Mr. Rocco Colella reports

ELEMENT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved Element Fleet Management Corp.'s notice of intention to renew its normal course issuer bid (NCIB) for its issued and outstanding common shares in furtherance of its capital return strategy.

Under the NCIB approved by the TSX, the company may purchase on the open market (or otherwise as permitted) up to 38,852,159 common shares, representing approximately 10 per cent of the public float of the common shares, at its discretion, during the period commencing on Nov. 15, 2023, and ending on the earlier of Nov. 14, 2024, and the completion of purchases under the NCIB. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of such purchases will be determined by management of the company, subject to applicable laws and the rules of the TSX.

Under the rules of the TSX, during the six months ended Oct. 31, 2023, the average daily trading volume of the common shares on the TSX was 674,520, and, accordingly, daily purchases on the TSX pursuant to the NCIB will be limited to 168,630 common shares, other than purchases made pursuant to the block purchase exception. As of Nov. 1, 2023, the company had 389,064,826 common shares issued and outstanding and a public float of 388,521,595 common shares.

Purchases made pursuant to the NCIB are expected to be made through the facilities of the TSX or through alternative trading systems in Canada at prevailing market prices, or as otherwise permitted. The NCIB will be financed using existing cash resources and any common shares repurchased by the company under the NCIB will be cancelled. The company believes that the NCIB is in the best interests of the company and constitutes a desirable use of its funds.

Under the current NCIB that commenced on Nov. 15, 2022, and will end on Nov. 14, 2023, the company sought and obtained approval from the TSX to purchase up to 39,228,719 common shares for cancellation. For the period from commencement of the current NCIB up to and including Oct. 31, 2023, the company repurchased for cancellation an aggregate of 3,984,022 common shares for approximately $73.9-million, including commission, at a volume-weighted average price of $18.56 per common share.

The company applies trade date accounting in determining the date on which the share repurchase is reflected in its consolidated financial statements. Trade date accounting is the date on which management commits the company to purchase the common shares. Under the current NCIB, the company has repurchased common shares over the TSX and over alternative trading systems in Canada.

The company will also enter into an automatic securities purchase plan (ASPP) with an independent designated broker in order to facilitate repurchases of common shares. The ASPP has been approved by the TSX and will be entered into effective as of, or about, Nov. 13, 2023. Under the ASPP, the company's independent designated broker may purchase common shares under the NCIB at times when the company would ordinarily not be permitted to, due to its regular self-imposed blackout periods. Before the commencement of any particular internal trading black-out period, the company may, but is not required to, instruct its independent designated broker to make purchases of common shares under the NCIB during the ensuing blackout period in accordance with the terms of the NCIB. Such purchases will be determined by the independent designated broker in its sole discretion based on parameters established by the company prior to commencement of the applicable blackout period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these blackout periods, common shares will continue to be purchasable by the company at its discretion under the NCIB.

The ASPP will terminate on the earliest of the date on which: (a) the purchase limit specified in the ASPP has been reached; (b) the purchase limit under the applicable NCIB has been reached; (c) the company terminates the ASPP in accordance with its terms, in which case the company will issue a press release confirming such termination; and (d) the applicable NCIB terminates.

About Element Fleet Management Corp.

Element is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients -- corporates, governments and not-for-profit organizations -- across North America, Australia and New Zealand. Element enjoys: proven resilient cash flow, a significant proportion of which is returned to shareholders in the form of dividends and share buybacks; a scalable operating platform that magnifies revenue growth into earnings growth; and an evolving capital-lighter business model that enhances return on equity. Element's services address every aspect of clients' fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating electric vehicles (EVs) and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as the largest fleet solutions provider in its markets, offering unmatched economies of scale and insight used to reduce fleet operating costs and improve productivity and performance.

We seek Safe Harbor.