INVESTOR PRESENTATION August 2019 NFI:TSX Who is NFI? Bus Design & Manufacture Part Fabrication Parts and Service North America’s largest bus and North America’s largest heavy-duty Captive fiberglass reinforced plastic motor coach parts distributor public transit bus manufacturer fabricator for MCI, New Flyer and ADL and the leader in Zero-Emission Bus (ZEB) transit Captive parts fabricator for New Flyer, UK’s leading bus parts distributor North American market leader in ARBOC and NFI Parts. Plans to and aftermarket service support motor coaches for both Public and KMG fabricate for MCI and ADL beyond network Private operators 2020 U.K.’s largest bus and motor coach Supports eMobility projects from manufacturer with leading share in start to finish Hong Kong and New Zealand and a growing global presence. North America’s first innovation North America’s disruptive low-floor lab dedicated to the exploration cutaway and medium-duty transit and advancement of bus and bus leader coach technology 2 Why Invest In NFI? Track Record Our Differentiators • Trusted business partner with over 300 years of combined bus • Market leading positions in US, Canada, UK, Hong Kong and and motor coach design and manufacturing experience New Zealand with strong portfolios in Singapore, Malaysia and Mexico • 5 year Q2 2019 LTM Revenue CAGR of 13.1% and Adj. EBITDA CAGR of 21.5% • Growing presence in Switzerland and Germany (gateway into continental Europe) • Peer Leading(1) 11.6% Q2 2019 LTM Adj. EBITDA margin • ~80% of revenue driven by public (i.e. government funded) • History of sustainable dividends: 13.3% annual growth in annual customers dividend in 2019 with 51% Q2 2019 LTM payout ratio • Vertically integrated North American fabrication processes • Multi-year North American backlog(2) of 9,997 EUs ($4.8B) • Proven propulsion agnostic bus platforms: clean diesel, natural gas, hybrid and zero-emission (trolley, battery and fuel-cell) • Recently acquired ADL (2014 – 2018 revenue CAGR of 10.5%) • Track record of innovation: electric trolleys, low-floor transit • Prudent capital management focused on investing in business buses, CNG propulsion, battery-electric, low-entry motor coach, operations, strategic acquisitions and returning cash to Vehicle Innovation Center, Infrastructure Solutions, Double-Deck shareholders through Dividends and NCIB buses, etc. (1) Public company peer group includes: REV Group Inc., Spartan Motors Inc., Blue Bird Corporation, Oshkosh Corporation, Thor Industries Inc., Winnebago Industries Inc. and Navistar International Corp. (2) Excludes ADL North American backlog All figures are in U.S. dollars unless otherwise noted 3 See Appendix for Forward Looking Statements and Financial Terms, Definitions and Conditions Proven Strategic Growth and Diversification • Proven LEAN operations track record • Demonstrated margin expansion Acquired US OEM of low-floor • Strategic part fabrication capability cutaway and medium-duty buses • Accretive acquisitions Acquired UK market leader and global leader on Double Deckers • Proven ability to integrate Acquired assets of US Fiberglass supplier $3,207 KMG Acquired US manufacturer of HD Opened strategic Part $739 transit buses & parts distributor Acquired Fabrication facility in KY FRP Supplier $2,519 $2,382 $2,274 Acquired Orion (transit bus parts business) from Daimler Acquired North America’s leading Coach manufacturer LTM Pro forma $1,539 ADL(2) Global bus body manufacturer $1,451 equity investment in NFI Acquired US part NFI converted from $1,199 fabricator in 2010 IDS to Common Share $984 $926 $865 $289 $318 $315 $328 $35 $151 $97 $80 $61 $95 $107 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019 LTM (3) Revenue ($M) Adj. EBITDA ($M) (1) 1) See footnote on slide 3 and “Non-IFRS measures” under forward looking statements at the end of this presentation 2) Pro-forma combined business for the period July 2, 2018 to June 30, 2019 all 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 and Q2 2019 figures included within Q2 2019 LTM reflect the adoption of IFRS 16 4 Diversified Revenue with Global Upside ~80% revenue from Public customers(1) ~20% revenue from Private customers(1) Q2 2019 LTM Revenue by Segment Q2 2019 LTM Revenue by Product Motor Aftermarket Manufacturing $370M Coaches $2,148M $530M Transit Buses $1,580M (2) Q2 2019 LTM Revenue by Region Medium Duty and Low-Floor Cutaway $38M 85% 13% 2% US Canada UK and Europe APAC >1% (1) ADL revenue only included for the period of May 28 to June 30, 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 Q2 2019 LTM period the public private revenue split would be approx. 