Of these orders, 1,294 buses (2,224 EUs) are new orders and 188 buses (188 EUs) are exercised options. These orders, when combined with previously reported orders, bring the total number of buses ordered to date in 2008 to 4,815 (6,690 EUs) representing a total of US $2.78 billion in sales.

The largest of these orders is from Chicago Transit Authority (CTA) in Chicago, IL. The CTA Board of Directors has approved the order of up to 900 60-foot diesel-electric hybrid buses (total firm orders and options). New Flyer’s 60’ diesel-electric hybrids use the GM-Allison system coupled with a 330 hp Cummins engine. CTA has previously ordered a total of 1,258 buses from New Flyer since 2002 including 1,050 40’ diesel and hybrid and 208 60’ hybrid buses.

Other bus orders recently awarded to New Flyer include:

• Southeastern Pennsylvania Transportation Authority in Philadelphia, PA has exercised options for an additional 20 40-foot hybrid buses.

• Brampton Transit in Brampton, ON has ordered 20 40-foot diesel-electric hybrid buses with options for up to an additional 40 buses. Montebello Bus Lines in Montebello, CA has exercised options for 17 40-foot and 8 35-foot gasoline-electric buses.

• Southwest Ohio Regional Transit Authority in Cincinnati, OH has ordered 30 60-foot diesel buses.

• Winnipeg Transit in Winnipeg, MB has exercised options for 30 40-foot diesel buses.

• Metropolitan Transit System in San Diego, CA has exercised options for 37 40-foot CNG buses.

• Other new contracts and exercised options total 380 buses (380 EUs).

New Flyer’s order backlog as of the end of November 2008 was 9,923 EUs, which represents an increase of 43% in comparison to the 6,916 EUs in backlog at January 1, 2008. The value of the order backlog as of the end of November 2008 of US $4.18 billion has increased by 50% compared to the US $2.8 billion backlog at the start of 2008. Given current market conditions, management believes that material deferrals or cancellations of existing orders are unlikely, and the company is pleased to report that less than five percent of all available options for 2008 have expired unexercised.

Due to the substantial firm backlog, planned bus production will increase by 14.1% over 2008 levels. Transit industry demand remains robust due to significant increases in transit ridership and the market shift to environmentally-friendly vehicles and higher-capacity, more efficient articulated buses.

—John Marinucci, President and CEO of New Flyer