%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 14.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 108.00 602.30 Td (Interim ) Tj ET Q q 0 0 0 rg BT 152.71 602.30 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 218.42 602.30 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 295.80 602.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 351.40 602.30 Td (Statements) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 108.00 563.90 Td (Element ) Tj ET Q q 0 0 0 rg BT 176.48 563.90 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 218.95 563.90 Td (Management ) Tj ET Q q 0 0 0 rg BT 324.43 563.90 Td (Corp.) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 108.00 513.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 169.04 513.50 Td (2018) Tj ET Q BT /F1 14.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 731.25 Td (Element Fleet Management Corp. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.20 707.25 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 297.82 707.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 332.37 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 338.85 707.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 403.76 707.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 462.38 707.25 Td ( POSITION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.40 695.25 Td ([unaudited, in thousands of Canadian dollars]) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 633.75 m 452.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 633.75 m 530.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 459.75 m 452.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 459.75 m 530.5 459.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 445.75 m 452.5 445.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 445.75 m 530.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 341.75 m 452.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 341.75 m 530.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 307.75 m 452.5 307.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 307.75 m 530.5 307.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 293.75 m 452.5 293.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 293.75 m 530.5 293.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.60 676.15 Td (As at) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.10 676.01 Td (As at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.80 661.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 415.63 661.20 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.50 652.20 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.25 661.21 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 652.21 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 638.20 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 638.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 618.20 Td (ASSETS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 604.21 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 604.20 Td (86,156) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 604.21 Td (76,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 590.21 Td (Restricted funds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.74 590.21 Td ( [notes 6 and 13]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 590.20 Td (554,355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 590.21 Td (484,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 576.21 Td (Finance receivables) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.21 576.21 Td ( [note 3]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 576.20 Td (13,032,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 576.21 Td (12,768,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 562.21 Td (Equipment under operating leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.21 562.21 Td ( [note 4]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 562.20 Td (1,667,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 562.21 Td (1,599,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 548.21 Td (Accounts receivable and other assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.70 548.21 Td ([note 5]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 548.20 Td (295,103) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 548.21 Td (315,801) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 534.21 Td (Notes receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.22 534.21 Td ( [note 1) Tj ET Q q 0 0 0 rg BT 197.55 534.21 Td (1]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 534.20 Td (19,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 534.21 Td (19,670) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 520.21 Td (Derivative financial instruments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.21 520.21 Td ([note 13]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 520.20 Td (31,018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 520.21 Td (32,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 506.21 Td (Property) Tj ET Q q 0 0 0 rg BT 140.70 506.21 Td (, equipment and leasehold improvements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 506.20 Td (66,374) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 506.21 Td (67,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 492.21 Td (Deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 492.20 Td (236,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 492.21 Td (177,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 478.21 Td (Intangible assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 478.20 Td (833,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 478.21 Td (819,308) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 464.21 Td (Goodwill) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 464.20 Td (1,237,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 464.21 Td (1,209,344) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 450.20 Td (18,060,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 450.21 Td (17,569,633) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 430.20 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 167.53 430.20 Td (AND SHAREHOLDERS' EQUITY) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 416.20 Td (Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 402.21 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 402.20 Td (556,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 402.21 Td (582,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 388.21 Td (Derivative financial instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.96 388.21 Td ( [note 13]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 388.20 Td (44,599) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 388.21 Td (33,342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 374.21 Td (Secured borrowings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.23 374.21 Td ( [note 6]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 374.20 Td (12,723,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 374.21 Td (12,307,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 360.21 Td (Convertible debentures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.72 360.21 Td ( [note 7]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 360.20 Td (881,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 360.21 Td (875,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 346.21 Td (Deferred tax liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 346.20 Td (51,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 346.21 Td (30,327) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 332.20 Td (14,257,846) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 332.21 Td (13,829,550) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 312.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 128.34 312.20 Td (eholders' equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.59 312.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.84 312.20 Td ([note 8]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 312.20 Td (3,802,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 312.21 Td (3,740,083) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.50 298.20 Td (18,060,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.50 298.21 Td (17,569,633) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 260.05 Td (See accompanying notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 237.12 Td (On behalf of the Board:) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 159.12 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 159.12 Td (Director) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 192.31 0 0 72.00 317.80 172.07 cm /I1 Do Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 731.25 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.25 707.25 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 318.87 707.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 353.42 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 359.90 707.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 424.81 707.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 461.57 707.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.90 695.25 Td ( [unaudited, in thousands of Canadian dollars, except for per share amounts]) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 620.75 m 459.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 620.75 m 530.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 530.75 m 459.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 530.75 m 530.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 530.75 m 459.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 530.75 m 530.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 502.75 m 459.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 502.75 m 530.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 502.75 m 459.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 488.75 m 459.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 502.75 m 530.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 488.75 m 530.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 398.75 m 459.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 384.75 m 459.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 398.75 m 530.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 384.75 m 530.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 342.75 m 459.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 342.75 m 530.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 328.75 m 459.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 313.75 m 459.