Meeting of Shareholders of Champion Enterprises, Inc. to be held on Tuesday,
April&nbsp;27, 2004, and at any adjournments thereof, as specified on the reverse
side of this proxy card.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The undersigned acknowledges receipt of the Proxy Statement dated March&nbsp;10,
2004 and the Annual Report to Shareholders, which includes the Annual Report on
Form 10-K, for the year ended January&nbsp;3, 2004, ratifies everything that the
proxies (or either of them or their substitutes) may lawfully do or cause to be
done under this proxy, and revokes all former proxies.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">If you are a participant in the Champion Enterprises, Inc. Savings Plan, this
proxy card will serve as a direction to the trustee under the plan as to how
the shares held for your account in the plan are to be voted.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>If you sign this proxy without marking any boxes, this proxy will be voted FOR
all nominees and in the discretion of the Proxies on any other matters that may
properly come before the meeting.</B>


<P align="center" style="font-size: 10pt"><B>(To be signed on Reverse Side)</B>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




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



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



<P align="center" style="font-size: 10pt"><B>April&nbsp;27, 2004</B>


<!-- link1 "PROXY VOTING INSTRUCTIONS" -->

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



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B><u>MAIL</u></B>- Date, sign and mail your proxy card in the envelope provided as soon as
possible.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B><u>TELEPHONE</u></B>- Call toll-free <B>1-800-PROXIES </B>from a touch-tone telephone and follow
the instructions. Have your proxy card available when you call.


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B><u>INTERNET</u></B>- Access <B>www.voteproxy.com </B>and follow the on-screen instructions.
Have your proxy card available when you access the web page.
<P></P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMPANY NUMBER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">_____________&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ACCOUNT NUMBER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">_____________&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">_____________&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</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">Please detach along perforated line and mail in the envelope provided IF you are not voting<BR>
via telephone or the Internet.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS.
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK
YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE X</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors has nominated the persons listed below to serve as
directors until 2005.</TD>
</TR>

</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT face="Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><B>FOR ALL NOMINEES</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">NOMINEES:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">__ Robert W. Anestis</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&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 colspan="3" align="left">__ Eric S. Belsky</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT face="Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><B>WITHHOLD AUTHORITY</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">__ Selwyn Isakow</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><B>FOR ALL NOMINEES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">__ Brian D. Jellison</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">__ Albert A. Koch</TD>
    <TD colspan="3" align="left"></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT face="Wingdings">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><B>FOR ALL EXCEPT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">__  G. Michael Lynch</TD>
    <TD colspan="3" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(See instructions below)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&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 colspan="3" align="left"></TD>
    <TD colspan="3" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&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 colspan="3" align="left"></TD>
</TR>

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



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B><u>INSTRUCTIONS</u></B>: To withhold authority to vote for any individual nominee(s),
mark <B>&#147;FOR ALL EXCEPT</B>&#148; and fill in the circle next to each nominee you wish to
withhold, as shown here: X


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

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In their discretion upon the transaction of such other business as may
properly come before the meeting.</TD>
</TR>

</TABLE>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">To change the address on your account, please check the box at the right and
indicate your new address in the address space above. Please note that changes
to the registered name(s) on the account may not be submitted via this method. &nbsp;____&nbsp;&nbsp;


<P align="left" style="font-size: 10pt">Signature of Shareholder&nbsp;&nbsp;________________________________________&nbsp;Date &nbsp;_______________&nbsp;&nbsp;



<P align="left" style="font-size: 10pt">Signature of Shareholder&nbsp;&nbsp;________________________________________&nbsp;Date &nbsp;_______________&nbsp;&nbsp;



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Note: Please sign exactly as your name or names appear on this Proxy. When
shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such.
If the signer is a corporation, please sign full corporate name by duly
authorized officer, giving full title as such. If signer is a partnership,
please sign in partnership name by authorized person.



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