Blue Bird Corporation (BLBD)

[Enterprising Investor]

Odd Lot Preference

Own 99 or fewer shares, tender and receive $28.00 per share.

In what order will you purchase the tendered Shares?

We will purchase Shares on the following basis:

• first, we will purchase all Odd Lots (as defined in Section 1) of less than 100 shares of Common Stock at the Common Stock Offer Price from shareholders who properly tender all of their shares of Common Stock and who do not properly withdraw them before the Expiration Date (tenders of less than all of the shares of Common Stock owned, beneficially or of record, by such Odd Lot Holder (as defined in Section 1) will not qualify for this preference); and

• second, after purchasing all Odd Lots that were properly tendered and not properly withdrawn, we will purchase all Shares properly tendered and not properly withdrawn until an aggregate value of $50 million of Shares, and if Shares with value in excess of $50 million are properly tendered and not properly withdrawn, on a pro rata basis (accounting for shares of Preferred Stock on an as if converted into Common Stock basis) with appropriate adjustment to avoid purchases of fractional Shares.
Therefore, we may not purchase all of the Shares that you tender. See Section 1.

If I own fewer than 100 shares of Common Stock and I tender all of my shares of Common Stock, will I be subject to proration?

If you are a holder of Common Stock and you own, beneficially or of record, fewer than 100 shares of Common Stock in the aggregate, you properly tender all of these shares of Common Stock and do not properly withdraw them before the Expiration Date, and you complete the section entitled "Odd Lots" in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your shares of Common Stock without subjecting them to the proration procedure.

Note: Your broker may charge an Involuntary Tender Fee.