Blue Bird Corp (BLBD): Spitfire Capital Fires Letter To The Board, Still Opposes Takeover

Page 15 of 26

Page 15 of 26 – SEC Filing

Revenue growth, margin expansion and free cash flow are the key drivers of equity value accretion. Note: Assumes 28.4 million to 29.0 million fully diluted shares outstanding, which includes conversion of the Preferred Stock and cashless exercise of all warrants . Confidential 4 Multiple 7 .0x 8.0x 9 .0x Enterprise Value Estimated Net Debt at 9/30/18 Equity Value Implied Share Price % Change vs. ASP Proposal Fiscal Year 2018 EBITDA $90 $90 $90 $630 $720 $810 $10 $10 $10 $620 $710 $800 $21.85 $24.72 $27.60 69% 91% 113% Valuation Framework Spitfire Capital LLC ($ in millions, except per share items)

Follow Blue Bird Corp (NASDAQ:BLBD)

Page 15 of 26