<SUBMISSION>
<ACCESSION-NUMBER>0000950124-04-002870
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040616
<ITEMS>5
<ITEMS>7
<FILING-DATE>20040621
<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>8-K
<ACT>34
<FILE-NUMBER>001-09751
<FILM-NUMBER>04872991
</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>8-K
<SEQUENCE>1
<FILENAME>k86253e8vk.htm
<DESCRIPTION>CURRENT REPORT, DATED JUNE 16, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

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

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>



<P align="left" style="font-size: 10pt">Date of Report (Date of
earliest event reported): June&nbsp;16, 2004


<P align="center" style="font-size: 24pt"><B>CHAMPION ENTERPRISES, INC.</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Michigan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-9751
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38-2743168</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2701 Cambridge Court, Suite&nbsp;300<BR>
Auburn Hills, Michigan 48326


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt">(Address of principal executive offices)</DIV>



<P align="left" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: (248)&nbsp;340-9090



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


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)</DIV>



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;10. Amendments to
the Registrant&#146;s Code of Ethics, or Waiver of a Provision of the Code
of Ethics</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="k86253exv14w1.htm">Code of Ethics</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;7. Financial Statements and Exhibits.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics amended June&nbsp;16, 2004.</TD>
</TR>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;10. Amendments to
the Registrant&#146;s Code of Ethics, or Waiver of a Provision of the Code
of Ethics" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;10. Amendments to
the Registrant&#146;s Code of Ethics, or Waiver of a Provision of the Code
of Ethics.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;16, 2004 Champion Enterprises, Inc. amended and restated
its Code of Ethics during its annual review process to clarify,
simplify and refine certain provisions contained therein. The
complete document is filed as Exhibit&nbsp;14.1 to this Report and is incorporated herein by
reference.





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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">CHAMPION ENTERPRISES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000">/s/
PHYLLIS A. KNIGHT
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="3">Phyllis A. Knight&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>Date: June 21, 2004&nbsp;</TD>
    <TD colspan="3">Executive Vice President and Chief Financial
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

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



<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics amended June&nbsp;16, 2004</TD>
</TR>

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




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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14.1
<SEQUENCE>2
<FILENAME>k86253exv14w1.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv14w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P align="center" style="font-size: 10pt"><B>CHAMPION&#146;S 24/7 TOLL FREE ETHICS HOTLINE: 1-800-326-0560</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>TABLE OF CONTENTS</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Overview</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Duty to Report All Suspected Violations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Duty to Assist with Investigations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Prohibition Against Retaliation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Penalties for Any Violation of this Code</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Waivers Must be Obtained in Advance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Honest, Fair and Ethical Conduct is Required</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Full, Fair, Accurate, Timely and Understandable Disclosures</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">General Rule</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Definition of Disclosure Deficiencies</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Duty to Report Disclosure Deficiencies</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Prohibition Against Conflicts of Interest</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">General Rule</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Some Specific Examples</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Waiver Required Before a Conflict of Interest Arises</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Full Compliance with All Applicable Laws, Rules and Regulations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Violations of the Law Prohibited</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Certain Laws and Regulations that Affect Champion&#146;s Business</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Law Requirements
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Antitrust and Trade Regulation
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HUD, Warranty, Invoicing Regulations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(4</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment / Labor Law (EEOC, Sexual Harassment, Unions)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retail Sales and Finance Laws and Regulations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(6</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environment Protection, Health and Safety
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Duty to Report Violation of the Law</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Prohibition Against Exceeding Your Authority</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Full Compliance with Specific Champion Policies</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Accounting Policies</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Substance Abuse Policy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Software Piracy and Illegal Duplication Policy</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Document Retention Program</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Public Affairs and Government Regulations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Responding to Government Inquiries or Investigations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Human Resources Administrative Guidelines</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">H.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Other Company Policies</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Duty to Protect Champion&#146;s Property Rights</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Intellectual Property Rights</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Confidential Business Information</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">Safeguarding Company Assets</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Requests for Additional Information</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

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



<P align="center" style="font-size: 10pt">Page 1 of 17
</DIV>

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<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"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>OVERVIEW.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion Enterprises, Inc. and its subsidiaries/affiliates (together
&#147;Champion&#148;) have recently revised their ethics and corporate guidance
policies, which are contained in this Code of Business Conduct and Ethics (the &#147;Code&#148;). The Code is intended to comply with the
requirements under the Sarbanes-Oxley Act of 2002, the Federal
Sentencing Guidelines, and the New York Stock Exchange Corporate
Governance Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Code is designed to (i)&nbsp;deter wrongdoing, (ii)&nbsp;promote honest and
ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;
(iii)&nbsp;promote full, fair, accurate, timely, and understandable
disclosure in Securities and Exchange Commission (the &#147;SEC&#148;) reports and
in other public communications made by the Company; (iv)&nbsp;promote
compliance with all laws, rules and regulations; (v)&nbsp;promote the prompt
reporting of any violations of this Code; and (vi)&nbsp;promote
accountability for adherence to this Code.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read this Code carefully and keep a copy of it available at your
workplace. Please contact Champion&#146;s General Counsel (248-340-7717)
(jcollins@championhomes.net) if you have any questions about this Code
or any other Champion policy or procedure. This Code is not intended to
and does not create any rights in any employee, customer, supplier,
shareholder or any other person or entity.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DUTY TO REPORT ALL SUSPECTED VIOLATIONS.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Champion employee, officer and director must immediately report to
Champion&#146;s Director of Internal Audit, Champion&#146;s General Counsel, and/or
Champion&#146;s President:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any suspected violation of this Code by any person that has
not been waived, including suspected conflicts of interest by any
employee, officer or director of Champion;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any suspected violation of the law by Champion or its
employees, officers or directors in the course of their employment
or Champion&#146;s business;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any suspected fraud, theft or other similar misconduct
involving Champion or its employees, officers or directors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any suspected Disclosure Deficiency (as defined in Section
8(b)); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any suspected violation of any other Champion policy or
procedure.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Failure to immediately report any such conduct will itself be deemed a
violation of this Code. Individuals reporting suspected violations
involving themselves must follow the procedure for waivers set forth in
Section&nbsp;6 of this Code. Suspected violations by others must be reported
as follows:</B></TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A phone call to Champion&#146;s toll free 24/7 &#147;ethics hotline&#148;
(1-800-326-0560) or to Champion&#146;s Director of Internal Audit
(248-340-7758) or Champion&#146;s General Counsel (249-340-7717);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Via e-mail or letter addressed to Champion&#146;s Director of
Internal Audit (sjmichalak@championhomes.net) or Champion&#146;s General
Counsel (jcollins@championhomes.net); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a disclosure on Champion&#146;s Ethics Certification or Champion&#146;s
quarterly certifications.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Page 2 of 17
</DIV>

