Mr. Rocco Colella reports

ELEMENT ANNOUNCES PRICING OF PRIVATE OFFERING OF SENIOR NOTES

Element Fleet Management Corp. has agreed to sell $750-million (U.S.) aggregate principal amount of 5.643 per cent senior notes due 2027 in a private offering that will not be registered under the Securities Act of 1933, as amended. The notes will mature on March 13, 2027.

The net proceeds from the offering are expected to be used for working capital and general corporate purposes, which may include the repayment of existing indebtedness. The offering is expected to close on March 13, 2024, subject to customary closing conditions.

About Element Fleet Management Corp.

Element Fleet Management (TSX: EFN) 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's services address every aspect of clients' fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs (electric vehicles) and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as one of the largest fleet solutions providers 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.