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

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Our Production Plans
Support Seasonality Higher
Second Half registrations R.L. Polk Unit influenced by desired delivery just prior to school start Registration Seasonality Based
on 3-Year Average1

New second shift enables more buses to be produced in “high 67 % season” with peak daily production capacity 50% higher
than prior year

Majority of sales and profits occur in Second Half of fiscal year 33 %

Revenue seasonality more pronounced in FY2016

Important to look at the business over the longer term Oct – Mar Apr – Sep (First Half) (Second Half) Two-thirds of annual new
school bus registrations in Second Half 1 Based on R.L. Polk FY2013-FY2015 registrations 16

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