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

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion shall investigate all such suspected violations. Champion shall
maintain, to the extent reasonably possible and if the complainant so
desires, the anonymity of the complainant and the confidentiality of the
information that is reported.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DUTY TO ASSIST WITH INVESTIGATIONS.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Champion employees, officers and directors have a duty to fully
assist and cooperate with Champion&#146;s President, General Counsel, and/or
Director of Internal Audit when they are:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investigating any suspected violation of this Code; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conducting surveys or audits to ensure that Champion&#146;s
compliance program and internal controls are functioning properly.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any such investigation should not in any way suggest that the employee,
officer or director has been accused or is suspected of having engaged in
any wrongdoing.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROHIBITION AGAINST RETALIATION.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion encourages its employees, officers and directors to report
improper activities. This Code strictly forbids any retaliation or
adverse personnel action against any employee, officer or director who in
good faith provides information or otherwise assists in an investigation
regarding any conduct that the employee, officer or director reasonably
believes constitutes a violation of the law, this Code or any published
Champion policy.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PENALTIES FOR ANY VIOLATION OF THIS CODE.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion will take strict disciplinary action for any violation of this
Code or any violation of Champion&#146;s other policies and procedures.
Disciplinary action will be determined by Champion in its sole
discretion, and shall include any action Champion deems appropriate up to
and including termination of employment. Violations of this Code and
violations of any of Champion&#146;s other policies or procedures cannot be
cured by any subsequent action by the violating party, but Champion may
consider such action when determining the appropriate disciplinary
action.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>WAIVERS MUST BE OBTAINED IN ADVANCE.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees, officers and directors of Champion must obtain a waiver (a
&#147;Waiver&#148;) before undertaking any activity otherwise prohibited by this
Code. <B>All Waivers must be obtained in advance and in writing. All
Waivers requested by Champion&#146;s executive officers or directors must be
signed by Champion&#146;s Board of Directors or a Committee of the Board of
Directors. All Waivers requested by Champion&#146;s other officers or
employees must be signed by Champion&#146;s President or Champion&#146;s General
Counsel. </B>No other person is authorized to waive, approve or otherwise
allow the continued existence of any conflict of interest or other
violation of this Code. To obtain a Waiver, the requesting employee,
officer or director seeking the Waiver must:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submit to Champion&#146;s President or Champion&#146;s General Counsel
a written description of the requested Waiver, including the names
of all the parties involved and a brief summary of the facts. This
request must be made prior to the occurrence of any violation of
this Code.
</TD>
</TR>
</TABLE>
<P align="center" style="font-size: 10pt">Page 3 of 17
</DIV>

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<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">

</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion&#146;s President or Champion&#146;s General Counsel will then
review the written description and determine, in their sole
discretion, whether or not a written Waiver will be issued.
Waivers requested by executive officers or members of Champion&#146;s
Board of Directors may only be made by Champion&#146;s Board of
Directors or a committee of the Board of Directors. Any such
Waivers relating to an executive officer or member of Champion&#146;s
Board of Directors must be promptly disclosed to the shareholders
of Champion.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Waiver of any conflict of interest or other violation of this Code
shall only be effective when the person seeking the waiver receives a
written Waiver back from Champion&#146;s General Counsel or Champion&#146;s
President. If a request for a Waiver is denied, the employee, officer,
or director that requested the Waiver shall be responsible for
preventing the matter described in the waiver request.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any employee, officer or director undertakes any activity prohibited
by this Code before receiving a Waiver, that shall be a violation of
this Code. The employee, officer, or director involved must immediately
submit a request for a Waiver pursuant to this Section, including a
statement that the prohibited activity has already occurred. The
penalty for the violation shall be determined by the Company in its sole
discretion pursuant to Section&nbsp;5 of the Code.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HONEST, FAIR AND ETHICAL CONDUCT IS REQUIRED.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion requires that all of its employees, officers and directors
engage in and promote honest and ethical conduct. This includes the
ethical handling of any actual or apparent conflicts of interest between
personal or professional relationships or when handling any other issues
involving this Code. Each employee, officer and director of Champion
should endeavor to deal fairly with Champion&#146;s customers, suppliers,
competitors and employees.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURES.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General Rule. Champion&#146;s policy is that each of the reports
it files with the SEC and the stock exchanges, and each of the
other public communications made by Champion must contain full,
fair, accurate, timely and understandable disclosure. Champion&#146;s
employees, officers and directors are all responsible for
implementing this policy. This can be done by maintaining accurate
records and reporting any deficiencies in Champion&#146;s reporting
process to Champion&#146;s General Counsel or Champion&#146;s Corporate
Controller. No false, misleading or artificial entries may be made
on or provided for entry on Champion&#146;s books and records. No funds
or assets may be maintained by Champion for any illegal or improper
purposes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definition of Disclosure Deficiencies. For purposes hereof,
the following shall be deemed a deficiency in Champion&#146;s disclosure
procedures (a &#147;Disclosure Deficiency&#148;):</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submitting financial statements from a division
to Champion&#146;s corporate office or from Champion to the SEC
that:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are not prepared in accordance with
GAAP;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Are not prepared in accordance with
Champion&#146;s current accounting policies and procedures;
or
</TD>
</TR>
</TABLE>
<P align="center" style="font-size: 10pt">Page 4 of 17
</DIV>

