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NFI:TSX INVESTOR PRESENTATION August 2018 Leader in Transit Buses, Motor Coach & Aftermarket

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NFI:TSX INVESTOR PRESENTATION August 2018 Leader in Transit Buses, Motor Coach & Aftermarket NFI:TSX INVESTOR PRESENTATION August 2018 Leader in Transit Buses, Motor Coach & Aftermarket Target 2,774 1,076 500 $378M** deliveries (EU)* Market Founded in 1930 – Market Leader Founded in 1932 – Market leader in Founded in 2008 – Market leader in Largest bus and motor in heavy duty (HD) transit buses motor coaches cutaway space and innovator in medium coach inventory in North duty transit America Market Share 43% 43% 64% (low-floor cutaway) Units in Service >44,000^ >30,000 >3,000 7 Parts Distribution Centers and 10 Service Centers in North America Avg. Selling $535,400 $524,000 $79,500 Price+ All figures are in U.S. dollars unless otherwise noted See Appendix for Forward Looking Statements and Financial Terms, Definitions and Conditions * 2018 expected deliveries in Equivalent Units (EU) ^ Includes New Flyer and acquired entities (Orion and NABI) buses 2 ** 2018 Q2 last twelve months (LTM) revenue + Revenue per EU based on the 26 week period ended July 1, 2018 (2018 YTD) deliveries Strategically • Proven LEAN operations track record Acquired US OEM of low-floor cutaway and medium-duty buses • Demonstrated margin expansion • Accretive acquisitions Acquired assets of US • Exceptional ability to integrate Fiberglass supplier • Strategic part fabrication Acquired US manufacturer of HD Acquired Can/US transit buses & parts distributor FRP Supplier $2,448 $2,382 $2,274 Acquired Orion (transit bus parts business) from Daimler Acquired North America’s leading manufacturer of motor coach & parts/service Global bus body manufacturer $1,539 equity investment in NFI $1,451 Acquired US part NFI converted from fabricator in 2010 IDS to Common Share $1,199 $984 $926 $865 $289 $318 $327 $151 $97 $80 $61 $95 $107 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 LTM Revenue ($M) Adj. EBITDA ($M) 3 North American Footprint - Best in Class Winnipeg, MB Winnipeg, MB Parts Fabrication Parts Fabrication, Fiberglass Fabrication D Model Shell Assembly AB Bus Shell Assembly J Model manufacture SK MB New Product Development QC New Product Development ON Anniston, AL WA St Cloud, MN Pembina, ND Los Alamitos, CA New Flyer Bus Manufacture New Flyer Bus Manufacture MCI Coach Manufacturing MCI Service Center Fiberglass Fabrication Parts Fabrication ND Fiberglass Fabrication MN Des Plaines, IL Blackwood, NJ NY Crookston, MN Shepherdsville, KY MCI Service Center MCI Service Center New Flyer Bus Completion New Part Fabrication WI Dallas, TX Montreal, PQ PA NJ ` Jamestown, NY Renton, WA MCI Service Center MCI Service Center Part Fabrication/Assembly New Flyer Service Center Winter Garden, FL Hayward, CA CA IL IN OH WV Wausaukee & Gillet, WI Arnprior, ON MCI Service Center MCI Service Center Fiberglass Fabrication New Flyer Service Center KY Elkhart, IN Ontario, CA TCB Part Fabrication New Flyer Completion & Service Center AL Louisville, KY Delaware, OH New Flyer and MCI Parts Distribution NABI Parts Distribution TX FL Brampton, ON Winnipeg, MB Middlebury, IN New Flyer Parts Distribution New Flyer Parts Distribution Cutaway & Medium Duty Fresno, CA Manufacture Edmonton, AB MCI Parts Distribution New Flyer Parts Distribution East Brunswick, NJ MCI Parts Distribution New Flyer Manufacturing MCI Manufacturing New Flyer Service MCI Service NFI Parts Distribution 4 The NFI Difference and Vision Providing leading solutions to move groups of people safely, efficiently, responsibly, and in style. Differentiators: Offer a full range of the industry’s best buses, aftermarket parts and services Trusted business partner for over 87 years delivering and standing behind reliable products. Focused on total cost of ownership Vertically integrated fabrication where NFI owns the drawings to control Cost- Time-Quality Propulsion agnostic on proven common platforms: clean diesel, natural gas, hybrid and zero-emission (trolley, battery and fuel-cell) Exceptional spare parts support, publications and training Optimize, Defend, Diversify & Grow 5 Heavy Duty Transit and Motor Coach Markets HD Transit Bus Market - EUs delivered in Can/US & New Flyer Share* Motor Coach Market – Units Delivered in Can/US and MCI Share** 7,000 7,000 74% 6,336 6,236 6,032 5,933 69% 5,816 6,000 5,795 6,000 5,533 63% 63% 5,388 5,347 62% 62% 5,284 5,212 60% 60% 5,154 5,128 5,109 5,065 5,010 5,009 56% 57% 56% 4,797 5,000 4,723 5,000 51% 52% 4,333 50% 4,047 46% 4,000 44% 43% 4,000 42% 48% 39% 38% 37% 44% 44% 43% 42% 41% 3,001 3,000 38% 37% 37% 37% 3,000 2,819 36% 37% 35% 35% 2,485 2,485 34% 2,471 2,385 2,385 2,357 2,357 32% 2,324 30% 2,274 2,092 2,092 2,048 2,048 1,918 1,918 26% 1,852 