Prevost Car Signs New 3-Year Collective Agreements - Some positive news in a sluggish market

SAINTE-CLAIRE, Quebec, Oct. 4, 2003 -- Prevost Car CEO Georges Bourelle is pleased to announce the approval of a new three-year collective agreements by the unionized plant employees, as well as by the unionized office workers of Prevost Car in Sainte-Claire Quebec.

These agreements, ratified by the employees at meetings held October 3 and 4 upon recommendation of their union officers, will enable the company to pursue its operations in a positive and collaborative environment in a tough market hit by a major slowdown since 9/11. Prevost Car is hopeful that the motor coach business will soon recover in order to replenish its order book in the medium term.

The new collective agreements provide for raises of up to 9% over three years, in addition to pension plan non-monetary improvements.

Mr. Bourelle expressed his satisfaction with these agreements that were reached in the context of a major slowdown in the North-American bus sector: "Negotiations were held in a constructive mindset, with full respect for both parties' concerns resulting in good improvements over the term of the agreements for our workers. Through the conclusion of these agreements, we are sending a very positive signal to our current and future customers of our readiness with highly favourable conditions in our plant for the eventual market turnaround".

Prevost Car, owned by Volvo Bus and Henly's plc, is the second-ranked manufacturer of motor coaches in North America and the world's leading manufacturer of conversion bus shells for luxury motorhomes and specialty vehicles. Its Nova BUS division is a major North American manufacturer of buses for urban transport.