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

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

</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Do not fairly or accurately present
the financial condition or results of operations of the
applicable division or of Champion as a whole.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure to fully disclose any lawsuits,
governmental investigations, material demand letters, claims,
complaints, investigations or other potential material legal,
regulatory or loss contingencies to Champion&#146;s corporate
Legal Department and/or Champion&#146;s Controller&#146;s Department.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure to disclose any event of fraud, theft or
material misrepresentation to Champion&#146;s Legal Department
and/or Champion&#146;s Controller&#146;s Department.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any material inadequacies that exist in
Champion&#146;s internal accounting or disclosure controls or
adverse changes in any internal accounting or disclosure
controls at any Champion division or at Champion&#146;s corporate
office.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Duty to Report Disclosure Deficiencies. Any Champion
employee, officer, or director that in any way causes or fails to
report a Disclosure Deficiency shall be in violation of this Code.
All Champion employees, officers and directors must immediately
report to Champion&#146;s General Counsel, Champion&#146;s Director of
Internal Audit, or Champion&#146;s Corporate Controller any suspected
Disclosure Deficiency. Failure to report any suspected Disclosure
Deficiency shall itself be deemed a violation of the Code. For
more information on reporting suspected violations, see Sections&nbsp;2
and 6 above.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROHIBITION AGAINST CONFLICTS OF INTEREST.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General Rule. <B>All conflicts of interest must be waived in
advance and in writing as set forth in Section&nbsp;6 above. </B>It shall
be a violation of this Code for any Champion employee, officer or
director to have an unwaived conflict of interest. It shall be a
&#147;conflict of interest&#148; for any Champion employee, officer or
director to enter into any transaction which might:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Be adverse to the interests of Champion;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Produce conflicting loyalties or interests;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interfere with effective competition and job performance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Usurp a business opportunity of Champion;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Involve the acquisition of property or other
interests that may be affected by an action of Champion; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Present the appearance of any conflict of
interest, or cast doubt on one&#146;s ability to act objectively
and in Champion&#146;s interest.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It shall also be a violation of this Code for any Champion
employee, officer or director to take or use any Champion
property, cash or other assets for his or her own use or otherwise
commit an act of theft, fraud or deception against Champion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Some Specific Examples. Some examples of conflict of
interest situations include the following (these examples are
illustrative, not exhaustive):</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">Page 5 of 17
</DIV>

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

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Involvement with Suppliers, Contractors,
Customers or Dealers. It is a conflict of interest if an
employee, officer, or director of Champion (or one of their
immediate family members) is employed by or has a financial
interest in a supplier, contractor, customer, or dealer of
Champion. It is a conflict of interest if an employee,
officer, or director of Champion (or one of their immediate
family members) is employed by or has a financial interest in
any other entity that could be affected by or profit from the
business of Champion. It also is a conflict of interest for
any employee, officer or director of Champion (or one of
their immediate family members) to buy, sell or lease any
goods, property or services to or from Champion or any of its
affiliates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Outside Interests or Businesses. It is a
conflict of interest if an employee, officer or director of
Champion has any outside interest or business that, when
combining one&#146;s job responsibilities at Champion, is likely
to be perceived by other people (rightly or wrongly) as
influencing one&#146;s actions as an employee, officer or director
of Champion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Involvement with Competitors. Employees,
officers and directors of Champion shall not be employed by,
affiliated with, or have any ownership or investment interest
in any company or entity that competes with Champion (except
for shares of publicly-traded companies).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gifts and Entertainment. It is a conflict of
interest for any Champion employee, officer or director to
receive gifts, payments, services, loans, trips,
entertainment or other favors from Champion suppliers,
contractors, customers or dealers, other than the following:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reasonable business entertainment in
the course of Champion&#146;s business;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Business gifts of an advertising
nature that do not exceed $100 in value; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incentive trips provided by
suppliers, provided that any such trip has been approve
in advance by Champion&#146;s CEO, CFO, or President of
Retail Operations.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion employees, officers and directors may not accept
money, non-customary gifts, or services of value from any
supplier as a result of that supplier&#146;s business interests
with Champion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Taking Champion&#146;s Business Opportunity. It is a
conflict of interest to conduct an employee&#146;s own private
business during Champion time or at Champion&#146;s expense.
Employees, officers and directors of Champion shall not use
Champion&#146;s information, business opportunities, documents or
facilities for their own benefit or for the benefit of any
third party. For example, it is a conflict of interest to
use information or business opportunities developed through
Champion business activities for one&#146;s personal benefit.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquiring or Owning Property Affected by
Champion Action. Employees, officers and directors of
Champion and their immediate family members shall not acquire
property or interests whose value is likely to be affected by
any action of Champion. This is especially true if the value
is affected by a decision or recommendation by that employee,
officer or director. It is a conflict of interest to</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">Page 6 of 17
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<DIV style="font-family: 'Times New Roman',Times,serif">


