Mr. Stephen King reports

NFI CONFIRMS THE SUCCESSFUL COMPLETION OF ITS COMPREHENSIVE REFINANCING PLAN

NFI Group Inc. stated earlier today that it is in the process of completing all elements of its previously announced comprehensive refinancing plan to raise total gross proceeds of approximately $444-million. All amounts shown in this press release are in U.S. dollars unless otherwise indicated

The company now confirms the completion of the financing to it and the closing of the refinancing plan. Certain payments will be completed by NFI shortly after closing.

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 (motorcoaches), Alexander Dennis Ltd. (single-deck and double-deck buses), Plaxton (motorcoaches), 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 Toronto Stock Exchange under the symbol NFI and its convertible debentures trade on the TSX under the symbol NFI.DB.

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