Mr. David Denison reports

ELEMENT NOMINATES LUIS TELLEZ FOR ELECTION TO BOARD OF DIRECTORS

A new independent director nominee, Luis Tellez, has been nominated to stand for election to Element Fleet Management Corp.'s board of directors at its annual general meeting of shareholders on May 15, 2024.

Mr. Tellez is an economist with extensive experience in both private and public sectors in Mexico. Mr. Tellez currently runs his own consulting firm, LTK y Asociados, where he advises several large companies across various industries. He also currently serves on the Board of Directors of Grupo Aeroportuario del Pacifico and Organizacion Cultiba and was previously a director on a number of other public companies. Mr. Tellez is also engaged with several non-profit institutions, including as Co-Chair of the Mexico Institute of the Woodrow Wilson International Center. Previously, Mr. Tellez was a Senior Advisor and Head of Mexico for Kohlberg Kravis Roberts (KKR) from 2015 to 2023 and Chairman and CEO of the Mexico Stock Exchange from 2009 to 2014. Mr. Tellez is also the former Minister of Communications and Transportation from 2006 to 2009 along with various other prior roles in the Mexican government.

"Luis has an impressive resume with a career that spans leadership roles in both the private and public sectors in Mexico," said Board Chair David Denison. "Luis also has extensive public company Board experience and will be a strong asset to Element's Board, bringing a unique perspective and deep knowledge of the Mexico market, an important and growing region for Element."

"Element is an industry leader with a strong reputation both in Mexico and globally," said Mr. Tellez. "Element has experienced tremendous success in recent years with impressive financial results and I look forward to joining the Board and supporting the management team in sustaining this performance into the future."

Further details about Element's nominated directors can be found in our annual management information circular, which is available on SEDAR+.

About Element Fleet Management

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 - corporations, 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 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 economies of scale and insight used to reduce fleet operating costs and improve productivity and performance.

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