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


</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire property or assets being recommended for acquisition
by Champion, to acquire property to be sold in conjunction
with Champion&#146;s business, or to sell any property to
Champion or any Champion customer.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Waiver Required Before a Conflict of Interest Arises.
Champion&#146;s employees, officers and directors must avoid conflicts
of interest if at all possible. Before any potential conflict
situation arises, employees, officers and directors of Champion
must obtain a Waiver pursuant to the procedure set forth in Section
6 above. It shall be a violation of this Code for any employee,
officer or director of Champion to allow a conflict of interest to
arise before receiving a Waiver.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FULL COMPLIANCE WITH ALL APPLICABLE LAWS, RULES AND REGULATIONS.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Violations of the Law Prohibited. It is a violation of this
Code for any Champion employee, officer or director to violate any
law, rule, regulation or other government requirement. No Champion
employee, officer or director has the authority to take any such
action. Although the federal, state and local laws, rules and
regulations that apply to Champion&#146;s businesses are numerous and
often complex, each Champion employee, officer and director is
responsible for complying with the laws, rules and regulations that
affect their portion of Champion&#146;s business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain Laws and Regulations that Affect Champion&#146;s
Business. Below is a brief description of some laws and
regulations that affect Champion&#146;s business. This list is not
intended to include all the laws and regulations that affect
Champion&#146;s business. Each Champion employee, officer and director
is responsible for compliance with all the laws that affect their
business regardless of whether they are listed below. If you need
additional information about any of the laws, rules or regulations
that affect your business, please refer to Section&nbsp;14 below.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Law Requirements.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sarbanes-Oxley Act of 2002. The
Sarbanes-Oxley Act of 2002 included some of the most
dramatic change to federal securities laws since the
1930&#146;s. The Sarbanes-Oxley Act radically redesigned
the regulation of public company corporate governance
and reporting obligations. It also significantly
tightened accountability standards for directors and
officers, auditors, securities analysts and legal
counsel. Many Champion employees, officers and
directors of Champion have been affected by this new
legislation. If you are uncertain whether this new
legislation affects your position, please contact
Champion&#146;s General Counsel.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inside Information. Some Champion
employees, officers and directors may have access to
&#147;material information&#148;. &#147;Material information&#148; is
information that could affect the value of Champion
stock or influence a reasonable person&#146;s decision to
buy or sell that stock. Since Champion is a publicly
held company, the New York Stock Exchange and the
Securities and Exchange Commission regulate when
material information must be disclosed to the investing
public. Until that material information is publicly
disclosed, it is considered &#147;inside&#148; information and
must be kept confidential.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prohibitions on Insider Trading.
Champion&#146;s employees, officers and directors must not
buy or sell Champion securities if they are aware of
</TD>
</TR>
</TABLE>
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</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material inside information. In addition,
Champion&#146;s employees, officers and directors must not
disclose any material inside information to any third
party, including relatives, friends, co-workers, or
stockbrokers, until the information has been released
to the public. Federal securities laws are designed
to protect the investing public by prohibiting anyone
with access to material inside information from
exploiting this advantage. Penalties for people who
violate these laws are severe. These penalties
include criminal fines, imprisonment, and the payment
of civil damages and penalties of up to three times
the amount of profits made or losses avoided. In
addition, Champion may be penalized for violations by
its employees, officers and directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Applies to All Employees, Officers
and Directors. These rules apply to anyone who has
direct or indirect access to material inside
information. Such people include Champion&#146;s officers,
directors, managers, employees, and even secretaries
who may type confidential memoranda or technical
personnel who work on new projects.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guidelines for Handling Inside
Information. Inside information may be shared only
with those people inside Champion whose jobs require
them to have that information. Do not disclose
sensitive or non-public information to anyone outside
Champion. Champion has standard procedures for
releasing material information, and no disclosure shall
be made without following those procedures. You may
not buy or sell Champion stock or other Champion
securities (or direct someone else to buy or sell those
securities) when you have knowledge of material inside
information that is not public. You may not trade in
another company&#146;s stock or other securities if you
believe their value will be affected by Champion&#146;s
plans or activities. Any unauthorized disclosure of
&#147;inside&#148; information is a violation of this Code. Any
trading in Champion stock while you are in possession
of any material inside information is a violation of
this Code.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Antitrust and Trade Regulation. Our federal
government and many states have enacted antitrust and trade
regulation laws. These laws are designed to preserve free
and open competition in the market place. Champion strongly
endorses this goal. All Champion employees, officers and
directors must at all times conduct their operations in
strict compliance with all applicable antitrust and
competition laws.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Severe Penalties. The penalties and
sanctions for antitrust violations are extremely severe,
including lengthy prison terms, huge multi-million
dollar fines, and treble damages.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Areas of Concern. Keep a close watch for these situations:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relations with
Competitors. Our greatest danger for violations
of the antitrust laws rest in our contacts with
competitors. The laws make illegal any agreement
or understanding, expressed or implied, written or
oral, which unreasonably restricts competition or
interferes with the ability of the free market
system to function properly. In the eyes of the
