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Tj ET Q q 0 0 0 rg BT 220.92 545.50 Td (is ) Tj ET Q q 0 0 0 rg BT 231.10 545.50 Td (attached ) Tj ET Q q 0 0 0 rg BT 270.58 545.50 Td (as ) Tj ET Q q 0 0 0 rg BT 282.59 545.50 Td (an ) Tj ET Q q 0 0 0 rg BT 295.82 545.50 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 329.21 545.50 Td (to ) Tj ET Q q 0 0 0 rg BT 340.61 545.50 Td (this ) Tj ET Q q 0 0 0 rg BT 359.34 545.50 Td (release. ) Tj ET Q q 0 0 0 rg BT 395.47 545.50 Td ( ) Tj ET Q q 0 0 0 rg BT 398.31 545.50 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 429.25 545.50 Td (has ) Tj ET Q q 0 0 0 rg BT 446.76 545.50 Td (suggested ) Tj ET Q q 0 0 0 rg BT 492.98 545.50 Td (that ) Tj ET Q q 0 0 0 rg BT 512.32 545.50 Td (it ) Tj ET Q q 0 0 0 rg BT 521.28 545.50 Td (would ) Tj ET Q q 0 0 0 rg BT 551.62 545.50 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 532.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.10 532.30 Td (the ) Tj ET Q q 0 0 0 rg BT 75.08 532.30 Td (best ) Tj ET Q q 0 0 0 rg BT 94.35 532.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.27 532.30 Td (of ) Tj ET Q q 0 0 0 rg BT 138.98 532.30 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 174.13 532.30 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 231.27 532.30 Td (for ) Tj ET Q q 0 0 0 rg BT 245.64 532.30 Td (its ) Tj ET Q q 0 0 0 rg BT 257.58 532.30 Td (board ) Tj ET Q q 0 0 0 rg BT 284.17 532.30 Td (to ) Tj ET Q q 0 0 0 rg BT 294.27 532.30 Td (discuss ) Tj ET Q q 0 0 0 rg BT 327.59 532.30 Td (the ) Tj ET Q q 0 0 0 rg BT 342.57 532.30 Td (various ) Tj ET Q q 0 0 0 rg BT 376.50 532.30 Td (proposals ) Tj ET Q q 0 0 0 rg BT 420.21 532.30 Td (by ) Tj ET Q q 0 0 0 rg BT 432.75 532.30 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 462.40 532.30 Td (to ) Tj ET Q q 0 0 0 rg BT 472.50 532.30 Td (improve ) Tj ET Q q 0 0 0 rg BT 510.70 532.30 Td (shareholder ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 79.34 519.10 Td (including ) Tj ET Q q 0 0 0 rg BT 123.66 519.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.31 519.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 173.17 519.10 Td (by ) Tj ET Q q 0 0 0 rg BT 186.94 519.10 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 217.82 519.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.75 519.10 Td (all ) Tj ET Q q 0 0 0 rg BT 243.51 519.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 297.62 519.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 327.88 519.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.81 519.10 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 376.19 519.10 Td (at ) Tj ET Q q 0 0 0 rg BT 386.90 519.10 Td (an ) Tj ET Q q 0 0 0 rg BT 400.05 519.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 443.74 519.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 486.22 519.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.55 519.10 Td (current ) Tj ET Q q 0 0 0 rg BT 531.47 519.10 Td (market ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 505.90 Td (prices. ) Tj ET Q q 0 0 0 rg BT 82.94 505.90 Td ( ) Tj ET Q q 0 0 0 rg BT 86.87 505.90 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 124.41 505.90 Td (did ) Tj ET Q q 0 0 0 rg BT 142.39 505.90 Td (not ) Tj ET Q q 0 0 0 rg BT 160.38 505.90 Td (respond ) Tj ET Q q 0 0 0 rg BT 199.13 505.90 Td (to ) Tj ET Q q 0 0 0 rg BT 211.62 505.90 Td (any ) Tj ET Q q 0 0 0 rg BT 231.43 505.90 Td (of ) Tj ET Q q 0 0 0 rg BT 244.52 505.90 Td (Cavco) Tj ET Q q 0 0 0 rg BT 275.67 505.90 Td (s ) Tj ET Q q 0 0 0 rg BT 283.88 505.90 Td (attempts ) Tj ET Q q 0 0 0 rg BT 325.08 505.90 Td (over ) Tj ET Q q 0 0 0 rg BT 348.55 505.90 Td (an ) Tj ET Q q 0 0 0 rg BT 362.86 505.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 430.33 505.90 Td (30 ) Tj ET Q q 0 0 0 rg BT 445.25 505.90 Td (day ) Tj ET Q q 0 0 0 rg BT 465.06 505.90 Td (period ) Tj ET Q q 0 0 0 rg BT 497.09 505.90 Td (to ) Tj ET Q q 0 0 0 rg BT 509.58 505.90 Td (engage ) Tj ET Q q 0 0 0 rg BT 544.65 505.90 Td (in ) Tj ET Q q 0 0 0 rg BT 557.14 505.90 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 492.70 Td (productive ) Tj ET Q q 0 0 0 rg BT 98.73 492.70 Td (dialogue, ) Tj ET Q q 0 0 0 rg BT 141.05 492.70 Td (which ) Tj ET Q q 0 0 0 rg BT 169.62 492.70 Td (included ) Tj ET Q q 0 0 0 rg BT 209.19 492.70 Td (a ) Tj ET Q q 0 0 0 rg BT 215.76 492.70 Td (series ) Tj ET Q q 0 0 0 rg BT 242.50 492.70 Td (of ) Tj ET Q q 0 0 0 rg BT 253.35 492.70 Td (letters ) Tj ET Q q 0 0 0 rg BT 281.92 492.70 Td (addressed ) Tj ET Q q 0 0 0 rg BT 326.98 492.70 Td (to ) Tj ET Q q 0 0 0 rg BT 337.23 492.70 Td (Skyline) Tj ET Q q 0 0 0 rg BT 373.89 492.70 Td (s ) Tj ET Q q 0 0 0 rg BT 379.87 492.70 Td (board ) Tj ET Q q 0 0 0 rg BT 406.60 492.70 Td (of ) Tj ET Q q 0 0 0 rg BT 417.46 492.70 Td (directors, ) Tj ET Q q 0 0 0 rg BT 460.38 492.70 Td (phone ) Tj ET Q q 0 0 0 rg BT 488.95 492.70 Td (calls ) Tj ET Q q 0 0 0 rg BT 510.80 492.70 Td (to ) Tj ET Q q 0 0 0 rg BT 521.05 492.70 Td (Skyline) Tj ET Q q 0 0 0 rg BT 557.72 492.70 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 479.50 Td (longest ) Tj ET Q q 0 0 0 rg BT 85.86 479.50 Td (serving ) Tj ET Q q 0 0 0 rg BT 122.32 479.50 Td (board ) Tj ET Q q 0 0 0 rg BT 151.45 479.50 Td (member ) Tj ET Q q 0 0 0 rg BT 191.58 479.50 Td (and ) Tj ET Q q 0 0 0 rg BT 211.54 479.50 Td (former ) Tj ET Q q 0 0 0 rg BT 245.55 479.50 Td (CEO, ) Tj ET Q q 0 0 0 rg BT 274.39 479.50 Td (and ) Tj ET Q q 0 0 0 rg BT 294.35 479.50 Td (Joseph ) Tj ET Q q 0 0 0 rg BT 328.38 479.50 Td (Stegmayer) Tj ET Q q 0 0 0 rg BT 374.98 479.50 Td (, ) Tj ET Q q 0 0 0 rg BT 381.81 479.50 Td (President ) Tj ET Q q 0 0 0 rg BT 426.84 479.50 Td (and ) Tj ET Q q 0 0 0 rg BT 446.80 479.50 Td (CEO ) Tj ET Q q 0 0 0 rg BT 472.89 479.50 Td (of ) Tj ET Q q 0 0 0 rg BT 486.13 479.50 Td (Cavco, ) Tj ET Q q 0 0 0 rg BT 521.07 479.50 Td (attending ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 466.30 Td (Skyline) Tj ET Q q 0 0 0 rg BT 86.67 466.30 Td (s ) Tj ET Q q 0 0 0 rg BT 93.51 466.30 Td (annual ) Tj ET Q q 0 0 0 rg BT 125.38 466.30 Td (meeting ) Tj ET Q q 0 0 0 rg BT 163.37 466.30 Td (of ) Tj ET Q q 0 0 0 rg BT 175.09 466.30 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 233.24 466.30 Td (in ) Tj ET Q q 0 0 0 rg BT 244.35 466.30 Td (an ) Tj ET Q q 0 0 0 rg BT 257.29 466.30 Td (ef) Tj ET Q q 0 0 0 rg BT 265.64 466.30 Td (fort ) Tj ET Q q 0 0 0 rg BT 284.08 466.30 Td (to ) Tj ET Q q 0 0 0 rg BT 295.19 466.30 Td (discuss ) Tj ET Q q 0 0 0 rg BT 329.53 466.30 Td (the ) Tj ET Q q 0 0 0 rg BT 345.52 466.30 Td (matter ) Tj ET Q q 0 0 0 rg BT 376.18 466.30 Td (with ) Tj ET Q q 0 0 0 rg BT 398.29 466.30 Td (any ) Tj ET Q q 0 0 0 rg BT 416.73 466.30 Td (of ) Tj ET Q q 0 0 0 rg BT 428.45 466.30 Td (Skyline) Tj ET Q q 0 0 0 rg BT 465.12 466.30 Td (s ) Tj ET Q q 0 0 0 rg BT 471.95 466.30 Td (directors ) Tj ET Q q 0 0 0 rg BT 512.99 466.30 Td (who ) Tj ET Q q 0 0 0 rg BT 534.49 466.30 Td (would ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (be ) Tj ET Q q 0 0 0 rg BT 66.69 453.10 Td (open ) Tj ET Q q 0 0 0 rg BT 94.38 453.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.24 453.10 Td (exploring ) Tj ET Q q 0 0 0 rg BT 157.70 453.10 Td (options ) Tj ET Q q 0 0 0 rg BT 196.40 453.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.53 453.10 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 274.39 453.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 332.00 453.