Element Fleet Management and Blackstone Announce Strategic Funding Relationship

Initial transaction includes approximately CAD $500 million portfolio

TORONTO, ON & NEW YORK – February 27, 2025 – Element Fleet Management Corp. (TSX:EFN) (“Element”), the largest publicly traded, pure-play automotive fleet manager in the world, and funds managed by Blackstone Credit & Insurance, through its Infrastructure & Asset-Based Credit group (“Blackstone”), today announced the establishment of a strategic funding relationship involving a portfolio of Canadian fleet lease receivables valued at approximately CAD $500 million.

Through this strategic arrangement, Element benefits from substantial off-balance sheet treatment, diversifying and optimizing its funding profile while validating the high quality of its asset origination platform and supporting the company’s continued growth.

“Element is committed to optimizing our funding strategies to support our growth objectives,” said Heath Valkenburg, Incoming EVP & Chief Financial Officer at Element. “This strategic relationship with Blackstone enhances our ability to serve our clients and capitalize on emerging opportunities in the market.”

“We are pleased to provide Element with capital that helps them better support their client base with a valuable financing tool for companies around the globe,” said Aneek Mamik, Head of Financial Services for Asset Based Finance at Blackstone Credit & Insurance. “This transaction shows how we can support diverse sectors of the real economy through our asset-based finance efforts – where we have strong momentum and a unique platform.”

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending, and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by providing companies with the capital needed to strengthen and grow their businesses.

About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of 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 economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business.

Contacts

Element
Rocco Colella
Director, Investor Relations
(437) 349-3796
rcolella@elementcorp.com

Blackstone
Thomas Clements
Thomas.Clements@blackstone.com
646.482.6088

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Fund manager

Blackstone Group

New York, United States

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.

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