Fleetwood Launches Corporate Governance Website

RIVERSIDE, Calif., May 23, 2003 -- Fleetwood Enterprises, Inc. , the nation's leader in recreational vehicle sales and a leading producer and retailer of manufactured housing, announced today the launch of its comprehensive Corporate Governance Website, which documents the measures Fleetwood has taken in its continuing commitment to maintaining a high standard for corporate responsibility. The new Website can be accessed under "Company Information" in the Company's existing home page at www.fleetwood.com , or directly at ir.fleetwood.com .

"This company has a long history of good governance," commented President and CEO Edward B. Caudill, "and was already following many of the practices that are now being recommended by shareholder advocates. During the past year, however, we have made a concerted effort to fully comply with the Sarbanes-Oxley law, the new SEC regulations and the New York Stock Exchange proposals, as well as with emerging 'best practices.' And we intend to earn our shareholders' trust by continuing to do the right thing whether the law requires it or not. For that reason, we view our corporate governance compliance as a work in progress, and we will update this new Website periodically as we continue to build on and refine our governance initiatives."

The following highlights are among many new initiatives and long-standing practices featured on the Website:

   *  Fleetwood's Board of Directors adopted a comprehensive set of
      Corporate Governance Guidelines, which are published on the Website.

   *  Fleetwood's Board has been composed of a majority of independent
      directors for several years, and currently nine out of 11 directors
      are independent.

   *  Well in advance of Sarbanes-Oxley and the NYSE proposals, the Board
      formed a Governance and Nominating Committee composed solely of
      independent directors.

   *  The Board has adopted new charters for each of the Audit, Compensation
      and Governance and Nominating committees, which fully comply with SEC
      requirements and the pending NYSE proposals, and are posted on the
      Website.

   *  Fleetwood has had a formal internal audit function since 1987, and now
      the Company also has established formal procedures for the
      certification of financial and other disclosures in its periodic
      filings with the SEC.

   *  Fleetwood has separated the offices of Chairman and CEO.

Fleetwood indicated that the new Website describes these and other examples of the results of its review of its governance practices, and is both a result and a record of the current status of this ongoing process.

This press release contains certain forward-looking statements and information based on the beliefs of Fleetwood's management as well as assumptions made by, and information currently available to, Fleetwood's management. Such statements reflect the current views of Fleetwood with respect to future events and are subject to certain risks, uncertainties, and assumptions, including risk factors identified in Fleetwood's 10-K and other SEC filings. These risk factors include, without limitation, the cyclical nature of both the manufactured housing and recreational vehicle industries; ongoing weakness in the manufactured housing market; the potential impact on demand for our products as a result of weak consumer confidence; the effect of global tensions on consumer confidence; continued acceptance of the Company's products; expenses and uncertainties associated with the introduction of new products; the future availability of manufactured housing retail financing, as well as housing and RV wholesale financing; changes in retail inventory levels in the manufactured housing and recreational vehicle industries; competitive pricing pressures; the ability to attract and retain quality dealers, executive officers and other personnel; and the ability to obtain the financing we need in order to execute our business strategies. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Fleetwood undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For further information, please contact: Lyle Larkin, Vice President and Treasurer, +1-909-351-3535, or Kathy Munson, Director-Investor Relations, +1-909-351-3650, both of Fleetwood Enterprises, Inc.