Fleetwood Enterprises, Inc. to Break New Ground With Launch of Fleetwood Vacation Club in Spring 2005

Vacation Ownership Program Will Be an RV Industry First

RIVERSIDE, Calif., Jan. 17 -- Fleetwood Enterprises, Inc. , a leading manufacturer of recreational vehicles and a leading producer and retailer of manufactured housing, announced today its plans for a spring 2005 consumer launch of Fleetwood Vacation Club, the RV industry's first-ever national motor home shared-ownership program.

Fleetwood Vacation Club (FVC) will be a points-based membership program that will provide its members numerous benefits, including access to Class A diesel motor homes, such as Discovery, and Class C gas-powered motor homes, such as Tioga, from participating Fleetwood franchise locations. These motor homes will be fully appointed and will be owned by Fleetwood Vacation Club. Members will have the right to use these motor homes for periods ranging from one week per year to several weeks per year, over a 10-year period.

One of the benefits Fleetwood Vacation Club features is an exclusive affiliation agreement with RCI, the global leader in vacation exchange. RCI will support Fleetwood Vacation Club with RCI(R) Points, enabling FVC members to exchange their FVC points for vacations at resorts within RCI's global network. In addition, Fleetwood Vacation Club members can use their points to obtain a wide variety of other travel products, including airfare, car rental, hotel stays, cruises, golf outings and tickets to theme parks.

FVC has been awarded RCI Gold Crown status, an award earned by a select number of RCI affiliates that have achieved excellence in quality, amenities and service standards.

"Fleetwood is recognized as an RV industry innovator and the upcoming launch of Fleetwood Vacation Club is yet another example of our drive to expand the reach of RVing to broader audiences through new products and programs," said Ed Caudill, president and chief executive officer of Fleetwood Enterprises, Inc.

"Fleetwood Vacation Club will open the doors to the RV lifestyle to a whole new group of consumers," said Chris Braun, executive vice president of Fleetwood RV. "More people will be able to experience and enjoy the RV lifestyle in a flexible way that fits their schedule, lifestyle and budget."

Michael J. Puntoriero, who joined Fleetwood Enterprises in May 2004, will head Fleetwood Vacation Club as president. Puntoriero, formerly a managing partner with Arthur Andersen, is working with a management team that blends Fleetwood veterans with industry experts in timeshare and franchising.

"This is truly an exciting time for Fleetwood," said Puntoriero. "Dealers will have the opportunity to participate in a true franchise that we believe will help drive their enterprise value.

"The popularity of RVing has never been greater," added Puntoriero. "Our franchisees will be able to provide all the freedom of RVing and all the quality of our premium products to a much broader consumer audience. It's about having a great vacation experience in the comfort of our luxurious products -- at a price within reach of families, couples, and anyone with a taste for adventure."

Specific details on FVC locations, membership levels and costs will be released closer to the opening of membership sales in spring 2005. Further information on Fleetwood Vacation Club is available at www.fleetwoodvacationclub.com.

About RCI:

RCI is a global provider of leisure travel services to businesses and consumers, and the worldwide leader in vacation exchange. As a growth partner to its business clients, RCI leverages core competencies in exchange/barter networks, business partnering and travel currency arbitrage to build membership in travel and unlock the value of leisure assets in vacation ownership, real estate, hospitality, travel and tourism, and with affinities. RCI is a subsidiary of Cendant Corp., a provider of travel and real estate services.

About Fleetwood Enterprises, Inc.

Fleetwood Enterprises, Inc. is one of the nation's largest producers of recreational vehicles, from motor homes to travel and folding trailers, and is a leader in the building, retailing and financing of manufactured homes. This Fortune 1000 company, headquartered in Riverside, Calif., is dedicated to providing quality, innovative products that offer exceptional value to its customers. Fleetwood operates facilities strategically located throughout the nation, including recreational vehicle and manufactured housing plants, retail home centers, and supply subsidiary plants. For more information, visit the Company's website at www.fleetwood.com.