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 364.88 453.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.79 453.10 Td (After ) Tj ET Q q 0 0 0 rg BT 399.31 453.10 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 433.72 453.10 Td (sent ) Tj ET Q q 0 0 0 rg BT 457.74 453.10 Td (two ) Tj ET Q q 0 0 0 rg BT 480.55 453.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 530.84 453.10 Td (written ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 439.90 Td (communications ) Tj ET Q q 0 0 0 rg BT 125.13 439.90 Td (addressed ) Tj ET Q q 0 0 0 rg BT 170.93 439.90 Td (to ) Tj ET Q q 0 0 0 rg BT 181.92 439.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 218.58 439.90 Td (s ) Tj ET Q q 0 0 0 rg BT 225.29 439.90 Td (board ) Tj ET Q q 0 0 0 rg BT 252.76 439.90 Td (of ) Tj ET Q q 0 0 0 rg BT 264.35 439.90 Td (directors, ) Tj ET Q q 0 0 0 rg BT 308.01 439.90 Td (one ) Tj ET Q q 0 0 0 rg BT 326.32 439.90 Td (of ) Tj ET Q q 0 0 0 rg BT 337.91 439.90 Td (which ) Tj ET Q q 0 0 0 rg BT 367.22 439.90 Td (asked ) Tj ET Q q 0 0 0 rg BT 394.69 439.90 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 430.73 439.90 Td (to ) Tj ET Q q 0 0 0 rg BT 441.71 439.90 Td (respond ) Tj ET Q q 0 0 0 rg BT 478.96 439.90 Td (within ) Tj ET Q q 0 0 0 rg BT 509.50 439.90 Td (one ) Tj ET Q q 0 0 0 rg BT 527.81 439.90 Td (week ) Tj ET Q q 0 0 0 rg BT 553.45 439.90 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 426.70 Td (simply ) Tj ET Q q 0 0 0 rg BT 82.47 426.70 Td (schedule ) Tj ET Q q 0 0 0 rg BT 123.48 426.70 Td (a ) Tj ET Q q 0 0 0 rg BT 130.89 426.70 Td (time ) Tj ET Q q 0 0 0 rg BT 152.96 426.70 Td (for ) Tj ET Q q 0 0 0 rg BT 168.31 426.70 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 222.15 426.70 Td (discussions ) Tj ET Q q 0 0 0 rg BT 274.80 426.70 Td (between ) Tj ET Q q 0 0 0 rg BT 313.97 426.70 Td (the ) Tj ET Q q 0 0 0 rg BT 329.93 426.70 Td (companies, ) Tj ET Q q 0 0 0 rg BT 382.25 426.70 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 412.87 426.70 Td (received ) Tj ET Q q 0 0 0 rg BT 452.64 426.70 Td (a ) Tj ET Q q 0 0 0 rg BT 460.05 426.70 Td (letter ) Tj ET Q q 0 0 0 rg BT 485.17 426.70 Td (on ) Tj ET Q q 0 0 0 rg BT 498.70 426.70 Td (September ) Tj ET Q q 0 0 0 rg BT 548.26 426.70 Td (25, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 413.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 77.59 413.50 Td (from ) Tj ET Q q 0 0 0 rg BT 101.80 413.50 Td (Skyline) Tj ET Q q 0 0 0 rg BT 138.47 413.50 Td (s ) Tj ET Q q 0 0 0 rg BT 145.59 413.50 Td (lead ) Tj ET Q q 0 0 0 rg BT 166.75 413.50 Td (director ) Tj ET Q q 0 0 0 rg BT 203.79 413.50 Td (stating ) Tj ET Q q 0 0 0 rg BT 235.95 413.50 Td (without ) Tj ET Q q 0 0 0 rg BT 272.40 413.50 Td (further ) Tj ET Q q 0 0 0 rg BT 305.16 413.50 Td (explanation ) Tj ET Q q 0 0 0 rg BT 359.32 413.50 Td (that ) Tj ET Q q 0 0 0 rg BT 378.65 413.50 Td (the ) Tj ET Q q 0 0 0 rg BT 394.92 413.50 Td (board ) Tj ET Q q 0 0 0 rg BT 422.80 413.50 Td (would ) Tj ET Q q 0 0 0 rg BT 453.14 413.50 Td (not ) Tj ET Q q 0 0 0 rg BT 470.03 413.50 Td (be ) Tj ET Q q 0 0 0 rg BT 483.25 413.50 Td (able ) Tj ET Q q 0 0 0 rg BT 504.41 413.50 Td (to ) Tj ET Q q 0 0 0 rg BT 515.80 413.50 Td (respond ) Tj ET Q q 0 0 0 rg BT 553.46 413.50 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 400.30 Td (Cavco) Tj ET Q q 0 0 0 rg BT 81.16 400.30 Td (s ) Tj ET Q q 0 0 0 rg BT 88.19 400.30 Td (request ) Tj ET Q q 0 0 0 rg BT 122.70 400.30 Td (within ) Tj ET Q q 0 0 0 rg BT 153.57 400.30 Td (the ) Tj ET Q q 0 0 0 rg BT 169.75 400.30 Td (requested ) Tj ET Q q 0 0 0 rg BT 214.65 400.30 Td (time ) Tj ET Q q 0 0 0 rg BT 236.95 400.30 Td (frame.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 378.10 Td (According ) Tj ET Q q 0 0 0 rg BT 116.07 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.27 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.79 378.10 Td (September ) Tj ET Q q 0 0 0 rg BT 181.47 378.10 Td (26, ) Tj ET Q q 0 0 0 rg BT 196.86 378.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 220.50 378.10 Td (press ) Tj ET Q q 0 0 0 rg BT 244.75 378.10 Td (release, ) Tj ET Q q 0 0 0 rg BT 279.67 378.10 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 314.92 378.10 Td (is ) Tj ET Q q 0 0 0 rg BT 323.90 378.10 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 364.04 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.12 378.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 397.87 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.67 378.10 Td (its ) Tj ET Q q 0 0 0 rg BT 420.70 378.10 Td (R) Tj ET Q q 0 0 0 rg BT 427.16 378.10 Td (V) Tj ET Q q 0 0 0 rg BT 434.91 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.55 378.10 Td (division. ) Tj ET Q q 0 0 0 rg BT 481.77 378.10 Td (While ) Tj ET Q q 0 0 0 rg BT 510.29 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.81 378.10 Td (successful ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 364.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 69.00 364.90 Td (of ) Tj ET Q q 0 0 0 rg BT 80.06 364.90 Td (that ) Tj ET Q q 0 0 0 rg BT 98.46 364.90 Td (division ) Tj ET Q q 0 0 0 rg BT 135.80 364.90 Td (may ) Tj ET Q q 0 0 0 rg BT 156.64 364.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 192.14 364.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 239.86 364.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 279.04 364.90 Td (for ) Tj ET Q q 0 0 0 rg BT 293.77 364.90 Td (Skyline, ) Tj ET Q q 0 0 0 rg BT 332.03 364.90 Td (it ) Tj ET Q q 0 0 0 rg BT 340.04 364.90 Td (would ) Tj ET Q q 0 0 0 rg BT 369.44 364.90 Td (not ) Tj ET Q q 0 0 0 rg BT 385.39 364.90 Td (address ) Tj ET Q q 0 0 0 rg BT 420.28 364.90 Td (the ) Tj ET Q q 0 0 0 rg BT 435.62 364.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 493.12 364.90 Td (lar) Tj ET Q q 0 0 0 rg BT 504.53 364.90 Td (ger ) Tj ET Q q 0 0 0 rg BT 520.47 364.90 Td (operating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 351.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 78.21 351.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 116.78 351.70 Td (by ) Tj ET Q q 0 0 0 rg BT 129.71 351.70 Td (the ) Tj ET Q q 0 0 0 rg BT 145.07 351.70 Td (housing ) Tj ET Q q 0 0 0 rg BT 181.84 351.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 220.42 351.70 Td (in ) Tj ET Q q 0 0 0 rg BT 230.90 351.70 Td (the ) Tj ET Q q 0 0 0 rg BT 246.27 351.70 Td (last ) Tj ET Q q 0 0 0 rg BT 263.47 351.70 Td (seven ) Tj ET Q q 0 0 0 rg BT 290.44 351.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 316.19 351.70 Td (years. ) Tj ET Q q 0 0 0 rg BT 346.69 351.70 Td (The ) Tj ET Q q 0 0 0 rg BT 365.72 351.70 Td (R) Tj ET Q q 0 0 0 rg BT 372.17 351.70 Td (V) Tj ET Q q 0 0 0 rg BT 379.92 351.70 Td ( ) Tj ET Q q 0 0 0 rg BT 381.84 351.70 Td (division ) Tj ET Q q 0 0 0 rg BT 419.22 351.70 Td (of ) Tj ET Q q 0 0 0 rg BT 430.31 351.70 Td (Skyline's ) Tj ET Q q 0 0 0 rg BT 472.11 351.70 Td (business ) Tj ET Q q 0 0 0 rg BT 511.32 351.70 Td (represented ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 338.50 Td (less ) Tj ET Q q 0 0 0 rg BT 69.41 338.50 Td (than ) Tj ET Q q 0 0 0 rg BT 91.26 338.50 Td (half ) Tj ET Q q 0 0 0 rg BT 111.27 338.50 Td (of ) Tj ET Q q 0 0 0 rg BT 123.34 338.50 Td (Skyline's ) Tj ET Q q 0 0 0 rg BT 166.12 338.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 192.85 338.50 Td (2014 ) Tj ET Q q 0 0 0 rg BT 217.76 338.