<SUBMISSION>
<ACCESSION-NUMBER>0000950129-07-005161
<TYPE>FWP
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20071030
<DATE-OF-FILING-DATE-CHANGE>20071030
<SUBJECT-COMPANY>
<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>FWP
<ACT>34
<FILE-NUMBER>333-146980
<FILM-NUMBER>071198495
</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>
</SUBJECT-COMPANY>
<FILED-BY>
<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>FWP
</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>
</FILED-BY>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>h50863f2fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS - REGISTRATION NO.333-146980
<TEXT>
<HTML>
<HEAD>
<TITLE>fwp</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">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Filed Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-146980<BR>
October&nbsp;29, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Free Writing Prospectus<BR>
(To Prospectus dated October&nbsp;29, 2007 and<BR>
Preliminary Prospectus Supplement<BR>
dated October&nbsp;29, 2007)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINAL PRICING TERMS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>The Issuer:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Champion Enterprises, Inc. (NYSE: CHB).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Securities Offered:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.75% Convertible Senior Notes due 2037.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Aggregate Principal
Amount</B>&nbsp;<B>Offered:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>$160,000,000</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Over-allotment Option:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$20,000,000</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Maturity Date:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">November&nbsp;1, 2037.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Interest:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.75% per annum, accruing from the settlement date.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Interest Rate Reduction After
November</B>&nbsp;<B>1,</B>&nbsp;<B>2012:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>Beginning on November&nbsp;1, 2012, during any six-month period
thereafter from November 1 to April&nbsp;30 and from May 1 to October&nbsp;31,
if the average trading price of a note for the five consecutive
trading days immediately preceding the first day of the applicable
six-month interest period equals or exceeds 120% of the principal
amount of the notes, we will reduce the 2.75% interest rate for the
notes to 2.25% solely for the relevant interest period.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Interest Payment Dates:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each May 1 and November&nbsp;1, beginning on May&nbsp;1, 2008.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Price to Public:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">100%</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Underwriting Discount:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.75%&nbsp;per
note</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Proceeds to the Issuer:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">97.25% per note.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>NYSE Closing Price on
October</B>&nbsp;<B>29,</B>&nbsp;<B>2007:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>$11.52&nbsp;per share.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Conversion Premium:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Approximately
82% above NYSE closing price on October&nbsp;29, 2007.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Initial Base Conversion Price:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Approximately
$20.97&nbsp;per share of common stock, subject to adjustment.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Initial Base Conversion Rate:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">47.6954&nbsp;shares of common stock per $1,000 principal amount of notes,
subject to adjustment.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Daily Share Cap:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For any day during the observation period, the daily conversion rate
fraction shall not exceed
1/20<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of
86.8056&nbsp;shares of
common stock, subject to adjustment.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Incremental Share Factor:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">39.1102, subject to adjustment.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Trade Date:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">October&nbsp;30, 2007.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Settlement Date:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="background: #cceeff"><DIV style="margin-left:0px; text-indent:-0px">November&nbsp;2, 2007.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>CUSIP/ISIN:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">158496
AC3/US 158496AC37</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Underwriter:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="background: #cceeff"><DIV style="margin-left:0px; text-indent:-0px">Credit Suisse Securities (USA)&nbsp;LLC</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Total Net Proceeds/Use of
Proceeds:</B>
</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The
proceeds from the offering will be approximately $155&nbsp;million,
after deducting the underwriter&#146;s discounts and commissions and
estimated offering expenses, assuming the underwriter does not
exercise its option to purchase additional notes to cover
over-allotments. If the underwriter exercises its option to purchase
additional notes to cover over-allotments in full, the net proceeds
from the offering will be approximately $175&nbsp;million, after
deducting the underwriter&#146;s discounts and commissions and estimated
offering expenses.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top" style="background: #cceeff"><DIV style="margin-left:0px; text-indent:-0px">The
issuer intends to use approximately $97&nbsp;million of the net
proceeds from the offering to repurchase its 7.625% Senior Notes due
2009 tendered in the tender offer together with the tender premium
and accrued interest, to repay a portion of the issuer&#146;s outstanding
principal and accrued interest under its term loan due 2012 and pay
related fees and expenses. The remaining proceeds will be used for
general corporate purposes.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><B>Adjustment to Conversion Rate
upon a Make-whole Fundamental
Change:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>The number of additional shares by which the applicable conversion
rate for the notes will be increased for conversions in connection
with a make-whole fundamental change will be determined by reference
to the table below, based on the date on which the fundamental
change occurs or becomes effective (the &#147;effective date&#148;) and the
price paid per share of the issuer&#146;s common stock in the fundamental
change in the case of a make-whole fundamental change constituting a
share exchange, exchange offer, tender offer, consolidation, merger
or similar transaction described in clause (2)&nbsp;of the definition of
fundamental change (determined without regard to the parenthetical
in such clause (2)) in which holders of the issuer&#146;s common stock
receive only cash, or in the case of all other make-whole
fundamental changes, the average of the last reported sale prices of
the issuer&#146;s common stock over the five trading-day period ending on
the trading day immediately preceding the effective date of such
other make-whole fundamental change (the &#147;stock price&#148;).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The stock prices set forth in the first row of the table below
(i.e., column headers) will be adjusted as of any date on which the
base conversion rate of the notes is otherwise adjusted. The
adjusted stock prices will equal the stock prices applicable
immediately prior to such adjustment, multiplied by a fraction, the
numerator of which is the base conversion rate in effect immediately
prior to the adjustment giving rise to the stock price adjustment
and the denominator of which is the base conversion rate as so
adjusted. The number of additional shares will be adjusted in the
same manner as the base conversion rate as set forth under
&#147;Description of Notes&#151;Conversion Rights&#151;Conversion Rate
Adjustments&#148; in the prospectus supplement for the offering.
