Ms. Wendy Kei reports

NFI ANNOUNCES ELECTION OF DIRECTORS, INCLUDING NEW BOARD MEMBER ANNE MARIE O'DONOVAN

Anne Marie O'Donovan was elected as a new director of the board at NFI Group Inc.'s annual general meeting of shareholders held on Friday, May 3, 2024. Ms. O'Donovan has been appointed the new chair of the audit committee effective at the shareholder meeting, with the retirement of Phyllis Cochran from the board and as chair of the company's audit committee.

The other nine nominees listed in the management information circular dated March 15, 2024, were also elected as directors of the board. The detailed results of the vote for the election of directors held at the shareholder meeting are set out in the attached table.

"I'm pleased to welcome Anne Marie O'Donovan to our board, whose expertise in finance and public company governance will be a tremendous addition not only as a director, but also as chair of our audit committee," said Wendy Kei, chair of the board. "Looking to the remainder of fiscal 2024 and into the longer term, NFI is very well positioned to benefit from record investments in public transportation, the transition to zero-emission mobility, and its solid market position and backlog. Our board remains extremely confident in NFI's management team and will continue to play an active role in overseeing the company's recovery as it delivers on its sustainability pledge to deliver a better product, a better workplace and a better world."

Final voting results on all matters voted on at the shareholder meeting will be available on NFI's website and will be filed with the Canadian securities regulators and available on SEDAR+.

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 over 8,750 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 common shares trade on the Toronto Stock Exchange under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB.