Navistar International Corporation (‘Navistar’) announced that it delivered a Notice of Conditional Full Redemption (the ‘Conditional Notice’) to the holders of its outstanding 9.500% Senior Secured Notes due 2025 (the ‘Notes’). The Conditional Notice called for redemption on June 25, 2021 (the ‘Redemption Date’) of all the currently outstanding $600,000,000 aggregate principal amount of the Notes, subject to the satisfaction on or prior to the Redemption Date of the Merger Condition (as defined below). The redemption price of the Notes is 107.125% of the principal amount redeemed, which amount is equal to $1,071.25 per $1,000 principal amount of the Notes, plus accrued and unpaid interest up to, but not including, the Redemption Date. The redemption is subject to and expressly conditioned upon the consummation of the closing of the merger of a subsidiary of TRATON SE (the ‘Merger Subsidiary’), with and into Navistar, with Navistar surviving the merger (the ‘Merger’), pursuant to an Agreement and Plan of Merger, dated as of November 7, 2020, among Navistar, TRATON SE and the Merger Subsidiary on terms satisfactory to Navistar and TRATON SE (the ‘Merger Condition’). The Redemption Date will be delayed until such time as the Merger Condition is satisfied (including more than 60 days after the issue date of this Notice of Conditional Full Redemption). Navistar will provide notice to the Trustee at least one Business Day prior to the Redemption Date in the event the Redemption Date is extended past June 25, 2021. Alternatively, in Navistar's discretion, the redemption may not occur and the Conditional Notice may be rescinded in the event that the Merger Condition is not satisfied on or prior to the Redemption Date or by the Redemption Date so delayed. The closing of the Merger is subject to a number of conditions. As a result, there can be no assurance that the redemption will occur on the Redemption Date or at all.