law, good intentions do not justify or excuse
violations. A formal agreement with a competitor
need not exist to prove a conspiracy; a general
discussion followed by
</TD>
</TR>
</TABLE>
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<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>common action often is enough to show an implied
agreement. In an investigation, every
communication, written or oral, telephone or
e-mail, is subject to extreme scrutiny.
Communications with competitors must be avoided
unless they concern a true customer-supplier
relationship, other legitimate business ventures,
or permitted trade association activities. You
must not engage in any communications with
competitors that could result, or even appear to
result in, any of the following: price-fixing,
bid rigging, allocation or division of customers
or markets, boycotts, or limitations on
production.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relations with Customers
such as Dealers. Another significant danger area
for our business arises out of our relationships
with customers and dealers. Generally speaking,
we have an unrestricted right to choose our
customers and dealers, but there are antitrust
limitations. The biggest danger is an allegation
that we have improperly restricted a dealer&#146;s
freedom to establish its own prices or terms of
sale. Under the antitrust laws, a manufactured
housing dealer or other independent Champion
customer must be free to set its own prices and
terms. Further, we must avoid discussions with
dealers who complain to us about the prices
charged by other Champion dealers, or about
whether Champion should deal with another dealer.
In addition, antitrust laws prohibit selling the
same product to different reseller customers at
different prices, terms or conditions of sale if
the result would be harmful to one of the
customers and to competition (while there are some
exceptions to these laws, such as charging
differing prices to meet a competitor&#146;s lower
price, these exceptions are technical and you
should consult with Champion&#146;s General Counsel).
From time-to-time, Champion makes available to our
dealers certain types of discount and promotional
programs applicable to the purchase of our
products, and these must be carefully structured
and administered to comply with the antitrust
laws. Champion employees, officers and directors
are advised to seek legal review and approval of
new or different discount arrangements by
Champion&#146;s General Counsel.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For More Information. This portion
of the Code is by no means a complete description of the
application of the antitrust laws to Champion&#146;s
activities. For further more detailed written
information, please refer to the Champion Antitrust
Compliance Manual (Tab 3), which is available from
Champion&#146;s General Counsel.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HUD, Warranty, Invoicing Regulations. One of
Champion&#146;s primary business segments is the manufacture and
wholesale of various types of manufactured housing. This
business is a highly regulated industry. There are special
manufactured housing laws and regulations that all of our
employees, officers and directors should be aware of,
including:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HUD Regulation of Manufactured
Housing. The design and construction of most
manufactured housing is subject to direct, detailed
regulation by the U.S. Department of Housing and Urban
Development (HUD)&nbsp;and certain entities working under
HUD. These HUD guidelines include: (i)
</TD>
</TR>
</TABLE>
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<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>detailed provisions governing the components, assembly
and performance of manufactured homes; and (ii)
procedural requirements addressing what must be done if
a manufactured home, or groups of homes, may be found
not to comply with the HUD code. If you ever have any
question about the HUD requirements, please inform your
supervisor promptly or contact Champion&#146;s General
Counsel.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warranty Law. It is Champion&#146;s
policy to protect our retail customers by providing
written warranties covering Champion&#146;s manufactured
housing products. There are special federal and state
laws and regulations that regulate in detail the
contents of Champion&#146;s warranties. The written
warranties prepared and distributed by the corporate
office comply with these laws. It is essential that:
(i)&nbsp;the provisions of our printed warranties are not to
be modified or supplemented in the field, and (ii)
Champion employees and officers are not authorized to
give warranties other than our printed consumer
warranties.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invoicing Requirements. There are a
number of mandatory and voluntary requirements for
completing the invoices for our homes, including (i)
required certifications for US government guaranteed
loans under certain Federal Housing Administration
(&#147;FHA&#148;) or the Veterans Administration (&#147;VA&#148;) programs,
and (ii)&nbsp;the certification requirements that Champion
has voluntarily adopted under the Truth in Invoicing
Practices Statement (&#147;TIPS&#148;). The penalties for
violating these standards can include fines and/or
criminal sanctions. Champion has created a detailed
Invoicing Compliance Manual covering these requirements,
and questions should be brought to Champion&#146;s General
Counsel.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Laws and Regulations Affecting Dealer
Relationships. As a general business and legal premise,
Champion&#146;s selection of our dealers, as well as the
discontinuance of dealer relationships, is determined by
our best business and competitive judgment. Of course,
Champion management is expected to comply with the terms
and conditions of any relevant written dealer
agreements. In addition, there are laws and regulations
in some states that can also affect dealer selection,
location of dealerships, dealer terminations, and other
dealer related matters, and these laws vary widely from
state-to-state. It is the specific obligation of the
management at each Champion plant, working closely with
Champion&#146;s General Counsel, to thoroughly and carefully
identify and comply with the specific state
requirements, if any, which apply to the dealer
relationships.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employment/Labor Law (EEOC, Sexual Harassment,
Unions). Champion has created the Employment and Labor Law
Compliance Manual, which details some of the labor and
employment law issues that may arise during our business.
These issues include the following:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Equal Employment. It is Champion&#146;s
policy to provide equal employment opportunities to and
prohibit discrimination against all employees and job
applicants without regard to race, color, age, religion,
sex, national origin, marital status, height, weight, or
handicaps unrelated to the individual&#146;s ability to
perform essential job functions. Equal employment
opportunities include hiring, promotion, compensation,
