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

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Continued Propane
Momentum Propane Sales Propane Customers 1,688 +14% 1,476 478 +33% 359
FY2014 FY2015 FY2014 FY2015 Propane Market Leadership 14% unit volume growth over FY2014 33% increase in propane customers over
FY2014 6x more propane-powered buses registered than other manufacturers1 Highest owner loyalty in the market1
Propane Advantages Lowest total cost of ownership Proven durability & performance Environmentally friendly Domestically
produced fuel Great cold weather starting performance Designed-in safety features Exclusive Ford/ROUSH Relationships
Offerings exclusive to Blue Bird Strong growth with significant
upside for customer penetration 1 Based on FY2015 R.L. Polk registration data 17

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