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 328.75 m 530.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 313.75 m 530.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 313.75 m 459.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 313.75 m 530.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 285.75 m 459.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 285.75 m 530.5 285.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 265.75 m 459.5 265.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 265.75 m 530.5 265.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 245.75 m 459.5 245.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 245.75 m 530.5 245.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 231.75 m 459.5 231.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 231.75 m 530.5 231.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.05 671.20 Td (Thr) Tj ET Q q 0 0 0 rg BT 414.97 671.20 Td (ee-month) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.35 662.20 Td (period ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 671.21 Td (Three-month) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.10 662.21 Td (period ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.80 648.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 422.63 648.20 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.50 639.20 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 648.21 Td (March 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 639.21 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 625.20 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 625.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 605.20 Td (NET) Tj ET Q q 0 0 0 rg BT 128.42 605.20 Td ( REVENUE) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 591.21 Td (Service and other revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.95 591.21 Td ([note 10]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 591.20 Td (140,196) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 591.21 Td (158,391) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 577.21 Td (Interest income, net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.47 577.21 Td ([note 10]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 577.20 Td (153,168) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 577.21 Td (152,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 563.21 Td (Rental revenue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 563.20 Td (125,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 563.21 Td (1) Tj ET Q q 0 0 0 rg BT 502.25 563.21 Td (16,405) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 549.21 Td (Depreciation of equipment under operating leases ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.43 549.21 Td ([note 4]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 549.20 Td (\(95,303) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.00 549.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 549.21 Td (\(89,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 549.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 535.21 Td (Direct costs of fixed rate service contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.68 535.21 Td ([note 10]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 535.20 Td (\(1) Tj ET Q q 0 0 0 rg BT 435.75 535.20 Td (1,064) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.00 535.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 535.21 Td (\(10,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 535.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 521.20 Td (312,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 521.21 Td (327,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 507.21 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 507.20 Td (101,513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 507.21 Td (89,088) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 493.21 Td (Net revenue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 493.20 Td (21) Tj ET Q q 0 0 0 rg BT 435.75 493.20 Td (1,343) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 493.21 Td (238,412) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 473.20 Td (OPERA) Tj ET Q q 0 0 0 rg BT 141.17 473.20 Td (TING EXPENSES) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 459.21 Td (Salaries, wages and benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 459.20 Td (82,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 459.21 Td (74,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 445.21 Td (General and administrative expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 445.20 Td (33,840) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 445.21 Td (36,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 431.21 Td (Depreciation and amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.75 431.20 Td (5,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 431.21 Td (3,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 417.21 Td (Amortization of convertible debenture synthetic discount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.69 417.21 Td ( [note 7]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.75 417.20 Td (3,424) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 417.21 Td (3,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 403.21 Td (Share-based compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.47 403.21 Td ([note 9]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.75 403.20 Td (4,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 403.21 Td (6,036) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 389.20 Td (129,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 389.21 Td (124,589) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 375.20 Td (BUSINESS ) Tj ET Q q 0 0 0 rg BT 155.52 375.20 Td (ACQUISITION ) Tj ET Q q 0 0 0 rg BT 218.79 375.20 Td (AND OTHER COSTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 361.21 Td (Amortization of intangible assets from acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 361.20 Td (1) Tj ET Q q 0 0 0 rg BT 435.75 361.20 Td (1,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 361.21 Td (14,821) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 347.21 Td (Restructuring and integration costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 347.20 Td (40,81) Tj ET Q q 0 0 0 rg BT 451.50 347.20 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 347.21 Td (36,046) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 333.20 Td (52,682) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 333.21 Td (50,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 318.21 Td (Share of loss from and provision in equity accounted investments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.96 318.21 Td ([note 5]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 318.20 Td (10,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 318.21 Td (10,244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 304.21 Td (Income before income taxes from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 304.20 Td (19,001) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 304.21 Td (52,712) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 290.21 Td (Provision for \(recovery of\) income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.75 290.20 Td (\(2,758) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.00 290.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 290.21 Td (867) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 270.20 Td (Net income for) Tj ET Q q 0 0 0 rg BT 166.81 270.20 Td ( the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 270.20 Td (21,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 270.21 Td (51,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 250.21 Td (Basic earnings per share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.96 250.21 Td ([note 12]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.00 250.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.25 250.20 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 250.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 250.21 Td (0.1) Tj ET Q q 0 0 0 rg BT 522.50 250.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 236.21 Td (Diluted earnings per share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.22 236.21 Td ([note 12]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.00 236.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.25 236.20 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 236.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 236.21 Td (0.1) Tj ET Q q 0 0 0 rg BT 522.50 236.21 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 220.25 Td (See accompanying notes) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 731.25 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.20 707.25 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 306.82 707.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 341.37 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 347.85 707.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 412.76 707.25 Td ( COMPREHENSIVE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 695.25 Td (INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 683.25 Td ( [unaudited, in thousands of Canadian dollars]) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 593.75 m 459.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 593.75 m 530.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 558.75 m 459.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 558.75 m 530.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 500.75 m 459.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 500.75 m 530.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 470.75 m 459.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 470.75 m 530.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 456.75 m 459.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 456.75 m 530.5 456.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 427.75 m 459.5 427.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 427.75 m 530.5 427.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.05 647.20 Td (Thr) Tj ET Q q 0 0 0 rg BT 414.89 647.20 Td (ee-month) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.35 638.20 Td (period ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 647.21 Td (Three-month) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.10 638.21 Td (period ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.80 622.20 Td (Mar) Tj ET Q q 0 0 0 rg BT 422.63 622.20 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.50 613.20 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 622.21 Td (March 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 613.21 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.25 598.20 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 598.