Overview of Transaction

• On December 2, 2025, Element Fleet Management Corp. (TSX: EFN) announced that it had entered into a definitive agreement to acquire Car IQ, a San Francisco–based financial technology company and pioneer in connected vehicle payments
• Founded in 2017, Car IQ is a leading vehicle payment technology company, enabling vehicles to transact directly with merchants
• Through its Know Your Machine platform, Car IQ makes it possible for cars and trucks to initiate and complete secure payments autonomously
• Element Fleet Management (TSX: EFN) is the world’s largest publicly traded pure-play automotive fleet manager in the world; Operating across North America, Australia, New Zealand, and Ireland, with global reach through its Autofleet platform Element provides end-to-end fleet management solutions, from vehicle acquisition, maintenance, and risk management to route optimization, EV integration, and remarketing
• Purpose-driven and client-centric, it delivers value through scalable, sustainable, and technology-enabled fleet and mobility solutions; By combining deep fleet expertise with advanced digital capabilities, the Company unlocks real-time data insights and dynamic planning that maximize efficiency and performance
• Through Element Mobility, the Company drives innovation and develops transformative partnerships that shape the future of intelligent fleet and mobility management

Significance of Transaction

• The acquisition brings to market the first vehicle-initiated payments technology embedded directly into a full-suite fleet management ecosystem; It also enables Element to offer clients access to its full suite of connected mobility, data, and fleet management solutions, integrated with digital payments capabilities
• Together, Element and Car IQ will combine their complementary strengths: Element’s scale, distribution, and client relationships with Car IQ’s breakthrough vehicle identity and payments innovation

FT Partners' Role

• FT Partners served as the exclusive financial and strategic advisor to Car IQ
• This transaction underscores FT Partners’ position as the leading advisor to next-gen payments companies and its successful track record generating highly favorable outcomes for high growth FinTech companies