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North America's #1 Transit Bus Manufacturer and Parts Supplier

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North America's #1 Transit Bus Manufacturer and Parts Supplier North America’s #1 Transit Bus Manufacturer and Parts Supplier Forward Looking Statements: May contain forward-looking statements relating to New Flyer Industries Inc. and related companies or to the environment in which they operate, which are based on their operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond New Flyer’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in New Flyer’s Annual Information Form which is available on SEDAR at www.sedar.com. New Flyer assumes no obligation to update or revise any forward-looking statements to reflect new events or circumstances, except as required by applicable securities laws. All figures are in U.S. dollars unless otherwise noted. Non-GAAP Measures : For the definition and explanation of EBITDA, ADJUSTED EBITDA and FREE CASH FLOW please refer to Appendix A. May 7, 2015 2 New Flyer Strategy: Optimize, Defend, Diversify & Grow Performance Bus Market Share: 48% (#1) Parts Market Share: 33% (#1) Employees : ~3,400 LTM Sales: US $1.51B 1. Offer North American bus operators the best buses, services and value in the industry Provide complete offering: Bus (“Workhorse of the Fleet”) supported by Parts & Services LTM Adj EBITDA: US $119.1M Lead the market innovation Leverage: 1.34 (Converts not included) Migrate to the Xcelsior platform for all Heavy Duty buses LTM FCF: US $59.4M Offer MiDi for community shuttle, small transit agencies and private operators LTM Payout Ratio: 48% Increase focus on Aftermarket parts and services 2. Operate as a world class manufacturer using LEAN principles and a Quality Roadmap Common Share (TSX:NFI) Migrate from selling buses, to providing solutions… that deliver best bus value and Fully Diluted Market Cap: ~ C $900M support for life Shares Outstanding: 55.5 M Be recognized as an Employer of Choice Excel in supply chain, strategic sourcing and appropriate in-sourcing 2 Month Avg Daily Volume: ~ 111,700 Continuous pursuit of eliminating waste and cost reduction to improve competiveness Current Yield: ~4.1% Excel at customer support, response and follow up Convertible Debt (TSX:NFI. DB.U) 3. Perform while seeking Diversification and Growth Operate with an appropriate capital structure to grow the business Principal Outstanding: US $64.6 M Seek to diversify beyond single product/market (Heavy Duty Transit buses) to compete 2 Month Avg Daily Volume: ~ US $100K in more than markets: Product (type of bus) and/or Market (Public vs Private) and/or Geography (NA or International) Current Yield: ~ 5.2% May 7, 2015 3 Transition from IDS to Common Share. Focused on the future 15.00 C $102M 3.0 Secondary Offering @ $11.20/unit 14.00 C$110M C $100M Secondary Secondary Acquired Announced Offering @ Offering @ TCB Fabrication Rationalization $11.70/unit $11.40/unit Business of NABI into NF 2.5 13.00 Launched First Xcelsior MiDi Bus JV Platform with ADL 12.00 Production $242M Launched Acquired Non-cash OpEx Orion Parts Rights Offering & Initiative from Daimler 2.0 C $200M issue Common 11.00IPO as IDS Share $65M @ $10/unit Convert Debenture & 10.00 terminate IDS 1.5 9.00 Share Price ($C) ($C) Price Price Share Share 8.00 Acquired 1.0 NABI from Cerberus 7.00 Deferral of US (millions) (millions) Traded Traded Shares Shares Customer order for 1,800 EU 6.00 Marcopolo SA 0.5 19.9% equity Investment in 5.00 NFI 4.00 - 19-Aug-05 19-Aug-06 19-Aug-07 19-Aug-08 19-Aug-09 19-Aug-10 19-Aug-11 19-Aug-12 19-Aug-13 19-Aug-14 Combined Volume NFI Common NFI IDS May 7, 2015 4 #1 Market Share for both HD Transit Buses & Parts Heavy-Duty Transit Bus Share Aftermarket Parts Share based on EUs delivered in 2014 in Can/USA based on estimated parts sales in 2014 Other (incl. El Dorado, Proterra and BYD) MCIMCI ABC Companies 4% 4% (Muncie -Baker) Prevost/Nova 5% Neopart 6% 2% Mohawk 5% 2% Other Transit Brokers 2% Gillig Bus Service Facilities 10% 4% 6% 33% Engine & Transmission Part Vendors 10% 10% 47.5% 33% Local Suppliers 9% New Flyer 33% Truck/Common Parts 15% Suppliers 8% Bus Component Vendors Direct 5% New Flyer acquired Orion Parts in February 2013 and NABI in June 2013. Source: 2014 New Flyer Database & Management Estimates May 7, 2015 5 North American Transit Bus Market & Segments Market Segments 8000 24 of the 25 largest Transit Agencies Other Orion New Flyer NABI and primary targets 7000 operate NF supported buses 6000 Metropolitan Urban Municipal Fleets Fleets Fleets 5000 17 operators 200 operators 900+ Operators 39% of 45% of 16% of installed fleet installed fleet installed fleet 4000 3000 Primary Target market 2000 