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 563.20 Td (Net income for) Tj ET Q q 0 0 0 rg BT 166.89 563.20 Td ( the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.25 563.20 Td (21,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 563.21 Td (51,845) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 535.20 Td (OTHER COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 520.21 Td (Cash flow and foreign exchange hedges ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.95 520.21 Td ([note 13]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.75 520.20 Td (4,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 520.21 Td (\(31,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 520.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 505.21 Td (Net unrealized foreign exchange gain \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 505.20 Td (140,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 505.21 Td (\(23,072) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 505.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 490.20 Td (145,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 490.21 Td (\(54,696) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 490.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 475.21 Td (Deferred income tax expense \(recovery\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.75 475.20 Td (1,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 475.21 Td (\(8,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 475.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 461.20 Td (T) Tj ET Q q 0 0 0 rg BT 115.59 461.20 Td (otal other) Tj ET Q q 0 0 0 rg BT 152.33 461.20 Td ( compr) Tj ET Q q 0 0 0 rg BT 179.41 461.20 Td (ehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 461.20 Td (143,966) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 461.21 Td (\(46,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 461.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 432.20 Td (Compr) Tj ET Q q 0 0 0 rg BT 137.33 432.20 Td (ehensive income for) Tj ET Q q 0 0 0 rg BT 213.15 432.20 Td ( the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 432.20 Td (165,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 432.21 Td (5,436) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 404.25 Td (See accompanying notes) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 533.25 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.30 509.25 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 335.92 509.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 370.47 509.25 Td (A) Tj ET Q q 0 0 0 rg BT 376.95 509.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 441.86 509.25 Td ( CHANGES IN SHAREHOLDERS' EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.40 497.25 Td ([unaudited, in thousands of Canadian dollars]) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 416.75 m 354.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 416.75 m 421.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 416.75 m 488.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 416.75 m 555.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 416.75 m 622.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 416.75 m 689.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 416.75 m 756.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 374.75 m 354.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 374.75 m 421.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 374.75 m 488.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 374.75 m 555.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 374.75 m 622.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 374.75 m 689.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 374.75 m 756.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 284.75 m 354.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 284.75 m 421.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 284.75 m 488.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 284.75 m 555.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 284.75 m 622.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 284.75 m 689.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 284.75 m 756.5 284.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 269.75 m 354.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 269.75 m 421.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 269.75 m 488.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 269.75 m 555.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 269.75 m 622.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 269.75 m 689.5 269.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 269.75 m 756.5 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 149.75 m 354.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 149.75 m 421.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 149.75 m 488.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 149.75 m 555.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 149.75 m 622.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 149.75 m 689.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 149.75 m 756.5 149.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 134.75 m 354.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 134.75 m 421.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 134.75 m 488.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 134.75 m 555.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 134.75 m 622.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 134.75 m 689.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 134.75 m 756.5 134.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.20 444.20 Td (Common shar) Tj ET Q q 0 0 0 rg BT 345.87 444.20 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.50 435.20 Td (capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.35 444.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 366.76 444.20 Td (eferr) Tj ET Q q 0 0 0 rg BT 385.57 444.20 Td (ed shar) Tj ET Q q 0 0 0 rg BT 413.66 444.20 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.50 435.20 Td (capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.45 462.20 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.35 453.20 Td (component of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 444.20 Td (convertible) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.30 435.20 Td (debentur) Tj ET Q q 0 0 0 rg BT 468.22 435.20 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.70 444.20 Td (Contributed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.20 435.20 Td (surplus) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 571.25 444.20 Td (Retained) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 571.95 435.20 Td (earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 630.00 462.20 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 645.30 453.20 Td (other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 626.80 444.20 Td (compr) Tj ET Q q 0 0 0 rg BT 651.71 444.20 Td (ehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 630.60 435.20 Td (income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 712.65 453.20 Td (T) Tj ET Q q 0 0 0 rg BT 717.83 453.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 696.55 444.20 Td (shar) Tj ET Q q 0 0 0 rg BT 713.39 444.20 Td (eholders') Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 710.45 435.20 Td (equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.10 421.21 Td ( $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 421.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 421.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.10 421.21 Td ( $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.10 421.21 Td ( $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 652.10 421.21 Td ( $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 719.10 421.21 Td ( $) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 394.21 Td (Balance, December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.00 394.20 Td (2,755,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.75 394.20 Td (680,412) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 394.20 Td (46,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 394.20 Td (69,450) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 589.75 394.20 Td (248,843) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 658.25 394.20 Td (\(60,358) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 686.00 394.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 717.00 394.20 Td (3,740,083) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 379.21 Td (Impact of adopting IFRS 9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 379.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 379.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 379.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.00 379.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 591.25 379.20 Td (\(65,304) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 619.00 379.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 677.00 379.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 725.25 379.20 Td (\(65,304) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 753.00 379.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 364.21 Td (Restated opening balance under IFRS 9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.00 364.20 Td (2,755,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.75 364.20 Td (680,412) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 364.20 Td (46,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 364.20 Td (69,450) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 589.75 364.20 Td (183,539) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 658.25 364.20 Td (\(60,358) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 686.00 364.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 717.00 364.20 Td (3,674,779) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 349.21 Td (Comprehensive income \(loss\) for the period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 349.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 349.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 349.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.00 349.