Deal Would Include new IC Buses that
Meet 2007 EPA Requirements

CINCINNATI (May 14, 2008) — A week after signing a three-year, $90-million contract with Thomas Built Buses for the Type D Saf-T-Liner, First Student showed just how deep its pockets run with plans to purchase $1.2 billion worth of conventional school buses from IC Corp, a joint-press release announced.

The deals struck with Thomas and IC would give First Student the largest 2007 engine-compliant school bus fleet in the nation. First Student already has the largest total fleet, or approximately 62,000 school buses, following completion of parent company FirstGroup’s $3.4 billion acquisition of Laidlaw last October.

“Safety and quality are at the core of what we do,” said Carey Paster, who was recently appointed FirstGroup America's new CEO and president of sales, marketing & commercial development. “As the leading provider of student transportation in North America, we are committed to ensuring that our fleet meets our high standards of safety and quality and is environmentally and technologically advanced.”

The first CE Series school buses with International® MaxxForce™ diesel engines that meet the new, lower EPA emissions standards are scheduled for delivery this summer from IC’s plant in Tulsa, Okla. The buses will be 60 times cleaner than buses built prior to 1990. Both companies added that the buses will be built to customer specifications and equipped with front safety crossing gates, electronic child check reminder system, and steering wheel-mounted door and warning light controls that meet First Student’s mandatory safety requirements.

“Two great global companies are coming together to provide superior products and services for the most precious cargo of the United States and Canada – our school children,” added John McKinney, vice president and general manager of IC Bus. “We are proud to announce this partnership to deliver the school buses that will help First Student meet the transportation needs of more than four million school children.”