CODE OF BUSINESS CONDUCT AND ETHICS

                              FOR

                    FOUNTAIN POWERBOATS, INC.









April 2004







TABLE OF CONTENTS



I.	INTRODUCTION                                                 1

II.	STATEMENT OF POLICY                                          1

III.	CONFIDENTIAL INFORMATION                                     2

IV.	CONFLICTS OF INTEREST                                        3

V.	PERSONAL ETHICS                                              4

VI.	POLITICAL ACTIVITIES                                         5

VII.	CIVIC RESPONSIBILITIES                                       5

VIII.	COMPLIANCE CERTIFICATE                                       5

IX.	COMPLIANCE WITH LAWS, RULES, AND REGULATIONS                 6

X.	ADMINISTRATION                                               8

XI.	CONCLUSION                                                   9















I.	INTRODUCTION



This Code of Business Conduct and Ethics (the

"Code") of Fountain Powerboats, Inc. (the

"Company") is a guide to help our employees

competently and ethically do their jobs.  This

Code also will help you perform your job without

feeling the pressure of indecision when

confronted by particular types of situations.

If a situation arises where it is difficult to

determine the right choice or you feel pressured

to act improperly, discuss the matter with your

supervisor or manager.  If you are uncomfortable

discussing the situation with your supervisor or

manager or after the discussion are still

uncomfortable with the situation, please contact

the Human Resources Director.



This Code is intended to deter wrongdoing and to

promote:



1)	Honest and ethical conduct;



2)	Ethical handling of actual or apparent

conflicts of interest between personal and

professional relationships;



3)	Compliance with applicable governmental

laws, rules, and regulations;



4)	Prompt internal reporting of violations of

the Code, illegal or unethical behavior by

officers or employees, or accounting or

auditing concerns; and



5)	Accountability for adherence to the Code.



It is not practical to attempt to cover in this

Code all possible situations with which you may

be confronted.  You must always make the choice

of honesty and integrity-the right choice-to

avoid even the slightest appearance or suspicion

of a conflict of interest or wrongdoing.

Failure to meet the expectations described in

this Code and the Company's policies and

practices may result in disciplinary action, up

to and including termination.

II.	STATEMENT OF POLICY

The Company's reputation for integrity is a

valuable asset and it is determined largely by

the ethics of the employees of the Company.

Each employee must prudently manage his or her

personal and business affairs to avoid

situations that might lead to a conflict of

interest, or even the appearance or suspicion of

a conflict of interest, between the employee's

self-interest and his or her duty to the

Company.  A person's position with the Company

must never be used, directly or indirectly, for

private gain, to advance personal interests, or

to obtain favors or unauthorized benefits for

himself or herself, a member of his or her

immediate family, or any other person.



For clear understanding as you read this Code,

"employee" refers to any person employed with

the Company.  "Immediate family" includes an

employee's spouse, parent, child, brother,

sister, grandparent, grandchild, in-law, or any

other person living in the employee's primary

household.

III.	CONFIDENTIAL INFORMATION

A.	Not to be Disclosed to Others. To maintain

the trust of the Company's customers, the

public, and the Company's employees,

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