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 594.25 349.20 Td (21,759) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 656.75 349.20 Td (143,966) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 723.75 349.20 Td (165,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 334.21 Td (Dividends - Preferred shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.96 334.21 Td ([note 8]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 334.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 334.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 334.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.00 334.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 591.25 334.20 Td (\(1) Tj ET Q q 0 0 0 rg BT 598.75 334.20 Td (1,068) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 619.00 334.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 677.00 334.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 725.25 334.20 Td (\(1) Tj ET Q q 0 0 0 rg BT 732.75 334.20 Td (1,068) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 753.00 334.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 319.21 Td (Dividends - Common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 319.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 319.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 319.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.00 319.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 591.25 319.20 Td (\(28,527) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 619.00 319.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 677.00 319.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 725.25 319.20 Td (\(28,527) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 753.00 319.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 304.21 Td (Net taxes on dividends paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 304.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 304.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 304.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.00 304.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 602.50 304.20 Td (\(299) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 619.00 304.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 677.00 304.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 736.50 304.20 Td (\(299) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 753.00 304.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 289.21 Td (Employee stock option expense ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.47 289.21 Td ([note 9]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.00 289.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.00 289.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.00 289.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.75 289.20 Td (1,856) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 610.00 289.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 677.00 289.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 732.75 289.20 Td (1,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 274.21 Td (Balance, March 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.00 274.20 Td (2,755,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.75 274.20 Td (680,412) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.25 274.20 Td (46,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.25 274.20 Td (71,306) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 589.75 274.20 Td (165,404) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 661.25 274.20 Td (83,608) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 717.00 274.20 Td (3,802,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 244.21 Td (Balance, December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.00 244.21 Td (2,803,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 244.21 Td (533,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 244.21 Td (46,200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 244.21 Td (78,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 589.75 244.21 Td (232,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 656.75 244.21 Td (286,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 717.00 244.21 Td (3,981,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 229.21 Td (Comprehensive income \(loss\) for the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 229.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 229.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 229.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 229.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.25 229.21 Td (51,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 658.25 229.21 Td (\(46,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 686.00 229.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 732.75 229.21 Td (5,436) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 214.21 Td (Dividends - Preferred shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.96 214.21 Td ([note 8]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 214.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 214.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 214.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 214.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 595.75 214.21 Td (\(8,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 619.00 214.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 677.00 214.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 729.75 214.21 Td (\(8,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 753.00 214.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 199.21 Td (Dividends - Common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 199.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 199.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 199.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 199.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 595.75 199.21 Td (\(9,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 619.00 199.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 677.00 199.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 729.75 199.21 Td (\(9,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 753.00 199.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 184.21 Td (Net taxes on dividends paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 184.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 184.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 184.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.00 184.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 602.50 184.21 Td (\(242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 619.00 184.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 677.00 184.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 736.50 184.21 Td (\(242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 753.00 184.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 169.21 Td (Options exercised ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 114.98 169.21 Td ([notes 8 and 9]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.25 169.21 Td (15,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 169.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 169.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 169.21 Td (\(7,717) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.00 169.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 610.00 169.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 677.00 169.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 732.75 169.21 Td (7,424) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 154.21 Td (Employee stock option expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.22 154.21 Td ( [note 9]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.00 154.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.00 154.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 154.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.75 154.21 Td (3,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 610.00 154.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 677.00 154.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 732.75 154.21 Td (3,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 48.00 139.21 Td (Balance, March 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.00 139.21 Td (2,818,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.75 139.21 Td (533,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 139.21 Td (46,200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.25 139.21 Td (74,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 589.75 139.21 Td (265,849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 656.75 139.21 Td (239,943) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 717.00 139.21 Td (3,978,715) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 111.25 Td (See accompanying notes) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 740.25 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.75 721.05 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 318.37 721.05 Td (TED ST) Tj ET Q q 0 0 0 rg BT 352.92 721.05 Td (A) Tj ET Q q 0 0 0 rg BT 359.40 721.05 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 424.31 721.05 Td ( CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 709.05 Td ( [unaudited, in thousands of Canadian dollars]) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 644.55 m 473.5 644.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 644.55 m 530.5 644.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 499.54999999999995 m 473.5 499.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 499.54999999999995 m 530.5 499.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 411.54999999999995 m 473.5 411.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 400.54999999999995 m 473.5 400.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 411.54999999999995 m 530.5 411.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 400.54999999999995 m 530.5 400.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 288.54999999999995 m 473.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 277.54999999999995 m 473.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 288.54999999999995 m 530.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 277.54999999999995 m 530.5 277.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 229.54999999999995 m 473.5 229.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 218.54999999999995 m 473.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 229.54999999999995 m 530.5 229.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 218.54999999999995 m 530.5 218.