Element Financial Corporation
TSX : EFN

Element Financial Corporation

August 24, 2015 16:13 ET

Element Financial Announces New Leadership Appointments for its Expanding Fleet Management Business

- Kristi Webb appointed President and CEO of Element's fleet management business

- Jim Halliday appointed Executive Vice President of Element Financial

TORONTO, ONTARIO--(Marketwired - Aug. 24, 2015) - Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading fleet management and equipment finance companies, today announced that Kristi Webb has been appointed as the new President and CEO of Element's fleet management business and Jim Halliday has been appointed as Executive Vice President, Element Financial Corporation. These appointments follow Element's previously announced agreement with GE (NYSE:GE) to acquire GE Capital's remaining North American fleet management operations in the U.S. and Mexico, as well as GE Capital's fleet management operations in Australia and New Zealand (the "Transaction"), for an all-cash purchase price of C$8.6 billion.

"The expanded scale of our combined fleet operations together with our industry-leading fleet management systems and expertise, position Element to accelerate the innovations that will transform the fleet management industry," said Brad Nullmeyer, President of Element Financial Corporation. "Kristi, Jim and their colleagues understand the unique opportunity for growth and innovation that arises from combining these businesses to deliver best-in-class solutions to a wide range of fleet management customers."

In her new role, Ms. Webb will be responsible for developing and executing on Element's fleet management strategy across a variety of sectors and markets. She is currently President and CEO of GE Capital Fleet Services, which provides commercial car and truck financing and fleet management services. In his new role, Mr. Halliday, currently President and CEO of Element's fleet management business, will oversee Element's global alliance with Arval as well as the Company's operations in Australia and New Zealand. He will also focus on pursuing large organic growth opportunities and will lead the firm's mergers and acquisitions activities in the fleet market.

Ms. Webb and Mr. Halliday will both report directly to Mr. Nullmeyer, with their respective appointments effective as of the close of the North American portion of the Transaction expected by the end of August 2015.

"I am very excited about the future of fleet management that will soon emerge from the combination of the leadership, expertise and customer focus that Kristi, Jim and their teams are bringing together to operate under the Element's unified fleet management banner," added Mr. Nullmeyer.

The Transaction provides Element with unprecedented scale, scope and market depth in serving the fleet sector in North America and abroad through its Arval alliance and the Company's direct investment in fleet operations in Mexico, Australia and New Zealand. The Company expects the North American portion of the Transaction to close by the end of August with the remaining jurisdictions expected to close by the end of the third quarter.

About Element Financial Corporation

With total assets of approximately C$22 billion after giving effect to the GE Fleet Acquisition, Element Financial Corporation is one of North America's leading fleet management and equipment finance companies. Element operates across North America in four verticals of the equipment finance market - Fleet Management, Rail Finance, Commercial & Vendor Finance, and Aviation Finance.

This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding the closing, subsequent integration and financial impact of the acquisition of various fleet management businesses from GE Capital, new originations in the current quarter, the anticipated pipeline of prospective transactions, and proposed purchases of portfolios of finance assets. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors, risks related to completion of the proposed purchases of portfolios of finance assets, and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in Element's 2014 MD&A, and 2014 Annual Information Form, all of which have been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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