WINNIPEG, Manitob - (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. ('NFI' or the 'Company'), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, announced an update on market conditions and supply chain disruptions resulting in revised full year guidance for Fiscal 2022. All amounts shown in this press release are in United States dollars unless otherwise indicated.

'Across NFI we continue to see strong demand for our market leading products and services, driven by record investments in public transit and the transition to zero-emission vehicles. In addition, our Aftermarket business has continued to provide a steady foundation and strong cash generation. Offsetting these positives are the continued challenges of supply chain disruption and heightened inflation impacting our manufacturing businesses. Our people are doing everything they can to address these issues by going multiple levels down into our supply chains, using alternative components, and working directly with customers on delivery schedules and pricing adjustments,' said Paul Soubry, President and Chief Executive Officer, NFI.

'A vehicle can only be shipped when it is 100% complete, and we were recently notified by our supplier that we will see shortages of critical microprocessor control modules for our North American transit buses during the second and third quarters of 2022. This disruption will require that we build and hold some vehicles in inventory that will not have these control modules installed. We have been advised by our supplier that it will start shipping the affected control modules in August. Once received, the modules will be installed on the waiting vehicles for expedited delivery,' said Chris Stoddart, President, North American Bus and Coach, NFI.

NFI will provide more details regarding the matters referred to in this press release in its 2022 Q1 Management's Discussion & Analysis which will be released on May 5, 2022.

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 8,000 team members in nine 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 105,000 buses and coaches around the world. NFI's common shares ('Shares') trade on the Toronto Stock Exchange ('TSX') under the symbol NFI and its convertible unsecured debentures ('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, www.nfi.parts, www.alexander-dennis.com, www.arbocsv.com, and www.carfaircomposites.com.

Contact:

Investor

Stephen King

P: 204.224.6382

E: Stephen.King@nfigroup.com

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