Mr. Stephen King reports

NFI PROVIDES TIMING UPDATE ON ITS COMPREHENSIVE REFINANCING PLAN AND SCHEDULES SECOND QUARTER 2023 FINANCIAL RESULTS AND CONFERENCE CALL FOR AUGUST 2, 2023

NFI Group Inc. has provided an update on the expected timing to complete its previously announced comprehensive refinancing plan. All amounts shown in this press release are in U.S. dollars unless otherwise indicated.

NFI expects to concurrently complete all elements of its refinancing plan prior to the release of its second quarter financial results on Wednesday, Aug. 2, 2023. To support this expected timing, NFI has received an extension of the date for the completion of the required amendments and the financial covenant waivers under the company's existing North American senior secured credit facility to July 31, 2023, and Aug. 4, 2023, respectively. NFI has also received confirmation of the extension of the maturity date and financial covenant waivers under its senior secured U.K. credit facility to Aug. 4, 2023. These extensions are subject to customary conditions.

To date, under the refinancing plan NFI has:

• Received confirmation of credit approval from its banking partners for proposed amendments to the secured facilities with maturity dates extending to April 30, 2026;
• Received confirmation of intention to extend the maturity of Manitoba Development Corp.'s and Export Development Canada's senior unsecured debt facilities to April 30, 2026, with both facilities extensions subject to final approvals and documentation;
• Secured approximately $225-million of equity commitments through a combination of a private placement transaction and a bought deal public offering of subscription receipts to be exchanged for common shares of NFI on completion of the refinancing plan;
• Significantly advanced a planned $175-million second lien debt financing, with discussions with potential investors continuing. NFI continues to expect this financing to have a coupon in the range of 12 per cent to 15 per cent and an anticipated maturity of 3.5 to five years.

In connection with the private placement, the company has received approval under the Competition Act (Canada) and the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. The company has also received the conditional approval of the Toronto Stock Exchange for the listing of the shares issuable in the private placement. Listing is subject to NFI fulfilling all of the requirements of the TSX on or before Sept. 22, 2023.

As all of the financing transactions described above are mutually conditional, and the company expects to close all elements of the refinancing plan at the same time prior to Aug. 2, 2023.

The company will host a special meeting of its shareholders on Tuesday, June 27, 2023, at 9 a.m. Central Time to consider and, if deemed advisable, to approve the issuance of shares of NFI in the private placement. The notice of meeting, form of proxy and management information circular have been mailed to shareholders, filed and are available under the company's SEDAR profile and on NFI's website. Any shareholder who has voted in advance of the meeting should log into the meeting as guest.

Second quarter financial results release

NFI will release its second quarter 2023 financial results on Wednesday, Aug. 2, 2023, prior to market open. A conference call for analysts and interested listeners will be held on Aug. 2, 2023, from 8:30 a.m. Eastern Time (ET) until approximately 9:30 a.m. ET. An accompanying results presentation will be available prior to market open on Aug. 2, 2023, on NFI's website.

For attendees who wish to join by webcast, registration is not required. NFI encourages attendees to join by webcast as the results presentation will be presented and users can also submit questions to management through the platform.

Attendees who wish to join by phone must preregister. An e-mail will be sent to the user's registered e-mail address, which will provide the call-in details. Due to the possibility of e-mails being held up in spam filters, NFI highly recommends that attendees wishing to join by phone register ahead of time to ensure receipt of their access details.

A replay of the call will be accessible from about 12 p.m. ET on Aug. 2, 2023, until 11:59 p.m. ET on Aug. 1, 2024. The replay will also be available on NFI's website.

About NFI Group Inc.

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today's urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean and sustainable transportation.

With 7,700 team members in 10 countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer (heavy-duty transit buses), MCI (motor coaches), Alexander Dennis Ltd. (single- and double-deck buses), Plaxton (motor coaches), Arboc (low-floor cutaway and medium-duty buses) and NFI Parts. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery and fuel cell), natural gas, electric hybrid and clean diesel. In total, NFI supports its installed base of over 100,000 buses and coaches around the world. NFI's shares trade on the TSX under the symbol NFI, its convertible unsecured debentures trade on the TSX under the symbol NFI.DB and its subscription receipts trade on the TSX under the symbol NFI.R.

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