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 203.54999999999995 m 473.5 203.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 203.54999999999995 m 530.5 203.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 166.54999999999995 m 473.5 166.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 166.54999999999995 m 530.5 166.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 166.54999999999995 m 473.5 166.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 155.54999999999995 m 473.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 166.54999999999995 m 530.5 166.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 155.54999999999995 m 530.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 155.54999999999995 m 473.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 155.54999999999995 m 530.5 155.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 107.54999999999995 m 473.5 107.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 107.54999999999995 m 530.5 107.54999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.90 687.78 Td (Thr) Tj ET Q q 0 0 0 rg BT 435.16 687.78 Td (ee-month) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.15 679.78 Td (period ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.60 687.80 Td (Three-month) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.70 679.80 Td (period ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.00 667.63 Td (Mar) Tj ET Q q 0 0 0 rg BT 441.96 667.63 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 659.63 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.05 667.50 Td (March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.50 659.50 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 647.63 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.50 647.50 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 636.63 Td (OPERA) Tj ET Q q 0 0 0 rg BT 137.41 636.63 Td (TING ) Tj ET Q q 0 0 0 rg BT 159.41 636.63 Td (ACTIVITIES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.54 636.63 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.54 636.63 Td ([note 17]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 625.50 Td (Net income for the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 625.63 Td (21,759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 625.50 Td (51,845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 614.50 Td (Items not af) Tj ET Q q 0 0 0 rg BT 148.14 614.50 Td (fecting cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 603.50 Td (Share-based compensation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 201.53 603.50 Td ( [note 9]) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 603.63 Td (1,856) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 603.50 Td (3,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 592.50 Td (Depreciation of property) Tj ET Q q 0 0 0 rg BT 194.82 592.50 Td (, equipment and leasehold improvements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 592.63 Td (3,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 592.50 Td (2,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 581.50 Td ( ) Tj ET Q q 0 0 0 rg BT 115.78 581.50 Td (Amortization of intangible assets, including from acquisitions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 581.63 Td (13,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 581.50 Td (15,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 570.50 Td (Amortization of deferred lease costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 570.63 Td (5,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 570.50 Td (4,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 559.50 Td (Amortization of deferred financing costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 559.63 Td (10,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 559.50 Td (7,886) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 548.50 Td (Depreciation of equipment under operating leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 548.63 Td (95,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 548.50 Td (89,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 536.80 Td (Amortization of convertible debenture synthetic discount and deferred costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 536.78 Td (5,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 536.80 Td (4,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 524.50 Td (Share of loss from joint venture investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 524.63 Td (10,289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 524.50 Td (10,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 513.50 Td (Share of earnings from other equity accounted investments and non consolidated companies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 513.63 Td (706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.60 513.50 Td (\(4,814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 513.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 502.50 Td (Provision for credit losses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 502.63 Td (284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.30 502.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 491.63 Td (168,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.25 491.50 Td (185,736) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 480.50 Td (Changes in non-cash operating assets and liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 469.50 Td (Investment in finance receivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 469.63 Td (\(1,318,482) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 469.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 469.50 Td (\(1,517,107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 469.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 458.50 Td (Repayments of finance receivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.25 458.63 Td (1,212,451) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 458.50 Td (1,080,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 447.50 Td (Investment in equipment under operating leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.60 447.63 Td (\(153,018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 447.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 447.50 Td (\(158,734) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 447.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 436.50 Td (Proceeds on disposal of equipment under operating leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 436.63 Td (60,619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 436.50 Td (51,288) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 425.50 Td (Syndications of finance receivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 425.63 Td (56,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 425.50 Td (51,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 414.50 Td (Other non-cash operating assets and liabilities ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.29 414.50 Td ([note 17]) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 414.63 Td (\(57,1) Tj ET Q q 0 0 0 rg BT 462.26 414.63 Td (12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 414.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 414.50 Td (40,295) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 403.63 Td (Cash used in operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 403.63 Td (\(29,741) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 403.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 403.50 Td (\(266,547) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 403.50 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 388.63 Td (INVESTING ) Tj ET Q q 0 0 0 rg BT 156.46 388.63 Td (ACTIVITIES) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 203.59 388.63 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 205.59 388.63 Td ([note 17]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 377.50 Td (Proceeds from managed fund) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 377.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 377.50 Td (9,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 366.50 Td (Investment in non-consolidated companies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 366.63 Td (\(12,950) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 366.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 366.50 Td (\(993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 366.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 355.50 Td (Increase in restricted funds) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 355.63 Td (\(57,506) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 355.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.60 355.50 Td (\(36,922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 355.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 344.50 Td (Purchase of property) Tj ET Q q 0 0 0 rg BT 176.38 344.50 Td (, equipment and leasehold improvements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.60 344.63 Td (\(2,232) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 344.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.60 344.50 Td (\(4,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 344.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 333.50 Td (Proceeds on disposals of property) Tj ET Q q 0 0 0 rg BT 217.46 333.50 Td (, equipment and leasehold improvements, and intangible) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 325.50 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 325.78 Td (1,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 325.80 Td (215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 313.50 Td (Purchase of intangible assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.60 313.63 Td (\(9,622) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 313.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.60 313.50 Td (\(14,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 313.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 302.50 Td (Decrease in notes receivable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.60 302.63 Td (\(122) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 302.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 302.50 Td (2,651) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 291.50 Td (Increase in deferred financing costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.60 291.63 Td (\(121) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 291.