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

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Market Recovery
Type C/D School Bus Recovery Historical Registrations Projected Registrations Historical Avg. (’85-’15) 40,000 37,641 34,884 35,000
32,200 Mean: 30,530 30,000 25,000 23,821 20,000 15,000 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
2015 2017 2019 Source: Historical results are based on RL Polk vehicle registration data, and the estimated 2014-2016 periods
are based on Blue Bird management’s forecast model, which registration data, population of school age children forecasts
from the National Center for Education Statistics and bus ridership data collected and published by an industry magazine (School
Transportation News) Housing price recovery and aged fleet driving industry growth 5

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