The following table sets forth the hypothetical stock price and the
number of additional shares to be received per $1,000 principal
amount of the notes:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="36" style="border-bottom: 1px solid #000000"><B><I>Stock Price</I></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Effective
Date</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$11.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$15.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$20.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$25.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$30.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$35.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$40.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$45.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$60.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$70.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$80.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$90.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$100.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$125.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$150.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$175.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$200.00</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;2, 2007</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32.1896</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">28.8095</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">21.8398</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16.6211</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13.2635</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.9561</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9.2870</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.0296</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.2680</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.0953</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.2579</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.6290</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.1389</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.2827</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.7298</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.3447</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.0627</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;1, 2008</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">29.7671</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26.1360</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19.3338</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14.3841</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11.2965</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9.2296</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.7668</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.6839</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.1941</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.2177</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.5262</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.0087</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.6056</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.9004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.4431</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.1229</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.8876</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;1, 2009</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26.9981</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22.9177</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16.3003</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11.6978</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.9625</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.2071</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.0065</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.1411</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.9805</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.2346</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.7100</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.3177</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.0116</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.4733</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.1214</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.8736</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.6904</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;1, 2010</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23.8111</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18.8907</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12.4956</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8.3970</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.1694</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.8473</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.9969</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.4096</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.6479</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.1654</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.8245</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.5672</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.3645</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.0037</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.7653</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.5964</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.4710</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;1, 2011</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20.1151</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13.4314</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.4344</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.2753</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.9057</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.2332</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.8499</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.5984</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.2709</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.0535</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.8935</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.7697</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.6708</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.4929</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.3744</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.2900</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.2271</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="white-space: nowrap">November&nbsp;1, 2012</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39.1102</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18.9261</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.2707</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exact stock prices and effective dates may not be set forth in the table above, in which
case:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the stock price is between two stock prices in the table or the effective date is
between two effective dates in the table, the number of additional shares will be
determined by a straight-line interpolation between the number of additional shares set
forth for the higher and lower stock prices and the earlier and later effective dates,
based on a 365-day year, as applicable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the stock price is greater than $200&nbsp;per share (subject to adjustment), no
additional shares will be issued upon conversion; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the stock price is less than $11.52&nbsp;per share (subject to adjustment), no additional
shares will be issued upon conversion.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing, in no event will the total number of shares of common stock issuable
upon conversion of the notes exceed 86.8056&nbsp;per $1,000 principal amount of such notes, subject to
adjustments in the same manner as the base conversion rate as set forth under the heading
&#147;Description of Notes&#151;Conversion Rights&#151;Conversion Rate Adjustments&#148; in the prospectus supplement
for the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CHAMPION ENTERPRISES, INC. HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS AND
PROSPECTUS SUPPLEMENT) WITH THE SECURITIES AND EXCHANGE COMMISSION (THE &#147;SEC&#148;) FOR THE OFFERING TO
WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS (INCLUDING THE
PROSPECTUS SUPPLEMENT) IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS CHAMPION ENTERPRISES,
INC. HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT CHAMPION ENTERPRISES, INC. AND THIS
OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT
WWW.SEC.GOV. ALTERNATIVELY, CHAMPION ENTERPRISES, INC., THE UNDERWRITER OR ANY DEALER
PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS AND APPLICABLE PROSPECTUS
SUPPLEMENT IF YOU REQUEST THEM BY CALLING CREDIT SUISSE SECURITIES (USA)&nbsp;LLC TOLL FREE AT
1-800-221-1037.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND
SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