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.60 291.50 Td (\(7,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 291.50 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 280.63 Td (Cash used in investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 280.63 Td (\(81,067) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 280.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.60 280.50 Td (\(52,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 280.50 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 265.63 Td (FINANCING ) Tj ET Q q 0 0 0 rg BT 157.78 265.63 Td (ACTIVITIES) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 204.91 265.63 Td ( [note 17]) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 254.50 Td (Issuance of share capital, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 202.18 254.50 Td ( [note 8]) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 254.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 254.50 Td (7,424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 243.50 Td (Issuance of secured borrowings, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 243.63 Td (159,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.25 243.50 Td (332,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 232.50 Td (Dividends paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 232.63 Td (\(39,595) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.30 232.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.60 232.50 Td (\(18,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 232.50 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 221.63 Td (Cash pr) Tj ET Q q 0 0 0 rg BT 137.27 221.63 Td (ovided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 221.63 Td (1) Tj ET Q q 0 0 0 rg BT 448.25 221.63 Td (19,493) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.25 221.50 Td (321,256) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 206.63 Td (Effects of for) Tj ET Q q 0 0 0 rg BT 154.35 206.63 Td (eign exchange rates on cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.30 206.63 Td (834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 206.50 Td (736) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 180.63 Td (Net incr) Tj ET Q q 0 0 0 rg BT 137.69 180.63 Td (ease \(decr) Tj ET Q q 0 0 0 rg BT 171.53 180.63 Td (ease\) in cash during the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 180.63 Td (9,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 180.50 Td (3,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 169.50 Td (Cash, beginning of the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 169.63 Td (76,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 169.50 Td (12,638) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 158.63 Td (Cash, end of the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 158.63 Td (86,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 158.50 Td (16,019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 132.63 Td (Supplemental cash flow information:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 121.50 Td (Cash taxes paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 121.63 Td (5,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 121.50 Td (8,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 110.50 Td (Cash interest paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.30 110.63 Td (79,681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 110.50 Td (91,460) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 96.05 Td (See accompanying notes) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 589.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 120.00 589.50 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 179.77 589.50 Td (TE ) Tj ET Q q 0 0 0 rg BT 198.78 589.50 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 256.55 589.50 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 565.50 Td (Element ) Tj ET Q q 0 0 0 rg BT 143.52 565.50 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 165.72 565.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 220.12 565.50 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 244.83 565.50 Td (["Element ) Tj ET Q q 0 0 0 rg BT 287.76 565.50 Td (Fleet", ) Tj ET Q q 0 0 0 rg BT 316.54 565.50 Td ("EFN" ) Tj ET Q q 0 0 0 rg BT 345.80 565.50 Td (or ) Tj ET Q q 0 0 0 rg BT 356.33 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 370.75 565.50 Td ("Company"] ) Tj ET Q q 0 0 0 rg BT 423.33 565.50 Td (was ) Tj ET Q q 0 0 0 rg BT 441.09 565.50 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 493.82 565.50 Td (under ) Tj ET Q q 0 0 0 rg BT 518.79 565.50 Td (the) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 553.50 Td (Business ) Tj ET Q q 0 0 0 rg BT 145.42 553.50 Td (Corporations ) Tj ET Q q 0 0 0 rg BT 201.57 553.50 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.32 553.50 Td (of ) Tj ET Q q 0 0 0 rg BT 228.07 553.50 Td (Ontario ) Tj ET Q q 0 0 0 rg BT 261.04 553.50 Td (\(Canada\) ) Tj ET Q q 0 0 0 rg BT 300.11 553.50 Td (on ) Tj ET Q q 0 0 0 rg BT 312.54 553.50 Td (May1) Tj ET Q q 0 0 0 rg BT 338.00 553.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 347.92 553.50 Td (2007 ) Tj ET Q q 0 0 0 rg BT 370.34 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 387.20 553.50 Td (commenced ) Tj ET Q q 0 0 0 rg BT 437.94 553.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 482.02 553.50 Td (on ) Tj ET Q q 0 0 0 rg BT 494.44 553.50 Td (that ) Tj ET Q q 0 0 0 rg BT 511.86 553.50 Td (date. ) Tj ET Q q 0 0 0 rg BT 533.51 553.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 541.50 Td (The ) Tj ET Q q 0 0 0 rg BT 126.15 541.50 Td (registered ) Tj ET Q q 0 0 0 rg BT 168.17 541.50 Td (of) Tj ET Q q 0 0 0 rg BT 176.32 541.50 Td (fice ) Tj ET Q q 0 0 0 rg BT 193.90 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 204.83 541.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.65 541.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.13 541.50 Td (is ) Tj ET Q q 0 0 0 rg BT 270.40 541.50 Td (161Bay ) Tj ET Q q 0 0 0 rg BT 306.61 541.50 Td (Street, ) Tj ET Q q 0 0 0 rg BT 335.03 541.50 Td (Suite3600, ) Tj ET Q q 0 0 0 rg BT 383.00 541.50 Td (T) Tj ET Q q 0 0 0 rg BT 388.41 541.50 Td (oronto, ) Tj ET Q q 0 0 0 rg BT 419.62 541.50 Td (Ontario. ) Tj ET Q q 0 0 0 rg BT 455.27 541.50 Td ( ) Tj ET Q q 0 0 0 rg BT 457.68 541.50 Td (The ) Tj ET Q q 0 0 0 rg BT 475.82 541.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 517.31 541.50 Td (is ) Tj ET Q q 0 0 0 rg BT 526.58 541.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (public ) Tj ET Q q 0 0 0 rg BT 135.50 529.50 Td (corporation ) Tj ET Q q 0 0 0 rg BT 184.09 529.50 Td (traded ) Tj ET Q q 0 0 0 rg BT 211.57 529.50 Td (on ) Tj ET Q q 0 0 0 rg BT 224.07 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 238.61 529.50 Td (T) Tj ET Q q 0 0 0 rg BT 244.02 529.50 Td (oronto ) Tj ET Q q 0 0 0 rg BT 272.63 529.50 Td (Stock ) Tj ET Q q 0 0 0 rg BT 297.91 529.50 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 339.83 529.50 Td ([the ) Tj ET Q q 0 0 0 rg BT 357.88 529.50 Td ("TSX"] ) Tj ET Q q 0 0 0 rg BT 390.76 529.50 Td (under ) Tj ET Q q 0 0 0 rg BT 416.03 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 430.75 529.50 Td (symbol ) Tj ET Q q 0 0 0 rg BT 462.70 529.50 Td ("EFN".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 505.50 Td (Element ) Tj ET Q q 0 0 0 rg BT 144.17 505.50 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 167.02 505.50 Td (is ) Tj ET Q q 0 0 0 rg BT 176.54 505.50 Td (a ) Tj ET Q q 0 0 0 rg BT 183.83 505.50 Td (publicly ) Tj ET Q q 0 0 0 rg BT 219.45 505.50 Td (traded ) Tj ET Q q 0 0 0 rg BT 247.29 505.50 Td (fleet ) Tj ET Q q 0 0 0 rg BT 267.90 505.50 Td (management ) Tj ET Q q 0 0 0 rg BT 321.84 505.50 Td (company ) Tj ET Q q 0 0 0 rg BT 361.35 505.50 Td (with ) Tj ET Q q 0 0 0 rg BT 381.97 505.50 Td (more ) Tj ET Q q 0 0 0 rg BT 405.37 505.50 Td (than ) Tj ET Q q 0 0 0 rg BT 425.44 505.50 Td ($18.0 ) Tj ET Q q 0 0 0 rg BT 450.79 505.50 Td (billion ) Tj ET Q q 0 0 0 rg BT 479.75 505.50 Td (in ) Tj ET Q q 0 0 0 rg BT 490.38 505.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.56 505.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 493.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 151.70 493.50 Td (in ) Tj ET Q q 0 0 0 rg BT 161.52 493.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.77 493.50 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 198.10 493.50 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 232.62 493.50 Td (Mexico, ) Tj ET Q q 0 0 0 rg BT 267.26 493.50 Td (Australia ) Tj ET Q q 0 0 0 rg BT 305.96 493.50 Td (and ) Tj ET Q q 0 0 0 rg BT 322.44 493.50 Td (New ) Tj ET Q q 0 0 0 rg BT 343.36 493.50 Td (Zealand. ) Tj ET Q q 0 0 0 rg BT 380.10 493.50 Td ( ) Tj ET Q q 0 0 0 rg BT 382.14 493.50 Td (Element ) Tj ET Q q 0 0 0 rg BT 417.51 493.50 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 439.54 493.50 Td (is ) Tj ET Q q 0 0 0 rg BT 448.25 493.50 Td (a ) Tj ET Q q 0 0 0 rg BT 454.73 493.50 Td (leading ) Tj ET Q q 0 0 0 rg BT 486.21 493.50 Td (global ) Tj ET Q q 0 0 0 rg BT 513.24 493.50 Td (fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 481.50 Td (management ) Tj ET Q q 0 0 0 rg BT 160.52 481.50 Td (company) Tj ET Q q 0 0 0 rg BT 196.53 481.50 Td (, ) Tj ET Q q 0 0 0 rg BT 200.46 481.50 Td (providing ) Tj ET Q q 0 0 0 rg BT 240.77 481.50 Td (world-class ) Tj ET Q q 0 0 0 rg BT 288.30 481.50 Td (services ) Tj ET Q q 0 0 0 rg BT 321.94 481.50 Td (and ) Tj ET Q q 0 0 0 rg BT 337.81 481.50 Td (financings ) Tj ET Q q 0 0 0 rg BT 380.90 481.50 Td (for ) Tj ET Q q 0 0 0 rg BT 393.99 481.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 442.61 481.50 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 472.92 481.50 Td (and ) Tj ET Q q 0 0 0 rg BT 488.79 481.50 Td (equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 469.50 Td (fleets, ) Tj ET Q q 0 0 0 rg BT 136.53 469.50 Td (serving ) Tj ET Q q 0 0 0 rg BT 170.34 469.50 Td (50 ) Tj ET Q q 0 0 0 rg BT 184.71 469.50 Td (countries ) Tj ET Q q 0 0 0 rg BT 225.74 469.50 Td (worldwide ) Tj ET Q q 0 0 0 rg BT 272.88 469.50 Td (through ) Tj ET Q q 0 0 0 rg BT 308.36 469.50 Td (the ) Tj ET Q q 0 0 0 rg BT 324.95 469.50 Td (Element-Arval ) Tj ET Q q 0 0 0 rg BT 388.74 469.50 Td (Global ) Tj ET Q q 0 0 0 rg BT 419.37 469.50 Td (Alliance. ) Tj ET Q q 0 0 0 rg BT 460.11 469.50 Td ( ) Tj ET Q q 0 0 0 rg BT 464.48 469.50 Td (EFN ) Tj ET Q q 0 0 0 rg BT 487.75 469.50 Td (provides ) Tj ET Q q 0 0 0 rg BT 526.56 469.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 457.