Mr. David Denison reports

ELEMENT ANNOUNCES BOARD APPOINTMENT OF KATHLEEN TAYLOR, WHO WILL ASSUME ROLE OF CHAIR FOLLOWING 2024 AGM

Element Fleet Management Corp. has appointed Kathleen (Katie) Taylor to the company's board of directors and will assume the role of chair effective upon her election as a director at Element's 2024 annual shareholder meeting, currently expected to be held in May, 2024. She will succeed the company's current board chair, David Denison, who will retire from the board at the meeting after completing his five-year term as chair.

Ms. Taylor currently serves as chair of Altas Partners, a Toronto-based private equity firm. She is also vice-chair of the Adecco Group AG, and a director of Air Canada and Mattamy Asset Management. Ms. Taylor recently concluded her tenure as a director and chair of the board of the Royal Bank of Canada and as a director of CPP Investments. Ms. Taylor is the former president and chief executive officer of Four Seasons Hotels and Resorts.

"All my fellow directors as well as Element's senior management team are delighted that Katie Taylor has agreed to join our board," said Mr. Denison. "Ms. Taylor brings a wealth of C-suite leadership and board experience gained from her time at a number of prominent organizations. Katie is a very experienced board chair, and I am confident in her ability to lead the Element board and work effectively with Element's president and chief executive officer, Laura Dottori-Attanasio, in the exciting years ahead."

"I am honoured to have the opportunity to join Element's board," said Ms. Taylor. "Element is a Canadian global champion in the fleet management industry and an example of the talent and ingenuity of Canadian businesses. Element has achieved great success in recent years, and I look forward to working with my fellow directors and contributing to the company's future."

"We are thrilled to welcome Katie Taylor to our board of directors," said Laura Dottori-Attanasio. "We are grateful for the leadership and dedication that David Denison has demonstrated since becoming chair in 2019, and we are confident that the board will continue to provide strong governance and oversight under Ms. Taylor's leadership."

Katie Taylor biography

Ms. Taylor currently serves as chair of Altas Partners, a Toronto-based private equity firm. She is also vice-chair of the Adecco Group AG, a director of Air Canada and Mattamy Asset Management, and the chair of the advisory board of the Cabot Collection. In her community work, Ms. Taylor is chancellor of York University, chair of the board of trustees for the Hospital for Sick Children and the immediate past chair and member of the board of the Sick Kids Foundation. Ms. Taylor is the former chair of the board of the Royal Bank of Canada, a former director of CPP Investments and the former president and chief executive officer of Four Seasons Hotels and Resorts.

Ms. Taylor is a member of the C.D. Howe Institute's National Council, co-chair of its human capital policy council and a member of the Task Force on the Digital Economy. She also serves on the dean's advisory council of the Schulich School of Business.

Ms. Taylor holds a master of business administration from the Schulich School of Business, a law degree from Osgoode Hall Law School and a bachelor of arts (honours) from the University of Toronto. She has also received an honorary doctor of laws from the University of Toronto, McGill University, York University and Trent University, an honorary doctor of humane letters from Mount Saint Vincent University, and an honorary doctor of divinity from Huron University. Ms. Taylor was appointed a member of the Order of Canada in 2016.

About Element Fleet Management Corp.

Element Fleet Management 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-profits -- 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; positive operating leverage; 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 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.

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