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

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Positive Outlook New
School Bus Registrations vs. CoreLogic Housing Price Index New Registrations (North America) HPI 40 250 35 Buses 200 30 of 25
150 Thousands 20 15 100 10 50 5 0 -2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E Total Projected U.S.
Enrollment (000’s of Enrolled Students) 2014 2020 Enrollment Growth of ~2 Million Students Property taxes are a key funding
source for school bus purchases and are related to housing values *HPI data from CoreLogic, normalized to Jan of 2005 6

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