Mr. Stephen King reports

NEW JERSEY AWARDS NFI SUBSIDIARY NEW FLYER A CONTRACT FOR UP TO 1,300 XCELSIOR(TM) TRANSIT BUSES

NFI Group Inc.'s subsidiary New Flyer of America Inc. has been awarded a contract from the New Jersey Transit Corp. for the purchase of up to 1,300 Xcelsior 40-foot clean-diesel transit buses.

This contract is pursuant to the November, 2023, N.J. Transit Board authorization for N.J. Transit to enter into contracts for 550 40-foot transit buses and options to purchase up to 750 additional 40-foot transit buses. New Flyer has received an initial firm order for 175 buses from N.J. Transit with the option to purchase up to 1,125 additional 40-foot buses. New Flyer added this award, both firm orders and options, to its backlog in the first quarter of 2024.

"The Xcelsior buses included in this contract are not only lighter, quieter and more efficient than previous models, they also offer enhanced safety and accessibility features that make for a better overall rider experience," said Chris Stoddart, president, North American Bus and Coach, NFI. "These new buses will play a key role in delivering the essential transportation services N.J. Transit provides to their riders every day."

N.J. Transit is the largest statewide public transit system in the United States. It serves as a major point of connection across the entire state of New Jersey, with additional reach to New York, Philadelphia and the surrounding areas. In 2023, the agency provided more than 209 million passenger trips, with more than 60 per cent of that ridership coming from bus trips. The new high-performance buses included in this order will be used to replace end-of-life vehicles in N.J. Transit's fleet.

The Xcelsior buses conform to the Environmental Protection Agency and National Highway Traffic Safety Administration's comprehensive heavy-duty national program, which reduces greenhouse gas emissions and fuel consumption for heavy-duty highway vehicles. New Flyer's technology combines ultralow-sulphur diesel fuel, advanced engines and effective emissions controls, resulting in a highly efficient bus with reduced emissions.

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 (electric vehicle) and infrastructure training.

About NFI Group Inc.

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

With over 8,500 team members in 10 countries, NFI Group 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- and double-deck buses), Plaxton (motorcoaches), ARBOC (low-floor cutaway and medium-duty buses) and NFI Parts. NFI Group 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 Group supports its installed base of over 100,000 buses and coaches around the world. NFI Group'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.

About New Flyer

New Flyer is North America's heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior and Xcelsior Charge brands. It also offers infrastructure development through NFI Infrastructure Solutions, a service dedicated to providing safe, sustainable and reliable charging and mobility solutions. New Flyer actively supports over 35,000 heavy-duty transit buses (New Flyer, NABI and Orion) currently in service, of which 8,600 are powered by electric motors and battery propulsion, and 1,900 are zero-emission.

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