terms, conditions and privileges of employment.
</TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sexual Harassment. The law and
Champion&#146;s company policy strictly forbid sexual
harassment of any Champion employee, officer or director
in any form. Prohibited actions include unwelcome
sexual advances, requests for sexual favors, or
unwelcome and/or offensive verbal or physical conduct of
a sexual nature that creates an intimidating, hostile or
offensive work environment or that unreasonably
interferes with an employee&#146;s, officer&#146;s or director&#146;s
work performance. Champion has a Sexual Harassment
Policy (a copy of which is included in Champion&#146;s
Employee Handbook and is available upon request) which
must be strictly followed by all Champion employees,
officers and directors and which will be strictly
enforced by Champion. All employees, officers and
directors shall immediately report any suspected sexual
harassment to either their direct supervisor, Champion&#146;s
General Counsel or Champion&#146;s VP of Human Resources.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Employment Laws. It is
imperative that all Champion employees, officers and
directors comply with the Federal Civil Rights laws, The
Americans With Disabilities Act, The Age Discrimination
in Employment Act, The Family and Medical Leave Act, the
Immigration Reform and Control Act, the wage and hour
laws, and all other federal and state statutes which
govern Champion facilities.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unions and Union Organizing Efforts.
Champion does not feel that unions are necessary in any
of its plants or facilities. Outside representation or
union membership is not needed so long as we as a
company address the needs of our employees through the
recognition of the importance of the individual. Please
note, however, that the federal law that governs union
activities, The Labor Management Relations Act of 1947,
and the other important and pertinent labor statutes are
quite intricate and involved with regard to what is or
is not permissible.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retail Sales and Finance Laws and Regulations.
There are legal and regulatory requirements that relate to
manufactured housing retailers and lenders that vary from
state to state, but generally include the following:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consumer Protection Laws. The
Federal Trade Commission (FTC)&nbsp;vigorously enforces the
federal FTC Act, which generally prohibits &#147;unfair and
deceptive&#148; practices that are harmful to a consumer. In
addition, most of the states have enacted their own
consumer protection laws broadly prohibiting acts or
practices likely to be adverse to retail consumers.
While these state laws vary widely, they prohibit such
things as: (i)&nbsp;false or deceptive advertising; (ii)
fictitious or misleading pricing practices; (iii)&nbsp;bait
and switch techniques; (iv)&nbsp;deceptive promotional
practices; (v)&nbsp;false or deceptive product comparisons;
and (vi)&nbsp;other consumer protection subjects. Penalties
for violating these laws can include class action
lawsuits, criminal proceedings, and in some situations
punitive or exemplary damages. Champion&#146;s employees and
officers are required to be knowledgeable about the
consumer protection laws applicable to their operations,
and to comply fully with the provisions of those laws.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consumer Finance Laws. There are a
number of special federal and state laws that regulate
consumer financing, including transactions involving the
retail finance of manufactured homes. The primary
federal
</TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>laws include the Truth-in-Lending Act, the Fair Credit
Reporting Act, and the Fair Credit Billing Act. While
the state laws vary widely, in most states they cover:
(i)&nbsp;the details of installment sales transactions; (ii)
the form and contents of retail finance and sales
contracts; (iii)&nbsp;interest rates and usury; (iv)
creation and perfection of lender security interests;
and (v)&nbsp;the disclosure of important terms and
conditions to consumers. Employees and officers
involved in retail consumer finance transactions must
make certain that all their actions, practices,
financing arrangements, and business documents comply
fully with all applicable federal and state laws and
regulations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accuracy In Consumer Lending and
Insurance Activities. Champion&#146;s retailers and lenders
do business with a number of third-party sources that
provide financing and insurance to manufactured housing
consumers. These lenders and insurers have detailed
forms, procedures, and requirements relating to credit
applications, consumer disclosures, and the granting of
consumer credit. All lender procedures and requirements
must be carefully followed, and all consumer credit
related forms, contracts, and disclosure documents must
be thoroughly and accurately completed. Any violation
of the lender or insurer procedures and requirements, or
any false, misleading, inaccurate, or incomplete
information which becomes a part of a retail home
financing or insurance transaction directly violates
this Code and is strictly prohibited. Any such
violations are serious infractions and can lead to
dismissal or other appropriate disciplinary action.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compliance With RESPA. In addition,
all retailers and lenders involved in land-home sales
must be aware of and comply with the Real Estate
Settlement Procedures Act (&#147;RESPA&#148;). RESPA regulates
residential real estate purchases (&#147;land/home&#148; deals),
and includes requirements that (i)&nbsp;the customer receive
certain specified information relating to settlement
costs, and (ii)&nbsp;no referral fees or &#147;kickbacks&#148; of any
kind are allowed. In addition, some federal courts have
held that yield spread premiums or &#147;overages&#148; may not be
paid for RESPA loans. It is a federal felony to pay or
receive an impermissible referral fee or &#147;kickback&#148; in a
RESPA transaction.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State Regulation of Retail Sales of
Manufactured Homes. There are also state laws and
regulations in some states regulating the retail sale
and financing of manufactured housing products. These
laws and regulations govern: (i)&nbsp;the licensing and
bonding of retail sales locations and salespeople; (ii)
written warranties and warranty service; and (iii)&nbsp;the
installation and set-up of manufactured homes.
Champion&#146;s employees and officers are expected to know
and follow the legal requirements applicable to their
operations.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental Protection, Health and Safety.
State and Federal laws that regulate public health, safety and
the environment are complex and numerous. They impact many
aspects of Champion&#146;s manufacturing, retailing, development
and related operations. The courts have uniformly held that
any company, as well as its employees and officers, operating
in an area affected by environmental laws is presumed to be
aware of the requirements of those laws.</TD>
</TR>

</TABLE>

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




<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion&#146;s Policy: Full Compliance
with All Laws. Champion is committed to the protection
of public health, safety, natural resources, and the
environment in all aspects of its operations. It is
Champion&#146;s policy to (i)&nbsp;comply fully and faithfully
with all environmental laws in the conduct of its
business operations, and (ii)&nbsp;incorporate sound health
and environmental practices into all of our business
decisions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Severe Penalties for Violations.
Most state and federal environmental laws provide for
severe civil and even criminal penalties on companies
and their officers and employees for failure to comply
with those laws. To assure that all employees and
officers whose responsibilities are affected by
environmental laws are knowledgeable of the requirements
of those laws, Champion provides compliance materials
for its affected employees and officers.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Some Significant Environmental
Programs. Champion has created an Environmental
Protection, Health and Safety Compliance Manual that
discusses in greater detail some of the environmental
programs and regulations that affect Champion&#146;s
business. Those programs and regulations require extreme
care and careful legal consultation by any Champion
employees or officers involved in the acquisition,
disposition or management of property on Champion&#146;s
behalf. Any questions or concerns regarding Champion&#146;s
environmental policies and the related laws and
regulations should be directed to Champion&#146;s General
Counsel.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Duty to Report Violations of the Law. Each Champion employee,
officer and director must report to Champion&#146;s Director of Internal
Audit, Champion&#146;s General Counsel, or Champion&#146;s President any
suspected violation of the law by Champion or its employees,
officers or directors in the course of their employment or
Champion&#146;s business. Failure to report any such conduct will itself
be deemed a violation of this Code. For more information on
reporting suspected violations, see Section&nbsp;2.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROHIBITION AGAINST EXCEEDING YOUR AUTHORITY.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a violation of this Code for any Champion employee, officer or
director to exceed their authority for any transaction. All Champion
employees, officers and directors have limits on the size of
transactions they can authorize. Before any Champion employee, officer
or director enters into any transaction that is out of the ordinary
scope of that person&#146;s business, the employee, officer or director must
consult with their supervisor or Champion&#146;s General Counsel to determine
whether they have the authority to conduct the transaction.
Transactions out of the ordinary course include asset sales, capital
purchases, guarantees, and other large monetary obligations. Champion&#146;s
Delegation of Authority Schedule lists the authority of certain officers
and employees to engage in non-ordinary transactions. It is a violation
of this Code for any employee, officer or director of Champion to enter
into any transaction beyond their authority without proper approval from
a person authorized to enter into such a transaction.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FULL COMPLIANCE WITH SPECIFIC CHAMPION POLICIES.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounting Policies. Champion&#146;s CFO and/or Controller may
from time to time establish formal or informal accounting policies
and procedures. These policies and procedures are designed and
implemented to ensure Champion&#146;s compliance with generally accepted
accounting principals (&#147;GAAP&#148;) or to establish Champion policy for
internal
</TD>
</TR>
</TABLE>
<P align="center" style="font-size: 10pt">Page 13 of 17
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<DIV style="font-family: 'Times New Roman',Times,serif">

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

</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purposes. All Champion manufacturing general managers,
manufacturing controllers, transportation presidents,
transportation controllers, retail regional presidents, and retail
controllers are required to know each of the Champion accounting
policies and procedures that apply to their business unit. All
other Champion employees, officers and directors are required to
know each of the Champion accounting policies and procedures that
apply to their employment responsibilities. It shall be a
violation of this Code for any Champion employee, officer or
director to:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Knowingly or unknowingly violate any Champion
accounting policy or procedure;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certify any financial statement prepared in
violation of any Champion accounting policy or procedure;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attempt to evade or sidestep a Champion
accounting policy or procedure in such a manner that the
purpose or spirit of the accounting policy or procedure is
defeated; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fail to report any suspected violation of any
Champion accounting policy or procedure by any person.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Substance Abuse Policy. Drug and alcohol abuse may result
in injury to the user, and may also result in higher costs to
Champion in terms of absenteeism, theft, loss of productivity,
health care, workers compensation costs and accidents. The use,
sale, possession, or being under the influence of illegal drugs or
alcohol on the job or on Champion property is strictly prohibited.
The abuse or improper use of prescription or over-the-counter drugs
is also prohibited. In addition, the use of drugs or alcohol in a
manner that adversely affects a person&#146;s job performance is also
prohibited. Champion may require pre-employment drug tests prior
to hiring any individual. Champion may also require drug tests
during employment at Champion&#146;s sole discretion in response to work
related incidents. Employees, officers or directors who violate
these prohibitions or refuse a requested drug test shall be in
violation of this Code and subject to disciplinary action up to and
including termination of employment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Software Piracy and Illegal Duplication Policy. The
unauthorized duplication of copyrighted software violates the law
and is also a violation of this Code. Champion disapproves of such
copying and recognizes the following principals:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion will provide legally acquired software
to meet the legitimate software needs of our businesses, as
determined by Champion in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion and its employees, officers and
directors will comply with all license and purchase terms
regulating the use of any software.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion and its employees, officers and
directors will enforce strong internal controls to prevent
the making or using of unauthorized software copies. Those
controls include effective measures to verify compliance with
these standards and appropriate disciplinary measures for
violation of these standards.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion and its employees, officers and
directors will neither engage in nor tolerate the making or
using of unlicensed or unauthorized copies of software under
any circumstances.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion&#146;s employees, officers and directors are required to
report any suspected violations of these principals to Champion&#146;s
General Counsel or Champion&#146;s President.
</TD>
</TR>
</TABLE>
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</TABLE>
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<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Document Retention Program. All employees, officers and
directors of Champion must be aware of and comply with our Document
Retention Program governing documents and records generated and used
in our business.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Champion&#146;s Policy. It is Champion&#146;s policy that
documents and records be retained only during the period of
their immediate use, unless longer retention is required by
law or for internal or historical reference reasons that are
important to our company. Champion has created a Records
Retention Schedule that details how long certain documents and
records must be retained. The Records Retention Program is
managed by Champion&#146;s General Counsel, who may direct the
disposal of unneeded documents.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exception: Legal Proceeding Documents. Any and
all documents or records relating to any lawsuit involving our
company, any governmental investigation or action, or any
other legal proceeding involving Champion shall not be
destroyed without the specific prior approval of Champion&#146;s
General Counsel. Violation of this policy would be a serious
corporate infraction and could lead to serious civil and
criminal sanctions and/or penalties against Champion and the
person destroying documents.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Public Affairs and Governmental Regulations.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Political Participation and Contributions.
Political contributions must not be made with company funds
and cannot be reimbursed by Champion. Political contributions
in federal elections by corporations are unlawful, and in
state and local elections they are carefully regulated by law.
No political contributions shall be made unless you have
consulted with Champion&#146;s General Counsel.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Relations with Governmental Officials.
Champion&#146;s relationships with governmental officials at all
levels shall be conducted in strict conformity with all
applicable laws and regulations and in a manner which could
not subject Champion and/or the officials to criticism or
embarrassment. No gifts of substantial value or lavish
entertainment shall be offered or furnished to any
governmental official or employee. Champion management must
approve reasonable entertainment and courtesies in advance.
If any Champion employee, officer or director becomes aware of
any proposed laws or regulations that may be important to
Champion, they must immediately advise Champion&#146;s management
team.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Government Procurement. Employees, officers and
directors involved in government procurement activity, whether
involving manufactured housing or any other product or
component, are expected to be familiar with and comply with
the laws and regulations covering those activities. Any
questions about those laws and regulations should directed to
Champion&#146;s General Counsel.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Responding to Government Inquiries or Investigations. If you
receive a written or oral inquiry or investigative request from a
federal or state agency, Champion&#146;s policy is as follows:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any written request of any kind must be
immediately directed to Champion&#146;s General Counsel for
determination of the appropriate response;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a telephone request for
information, Champion employees, officers and directors must
explain that it is our policy to request a written
confirmation of</TD>
</TR>