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 171.20 457.50 Td (range ) Tj ET Q q 0 0 0 rg BT 196.07 457.50 Td (of ) Tj ET Q q 0 0 0 rg BT 207.07 457.50 Td (fleet ) Tj ET Q q 0 0 0 rg BT 227.50 457.50 Td (services ) Tj ET Q q 0 0 0 rg BT 262.38 457.50 Td (that ) Tj ET Q q 0 0 0 rg BT 280.04 457.50 Td (span ) Tj ET Q q 0 0 0 rg BT 301.04 457.50 Td (the ) Tj ET Q q 0 0 0 rg BT 315.92 457.50 Td (total ) Tj ET Q q 0 0 0 rg BT 336.36 457.50 Td (lifecycle, ) Tj ET Q q 0 0 0 rg BT 375.95 457.50 Td (from ) Tj ET Q q 0 0 0 rg BT 398.06 457.50 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 429.59 457.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 476.14 457.50 Td (and ) Tj ET Q q 0 0 0 rg BT 493.25 457.50 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 445.50 Td (to ) Tj ET Q q 0 0 0 rg BT 120.48 445.50 Td (program ) Tj ET Q q 0 0 0 rg BT 159.06 445.50 Td (management ) Tj ET Q q 0 0 0 rg BT 214.85 445.50 Td (and ) Tj ET Q q 0 0 0 rg BT 233.99 445.50 Td (remarketing ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 445.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 445.50 Td ( ) Tj ET Q q 0 0 0 rg BT 296.20 445.50 Td (helping ) Tj ET Q q 0 0 0 rg BT 330.90 445.50 Td (more ) Tj ET Q q 0 0 0 rg BT 356.15 445.50 Td (than ) Tj ET Q q 0 0 0 rg BT 378.07 445.50 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 405.27 445.50 Td (customers ) Tj ET Q q 0 0 0 rg BT 450.52 445.50 Td (optimize ) Tj ET Q q 0 0 0 rg BT 490.21 445.50 Td (their ) Tj ET Q q 0 0 0 rg BT 513.24 445.50 Td (fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 433.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 161.02 433.50 Td (and ) Tj ET Q q 0 0 0 rg BT 177.96 433.50 Td (productivity) Tj ET Q q 0 0 0 rg BT 226.19 433.50 Td (.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (2) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (2. SUMMAR) Tj ET Q q 0 0 0 rg BT 174.90 603.90 Td (Y) Tj ET Q q 0 0 0 rg BT 183.12 603.90 Td ( OF) Tj ET Q q 0 0 0 rg BT 202.34 603.90 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 285.14 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 287.48 603.90 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 575.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 162.98 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.98 575.10 Td (compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 551.10 Td (These ) Tj ET Q q 0 0 0 rg BT 134.74 551.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 166.49 551.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 211.56 551.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.97 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.81 551.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 347.89 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 362.96 551.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 400.80 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.45 551.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 459.27 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.92 551.10 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 539.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 156.76 539.10 Td (Standard ) Tj ET Q q 0 0 0 rg BT 194.41 539.10 Td (34, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.01 539.10 Td (Interim ) Tj ET Q q 0 0 0 rg BT 240.55 539.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 281.53 539.10 Td (Reporting,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.03 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.13 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.56 539.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 363.66 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 375.77 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.08 539.10 Td (International ) Tj ET Q q 0 0 0 rg BT 442.81 539.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 491.57 539.10 Td (Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 527.10 Td (Board. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 503.10 Td (These ) Tj ET Q q 0 0 0 rg BT 137.04 503.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 171.09 503.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 218.47 503.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 274.17 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 314.32 503.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 361.70 503.10 Td (should ) Tj ET Q q 0 0 0 rg BT 393.54 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.14 503.10 Td (read ) Tj ET Q q 0 0 0 rg BT 430.51 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.46 503.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 495.84 503.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.78 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 491.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 161.07 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.57 491.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 243.30 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.16 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.90 491.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 310.31 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 321.16 491.10 Td (at ) Tj ET Q q 0 0 0 rg BT 330.90 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.86 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 362.05 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.79 491.10 Td (year ) Tj ET Q q 0 0 0 rg BT 396.52 491.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 422.92 491.10 Td (December ) Tj ET Q q 0 0 0 rg BT 466.53 491.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 481.55 491.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 506.57 491.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 479.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 143.58 479.10 Td (information ) Tj ET Q q 0 0 0 rg BT 193.04 479.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 234.15 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 244.73 479.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 271.42 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.45 479.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 340.36 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.82 479.10 Td (Company) Tj ET Q q 0 0 0 rg BT 396.49 479.10 Td (s ) Tj ET Q q 0 0 0 rg BT 402.63 479.10 Td (business ) Tj ET Q q 0 0 0 rg BT 438.77 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.46 479.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.69 479.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 467.10 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 161.71 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 179.78 467.10 Td (results ) Tj ET Q q 0 0 0 rg BT 208.41 467.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 244.24 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.54 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 277.61 467.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 309.01 467.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 353.74 467.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 406.81 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.31 467.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 489.04 467.10 Td (should ) Tj ET Q q 0 0 0 rg BT 518.23 467.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 119.94 455.10 Td (regarded ) Tj ET Q q 0 0 0 rg BT 157.41 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 168.24 455.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 215.17 455.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 257.10 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.93 455.10 Td (results ) Tj ET Q q 0 0 0 rg BT 296.54 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 314.03 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 333.75 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 345.69 455.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 383.72 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.88 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.59 455.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 437.86 455.10 Td (year) Tj ET Q q 0 0 0 rg BT 454.51 455.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 431.10 Td (These ) Tj ET Q q 0 0 0 rg BT 134.81 431.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 166.63 431.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 211.77 431.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 265.25 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.16 431.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 348.31 431.10 Td (were ) Tj ET Q q 0 0 0 rg BT 370.67 431.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 415.81 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.40 431.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 467.21 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 480.15 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.30 431.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 522.67 431.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 419.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 147.71 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.54 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.25 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.64 419.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.14 419.10 Td (May14, ) Tj ET Q q 0 0 0 rg BT 262.97 419.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.97 419.10 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 392.70 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 169.67 392.70 Td (policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 368.70 Td (These ) Tj ET Q q 0 0 0 rg BT 137.11 368.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 171.23 368.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 218.67 368.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 274.45 368.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 314.66 368.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 362.11 368.70 Td (have ) Tj ET Q q 0 0 0 rg BT 386.22 368.70 Td (been ) Tj ET Q q 0 0 0 rg BT 410.33 368.70 Td (prepared ) Tj ET Q q 0 0 0 rg BT 450.54 368.70 Td (in ) Tj ET Q q 0 0 0 rg BT 463.55 368.70 Td (conformity ) Tj ET Q q 0 0 0 rg BT 513.22 368.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 356.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 155.30 356.70 Td (policies ) Tj ET Q q 0 0 0 rg BT 189.83 356.70 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 230.47 356.70 Td (in ) Tj ET Q q 0 0 0 rg BT 241.68 356.70 Td (the ) Tj ET Q q 0 0 0 rg BT 257.32 356.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 311.29 356.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.70 356.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 395.34 356.70 Td (for ) Tj ET Q q 0 0 0 rg BT 410.42 356.70 Td (the ) Tj ET Q q 0 0 0 rg BT 426.07 356.70 Td (year ) Tj ET Q q 0 0 0 rg BT 446.70 356.