Mr. Stephen King reports

NFI SUBSIDIARY NEW FLYER AWARDED TWO CONTRACTS FROM NEW YORK FOR UP TO 2,090 XCELSIOR TRANSIT BUSES

New Flyer of America Inc., a subsidiary of NFI Group Inc., has been awarded two new contracts from the New York City Transit Authority (NYCT), including firm orders for 429 Xcelsior buses (671 equivalent units (EUs)) with options to purchase up to 1,661 additional buses (2,379 EUs) over the next five years.

In total, the two contracts add 3,050 EUs to NFI's first quarter 2024 backlog, including:

• A firm order for 187 battery-electric Xcelsior Charge NG 40-foot buses (187 EUs), with 943 additional options available (943 EUs);
• A firm order for 18 battery-electric Xcelsior Charge NG 60-foot buses (36 EUs), with 272 additional options available (544 EUs);
• A firm order for 224 Xcelsior 60-foot clean diesel buses (448 EUs), with 446 additional options available (892 EUs).

NYCT is part of the Metropolitan Transportation Authority (MTA), the largest transit authority in North America with an annual ridership of more than 425 million. In 2023, the MTA placed an emphasis on environmental goals, including a commitment to reduce greenhouse gas emissions by 85 per cent between its 2015 baseline and the year 2040. The battery-electric vehicles manufactured under these contracts will support MTA's goal of transitioning the agency's entire bus fleet to zero-emission alternatives by 2040. NYCT's battery-electric vehicle purchase was supported through the Federal Transit Administration (FTA) Low or No Emission (Low-No) grant program.

"Since 1996, New Flyer has delivered more than 4,500 buses to NYCT in a partnership that brings together the largest transit agency in North America and North America's leading manufacturer of heavy-duty transit vehicles," said Chris Stoddart, president, North American bus and coach, NFI. "The Xcelsior Charge NG integrates our latest battery-electric technology to deliver longer range and easier serviceability in addition to its environmental benefits. Our continued innovation and advancement, especially in the field of battery-electric buses, enables New Flyer to play a leading and integral role in helping NYCT as they update their fleet to ensure they maintain a high level of service while also making progress towards their future electrification goals."

As of Dec. 31, 2023, NFI had a total backlog of 10,586 EUs and 3,832 EUs in bid award pending. The EUs from these two contracts were previously included in bid award pending and now move into NFI's backlog. For NFI, an EU represents one production slot, with a 40-foot bus representing one production slot and a 60-foot bus representing two productions slots.

NFI is a leader in zero-emission mobility, with electric vehicles operating (or on order) in more than 150 cities in six countries. NFI offers the widest range of zero-emission battery and fuel cell-electric buses and coaches and its vehicles have completed over 140 million EV service miles.

Today, NFI supports growing North American cities with scalable, clean and sustainable mobility solutions through its mobility solution ecosystem, which includes buses and coaches; infrastructure; parts and service; technology; work force development and training; and vehicle financing. NFI also operates the Vehicle Innovation Center (VIC), the first and only innovation lab of its kind dedicated to advancing bus and coach technology and providing work force development. Since opening in late 2017, the VIC has hosted over 350 interactive events, welcoming 7,000 industry professionals for EV and infrastructure training.

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.

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