</TABLE>
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</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any oral request, and that the written confirmation will
receive a prompt response. Immediately inform Champion&#146;s
General Counsel of any such conversation); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a personal visit by a
governmental representative, Champion&#146;s employees, officers
and directors are to explain that it is our policy to ask for
a letter requesting an interview and explaining its purpose
and to have counsel present at any interview.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any difficulty with this procedure is encountered, the employee,
officer or director must immediately seek guidance from Champion&#146;s
General Counsel. Notwithstanding the foregoing, employees and
officers in Champion&#146;s corporate tax department may respond
directly to requests from the IRS or other taxing authorities.
Champion and its employees, officers and directors have the right
to the advice of counsel before responding to any governmental
inquiry or investigation. Each of Champion&#146;s employees, officers
and directors must consult with Champion&#146;s General Counsel before
taking any action in response to any governmental investigation of
any kind.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Human Resources Administrative Guidelines. Champion&#146;s
Human Resources Administrative Guidelines summarize Champion&#146;s
policies concerning various human resources matters, including
employee hiring and termination, records retention, employee
benefits, vendor discount programs, and computer/internet policies.
Each of the policies contained in the Human Resources
Administration Guidelines, as amended from time to time, shall be
adhered to as if the policy was contained in this Code. Any
violation of any policy contained in the Human Resources
Administration Guidelines shall be deemed a violation of this Code.
If you have any questions about the Human Resources Administration
Guidelines, please contact Champion&#146;s VP of Human Resources
(248-340-7705).
</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Company Policies. In addition, Champion may from time
to time adopt and distribute new or updated company policies
concerning a wide variety of topics, including those listed above.
Any such policies shall be adhered to as if the policy was
contained in this Code. Any violation of those policies shall be
deemed a violation of this Code.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DUTY TO PROTECT CHAMPION&#146;S PROPERTY RIGHTS.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property Rights. Champion has developed or
acquired certain intellectual property rights including patents,
trademarks, trade names, copyrighted written materials, plans,
drawings, and other confidential business materials. These are the
exclusive property of Champion and no Champion employee, officer or
director is authorized to use these intellectual property rights for
his or her own personal use, nor grant, license, or otherwise make
available any of these rights to anyone outside of Champion without
prior written approval of Champion&#146;s General Counsel. Champion
employees, officers and directors are expected to promptly report to
management any possible infringement or unauthorized use by anyone
of Champion&#146;s trademarks, trade names or other intellectual property
rights. Before any trade names, trademarks, or logos are used in
connection with Champion&#146;s products, you must consult with
Champion&#146;s General Counsel so that the appropriate searches, filings
and other legal procedures can be completed.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential Business Information. Company records and
documents must always be treated as confidential. Items such as
computer programs, software, codes, financial information, pricing
information, marketing data and plans, acquisition plans, other
business plans, and design and engineering information, are
proprietary and strictly
</TD>
</TR>
</TABLE>
<P align="center" style="font-size: 10pt">Page 16 of 17
</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">

</TABLE>

<P align="center" style="font-size: 10pt"><IMG src="k86253k862531eo1.gif" alt="(CHAMPION LOGO)"> CHAMPION CODE OF BUSINESS CONDUCT AND ETHICS



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>internal to Champion. Such proprietary information must not be
disclosed outside the company or used for any purpose other than
for Champion&#146;s business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Safeguarding Company Assets. Supplies, equipment, computers,
software, tools, materials and inventory purchased with company
funds belong to Champion and are to be used solely for company
purposes. Employees, officers and directors must never take
Champion property for personal use or gain, nor shall company
property be given away, sold or traded without proper authorization.
Champion&#146;s policy is to minimize losses from theft and to encourage
proper authorities to prosecute individuals involved in theft. All
thefts must immediately be reported to your supervisor and
Champion&#146;s General Counsel. Expense accounts, reimbursement
records, time cards and other such records must be accurate, timely,
and honestly reflect actual transactions.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>REQUESTS FOR ADDITIONAL INFORMATION.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please contact Champion&#146;s General Counsel (248-340-7717)
(jcollins@championhomes.net) if you have any questions about this Code,
if you question whether any particular activity violates this Code, or
if you would like any further information about the subjects covered in
this Code. Although the federal, state and local laws, rules and
regulations are numerous and often complex, Champion&#146;s employees,
officers and directors are responsible for complying with every law,
rule or regulation that affects Champion&#146;s business. In addition to
this basic Code, which all employees, officers and directors must learn
and follow, Champion also provides more detailed Legal Compliance
Manuals. Subjects covered by these manuals include: (i)&nbsp;Labor and
Employment Law; (ii)&nbsp;Antitrust and Trade Regulation; (iii)&nbsp;Invoicing;
(iv)&nbsp;Environmental Protection, Health and Safety; (v)&nbsp;Document
Retention; and (vi)&nbsp;Sentencing. If you would like a copy of any of
these materials, please ask your supervisor or Champion&#146;s General
Counsel.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Amended and Restated: June&nbsp;16, 2004







<P align="center" style="font-size: 10pt">Page 17 of 17
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