1,825 1,825 1,783 1,783 2,000 1,756 2,000 1,648 1,581 1,581 1,510 1,510 19% 20% 1,479 1,341 1,341 25% 1,184 1,000 1,000 0 - Urban Municipal Metropolitan Tour & Charter Limo Employee 20 operators 200 operators 900+operators Public Transit Line Haul/Fixed 43% of installed fleet 6% of 39% of installed fleet 33% of installed fleet 28% of installed 20% of installed fleet Route^ Shuttle installed fleet 29% of installed fleet 2% of fleet installed fleet * Sourced from New Flyer databases and Management estimates 6 ** Sourced from MCI database and Management estimates North American Transit Leader HD Transit Bus Market Share 2017* Team of nearly 3,000 employees throughout North America Supports over 44,000 heavy duty transit buses in service 20% Over 7,300 vehicles using electric motors and battery propulsion, and 1,600 Zero Emission Buses (ZEB) 3% 6% New Flyer has the industry’s strongest track record of electric vehicle 6,300EU performance 43% First and only bus manufacturer to achieve all three ISO certifications 28% (ISO9001, ISO14001, ISO18001) 15 of the 25 largest transit agencies in North America primarily operate New Flyer supported buses (24 of the top 25 operate a New Flyer supported bus) Estimated active North America Transit Bus Fleet* Others 53% 21% 9% 17% Orion Parts and NABI acquired by NFI in 2013 88,000 BUSES IN SERVICE 7 * Sourced from New Flyer database and Management estimates The Future is Bright Public Bid Universe & Active Opportunities (EUs)* Aging Fleet and Insourcing Zero Emission Buses Federal Funding Opportunities 25,000 1 2 3 20,000 Average age of HD Transit Launching of state-of-the Transit authorities making Fleet: art 315,000 sq. ft. longer-term transition to 15,000 US = 7.8 years^ Shepherdsville, KY Zero Emission Buses Canada = 7.3 years^ 10,000 Facility will fabricate parts New Flyer is a leader in for New Flyer, MCI, NFI the space with the FAST Act funding in-place Parts & ARBOC strongest track record 5,000 to 2021 Exploring other Industry leading Xcelsior FTA funds 80% of a transit insourcing opportunities Charge bus - bus capital cost Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-09 2017 ZEB Awards Bid Universe of 22,150 EUs Firm & Option EU Bids in Process Bids Operator Submitted Forecasted 5 year buy** 353 EUs 1,319 2,391 18,440 406 * Bid universe is primarily applicable to New Flyer, but MCI also sells to public transit agencies that would be included in totals above ** Management estimate of future expected industry procurement in the next five years based on 112 discussions directly with individual U.S. and Canadian transit authorities ^ Sourced from APTA Public Transportation Factbook 2016 8 The Motor Coach Leader Motor Coach Transit Bus Market Share 2017 Quebec and New York Mexico Owned by Volvo Truck & Bus Team of 1,750 employees Germany Owned by Daimler AG 26% Supports nearly 30,000 motor coaches in service and imported by REV Group J Coach for private market and D Coach primarily for public operators 1% Focused on innovation and new designs including D45 CRT LE Coach Turkey 7% Owned by Sabanchi Group ~2,500EU and J3500 35’ coach 43% Numerous operational optimization projects underway including IT MCI Share increased 23% by 4% in 2017 harmonization and production line improvements Belgium & Macedonia Two manufacturing sites with 7 service centers Privately owned Negligible Deliveries to date Spain US Active North America Motor Coach Fleet 51% 24% 19% 4%2% 55,000 UNITS 9 * Source: MCI Database and Management estimates Opportunities for Growth Innovative New Products eCommerce Disruption Growth in Employee Motor Coach Market by Segment (2017 deliveries = ~2,500 Units)* Shuttles & Limo 1 2 3 Limo/Conversion D45 CRT LE – Traditional line haul and Growing demand for 10% revolutionary fixed route operators employee shuttles within improvements to support facing headwinds, but the tech sector expanding mobility for all disruptors in the space beyond the SF Bay area Tour/Charter provide numerous Public/Transit 36% 18% The J3500, 35’ coach opportunities Limo operators increasing offers a smaller but coach purchases, focused common platform Growth of eCommerce on customer experience players may see fleet renewals and increased Employee Electric propulsion Potential tourist demand Shuttle systems provides a ZEB coach demand in Tour for a more comfortable 9% offering to clients and Charter as well and smaller coach Line Haul / Fixed Route 27% 10 * Source: MCI database and Management estimates Innovator in Low-Floor & Medium Duty Buses North American Cutaway Market (2017 ~15,00 units)* Overall Cutaway Market Low Floor Cutaway Market Founded in 2008, has sold more than 3,000 buses – Delivered 360 buses in 2017 and forecasting 40% growth in 2018 15,000 EU Acquired by NFI in December 2017 for $95M (10x ARBOC’s 2017 Adj.
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