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 237.79 338.50 Td (before ) Tj ET Q q 0 0 0 rg BT 268.79 338.50 Td (income ) Tj ET Q q 0 0 0 rg BT 304.07 338.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 329.58 338.50 Td (of ) Tj ET Q q 0 0 0 rg BT 341.65 338.50 Td ($1) Tj ET Q q 0 0 0 rg BT 352.25 338.50 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 368.90 338.50 Td (million. ) Tj ET Q q 0 0 0 rg BT 409.09 338.50 Td (In ) Tj ET Q q 0 0 0 rg BT 421.17 338.50 Td (contrast, ) Tj ET Q q 0 0 0 rg BT 461.64 338.50 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 492.65 338.50 Td (has ) Tj ET Q q 0 0 0 rg BT 510.23 338.50 Td (proposed ) Tj ET Q q 0 0 0 rg BT 553.46 338.50 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 325.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 91.61 325.30 Td (all ) Tj ET Q q 0 0 0 rg BT 105.12 325.30 Td (of ) Tj ET Q q 0 0 0 rg BT 116.79 325.30 Td (Skyline) Tj ET Q q 0 0 0 rg BT 153.46 325.30 Td (s ) Tj ET Q q 0 0 0 rg BT 160.26 325.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 208.59 325.30 Td (at ) Tj ET Q q 0 0 0 rg BT 219.05 325.30 Td (a ) Tj ET Q q 0 0 0 rg BT 226.45 325.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 275.39 325.30 Td (premium ) Tj ET Q q 0 0 0 rg BT 317.62 325.30 Td (to ) Tj ET Q q 0 0 0 rg BT 328.69 325.30 Td (market ) Tj ET Q q 0 0 0 rg BT 361.75 325.30 Td (that ) Tj ET Q q 0 0 0 rg BT 380.76 325.30 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 411.38 325.30 Td (believes ) Tj ET Q q 0 0 0 rg BT 449.93 325.30 Td (will ) Tj ET Q q 0 0 0 rg BT 469.56 325.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 505.67 325.30 Td (a ) Tj ET Q q 0 0 0 rg BT 513.07 325.30 Td (greater ) Tj ET Q q 0 0 0 rg BT 546.12 325.30 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (more ) Tj ET Q q 0 0 0 rg BT 75.35 312.10 Td (assured ) Tj ET Q q 0 0 0 rg BT 111.09 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.72 312.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 174.63 312.10 Td (return ) Tj ET Q q 0 0 0 rg BT 203.64 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.95 312.10 Td (Skyline's ) Tj ET Q q 0 0 0 rg BT 257.57 312.10 Td (shareholders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 289.90 Td (Mr) Tj ET Q q 0 0 0 rg BT 80.84 289.90 Td (. ) Tj ET Q q 0 0 0 rg BT 85.73 289.90 Td (Stegmayer ) Tj ET Q q 0 0 0 rg BT 134.92 289.90 Td (commented, ) Tj ET Q q 0 0 0 rg BT 191.13 289.90 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 226.25 289.90 Td (has ) Tj ET Q q 0 0 0 rg BT 243.06 289.90 Td (a ) Tj ET Q q 0 0 0 rg BT 250.09 289.90 Td (great ) Tj ET Q q 0 0 0 rg BT 274.22 289.90 Td (deal ) Tj ET Q q 0 0 0 rg BT 294.68 289.90 Td (of ) Tj ET Q q 0 0 0 rg BT 305.99 289.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 339.28 289.90 Td (for ) Tj ET Q q 0 0 0 rg BT 354.25 289.90 Td (the ) Tj ET Q q 0 0 0 rg BT 369.84 289.90 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 405.59 289.90 Td (brand ) Tj ET Q q 0 0 0 rg BT 432.78 289.90 Td (and ) Tj ET Q q 0 0 0 rg BT 450.81 289.90 Td (for ) Tj ET Q q 0 0 0 rg BT 465.78 289.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 502.45 289.90 Td (s ) Tj ET Q q 0 0 0 rg BT 508.87 289.90 Td (experienced ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 276.70 Td (and ) Tj ET Q q 0 0 0 rg BT 68.67 276.70 Td (highly ) Tj ET Q q 0 0 0 rg BT 99.57 276.70 Td (credentialed ) Tj ET Q q 0 0 0 rg BT 156.10 276.70 Td (board ) Tj ET Q q 0 0 0 rg BT 183.94 276.70 Td (members. ) Tj ET Q q 0 0 0 rg BT 229.80 276.70 Td (Unfortunately ) Tj ET Q q 0 0 0 rg BT 294.29 276.70 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 330.69 276.70 Td (has ) Tj ET Q q 0 0 0 rg BT 348.15 276.70 Td (experienced ) Tj ET Q q 0 0 0 rg BT 404.06 276.70 Td (dif) Tj ET Q q 0 0 0 rg BT 416.09 276.70 Td (ficult ) Tj ET Q q 0 0 0 rg BT 442.09 276.70 Td (times ) Tj ET Q q 0 0 0 rg BT 468.71 276.70 Td (during ) Tj ET Q q 0 0 0 rg BT 500.22 276.70 Td (the ) Tj ET Q q 0 0 0 rg BT 516.44 276.70 Td (past ) Tj ET Q q 0 0 0 rg BT 536.95 276.70 Td (seven ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 263.50 Td (years ) Tj ET Q q 0 0 0 rg BT 75.96 263.50 Td (and ) Tj ET Q q 0 0 0 rg BT 94.59 263.50 Td (has ) Tj ET Q q 0 0 0 rg BT 112.00 263.50 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 173.41 263.50 Td (underperformed.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 241.30 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 104.94 241.30 Td (has ) Tj ET Q q 0 0 0 rg BT 122.92 241.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 162.90 241.30 Td (annual ) Tj ET Q q 0 0 0 rg BT 195.54 241.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 225.15 241.30 Td (before ) Tj ET Q q 0 0 0 rg BT 256.56 241.30 Td (income ) Tj ET Q q 0 0 0 rg BT 292.26 241.30 Td (taxes ) Tj ET Q q 0 0 0 rg BT 318.19 241.30 Td (for ) Tj ET Q q 0 0 0 rg BT 334.34 241.30 Td (seven ) Tj ET Q q 0 0 0 rg BT 362.71 241.30 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 417.96 241.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 445.10 241.30 Td (years, ) Tj ET Q q 0 0 0 rg BT 474.39 241.30 Td (2008 ) Tj ET Q q 0 0 0 rg BT 499.71 241.30 Td (through ) Tj ET Q q 0 0 0 rg BT 537.26 241.30 Td (2014. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (These ) Tj ET Q q 0 0 0 rg BT 79.14 228.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 130.89 228.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 160.04 228.10 Td (total ) Tj ET Q q 0 0 0 rg BT 182.47 228.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 248.88 228.10 Td ($122 ) Tj ET Q q 0 0 0 rg BT 273.75 228.10 Td (million ) Tj ET Q q 0 0 0 rg BT 308.41 228.10 Td (before ) Tj ET Q q 0 0 0 rg BT 339.37 228.10 Td (income ) Tj ET Q q 0 0 0 rg BT 374.63 228.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 402.85 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.17 228.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 459.31 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.35 228.10 Td (which ) Tj ET Q q 0 0 0 rg BT 501.11 228.10 Td (were ) Tj ET Q q 0 0 0 rg BT 525.35 228.10 Td (incurred ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 214.90 Td (by ) Tj ET Q q 0 0 0 rg BT 63.89 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.21 214.90 Td (housing ) Tj ET Q q 0 0 0 rg BT 117.93 214.90 Td (segment. ) Tj ET Q q 0 0 0 rg BT 160.23 214.90 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 196.72 214.90 Td (shareholders) Tj ET Q q 0 0 0 rg BT 255.16 214.90 Td ( ) Tj ET Q q 0 0 0 rg BT 258.05 214.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 288.43 214.90 Td (declined ) Tj ET Q q 0 0 0 rg BT 328.57 214.90 Td (from ) Tj ET Q q 0 0 0 rg BT 352.84 214.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 419.26 214.90 Td ($178 ) Tj ET Q q 0 0 0 rg BT 444.15 214.90 Td (million ) Tj ET Q q 0 0 0 rg BT 478.81 214.90 Td (at ) Tj ET Q q 0 0 0 rg BT 489.64 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 505.96 214.90 Td (beginning ) Tj ET Q q 0 0 0 rg BT 552.84 214.90 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 201.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 76.98 201.70 Td (2008 ) Tj ET Q q 0 0 0 rg BT 102.13 201.70 Td (to ) Tj ET Q q 0 0 0 rg BT 113.84 201.70 Td (approximately ) Tj ET Q q 0 0 0 rg BT 180.53 201.70 Td ($34 ) Tj ET Q q 0 0 0 rg BT 200.18 201.70 Td (million ) Tj ET Q q 0 0 0 rg BT 235.12 201.70 Td (at ) Tj ET Q q 0 0 0 rg BT 246.21 201.70 Td (May ) Tj ET Q q 0 0 0 rg BT 269.53 201.