70% / 30% (2) ADL revenue only included for the period of May 28 to June 30, 2019 5 Deliveries (EUs) by Product Type (1) (1) Motor Coach (1) Heavy Duty Transit Bus (New Coach Only) Medium Duty & Low-Floor Cutaway 4,095 2,781 2,903 2,550 2,729 1,062 1,037 1,140 919 938 502 399 425 27 2016 2017 2018 2019 Q2 2019 2016 2017 2018 2019 Q2 2019 2016 2017 2018 2019 Q2 2019 LTM Guidance LTM Guidance LTM Guidance Canada/USA UK, APAC, EUR, LATAM Canada/USA Primarily UK Canada/USA Canada, USA 1) 2016 to 2018 figures do not include ADL deliveries. ADL deliveries only included for the period of May 28 to June 30, 2019 within the Q2 2019 LTM figures. ADL delivered 2,533 vehicles on a UK GAAP basis in 2018. 6 NFI Target Market Sizes Canada and U.S. Transit Market(1) Canada and U.S. Motor Coach Market(2) 7,000 7,000 6,000 6,000 6,504 6,336 6,236 6,032 5,000 5,933 5,000 5,816 5,795 5,388 5,373 5,347 5,284 5,212 5,154 5,128 5,109 5,055 5,010 4,000 5,009 4,000 4,723 4,333 3,000 4,047 3,000 2,000 2,000 3,001 2,819 2,485 2,470 2,385 2,357 2,324 2,305 2,274 2,092 1,000 2,048 1,000 1,918 1,852 1,825 1,783 1,756 1,648 1,581 1,510 1,479 1,341 - - 1,184 (3) 7,000 UK Bus and Coach Market Other Markets 6,000 Est. Annual Deliveries(4) 5,000 4,511 4,361 4,323 4,232 4,009 3,993 Canada and U.S. Cutaway and Medium Duty 17,000 3,833 3,811 3,685 3,440 4,000 3,391 3,226 3,213 South America 30,000 3,000 Europe (excl. UK) 30,000 2,000 Asia Pacific (excl. China) 25,000 1,000 - 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (3) Source: Society of Motor Manufacturers and Traders reported data. Some historical data may include (1) Source: Management Estimates and data reported to Metro Magazine mini-buses, a segment in which ADL does not participate (2) Source: American Bus Association reported data in combination with Management Estimates 7 (4) Source: Management Estimates North American Backlog of Firm Orders and Options Book-to-Bill (New Firm Orders plus Options Converted / Deliveries)(1) 5,000 160% 140% 4,000 120% 3,000 100% 9,997 EU 89% ~2.4x 80% Total Backlog at 30 June 19 Q2-19 LTM Total Backlog EUs to 2,000 60% (1) (1) (1) 40% (Firm Orders and Options) Book to Bill ratio Annual Production 1,000 20% - 0% 2014 2015 2016 2017 2018 Q2 019 LTM 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) Q2 2019 LTM Conversion was 70% ARBOC Public backlog added in Q4-17 2,500 79% 81% 90% 12,000 MCI Public backlog 73% 71% 80% added in Q4-15 10,000 2,000 70% 54% 60% 8,000 1,500 50% 6,000 OptionsEUs = 6,691 40% 1,000 30% 4,000 500 20% 2,000 10% - 0% 0 Firm = 3,306 EUsFirm = 3,306 2014 2015 2016 2017 2018 2019 2020 2021 2022 Options expired Options exercised Current option expiry Annual conversion rate Firm Option (1) Data does not include ADL orders, deliveries, firm or option backlog, or option conversions 8 Heavy Duty Transit Bus • Leadership positions in Canada, US, UK and Hong Kong • Solid deliveries to Singapore, New Zealand, Mexico & Malaysia Single Deck Articulated Double-Deck 60-foot 45-foot • Delivered more ZEB Heavy-Duty transit buses than any other 30-35-40 foot manufacturer in North America Diesel, CNG, ZEB Diesel, CNG, ZEB Diesel, ZEB CURRENT • Backlog of 8,327 EUs (excluding ADL), delivered 2,903 EUs POSITION LTM Q2 2019 • 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 procurements expected to continue at recent levels with increase in awards expected for the second half of 2019 based on active bid universe • Singapore order secured to begin delivery in 2020 and Global fleet of more than 70,000 vehicles in service targeting growth in continental Europe, New Zealand and Latin America. UK expected to be relatively flat in 2020 OUTLOOK 8 production facilities with over 2,000,000 sq.