ELEMENT-ARVAL GLOBAL ALLIANCE NAMES NEW BALTICS PARTNER

ELEMENT-ARVAL GLOBAL ALLIANCE NAMES NEW BALTICS PARTNER, EXPANDS GLOBAL SERVICE TO 53 COUNTRIES

October 26, 2021 – The Element-Arval Global Alliance today announced SIXT Leasing Baltics as a new member of the world-spanning fleet management network, the longest standing strategic alliance in the fleet management industry with 3 million vehicles under management, now in 53 countries.

Founded in 2003 in Riga, Latvia as Transporent Ltd., SIXT Leasing Baltics is a leading fleet management, full-service car leasing and car rental company in the Baltic countries of Latvia, Lithuania, and Estonia. The company services and consults the fleets of the largest companies in the Baltics, as well as companies with a small number of vehicles, servicing a total of 6,500 vehicles. Since 2010, the company has operated under the brand SIXT as the franchise partner in the Baltics.

“We are very pleased to welcome SIXT Leasing Baltics, our new strategic ally in the Baltics. We trust that our global and regional clients will find a very professional organization that will serve them to the highest standards in professional fleet management”, said Bart Beckers, Chief Commercial Officer for Arval.

“We are grateful to have joined the Element-Arval Global Alliance,” said Arnis Jaudzems, CEO of SIXT Leasing Baltics. “For more than 18 years we have served local and regional fleets and through the Alliance we are now part of a global fleet management network that provides world class services. Our mission is to be the leader in sustainable mobility within the Baltic states of Latvia, Lithuania and Estonia.”

“We are very excited to have SIXT Leasing Baltics join the Alliance and expand our services and coverage in the Baltic region,” said David Madrigal, Chief Commercial Officer at Element Fleet Management. “As the Alliance continues to grow, this addition supports our ongoing dedication to providing a consistent and superior experience for our clients worldwide.”

_{About the Element-Arval Global Alliance}

_{Managing 3 million vehicles in more than 53 countries and delivering harmonized products and services with customization to meet local demand, the Element-Arval Global Alliance is the worldwide leader in fleet management. We have the industry expertise, dedicated account teams, global reporting and resources to support a fleet strategy on all continents. For 26 years, as the longest-standing global partnership in the industry, the Element-Arval Global Alliance consists of founding partners Element in the United States, Canada, Mexico, Australia and New Zealand and Arval in 30 countries across four continents, other partners include Avis Fleet in Southern Africa, Johnson & Perrott in Ireland, SIXT Leasing Baltics in Estonia, Latvia, and Lithuania, Fleet Partner in Serbia, Mareauto in Ecuador, RDA Renting in Argentina and Uruguay, and Sumitomo Mitsui Auto Service in Japan, Thailand, and India.}

_{About Element Fleet Management}

_{Element Fleet Management (TSX: EFN) is the largest 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; a scalable operating platform that magnifies revenue growth into earnings growth; 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 and maintenance to accident recovery and remarketing. 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. For more information, visit www.elementfleet.com.}

_{About Arval}

_{Arval specialises in full service vehicle leasing and new mobility solutions, leasing more than 1.4 million vehicles globally by the end of June 2021. Every day, more than 7,200 Arval employees in 30 countries offer flexible solutions to make journeys seamless and sustainable for its customers, which range from large international corporates to smaller companies and individual retail clients. Arval is a founding member of the Element-Arval Global Alliance, a worldwide leader in the fleet management industry, with more than 3 million vehicles in 53 countries. Arval was founded in 1989 and is a BNP Paribas Group company. Within the Group, Arval sits within its Retail Banking & Services division. For more information: www.arval.com}

_{About BNP Paribas}

_{BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main fields of activity: Retail Banking for the Group’s retail banking networks and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated retail banking model across several Mediterranean countries, Turkey, Eastern Europe, as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability. For more information: www.bnpparibas.com}