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.43 201.70 Td (2014. ) Tj ET Q q 0 0 0 rg BT 317.09 201.70 Td (On ) Tj ET Q q 0 0 0 rg BT 332.99 201.70 Td (August ) Tj ET Q q 0 0 0 rg BT 367.92 201.70 Td (22, ) Tj ET Q q 0 0 0 rg BT 384.83 201.70 Td (2014, ) Tj ET Q q 0 0 0 rg BT 412.73 201.70 Td (Skyline) Tj ET Q q 0 0 0 rg BT 449.40 201.70 Td (s ) Tj ET Q q 0 0 0 rg BT 456.84 201.70 Td (independent ) Tj ET Q q 0 0 0 rg BT 513.75 201.70 Td (accounting ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 188.50 Td (firm ) Tj ET Q q 0 0 0 rg BT 71.94 188.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 102.43 188.50 Td (a ) Tj ET Q q 0 0 0 rg BT 110.31 188.50 Td (qualified ) Tj ET Q q 0 0 0 rg BT 152.41 188.50 Td (opinion ) Tj ET Q q 0 0 0 rg BT 189.01 188.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 234.16 188.50 Td (Skyline) Tj ET Q q 0 0 0 rg BT 270.83 188.50 Td (s ) Tj ET Q q 0 0 0 rg BT 278.10 188.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 309.21 188.50 Td (to ) Tj ET Q q 0 0 0 rg BT 320.76 188.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 361.64 188.50 Td (as ) Tj ET Q q 0 0 0 rg BT 373.80 188.50 Td (a ) Tj ET Q q 0 0 0 rg BT 381.68 188.50 Td (going ) Tj ET Q q 0 0 0 rg BT 409.73 188.50 Td (concern. ) Tj ET Q q 0 0 0 rg BT 450.29 188.50 Td (Skyline) Tj ET Q q 0 0 0 rg BT 489.70 188.50 Td (s ) Tj ET Q q 0 0 0 rg BT 496.98 188.50 Td (Form ) Tj ET Q q 0 0 0 rg BT 523.82 188.50 Td (10-Kfor ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 175.30 Td (the ) Tj ET Q q 0 0 0 rg BT 66.06 175.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 92.50 175.30 Td (year ) Tj ET Q q 0 0 0 rg BT 114.05 175.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 142.94 175.30 Td (May ) Tj ET Q q 0 0 0 rg BT 165.72 175.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.09 175.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 206.71 175.30 Td (further ) Tj ET Q q 0 0 0 rg BT 239.26 175.30 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 285.57 175.30 Td (Due ) Tj ET Q q 0 0 0 rg BT 311.40 175.30 Td (to ) Tj ET Q q 0 0 0 rg BT 322.58 175.30 Td (recurring ) Tj ET Q q 0 0 0 rg BT 365.51 175.30 Td (losses, ) Tj ET Q q 0 0 0 rg BT 397.16 175.30 Td (the ) Tj ET Q q 0 0 0 rg BT 413.22 175.30 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 469.00 175.30 Td (experienced ) Tj ET Q q 0 0 0 rg BT 524.75 175.30 Td (negative ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 72.66 162.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 100.22 162.10 Td (from ) Tj ET Q q 0 0 0 rg BT 124.71 162.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 169.37 162.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 214.25 162.10 Td (As ) Tj ET Q q 0 0 0 rg BT 229.59 162.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.59 162.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 267.89 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.44 162.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 340.71 162.10 Td (has ) Tj ET Q q 0 0 0 rg BT 358.49 162.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 394.59 162.10 Td (its ) Tj ET Q q 0 0 0 rg BT 408.10 162.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 433.51 162.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 489.17 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.84 162.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 523.29 162.10 Td (T) Tj ET Q q 0 0 0 rg BT 529.63 162.10 Td (reasury ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 148.90 Td (Bills, ) Tj ET Q q 0 0 0 rg BT 76.19 148.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 117.93 148.90 Td (from ) Tj ET Q q 0 0 0 rg BT 141.96 148.90 Td (the ) Tj ET Q q 0 0 0 rg BT 158.05 148.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 177.80 148.90 Td (of ) Tj ET Q q 0 0 0 rg BT 189.62 148.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.93 148.90 Td (and ) Tj ET Q q 0 0 0 rg BT 236.46 148.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 289.22 148.90 Td (from ) Tj ET Q q 0 0 0 rg BT 313.26 148.90 Td (the ) Tj ET Q q 0 0 0 rg BT 329.35 148.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.54 148.90 Td (surrender ) Tj ET Q q 0 0 0 rg BT 395.73 148.90 Td (of ) Tj ET Q q 0 0 0 rg BT 407.54 148.90 Td (life ) Tj ET Q q 0 0 0 rg BT 424.85 148.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 469.65 148.90 Td (policies. ) Tj ET Q q 0 0 0 rg BT 509.07 148.90 Td (The ) Tj ET Q q 0 0 0 rg BT 528.82 148.90 Td (level ) Tj ET Q q 0 0 0 rg BT 552.85 148.90 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 135.70 Td (historical ) Tj ET Q q 0 0 0 rg BT 93.63 135.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 133.58 135.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 155.81 135.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 182.95 135.70 Td (from ) Tj ET Q q 0 0 0 rg BT 207.03 135.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 255.54 135.70 Td (and ) Tj ET Q q 0 0 0 rg BT 274.11 135.70 Td (not ) Tj ET Q q 0 0 0 rg BT 290.86 135.70 Td (having ) Tj ET Q q 0 0 0 rg BT 323.49 135.70 Td (available ) Tj ET Q q 0 0 0 rg BT 365.88 135.70 Td (funding ) Tj ET Q q 0 0 0 rg BT 402.79 135.70 Td (from ) Tj ET Q q 0 0 0 rg BT 426.87 135.70 Td (outside ) Tj ET Q q 0 0 0 rg BT 461.34 135.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 505.57 135.70 Td (sources ) Tj ET Q q 0 0 0 rg BT 541.25 135.70 Td (raise ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 122.50 Td (substantial ) Tj ET Q q 0 0 0 rg BT 99.80 122.50 Td (doubt ) Tj ET Q q 0 0 0 rg BT 127.61 122.50 Td (about ) Tj ET Q q 0 0 0 rg BT 154.80 122.50 Td (the ) Tj ET Q q 0 0 0 rg BT 170.98 122.50 Td (Corporation) Tj ET Q q 0 0 0 rg BT 227.20 122.50 Td (s ) Tj ET Q q 0 0 0 rg BT 234.23 122.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 265.09 122.50 Td (to ) Tj ET Q q 0 0 0 rg BT 276.39 122.50 Td (continue ) Tj ET Q q 0 0 0 rg BT 317.02 122.50 Td (as ) Tj ET Q q 0 0 0 rg BT 328.93 122.50 Td (a ) Tj ET Q q 0 0 0 rg BT 336.56 122.50 Td (going ) Tj ET Q q 0 0 0 rg BT 364.37 122.50 Td (concern.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 100.30 Td (Cavco) Tj ET Q q 0 0 0 rg BT 99.16 100.30 Td (s ) Tj ET Q q 0 0 0 rg BT 107.29 100.30 Td (proposed ) Tj ET Q q 0 0 0 rg BT 151.47 100.30 Td (of) Tj ET Q q 0 0 0 rg BT 160.43 100.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 176.50 100.30 Td (set ) Tj ET Q q 0 0 0 rg BT 192.57 100.30 Td (forth ) Tj ET Q q 0 0 0 rg BT 217.80 100.30 Td (in ) Tj ET Q q 0 0 0 rg BT 230.21 100.30 Td (its ) Tj ET Q q 0 0 0 rg BT 244.46 100.30 Td (letter ) Tj ET Q q 0 0 0 rg BT 270.90 100.30 Td (would ) Tj ET Q q 0 0 0 rg BT 302.26 100.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 339.71 100.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 380.84 100.30 Td (for ) Tj ET Q q 0 0 0 rg BT 397.52 100.30 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 434.99 100.30 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 494.43 100.30 Td (at ) Tj ET Q q 0 0 0 rg BT 506.22 100.30 Td (a ) Tj ET Q q 0 0 0 rg BT 514.96 100.30 Td (substantial ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 92.12 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.70 87.10 Td (29% ) Tj ET Q q 0 0 0 rg BT 126.27 87.