Primary Target market 1000 0 Primary Target market Miami Boston Seattle Ottawa Everett Denver Toronto Newark Calgary Phoenix Chicago Houston Montreal Baltimore NewYork Pittsburgh Edmonton Las Vegas Las Vancouver Minneapolis Los Angeles Los Philadelphia San Francisco San Orange County Orange Washington D.C. Washington *Quantities in Equivalent Units (EUs) New market entrants focusing on battery-electric buses: Current US & Canada Active Transit Bus Fleet >80,000 buses Other 31% 10% 12% 21% 9% 17% Source: 2014 New Flyer Database & Management Estimates May 7, 2015 6 Significant Investment has been made in LEAN. We call it OpEx. Key Operational Improvements since 2010: ° Build in Station (by task) improved from 87% to 95% ° Average Labour Efficiency increased from 71% to 89% ° Days in Customer Acceptance reduced from 21 to 16 Focused investment on both cultural, physical and process change May 7, 2015 7 New Flyer Transit Bus Models New Flyer Xcelsior ® New Flyer MiDi ® NABI BRT & LFW (1) LFW BRT Production launch in 2009 based Joint venture with ADL to bring 31’ and 40’ (LFW ) and 42 ’ and 60’ on >20 years experience with low MiDi ® to North American market (BRT) buses floor transit buses Production launch in 2014 Propulsion using clean diesel, Offered in 35’, 40’, and 60’ lengths 30’ and 35’ low-floor bus electric-hybrid, and natural gas >12-year, 500,000 miles life >12-year, 500,000 miles life Estimated installed fleet: 10,000 Multiple propulsion systems Clean diesel propulsion and options: diesel, hybrid, natural gas, currently investigating natural gas (1) Both LFW and BRT are being phased out ® trolley and battery-electric and battery-electric and replaced with the New Flyer Xcelsior platform in 2015 . Primary targets are metropolitan Primary targets are municipal and and urban fleets commercial shuttle markets Typical sale price of approx $450K Typical sale price approx $300K US US for 35’/40’ bus and $700K US for 60’ articulated bus May 7, 2015 8 Market Leader in Technology & Propulsion Options Battery-Electric Single platform - multiple propulsion options Hybrid-Electric Natural Gas Electric-Trolley New Flyer’s battery-electric Xcelsior ® ° Pilot bus testing complete and in service. Clean Diesel ° 2 electric buses delivered to Chicago in 2014 ° 4 buses delivered to Winnipeg in 2014 °60’ artic with Fuel Cell range extender in development Focused on New Flyer’s optimized and robust Xcelsior ® platform May 7, 2015 9 Industry’s most comprehensive Parts & Support Services Aftermarket Parts Product Support Services With addition of Orion Parts and NABI, New Flyer is the Publications: Wide range of customized parts, maintenance recognized leader in both size and quality of service with an and operational documentation. New Flyer publications are the estimated market share of 34% in 2014. industry standard. Key competitive advantages include: widest product Service Support: Product acceptance, field support, field assortment (parts for products manufactured by New Flyer, engineering and warranty management. NABI, Orion, as well as other bus manufacturers) and industry Product Training: Operator and maintenance training leading distribution network with shortest delivery times. provided in connection with new bus sales or aftermarket Exclusive product distribution: support (On-the-job, Classroom, eLearning, etc. ° NFI proprietary line of service parts under the “Kinetik” brand New Flyer Connec t : On-board system that permits real-time monitoring of the bus driver and vehicle performance to help ° Exclusive license for Xtended Life TM brake kits which improve driver safety, driving efficiency and fuel and increases life of brakes, thereby reducing vehicle maintenance costs operating/maintenance costs ° Unique offerings (Kits, Mid-life upgrade programs, Vendor Managed Inventory, KanBan, etc). Well positioned to maximize market share of parts and life cycle support services May 7, 2015 10 Manufacturing, Service and Parts Locations 3,400 team members with approx 1,300 covered by CBA Parts Distribution Winnipeg, MB Manufacturing & Service Winnipeg CBA expires Mar 31/18 Headquarters NFI Parts Fabrication and Bus Assembly Buses Built /Week Crookston CBA expires Dec 31/15 New Product Development NFI Parts Distribution Center St Cloud CBA expires Mar 31/17 BC PE Arnprior, ON AB Service Center SK MB QC NB ON NS ME Renton, WA WA Service Center 18 MT ND VT Brampton, ON MA MN NH NFI Parts Distribution Center OR NY ID RI SD 21 WI MI CT WY PA ` NJ IA DE Elkhart, IN Fresno, CA NV NE MD TCB Part Fabrication IN OH NFI Parts Distribution Center IL WV UT VA DC CA CO KS MO KY NC TN Delaware, OH SC AZ OK NABI Parts Distribution Center NM AR GA Los Angeles, CA AL MS 12 Service
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