WINNIPEG, Manitoba - (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) The Board of Directors (the 'Board') of NFI Group Inc. (the 'Company'), a leader in zero-emission electric mobility solutions, is pleased to announce that Anne Marie O'Donovan was elected as a new director of the Board at the Company's annual general meeting of shareholders (the 'Shareholder Meeting') held on Friday May 3, 2024.

Anne Marie 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.

About NFI

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 ten 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 Limited (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 common shares trade on the Toronto Stock Exchange ('TSX') under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, nfi.parts, www.alexander-dennis.com, arbocsv.com, and carfaircomposites.com.

Contact:

Stephen King

Tel: 204.224.6382

Email: Stephen.King@nfigroup.com

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