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.24 87.10 Td (66% ) Tj ET Q q 0 0 0 rg BT 159.81 87.10 Td (above ) Tj ET Q q 0 0 0 rg BT 188.48 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.33 87.10 Td (September ) Tj ET Q q 0 0 0 rg BT 253.78 87.10 Td (24, ) Tj ET Q q 0 0 0 rg BT 269.94 87.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 294.35 87.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 328.54 87.10 Td (price ) Tj ET Q q 0 0 0 rg BT 352.93 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.51 87.10 Td ($2.71 ) Tj ET Q q 0 0 0 rg BT 391.67 87.10 Td (per ) Tj ET Q q 0 0 0 rg BT 408.12 87.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 436.49 87.10 Td (Cavco) Tj ET Q q 0 0 0 rg BT 467.65 87.10 Td (s ) Tj ET Q q 0 0 0 rg BT 474.34 87.10 Td (of) Tj ET Q q 0 0 0 rg BT 483.30 87.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 497.92 87.10 Td (would ) Tj ET Q q 0 0 0 rg BT 527.83 87.10 Td (have ) Tj ET Q q 0 0 0 rg BT 551.01 87.10 Td (no ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 73.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 94.29 73.90 Td (contingencies. ) Tj ET Q q 0 0 0 rg BT 160.27 73.90 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 191.12 73.90 Td (also ) Tj ET Q q 0 0 0 rg BT 211.59 73.90 Td (of) Tj ET Q q 0 0 0 rg BT 220.55 73.90 Td (fered ) Tj ET Q q 0 0 0 rg BT 245.89 73.90 Td (other ) Tj ET Q q 0 0 0 rg BT 271.25 73.90 Td (possible ) Tj ET Q q 0 0 0 rg BT 310.05 73.90 Td (concepts ) Tj ET Q q 0 0 0 rg BT 351.29 73.90 Td (that ) Tj ET Q q 0 0 0 rg BT 370.53 73.90 Td (would ) Tj ET Q q 0 0 0 rg BT 400.78 73.90 Td (assist ) Tj ET Q q 0 0 0 rg BT 427.37 73.90 Td (Skyline.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 51.70 Td (Why ) Tj ET Q q 0 0 0 rg BT 75.37 51.70 Td (Cavco) Tj ET Q q 0 0 0 rg BT 107.95 51.70 Td (s ) Tj ET Q q 0 0 0 rg BT 114.98 51.70 Td (pr) Tj ET Q q 0 0 0 rg BT 125.78 51.70 Td (oposal ) Tj ET Q q 0 0 0 rg BT 158.49 51.70 Td (makes ) Tj ET Q q 0 0 0 rg BT 191.18 51.70 Td (sense ) Tj ET Q q 0 0 0 rg BT 218.37 51.70 Td (for) Tj ET Q q 0 0 0 rg BT 232.22 51.70 Td ( ) Tj ET Q q 0 0 0 rg BT 234.97 51.70 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 272.57 51.70 Td (shar) Tj ET Q q 0 0 0 rg BT 293.15 51.70 Td (eholders) Tj ET Q /GS0 gs q 179.00 0 0 57.55 92.00 685.47 cm /I5 Do Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 728.90 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 728.90 Td (Skyline shares declined approximately 80% for the three year period ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 715.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 715.70 Td (Skyline shares declined an additional 48% for calendar year 2014 as of September 24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 702.50 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 702.50 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 134.56 702.50 Td (has ) Tj ET Q q 0 0 0 rg BT 151.17 702.50 Td (exhausted ) Tj ET Q q 0 0 0 rg BT 197.10 702.50 Td (its ) Tj ET Q q 0 0 0 rg BT 209.45 702.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.94 702.50 Td (position ) Tj ET Q q 0 0 0 rg BT 268.34 702.50 Td (and ) Tj ET Q q 0 0 0 rg BT 286.17 702.50 Td (recently ) Tj ET Q q 0 0 0 rg BT 323.54 702.50 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 367.64 702.50 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 388.84 702.50 Td (million ) Tj ET Q q 0 0 0 rg BT 422.57 702.50 Td (on ) Tj ET Q q 0 0 0 rg BT 435.51 702.50 Td (life ) Tj ET Q q 0 0 0 rg BT 452.12 702.50 Td (insurance ) Tj ET Q q 0 0 0 rg BT 496.21 702.50 Td (policies, ) Tj ET Q q 0 0 0 rg BT 535.13 702.50 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 689.30 Td (contradicts ) Tj ET Q q 0 0 0 rg BT 149.43 689.30 Td (what ) Tj ET Q q 0 0 0 rg BT 172.99 689.30 Td (Skyline ) Tj ET Q q 0 0 0 rg BT 208.78 689.30 Td (described ) Tj ET Q q 0 0 0 rg BT 253.10 689.30 Td (as ) Tj ET Q q 0 0 0 rg BT 264.43 689.30 Td (recently ) Tj ET Q q 0 0 0 rg BT 302.03 689.30 Td (as ) Tj ET Q q 0 0 0 rg BT 313.37 689.30 Td (September ) Tj ET Q q 0 0 0 rg BT 362.58 689.30 Td (25, ) Tj ET Q q 0 0 0 rg BT 378.50 689.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 402.68 689.30 Td (as ) Tj ET Q q 0 0 0 rg BT 414.01 689.30 Td (Skyline) Tj ET Q q 0 0 0 rg BT 455.57 689.30 Td (s ) Tj ET Q q 0 0 0 rg BT 462.02 689.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 497.78 689.30 Td (sheet ) Tj ET Q q 0 0 0 rg BT 522.55 689.30 Td (is ) Tj ET Q q 0 0 0 rg BT 532.07 689.30 Td (among ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 676.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.19 676.10 Td (soundest ) Tj ET Q q 0 0 0 rg BT 156.44 676.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.14 676.10 Td (American ) Tj ET Q q 0 0 0 rg BT 213.25 676.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 252.06 676.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.37 676.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.00 676.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 312.25 676.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 334.54 676.10 Td (position ) Tj ET Q q 0 0 0 rg BT 372.74 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.38 676.10 Td (no ) Tj ET Q q 0 0 0 rg BT 405.13 676.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 449.40 676.10 Td (debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 662.90 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 662.90 Td (General ) Tj ET Q q 0 0 0 rg BT 135.92 662.90 Td (economic ) Tj ET Q q 0 0 0 rg BT 180.79 662.90 Td (and ) Tj ET Q q 0 0 0 rg BT 198.78 662.90 Td (specific ) Tj ET Q q 0 0 0 rg BT 235.09 662.90 Td (market ) Tj ET Q q 0 0 0 rg BT 267.74 662.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 315.68 662.90 Td (in ) Tj ET Q q 0 0 0 rg BT 326.34 662.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 363.01 662.90 Td (s ) Tj ET Q q 0 0 0 rg BT 369.40 662.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 406.33 662.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 444.49 662.90 Td (may ) Tj ET Q q 0 0 0 rg BT 465.54 662.90 Td (not ) Tj ET Q q 0 0 0 rg BT 481.70 662.90 Td (improve ) Tj ET Q q 0 0 0 rg BT 520.47 662.90 Td (markedly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 649.70 Td (in ) Tj ET Q q 0 0 0 rg BT 110.31 649.70 Td (the ) Tj ET Q q 0 0 0 rg BT 126.49 649.70 Td (immediate ) Tj ET Q q 0 0 0 rg BT 175.67 649.70 Td (future) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 636.50 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 636.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 146.58 636.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 176.46 636.50 Td (have ) Tj ET Q q 0 0 0 rg BT 200.82 636.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 247.79 636.50 Td (in ) Tj ET Q q 0 0 0 rg BT 259.94 636.50 Td (the ) Tj ET Q q 0 0 0 rg BT 276.98 636.50 Td (most ) Tj ET Q q 0 0 0 rg BT 301.97 636.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 332.43 636.50 Td (quarters, ) Tj ET Q q 0 0 0 rg BT 374.20 636.50 Td (a ) Tj ET Q q 0 0 0 rg BT 382.68 636.50 Td (particularly ) Tj ET Q q 0 0 0 rg BT 436.98 636.50 Td (concerning ) Tj ET Q q 0 0 0 rg BT 489.44 636.50 Td (trend ) Tj ET Q q 0 0 0 rg BT 515.64 636.50 Td (as ) Tj ET Q q 0 0 0 rg BT 528.40 636.50 Td (Skyline ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 623.30 Td (approaches ) Tj ET Q q 0 0 0 rg BT 151.22 623.30 Td (its ) Tj ET Q q 0 0 0 rg BT 164.37 623.30 Td (third ) Tj ET Q q 0 0 0 rg BT 187.89 623.