NEW FLYER CONFIRMS THE SUCCESSFUL CLOSING OF NORTH AMERICAN BUS INDUSTRIES, INC. ACQUISITION AND RELATED FINANCING TRANSACTIONS

Winnipeg, Manitoba, Canada – June 21, 2013: (TSX:NFI; TSX:NFI.DB.U) New Flyer Industries Inc. (“New Flyer” or the “Company”) announced  earlier today the acquisition of North American Bus Industries, Inc. (“NABI”) from an affiliate of Cerberus Capital Management L.P. for cash consideration of approximately $80 million, virtually all for the satisfaction of affiliate debt.

The Company has now received confirmation of the wire transfers of funds and confirms the completion of the acquisition and related financing transactions involving Marcopolo S.A. and the Company’s amended and restated senior credit facility.

As a reminder to the previous news release, senior management of New Flyer will host a conference call at 9:00 AM (ET) on Monday, June 24, 2013. The call-in number for listeners is 888-231-8191 or 647-427-7450. A live audio feed of the call will also be available at http://www.newswire.ca/en/webcast/detail/1182391/1295533. During the call, senior management will be referring to a presentation which is posted on the New Flyer website at www.newflyer.com. The presentation can be found in the Investor Relations section of the New Flyer website on the Events and Presentations page.

A replay of the call will be available from 12:00 p.m. (ET) on June 24, 2013 until 11:59 p.m. (ET) on July 1, 2013.  To access the replay, call 855-859-2056 or 416-849-0833 and then enter pass code number 95678601. The replay will also be available on New Flyer’s web site at www.newflyer.com.

NOTE: All dollar amounts are stated in US currency, unless otherwise noted.

About New Flyer
New Flyer is a leading manufacturer of heavy-duty transit buses in Canada and the United States.  The Company is the industry technology leader and offers the broadest product line including drive systems powered by: clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles.  All buses are supported by an industry-leading comprehensive warranty and support program, and service network.   New Flyer and NABI also operate the transit industry’s most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of heavy-duty transit buses.

Together New Flyer and NABI employ over 3,000 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States.  Further information is available on New Flyer’s web site at www.newflyer.com. The common shares and convertible unsecured subordinated debentures of the Company are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.
 
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.

Forward-Looking Statements
This press release may contain forward-looking statements relating to expected future events and financial and operating results of the Company that involve risks and uncertainties.  Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including risks related to acquisitions, joint ventures and other strategic relationships with third parties, market and general economic conditions and economic conditions of and funding availability for customers to purchase buses and to purchase parts or services, customers may not exercise options to purchase additional buses, the ability of customers to terminate contracts for convenience and the other risks and uncertainties discussed in the materials filed with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com. Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

For further information, please contact:

For New Flyer Industries, Inc.
Glenn Asham
Chief Financial Officer
Tel: 204-224-1251
investor@newflyer.com

For Cerberus Capital Management, L.P.
Cerberus Media Line
Tel: 212-891-1558

Peter Duda
Tel: 212-445-8213
pduda@webershandwick.com

John Dillard
Tel: 212-445-8052
jdillard@webershandwick.com