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Investor Presentation Investor Presentation NOVEMBER 2019 WHO IS NFI? Bus Design and Manufacture Part Fabrication Aftermarket and Service Carfair Composites is a leader in North America’s most The North American Leader in fiber-reinforced plastic (FRP) comprehensive parts Heavy-Duty Transit buses design and composites organization, providing technology parts, technical publications, training, and support for its OEM Started in 1941 in Winnipeg, NFI’s dedicated internal parts- product lines North America’s largest fabrication facility launched in manufacturer of Motor Coaches 2017 in Shepherdsville, KY UK’s leading bus parts distributor and aftermarket service Tracing its roots to 1892 with the support network Dennis, Alexander and Plaxton companies, ADL is a global manufacturer of double deck Supports eMobility and single deck buses and projects from start to motor coaches headquartered in finish Larbert, Scotland Founded in 2008 in Middlebury, Indiana ARBOC is a leader in low- floor cutaway and medium-duty shuttles 2 OUR MISSION OUR VISION To design and deliver To enable the future of exceptional transportation mobility with innovative solutions that are safe, and sustainable solutions accessible, efficient and reliable WHY INVEST IN NFI Track Record Our Differentiators • Trusted business partner with nearly 400 years of combined • Exclusively focused on bus & coach with market leading bus and motor coach design and manufacturing experience positions in multiple jurisdictions • 5 year Q3 2019 LTM Revenue CAGR of 13.3% and Adj. • ~75% of revenue driven by public customers EBITDA CAGR of 22.3% • A market technology leader with a track record of • 11.3% Q3 2019 LTM Adj. EBITDA margin innovation offering all types of propulsion options • History of sustainable dividends: 13.3% annual growth in • Vertically integrated North American part fabrication to annual dividend in 2019 with 49.6% Q3 2019 LTM payout ratio control cost, time and quality. Offers and margin enhancement. Opportunities to apply at ADL • Multi-year backlog of 11,594 EUs ($5.5B) • A developing global supply chain and scale purchasing • Recently acquired ADL (2014 – 2018 revenue CAGR of 10.5%) power • Prudent capital management focused on investing in business • ADL’s experience in growing in new markets operations, strategic acquisitions and returning cash to shareholders through Dividends and NCIB 4 PROVEN STRATEGIC GROWTH AND DIVERSIFICATION • Proven LEAN operations track record Acquired US OEM of low-floor • Demonstrated margin expansion cutaway and medium-duty buses • Strategic part fabrication capability • Accretive acquisitions Acquired assets of US • Proven ability to integrate Fiberglass supplier Acquired UK market leader and global leader on Double Deckers Acquired US manufacturer of HD $3,112 transit buses & parts distributor Acquired FRP Supplier Acquired North America’s $2,638$475 leading Coach manufacturer $2,519 $2,382 Acquired Orion (transit bus $2,274 parts business) from Daimler LTM Global bus body manufacturer Pro forma equity investment in NFI $1,539 $1,451 ADL(2) Acquired US part NFI converted from fabricator in 2010 IDS to Common Share $1,199 $984 $926 $865 $319 $289 $318 $315 $151 $22 $97 $80 $61 $95 $107 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 2019 LTM Revenue ($M) Adj. EBITDA ($M) 1) See “Non-IFRS measures” under forward looking statements at the end of this presentation 2) Pro-forma combined business for the period October 1, 2018 to September 29, 2019 ADL information related to the periods before the Acquisition Date are based on audited financial statements of ADL provided to NFI, which were prepared on the basis of UK GAAP. NFI has not independently verified such statements. ADL’s reported results above have been conformed to IFRS. 3) Only Q1, Q2 and Q3 2019 figures included within Q3 2019 LTM reflect the adoption of IFRS 16 5 A DIVERSE BUSINESS MODEL Q3 2019 LTM Revenue By Customer(1) By Segment(1) By Product(1) Public Motor 75% Manufacturing Coaches Aftermarket Transit 25% 15% 85% Buses Private 73% 25% Medium Duty and Low-Floor Cutaway 2% (1) ADL revenue only included for the period of May 28 to September 29, 2019. ADL tends to service private customers in the UK and Hong Kong markets, while servicing public customers in North America, Singapore and New Zealand. On a pro- forma basis including ADL pre-acquisition figures for the Q3 2019 LTM period the public private revenue split would be approx. 