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 214.46 623.30 Td (quarter) Tj ET Q q 0 0 0 rg BT 245.17 623.30 Td (, ) Tj ET Q q 0 0 0 rg BT 250.67 623.30 Td (historically ) Tj ET Q q 0 0 0 rg BT 302.91 623.30 Td (the ) Tj ET Q q 0 0 0 rg BT 319.10 623.30 Td (slowest ) Tj ET Q q 0 0 0 rg BT 354.85 623.30 Td (period ) Tj ET Q q 0 0 0 rg BT 385.70 623.30 Td (in ) Tj ET Q q 0 0 0 rg BT 397.00 623.30 Td (its ) Tj ET Q q 0 0 0 rg BT 410.15 623.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 436.72 623.30 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 610.10 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 610.10 Td (At ) Tj ET Q q 0 0 0 rg BT 112.15 610.10 Td (Skyline) Tj ET Q q 0 0 0 rg BT 148.82 610.10 Td (s ) Tj ET Q q 0 0 0 rg BT 155.25 610.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 186.73 610.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 240.19 610.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 277.77 610.10 Td (held ) Tj ET Q q 0 0 0 rg BT 298.87 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.02 610.10 Td (September ) Tj ET Q q 0 0 0 rg BT 361.21 610.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 377.11 610.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 404.02 610.10 Td (management ) Tj ET Q q 0 0 0 rg BT 462.37 610.10 Td (did ) Tj ET Q q 0 0 0 rg BT 478.57 610.10 Td (not ) Tj ET Q q 0 0 0 rg BT 494.78 610.10 Td (present ) Tj ET Q q 0 0 0 rg BT 528.70 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.73 610.10 Td (report ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 596.90 Td (on ) Tj ET Q q 0 0 0 rg BT 113.05 596.90 Td (operations, ) Tj ET Q q 0 0 0 rg BT 164.67 596.90 Td (did ) Tj ET Q q 0 0 0 rg BT 181.77 596.90 Td (not ) Tj ET Q q 0 0 0 rg BT 198.88 596.90 Td (discuss ) Tj ET Q q 0 0 0 rg BT 233.71 596.90 Td (any ) Tj ET Q q 0 0 0 rg BT 252.64 596.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 278.90 596.90 Td (to ) Tj ET Q q 0 0 0 rg BT 290.51 596.90 Td (address ) Tj ET Q q 0 0 0 rg BT 326.55 596.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 363.21 596.90 Td (s ) Tj ET Q q 0 0 0 rg BT 370.54 596.90 Td (current ) Tj ET Q q 0 0 0 rg BT 404.74 596.90 Td (challenges, ) Tj ET Q q 0 0 0 rg BT 456.96 596.90 Td (and ) Tj ET Q q 0 0 0 rg BT 475.89 596.90 Td (did ) Tj ET Q q 0 0 0 rg BT 492.99 596.90 Td (not ) Tj ET Q q 0 0 0 rg BT 510.10 596.90 Td (open ) Tj ET Q q 0 0 0 rg BT 534.53 596.90 Td (up ) Tj ET Q q 0 0 0 rg BT 548.58 596.90 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 583.70 Td (meeting ) Tj ET Q q 0 0 0 rg BT 137.18 583.70 Td (to ) Tj ET Q q 0 0 0 rg BT 148.49 583.70 Td (questions ) Tj ET Q q 0 0 0 rg BT 192.80 583.70 Td (from ) Tj ET Q q 0 0 0 rg BT 216.93 583.70 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 275.27 583.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.57 583.70 Td (attendance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 570.50 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 570.50 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 130.20 570.50 Td (has ) Tj ET Q q 0 0 0 rg BT 147.96 570.50 Td (a ) Tj ET Q q 0 0 0 rg BT 155.94 570.50 Td (strong ) Tj ET Q q 0 0 0 rg BT 186.53 570.50 Td (track ) Tj ET Q q 0 0 0 rg BT 211.61 570.50 Td (record ) Tj ET Q q 0 0 0 rg BT 242.80 570.50 Td (of ) Tj ET Q q 0 0 0 rg BT 255.06 570.50 Td (integrating ) Tj ET Q q 0 0 0 rg BT 305.81 570.50 Td (troubled ) Tj ET Q q 0 0 0 rg BT 345.56 570.50 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 409.13 570.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 447.06 570.50 Td (companies ) Tj ET Q q 0 0 0 rg BT 497.20 570.50 Td (and ) Tj ET Q q 0 0 0 rg BT 516.18 570.50 Td (improving ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 99.00 557.30 Td (results ) Tj ET Q q 0 0 0 rg BT 130.47 557.30 Td (while ) Tj ET Q q 0 0 0 rg BT 157.66 557.30 Td (providing ) Tj ET Q q 0 0 0 rg BT 203.18 557.30 Td (new ) Tj ET Q q 0 0 0 rg BT 224.26 557.30 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 285.06 557.30 Td (for ) Tj ET Q q 0 0 0 rg BT 300.64 557.30 Td (their ) Tj ET Q q 0 0 0 rg BT 323.54 557.30 Td (employees, ) Tj ET Q q 0 0 0 rg BT 376.08 557.30 Td (retailers ) Tj ET Q q 0 0 0 rg BT 414.26 557.30 Td (and ) Tj ET Q q 0 0 0 rg BT 432.89 557.30 Td (homeowners) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 82.08 535.10 Td (only ) Tj ET Q q 0 0 0 rg BT 105.00 535.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 132.19 535.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.44 535.10 Td (friendly ) Tj ET Q q 0 0 0 rg BT 180.47 535.10 Td (discussion) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 512.90 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 97.62 512.90 Td (remains ) Tj ET Q q 0 0 0 rg BT 133.96 512.90 Td (interested ) Tj ET Q q 0 0 0 rg BT 178.23 512.90 Td (in ) Tj ET Q q 0 0 0 rg BT 188.31 512.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 223.44 512.90 Td (productive ) Tj ET Q q 0 0 0 rg BT 272.00 512.90 Td (discussions ) Tj ET Q q 0 0 0 rg BT 323.63 512.90 Td (with ) Tj ET Q q 0 0 0 rg BT 344.70 512.90 Td (Skyline. ) Tj ET Q q 0 0 0 rg BT 382.58 512.90 Td ( ) Tj ET Q q 0 0 0 rg BT 383.99 512.90 Td (W) Tj ET Q q 0 0 0 rg BT 393.93 512.90 Td (ith ) Tj ET Q q 0 0 0 rg BT 407.06 512.90 Td (the ) Tj ET Q q 0 0 0 rg BT 422.02 512.90 Td (cooperation ) Tj ET Q q 0 0 0 rg BT 475.46 512.90 Td (of ) Tj ET Q q 0 0 0 rg BT 486.14 512.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 522.81 512.90 Td (s ) Tj ET Q q 0 0 0 rg BT 528.61 512.90 Td (of) Tj ET Q q 0 0 0 rg BT 537.57 512.90 Td (ficers ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 499.70 Td (and ) Tj ET Q q 0 0 0 rg BT 69.40 499.70 Td (directors, ) Tj ET Q q 0 0 0 rg BT 114.16 499.70 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 145.78 499.70 Td (and ) Tj ET Q q 0 0 0 rg BT 165.18 499.70 Td (its ) Tj ET Q q 0 0 0 rg BT 179.09 499.70 Td (advisors ) Tj ET Q q 0 0 0 rg BT 219.27 499.70 Td (are ) Tj ET Q q 0 0 0 rg BT 236.22 499.70 Td (prepared ) Tj ET Q q 0 0 0 rg BT 278.21 499.70 Td (to ) Tj ET Q q 0 0 0 rg BT 290.29 499.70 Td (conduct ) Tj ET Q q 0 0 0 rg BT 328.63 499.70 Td (an ) Tj ET Q q 0 0 0 rg BT 342.53 499.70 Td (expedited ) Tj ET Q q 0 0 0 rg BT 388.81 499.70 Td (due ) Tj ET Q q 0 0 0 rg BT 408.21 499.70 Td (diligence ) Tj ET Q q 0 0 0 rg BT 452.05 499.70 Td (review ) Tj ET Q q 0 0 0 rg BT 485.49 499.70 Td (and ) Tj ET Q q 0 0 0 rg BT 504.90 499.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 537.12 499.70 Td (that ) Tj ET Q q 0 0 0 rg BT 557.13 499.70 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 486.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 99.92 486.50 Td (can ) Tj ET Q q 0 0 0 rg BT 116.84 486.50 Td (be ) Tj ET Q q 0 0 0 rg BT 128.89 486.50 Td (concluded ) Tj ET Q q 0 0 0 rg BT 175.75 486.50 Td (in ) Tj ET Q q 0 0 0 rg BT 185.96 486.50 Td (a ) Tj ET Q q 0 0 0 rg BT 192.51 486.50 Td (relatively ) Tj ET Q q 0 0 0 rg BT 235.70 486.50 Td (quick ) Tj ET Q q 0 0 0 rg BT 261.80 486.50 Td (time ) Tj ET Q q 0 0 0 rg BT 283.01 486.50 Td (frame. ) Tj ET Q q 0 0 0 rg BT 313.07 486.50 Td ( ) Tj ET Q q 0 0 0 rg BT 314.36 486.50 Td (Although ) Tj ET Q q 0 0 0 rg BT 357.57 486.50 Td (Skyline) Tj ET Q q 0 0 0 rg BT 394.24 486.50 Td (s ) Tj ET Q q 0 0 0 rg BT 400.18 486.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 443.38 486.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 471.32 486.50 Td (and ) Tj ET Q q 0 0 0 rg BT 488.87 486.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 529.00 486.50 Td (distress ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 473.30 Td (and ) Tj ET Q q 0 0 0 rg BT 68.61 473.30 Td (its ) Tj ET Q q 0 0 0 rg BT 81.73 473.30 Td (board) Tj ET Q q 0 0 0 rg BT 109.83 473.30 Td (s ) Tj ET Q q 0 0 0 rg BT 116.84 473.30 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 180.67 473.30 Td (to ) Tj ET Q q 0 0 0 rg BT 191.96 473.30 Td (even ) Tj ET Q q 0 0 0 rg BT 215.45 473.30 Td (entertain ) Tj ET Q q 0 0 0 rg BT 256.65 473.30 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 310.69 473.30 Td (discussions ) Tj ET Q q 0 0 0 rg BT 363.54 473.30 Td (have ) Tj ET Q q 0 0 0 rg BT 387.03 473.30 Td (made ) Tj ET Q q 0 0 0 rg BT 413.57 473.30 Td (it ) Tj ET Q q 0 0 0 rg BT 422.41 473.30 Td (dif) Tj ET Q q 0 0 0 rg BT 434.43 473.30 Td (ficult ) Tj ET Q q 0 0 0 rg BT 460.37 473.30 Td (for ) Tj ET Q q 0 0 0 rg BT 475.93 473.30 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 506.75 473.30 Td (to ) Tj ET Q q 0 0 0 rg BT 518.04 473.30 Td (determine ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.27 460.10 Td (precise ) Tj ET Q q 0 0 0 rg BT 100.24 460.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 144.01 460.10 Td (it ) Tj ET Q q 0 0 0 rg BT 152.95 460.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.89 460.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 200.16 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.54 460.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.25 460.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 273.09 460.10 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 304.02 460.10 Td (has ) Tj ET Q q 0 0 0 rg BT 321.51 460.10 Td (been ) Tj ET Q q 0 0 0 rg BT 345.11 460.10 Td (able ) Tj ET Q q 0 0 0 rg BT 366.26 460.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.64 460.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 418.97 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.23 460.10 Td (range ) Tj ET Q q 0 0 0 rg BT 462.49 460.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 511.75 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.14 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.41 460.10 Td (letter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 446.90 Td (attached ) Tj ET Q q 0 0 0 rg BT 88.84 446.90 Td (based ) Tj ET Q q 0 0 0 rg BT 116.08 446.90 Td (on ) Tj ET Q q 0 0 0 rg BT 129.27 446.90 Td (Cavco) Tj ET Q q 0 0 0 rg BT 160.43 446.90 Td (s ) Tj ET Q q 0 0 0 rg BT 166.90 446.90 Td (and ) Tj ET Q q 0 0 0 rg BT 184.98 446.90 Td (its ) Tj ET Q q 0 0 0 rg BT 197.57 446.90 Td (advisors) Tj ET Q q 0 0 0 rg BT 237.08 446.90 Td ( ) Tj ET Q q 0 0 0 rg BT 239.27 446.90 Td (analysis ) Tj ET Q q 0 0 0 rg BT 276.90 446.90 Td (of ) Tj ET Q q 0 0 0 rg BT 288.26 446.90 Td (Skyline) Tj ET Q q 0 0 0 rg BT 324.93 446.90 Td (s ) Tj ET Q q 0 0 0 rg BT 331.40 446.90 Td (public ) Tj ET Q q 0 0 0 rg BT 361.09 446.90 Td (filings. ) Tj ET Q q 0 0 0 rg BT 394.15 446.90 Td ( ) Tj ET Q q 0 0 0 rg BT 396.34 446.90 Td (It ) Tj ET Q q 0 0 0 rg BT 405.26 446.90 Td (is ) Tj ET Q q 0 0 0 rg BT 414.79 446.90 Td (possible ) Tj ET Q q 0 0 0 rg BT 453.04 446.90 Td (that ) Tj ET Q q 0 0 0 rg BT 471.73 446.90 Td (a ) Tj ET Q q 0 0 0 rg BT 478.81 446.90 Td (higher ) Tj ET Q q 0 0 0 rg BT 509.10 446.90 Td (figure ) Tj ET Q q 0 0 0 rg BT 537.56 446.90 Td (could ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 433.70 Td (be ) Tj ET Q q 0 0 0 rg BT 63.13 433.70 Td (justified ) Tj ET Q q 0 0 0 rg BT 101.93 433.70 Td (following ) Tj ET Q q 0 0 0 rg BT 147.46 433.70 Td (open ) Tj ET Q q 0 0 0 rg BT 171.59 433.70 Td (discussions ) Tj ET Q q 0 0 0 rg BT 224.46 433.70 Td (with ) Tj ET Q q 0 0 0 rg BT 246.76 433.70 Td (Skyline.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 411.50 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 99.17 411.50 Td (Industries, ) Tj ET Q q 0 0 0 rg BT 148.36 411.50 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 170.97 411.50 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 236.33 411.50 Td (in ) Tj ET Q q 0 0 0 rg BT 247.95 411.50 Td (Phoenix, ) Tj ET Q q 0 0 0 rg BT 289.15 411.50 Td (Arizona, ) Tj ET Q q 0 0 0 rg BT 330.39 411.50 Td (designs ) Tj ET Q q 0 0 0 rg BT 366.45 411.50 Td (and ) Tj ET Q q 0 0 0 rg BT 385.40 411.50 Td (produces ) Tj ET Q q 0 0 0 rg BT 428.17 411.50 Td (factory-built ) Tj ET Q q 0 0 0 rg BT 486.21 411.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 524.12 411.50 Td (products ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 398.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 94.82 398.30 Td (distributed ) Tj ET Q q 0 0 0 rg BT 145.75 398.30 Td (through ) Tj ET Q q 0 0 0 rg BT 183.86 398.30 Td (a ) Tj ET Q q 0 0 0 rg BT 192.62 398.30 Td (network ) Tj ET Q q 0 0 0 rg BT 232.55 398.30 Td (of ) Tj ET Q q 0 0 0 rg BT 245.60 398.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 303.25 398.30 Td (and ) Tj ET Q q 0 0 0 rg BT 323.01 398.30 Td (company-owned ) Tj ET Q q 0 0 0 rg BT 400.21 398.30 Td (retailers. ) Tj ET Q q 0 0 0 rg BT 441.98 398.30 Td (The ) Tj ET Q q 0 0 0 rg BT 462.97 398.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 509.63 398.30 Td (is ) Tj ET Q q 0 0 0 rg BT 520.85 398.30 Td (a ) Tj ET Q q 0 0 0 rg BT 529.62 398.30 Td (leading ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (producer ) Tj ET Q q 0 0 0 rg BT 90.85 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.78 385.10 Td (manufactured ) Tj ET Q q 0 0 0 rg BT 164.01 385.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 194.49 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.81 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.01 385.10 Td (United ) Tj ET Q q 0 0 0 rg BT 251.71 385.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 282.49 385.10 Td (based ) Tj ET Q q 0 0 0 rg BT 309.30 385.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.06 385.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 360.47 385.10 Td (wholesale ) Tj ET Q q 0 0 0 rg BT 406.22 385.10 Td (shipments, ) Tj ET Q q 0 0 0 rg BT 455.34 385.10 Td (marketed ) Tj ET Q q 0 0 0 rg BT 498.02 385.10 Td (under ) Tj ET Q q 0 0 0 rg BT 524.83 385.10 Td (a ) Tj ET Q q 0 0 0 rg BT 531.48 385.10 Td (variety ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 371.90 Td (of ) Tj ET Q q 0 0 0 rg BT 61.55 371.90 Td (brand ) Tj ET Q q 0 0 0 rg BT 88.98 371.90 Td (names ) Tj ET Q q 0 0 0 rg BT 119.47 371.90 Td (including ) Tj ET Q q 0 0 0 rg BT 163.41 371.90 Td (Cavco ) Tj ET Q q 0 0 0 rg BT 193.89 371.90 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 230.19 371.90 Td (Fleetwood ) Tj ET Q q 0 0 0 rg BT 279.02 371.90 Td (Homes ) Tj ET Q q 0 0 0 rg BT 312.57 371.90 Td (and ) Tj ET Q q 0 0 0 rg BT 330.84 371.90 Td (Palm ) Tj ET Q q 0 0 0 rg BT 355.83 371.90 Td (Harbor ) Tj ET Q q 0 0 0 rg BT 389.37 371.90 Td (Homes. ) Tj ET Q q 0 0 0 rg BT 425.67 371.90 Td ( ) Tj ET Q q 0 0 0 rg BT 427.89 371.90 Td (The ) Tj ET Q q 0 0 0 rg BT 447.37 371.90 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Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream /GS0 gs q 97.00 0 0 48.00 50.00 701.00 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 701.00 Td ( ) Tj ET Q /GS0 gs q 143.00 0 0 45.00 227.00 701.00 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 701.00 Td ( ) Tj ET Q /GS0 gs q 73.00 0 0 48.00 470.00 701.00 cm /I8 Do Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 271.25 677.00 Td (HOME OFFICE) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 194.