North America s Source for Equipment Finance

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1 North America s Source for Equipment Finance

2 Certain information in this presentation is forward-looking and related to anticipated financial performance, events and strategies. When used in this context, words such as will, anticipate, believe, plan, intend, target and expect or similar words suggest future outcomes. Forward-looking statements relate to, among other things, Element Financial Corporation s ( Element ) objectives and strategy; future cash flows, financial condition, operating performance, financial ratios, projected asset base and capital expenditures; Element s anticipated dividend policy; anticipated cash needs, capital requirements and need for and cost of additional financing; future assets; demand for services; Element s competitive position; and anticipated trends and challenges in Element s business and the markets in which it operates. The forward-looking information and statements contained in this presentation reflect several material factors and expectations and assumptions of Element including, without limitation: that Element will conduct its operations in a manner consistent with its expectations and, where applicable, consistent with past practice; the general continuance of current or, where applicable, assumed industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax and regulatory regimes; certain cost assumptions; the continued availability of adequate debt and/or equity financing and cash flow to fund its capital and operating requirements as needed; and the extent of its liabilities. Element believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. By their nature, such forward-looking information and statements are subject to significant risks and uncertainties, which could cause the actual results and experience to be materially different than the anticipated results. Such risks and uncertainties include, but are not limited to, operating performance, regulatory and government decisions, competitive pressures and the ability to retain major customers, rapid technological changes, availability and cost of financing, availability of labour and management resources and the performance of partners, contractors and suppliers. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. Except as required by law, Element disclaims any intention and assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. 2

3 North American Equipment Finance Experts $4.2 billion in assets $1.4 billion in available liquidity $2.5 billion market cap TSX composite index member FTSE Global Equity Index member employees 84,000 + customers Head Office Toronto, Ontario U.S. Head Office Philadelphia, PA Fleet Management Office Mississauga, Ontario Aviation Office Montreal, Quebec 3

4 Leadership with a Proven Track Record Steven Hudson FCA, B.B.A. Chairman & CEO Bradley Nullmeyer B. Comm., CA. President Bruce Smith B. Comm., CA. President Element (Canada) & Chief Operating Officer Michel Beland BBA, CA. Chief Financial Officer Element Financial Corporation is becoming a North American leader in providing equipment financing and management services in selected asset categories May 2007 founded as a private leasing company 4

5 Positioned in a Growth Industry 2012 Results 2013A 2014E 2015E 2016E 20127E US GDP 2.8% (Real) 1.9% 2.8% 3.1% 3.1% 2.4% US Equipment Investment Equipment Finance Volume 8.0% Growth 16.4% Growth Average equipment replacement cycle of 8 years Growth led by various transportation segments including Air, Rail & Autos Propensity to finance increasing with competing calls on capital US Commercial Finance is one of the fastest growing financial services sectors Source: US Federal Reserve Bank of Philadelphia 5

6 Focused on Selected Business Verticals Fleet Management Commercial Finance & Vendor Finance Canada & U.S. Aviation Finance Railcar Finance Vendor finance leads Transactions: $500,000 to $40 M Transactions: $10,000 to $5 M Transactions: $10,000 to $5 M Transactions: $5 M to $150 M Transactions: $150,000 to $200 M Originations: Direct from manufacturers Originations: Direct relationships Referrals Originations: Manufacturers Dealers Distributors Sponsor Referrals Originations: Direct relationships Manufacturer referrals Originations: Manufacturer program Regions: Canada USA (through GE Fleet) Regions: Canada US Regions: Canada US Regions: Canada US Regions: North America Expertise: Corporate Fleets Municipal Fleets Industrial Fleets Fleet Services Strategic Consulting Expertise: Transportation Construction Commercial Hospitality Healthcare Technology Industrial Energy Golf Expertise: Sales aid finance programs for: Dealers Distributors Manufacturers VARs Sponsors Programs sourced from Direct Commercial Finance relationships Expertise: Civil Aviation Medium & Heavy Lift Helicopters Business Jets Turbo-prop Aircraft Flight Simulators Expertise: Covered Gondolas Hopper Cars Industrial Tank Cars Petroleum Tank Cars Corporate Services 6

7 Strong organic growth Vendor-based originations Economic recovery Replacing aged equipment Acquisition of core platforms Build the base Fee-based income Vendor-based originations Pricing based on structure and service Key ROE Drivers Accretive use of equity Fund organic growth & tuck-in acquisitions from existing capital Activate balance sheet for transformational acquisitions Origination Volume Transaction Yield Funding Costs Operating Expense Credit Expense Financial Leverage ROE Enhance senior line & capital markets funding vehicles Diversify capital structure/sources with new commitments Maintain matched funding discipline Increase operating efficiency Acquire standalone portfolios Transformational acquisitions Deliver integration savings Third party oversight Total lifecycle provisioning Vendor support Low industry credit losses 7