70% / 30% 6 MOVEMENT TO A GLOBAL BUS BUSINESS Canada 3 manufacturing facilities 6 parts and service facilities United Kingdom 4 manufacturing facilities 3 parts and service facilities China Zuhai - 3rd party manufacturing USA Germany Hong Kong – APAC Head Office 6 manufacturing facilities 1 parts and service facility 15 parts and service facilities Singapore 1 parts and service facility Mexico Malaysia 1 parts and service facility 3rd party manufacturing Latin America Strategic Partnership with New Zealand 1 parts and service facility 7 MOVEMENT TO A GLOBAL BUS BUSINESS Q3 2019 LTM Pro-Forma Revenue by Geographic Region(1) • Leadership positions in Canada, United States, UK, New Zealand and Hong Kong • Vehicles present in 10 different jurisdictions UK and • 20% of revenue now derived from outside of Europe Canada and the US 15% • Diversified business model helps counter North America market specific cyclicality 80% APAC and • ADL will grow its European business with Other landmark BVG Berlin contract, starting to 5% significantly contribute in 2021 1) Pro-forma combined business for the period October 1, 2018 to September 29, 2019 all ADL information related to the periods before the Acquisition Date (May 28, 2019) are based on audited financial statements of ADL provided to NFI, which were prepared on the basis of UK GAAP. NFI has not independently verified such statements. ADL’s reported results above have been conformed to IFRS. 8 2006 5,347 4,232 5,816 MARKETS TARGET NFI 2007 (2) (1) 3,993 6,236 Source: American Bus Association reported AssociationBusreported Source: American data Management combination in with Estimates Source: Management and Estimatesdata reported to Metro Magazine 2008 5,388 4,511 Market andTransit U.S.Canada UK Busand Coach Market UK 5,009 2009 4,323 4,723 2010 5,212 3,226 4,333 2011 3,391 4,047 5,055 2012 3,811 5,284 2013 6,032 3,685 5,933 2014 3,440 5,154 2015 5,109 4,009 5,010 (1) 2016 4,361 5,128 2017 5,373 3,833 5,795 2018 3,213 6,336 (4) Source: Management Source: (4) Management Estimates reported and include Source: Manufacturers data Society data. (3) of miniMotor mayTraders Historical 6,504 segment in which ADL does does ADL segment in not participate which 2,485 Asia Pacific (excl. China) (excl. Pacific Asia UK) (excl. Europe America South Duty Mediumand Cutaway U.S. and Canada 3,001 2,819 Market Coach andMotor U.S.Canada 2,385 2,324 2,048 1,479 1,341 Other Markets Other 1,756 2,092 1,852 1,825 1,581 1,184 Est. Annual Annual Est. Deliveries 1,510 1,648 25,000 30,000 30,000 17,000 1,783 - buses, a a buses, 1,918 2,274 (2) (4) 2,357 2,470 9 2,305 BACKLOG IS A POSITION OF STRENGTH (1) Book-to-Bill (New Firm Orders plus Options Converted / Deliveries) 11,594 EUs 90% 5,000 160% 4,500 140% Total Backlog at Sept. 30, 2019 Q3-19 LTM 4,000 (1) 120% (1) Book to Bill ratio 3,500 (Firm Orders and Options) 3,000 100% 2,500 80% 2,000 60% 1,500 40% 4,907 EUs 27,495 EUs 1,000 500 20% Active Bids at Sept. 30, 2019 Total Bid Universe(1) - 0% (1) 2014 2015 2016 2017 2018 Q3 2019 LTM (Bids in Process and Submitted) LTM New Orders (EUs) LTM Deliveries (EUs) LTM Order Intake / Deliveries Total Backlog (Firm and Option EUs)(1) Option History, Conversion and Current Status (EUs)(1) ADL ARBOC Public backlog backlog Q3 2019 LTM Conversion was 78% added in Q4-17 added in Q4-17 12,000 MCI Public backlog 2,500 81% 90% added in Q4-15 79% 73% 71% 80% 10,000 2,000 70% 8,000 54% 60% 1,500 50% 6,000 40% 1,000 4,000 30% 20% 2,000 500 10% 0 - 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Firm Option Options expired Options exercised Current option expiry Annual conversion rate (1) Data includes ADL from the period of June 30, 2019 onwards 10 HEAVY DUTY TRANSIT BUS • Leadership positions in Canada, US, UK and Hong Kong Single Deck Articulated Double-Deck • Solid deliveries to Singapore, New Zealand, Mexico & Malaysia 30-35-40 foot 60-foot 45-foot • Delivered more ZEB Heavy-Duty transit buses than any other manufacturer in North America Diesel, CNG, Diesel, CNG, Diesel, ZEB CURRENT • Backlog of 9,775 EUs, delivered 3,263 EUs LTM Q3 2019 Hybrid, ZEB Hybrid, ZEB POSITION • Includes New Flyer’s Xcelsior and ADL’s Enviro200 (single-deck), Enviro400 (two axle DD) and Enviro500 (three axle DD) • Competitors include: Volvo, Gillig, Proterra, BYD, Optare, Wright Bus, Scania and MAN • North American procurement awards expected to increase in 2020 based on active bid universe – although awards expected to be smaller in size and with fewer options • ADL secured significant contracts in HK and Singapore order to begin delivery in 2020 and targeting growth in continental Europe, Global fleet of more than 70,000 vehicles in service New Zealand and Latin America. UK expected to be relatively flat OUTLOOK in 2020, with potential upside from competitor challenges 8 production facilities with over 2,000,000 sq. ft. of production space • BVG contract in Berlin for up to 430 vehicles begins to contribute in 2021 5,000+ Team Members • Infrastructure Solutions Group assisting transit agencies with 2018 Market Share: North America ~43%, UK ~67% body/~ 59% chassis transition to battery-electric vehicles • 2019 delivery guidance of 4,025 EUs 11 MOTOR COACH • MCI holds market leadership position in Canada and the U.S.
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