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 230.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 266.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 302.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 651.80 Td ( ) Tj ET Q q 0 0 0 rg BT 374.00 651.80 Td (September 22, 2014) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 638.65 Td (The Board of Directors) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 625.40 Td (Skyline Corporation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 612.20 Td (2520 By-Pass Road) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 599.00 Td (Elkhart, IN 46515) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 576.80 Td (Dear Members of the Board of Directors:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (W) Tj ET Q q 0 0 0 rg BT 59.50 554.60 Td (e are perplexed by the absence of any response to our earlier letters and communications in which Cavco ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 541.45 Td (Industries, Inc. \(Cavco\) expressed interest in a potential transaction with Skyline Corporation \(Skyline\). ) Tj ET Q q 0 0 0 rg BT 532.14 541.45 Td (W) Tj ET Q q 0 0 0 rg BT 541.64 541.45 Td (e ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (continue to believe it would be worthwhile to discuss opportunities to maximize the value of Skyline) Tj ET Q q 0 0 0 rg BT 496.94 528.25 Td (s business for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 515.05 Td (its shareholders.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 492.85 Td (I first spoke to Mr) Tj ET Q q 0 0 0 rg BT 129.44 492.85 Td (. Decio regarding Cavco) Tj ET Q q 0 0 0 rg BT 240.01 492.85 Td (s interest on October 25, 201) Tj ET Q q 0 0 0 rg BT 366.69 492.85 Td (1, but did not hear back from him. Last ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 479.65 Td (year) Tj ET Q q 0 0 0 rg BT 68.49 479.65 Td (, on ) Tj ET Q q 0 0 0 rg BT 87.13 479.65 Td (August 7, 2013, I visited with Skyline) Tj ET Q q 0 0 0 rg BT 257.63 479.65 Td (s President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 412.31 479.65 Td (ficer) Tj ET Q q 0 0 0 rg BT 432.01 479.65 Td (, Bruce Page, in Skyline) Tj ET Q q 0 0 0 rg BT 541.39 479.65 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 466.45 Td (of) Tj ET Q q 0 0 0 rg BT 58.96 466.45 Td (fices. ) Tj ET Q q 0 0 0 rg BT 87.37 466.45 Td (After once again expressing our interest in a transaction between our companies, Mr) Tj ET Q q 0 0 0 rg BT 457.89 466.45 Td (. Page indicated that he ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 453.25 Td (would discuss our interest with Mr) Tj ET Q q 0 0 0 rg BT 202.46 453.25 Td (. Decio and get back to me. Mr) Tj ET Q q 0 0 0 rg BT 341.15 453.25 Td (. Page never responded to me. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 431.05 Td (More recently) Tj ET Q q 0 0 0 rg BT 111.28 431.05 Td (, we formally expressed our interest in two separate letters, dated ) Tj ET Q q 0 0 0 rg BT 399.33 431.05 Td (August 25 and September 5, 2014, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 417.85 Td (to Mr) Tj ET Q q 0 0 0 rg BT 74.14 417.85 Td (. Page and the members of the Skyline Board of Directors. Because we again received no response, I attended ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 404.65 Td (the Skyline ) Tj ET Q q 0 0 0 rg BT 101.94 404.65 Td (Annual Meeting today in my capacity as a Skyline shareholder to question the Directors regarding their ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 391.45 Td (future plans for the company and why no response has been given to our repeated expressions of interest in Skyline.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (Cavco) Tj ET Q q 0 0 0 rg BT 81.16 369.25 Td (s Board of Directors has authorized me to inform you that based on the public information available and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 356.05 Td (subject to customary due diligence, we believe Cavco could of) Tj ET Q q 0 0 0 rg BT 325.32 356.05 Td (fer Skyline) Tj ET Q q 0 0 0 rg BT 376.95 356.05 Td (s shareholders a price between $3.50 and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 342.85 Td ($4.50 per share in an all cash transaction. ) Tj ET Q q 0 0 0 rg BT 234.29 342.85 Td (There would be no financing contingencies. ) Tj ET Q q 0 0 0 rg BT 432.64 342.85 Td (This represents a 29% to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 329.65 Td (66% premium to the current Skyline stock price. In addition, Cavco is willing to explore a variety of other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 316.45 Td (alternatives, including the purchase of specific manufactured housing assets or an asset-backed operating loan. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (Nothing in this letter is intended to create a legally binding obligation and no such obligation will exist unless and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 281.05 Td (until a definitive transaction agreement is executed. ) Tj ET Q q 0 0 0 rg BT 279.49 281.05 Td (W) Tj ET Q q 0 0 0 rg BT 288.99 281.05 Td (e believe a transaction would be beneficial to Skyline) Tj ET Q q 0 0 0 rg BT 527.24 281.05 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 267.85 Td (shareholders and is attractive considering the challenges faced by the company) Tj ET Q q 0 0 0 rg BT 396.26 267.85 Td (. ) Tj ET Q q 0 0 0 rg BT 401.56 267.85 Td (W) Tj ET Q q 0 0 0 rg BT 411.07 267.85 Td (e are prepared to meet ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 254.65 Td (immediately with you and your advisors in order to answer any questions about our proposal and to work out the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 241.45 Td (details for moving toward a definitive transaction agreement. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.50 219.25 Td (e are prepared to publicly release this letter and pursue other approaches if you do not agree by September 29, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 206.05 Td (2014 to promptly meet with us to discuss a potential transaction. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 183.85 Td (V) Tj ET Q q 0 0 0 rg BT 56.72 183.85 Td (ery truly yours,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.85 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 171.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 171.85 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 171.85 Td ( ) Tj ET Q q 0 0 0 rg BT 194.00 171.85 Td ( ) Tj ET Q q 0 0 0 rg BT 230.00 171.85 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 158.65 Td (Joseph H. Stegmayer) Tj ET Q BT /F5 11.00 Tf ET q 0 0 0 rg BT 50.00 145.45 Td (Chairman and CEO) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 101.00 Td (cc:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.82 101.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 101.00 Td (Matthew P) Tj ET Q q 0 0 0 rg BT 132.75 101.00 Td (. Feeney) Tj ET Q q 0 0 0 rg BT 169.30 101.00 Td (, Snell & ) Tj ET Q q 0 0 0 rg BT 211.27 101.00 Td (W) Tj ET Q q 0 0 0 rg BT 221.21 101.00 Td (ilmer L.L.P) Tj ET Q q 0 0 0 rg BT 271.01 101.00 Td (.) 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