8 2014 YTD Milestones 8

9 2014 YTD Milestones JANUARY Targets $3.8 billion in originations for 2014 Completed purchase of US$396 million of leased railcars from Trinity FEBRUARY Announced $997 million of originations for Q Issued $125 million of cumulative 5-year rate rest preferred shares MARCH EFN added to the FTSE Global Equity Index Completed purchase of US$118 million of leased railcars from Trinity April Entered multi-year equipment financing agreement with US-based Celadon Accessed rated ABS market for US$340 million to fund rail assets May Signed US$220 million transportation equipment financing facility with Dallas-based Bridger 9

10 Financial Highlights 10

11 Portfolio Growth Quarterly origination growth continues to build with very strong growth from USbased Commercial & Vendor Finance 11

12 Portfolio Diversification 12

13 Portfolio Quality 13

14 Balance Sheet Capacity 14

15 Business Units 15

16 Commercial & Vendor Finance 2014 Growth Drivers Continued US commercial & industrial recovery Deferred equipment replacement cycle Favourable C$/US$ exchange for Canadian equipment manufacturers Commercial & Vendor Finance 120 employees 5 Canadian & US offices Transaction size from $10,000 to $5 million Key Customer Segments Transportation Construction Industrial & Commercial Office & IT Equipment Healthcare Franchise Capital Campaigns 16

17 Fleet Management 2014 Growth Drivers Deferred vehicle replacement cycle Strong growth in 2009/2010 fleet registrations drive 2014 replacements Expansion of fleet management services offering Continued commercial & industrial recovery in Canada Fleet Management 204 employees 5 Canadian offices Largest fleet management company in Canada US alliance with GE Fleet Transaction size from $500,000 to $40 million 40% of revenue comes from fleet management services 1,300 plus fleets More than 54,000 vehicles 17

18 Aerospace Finance 2014 Growth Drivers Continued US commercial & industrial recovery Demand for energy to fuel US economic growth Retrenchment of key competitors Engagement of US-based helicopter team Deep relationships with key manufacturers 11 employees Aviation Finance 4 offices in Canada and US Transaction size $5 million to $150 million Medium and heavy lift helicopters, business jets, flight simulators & training aircraft Element Equipment Fund & Irish subsidiary in place Key vendor/program relationships with leading manufacturers: Eurocopter, Bell, Agusta Westland, Robinson Bombardier, CAE, Textron, Piper, Gulfstream, Falcon 18

19 Railcar Finance 2014 Growth Drivers Continued US commercial & industrial recovery Demand for energy to fuel US economic growth Deep relationships with leading NA railcar manufacturer Opportunities to acquire third party portfolios 2 employees Based in Toronto Head Office Strategic relationship with Trinity Industries US$2 billion over two years US$100 TO us$200 million per quarter Trinity contracted as portfolio servicer Transaction size from US$75,000 to US$175,000 Debt advance rate of 75% to 80% 19

20 Growth Strategy 20

21 Strategic Vision Become a North American Leader in Commercial Finance with increasing focus on North American transportation markets Grow our diversified portfolio within our verticals by $10 to $12 billion by 2016 Enjoy market leading positions (Top 3) in Transportation Verticals by 2015: Fleet Services & Road transportation Civil Aviation Railcar Element is now well positioned to execute on key elements of our vision: In Canada, we enjoy market leading positions in Commercial Finance and Fleet Management Services In the U.S., we have the platforms in place to realize substantial strategic growth Internationally, we continue to execute only on customer specific needs within our Aviation Finance group 21

22 Acquisition Strategy Strict acquisition screening including business purpose and fit into strategy Must fit into existing business verticals Credit standards must be within existing limits Rigorous due diligence Element Management area of expertise Valuation: Must be accretive to both consensus earnings and consensus ROE Analysis based on normalizing target s financial information with an appropriate advance rate and Element s cost of funds 22

23 2014 Outlook 23

24 2014 Originations 24

25 North American Portfolio Distribution Canada USA Portfolio Mix 2012 Actual 81% 19% 2013 Actual 74% 26% 2014 Outlook 58% 42% Originations 2012 Actual 98% 2% 2013 Actual 69% 31% 2014 Outlook 50% 50% 25

26 Key Performance Indicators Q Q Q Q Financial Revenue 879 bps 857 bps 830 bps 790 bps Financial Expense 238 bps 269 bps 272 bps 255 bps Average Net Financial Margin 640 bps 588 bps 558 bps 535 bps Operating Expense 265 bps 249 bps 226 bps 222 bps Total Originations $397.9 million $410.4 million $997.2 million $1.1 billion Pipeline Aviation & Rail $1.8 billion $2.0 billion $2.0+ billion $2.4 billion 26

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