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 474.00 356.70 Td (December ) Tj ET Q q 0 0 0 rg BT 518.51 356.70 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 344.70 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.00 344.70 Td (except ) Tj ET Q q 0 0 0 rg BT 161.59 344.70 Td (for ) Tj ET Q q 0 0 0 rg BT 175.75 344.70 Td (the ) Tj ET Q q 0 0 0 rg BT 190.47 344.70 Td (recently ) Tj ET Q q 0 0 0 rg BT 225.17 344.70 Td (adopted ) Tj ET Q q 0 0 0 rg BT 259.33 344.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 305.70 344.70 Td (standards ) Tj ET Q q 0 0 0 rg BT 345.97 344.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 386.80 344.70 Td (below) Tj ET Q q 0 0 0 rg BT 410.59 344.70 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 318.30 Td (Recently ) Tj ET Q q 0 0 0 rg BT 155.65 318.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 199.99 318.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 259.00 318.30 Td (standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 294.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 131.62 294.30 Td (9, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.62 294.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 183.00 294.30 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.23 294.30 Td ( ) Tj ET Q q 0 0 0 rg BT 232.73 294.30 Td (["IFRS ) Tj ET Q q 0 0 0 rg BT 263.76 294.30 Td (9"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 270.30 Td (Ef) Tj ET Q q 0 0 0 rg BT 117.26 270.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 147.56 270.30 Td (January ) Tj ET Q q 0 0 0 rg BT 181.76 270.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 192.36 270.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 217.96 270.30 Td (the ) Tj ET Q q 0 0 0 rg BT 233.27 270.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 275.26 270.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 310.01 270.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 334.24 270.30 Td (9, ) Tj ET Q q 0 0 0 rg BT 344.84 270.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 372.94 270.30 Td (by ) Tj ET Q q 0 0 0 rg BT 386.04 270.30 Td (IASB. ) Tj ET Q q 0 0 0 rg BT 414.19 270.30 Td (The ) Tj ET Q q 0 0 0 rg BT 432.84 270.30 Td (project ) Tj ET Q q 0 0 0 rg BT 463.70 270.30 Td (was ) Tj ET Q q 0 0 0 rg BT 482.36 270.30 Td (divided ) Tj ET Q q 0 0 0 rg BT 515.45 270.30 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 258.30 Td (three ) Tj ET Q q 0 0 0 rg BT 130.03 258.30 Td (phases: ) Tj ET Q q 0 0 0 rg BT 164.01 258.30 Td (classification ) Tj ET Q q 0 0 0 rg BT 218.81 258.30 Td (and ) Tj ET Q q 0 0 0 rg BT 235.29 258.30 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 293.15 258.30 Td (impairment ) Tj ET Q q 0 0 0 rg BT 341.29 258.30 Td (of ) Tj ET Q q 0 0 0 rg BT 351.66 258.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.69 258.30 Td (assets, ) Tj ET Q q 0 0 0 rg BT 416.56 258.30 Td (and ) Tj ET Q q 0 0 0 rg BT 433.04 258.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 458.96 258.30 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 509.88 258.30 Td (IFRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 246.30 Td (9) Tj ET Q q 0 0 0 rg BT 115.78 246.30 Td (s ) Tj ET Q q 0 0 0 rg BT 123.82 246.30 Td (classification ) Tj ET Q q 0 0 0 rg BT 180.73 246.30 Td (and ) Tj ET Q q 0 0 0 rg BT 199.32 246.30 Td (measurement ) Tj ET Q q 0 0 0 rg BT 256.78 246.30 Td (methodology ) Tj ET Q q 0 0 0 rg BT 313.70 246.30 Td (provides ) Tj ET Q q 0 0 0 rg BT 352.29 246.30 Td (that ) Tj ET Q q 0 0 0 rg BT 371.44 246.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.57 246.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 438.05 246.30 Td (are ) Tj ET Q q 0 0 0 rg BT 454.41 246.30 Td (measured ) Tj ET Q q 0 0 0 rg BT 496.87 246.30 Td (at ) Tj ET Q q 0 0 0 rg BT 508.24 246.30 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 234.30 Td (amortized ) Tj ET Q q 0 0 0 rg BT 150.01 234.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 168.14 234.30 Td (or ) Tj ET Q q 0 0 0 rg BT 178.50 234.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 194.40 234.30 Td (value ) Tj ET Q q 0 0 0 rg BT 218.08 234.30 Td (on ) Tj ET Q q 0 0 0 rg BT 230.10 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 244.35 234.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 266.37 234.30 Td (of ) Tj ET Q q 0 0 0 rg BT 276.73 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 290.97 234.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 321.88 234.30 Td (business ) Tj ET Q q 0 0 0 rg BT 357.79 234.30 Td (model ) Tj ET Q q 0 0 0 rg BT 384.81 234.30 Td (for ) Tj ET Q q 0 0 0 rg BT 398.50 234.30 Td (managing ) Tj ET Q q 0 0 0 rg BT 439.96 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 454.20 234.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.21 234.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.56 234.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 222.30 Td (the ) Tj ET Q q 0 0 0 rg BT 123.43 222.30 Td (contractual ) Tj ET Q q 0 0 0 rg BT 171.06 222.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 192.04 222.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 213.58 222.30 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 273.97 222.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.51 222.30 Td (the ) Tj ET Q q 0 0 0 rg BT 300.94 222.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.13 222.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 370.44 222.30 Td (The ) Tj ET Q q 0 0 0 rg BT 389.20 222.30 Td (classification ) Tj ET Q q 0 0 0 rg BT 445.17 222.30 Td (and ) Tj ET Q q 0 0 0 rg BT 462.82 222.30 Td (measurement ) Tj ET Q q 0 0 0 rg BT 519.34 222.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 210.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.95 210.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.13 210.30 Td (remained ) Tj ET Q q 0 0 0 rg BT 226.30 210.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 266.47 210.30 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 317.53 210.30 Td (The ) Tj ET Q q 0 0 0 rg BT 336.05 210.30 Td (new ) Tj ET Q q 0 0 0 rg BT 355.67 210.30 Td (standard ) Tj ET Q q 0 0 0 rg BT 392.52 210.30 Td (replaced ) Tj ET Q q 0 0 0 rg BT 429.35 210.30 Td (the ) Tj ET Q q 0 0 0 rg BT 444.53 210.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 479.16 210.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 515.44 210.30 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 198.30 Td (model ) Tj ET Q q 0 0 0 rg BT 135.34 198.30 Td (used ) Tj ET Q q 0 0 0 rg BT 156.01 198.30 Td (for ) Tj ET Q q 0 0 0 rg BT 170.01 198.30 Td (measuring ) Tj ET Q q 0 0 0 rg BT 214.01 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 228.57 198.30 Td (allowance ) Tj ET Q q 0 0 0 rg BT 271.45 198.30 Td (for ) Tj ET Q q 0 0 0 rg BT 285.45 198.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 310.56 198.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 336.79 198.30 Td (with ) Tj ET Q q 0 0 0 rg BT 356.91 198.30 Td (an ) Tj ET Q q 0 0 0 rg BT 368.69 198.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 406.57 198.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 431.67 198.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 449.58 198.30 Td (model. ) Tj ET Q q 0 0 0 rg BT 479.25 198.30 Td (The ) Tj ET Q q 0 0 0 rg BT 497.14 198.30 Td (standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 186.30 Td (introduced ) Tj ET Q q 0 0 0 rg BT 152.71 186.30 Td (a ) Tj ET Q q 0 0 0 rg BT 159.10 186.30 Td (new ) Tj ET Q q 0 0 0 rg BT 177.71 186.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 203.54 186.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 249.36 186.30 Td (model, ) Tj ET Q q 0 0 0 rg BT 278.81 186.30 Td (together ) Tj ET Q q 0 0 0 rg BT 313.52 186.30 Td (with ) Tj ET Q q 0 0 0 rg BT 333.25 186.30 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 392.41 186.30 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 438.80 186.30 Td (about ) Tj ET Q q 0 0 0 rg BT 462.97 186.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 479.92 186.30 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 174.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 140.13 174.30 Td (for ) Tj ET Q q 0 0 0 rg BT 153.93 174.30 Td (those ) Tj ET Q q 0 0 0 rg BT 177.18 174.30 Td (applying ) Tj ET Q q 0 0 0 rg BT 214.31 174.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 240.33 174.30 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 291.19 174.30 Td (The ) Tj ET Q q 0 0 0 rg BT 308.88 174.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 349.90 174.30 Td (elected ) Tj ET Q q 0 0 0 rg BT 380.35 174.30 Td (to ) Tj ET Q q 0 0 0 rg BT 390.27 174.30 Td (not ) Tj ET Q q 0 0 0 rg BT 405.19 174.30 Td (restate ) Tj ET Q q 0 0 0 rg BT 433.42 174.30 Td (comparative ) Tj ET Q q 0 0 0 rg BT 484.98 174.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 516.56 174.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 162.30 Td (has ) Tj ET Q q 0 0 0 rg BT 122.60 162.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 167.73 162.30 Td (any ) Tj ET Q q 0 0 0 rg BT 183.43 162.30 Td (classification ) Tj ET Q q 0 0 0 rg BT 237.46 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 253.16 162.30 Td (measurement ) Tj ET Q q 0 0 0 rg BT 307.74 162.30 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 356.78 162.30 Td (on ) Tj ET Q q 0 0 0 rg BT 368.05 162.30 Td (January ) Tj ET Q q 0 0 0 rg BT 400.41 162.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.18 162.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 432.95 162.30 Td (through ) Tj ET Q q 0 0 0 rg BT 465.32 162.30 Td (opening ) Tj ET Q q 0 0 0 rg BT 498.81 162.30 Td (retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 150.30 Td (earnings.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (On ) Tj ET Q q 0 0 0 rg BT 123.41 605.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 164.38 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.35 605.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 199.67 605.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 210.36 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.77 605.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 273.54 605.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 320.61 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.58 605.10 Td (ECAF ) Tj ET Q q 0 0 0 rg BT 360.34 605.10 Td (I ) Tj ET Q q 0 0 0 rg BT 366.86 605.10 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 386.44 605.10 Td (through ) Tj ET Q q 0 0 0 rg BT 420.74 605.10 Td (ECAF ) Tj ET Q q 0 0 0 rg BT 449.50 605.10 Td (I ) Tj ET Q q 0 0 0 rg BT 456.02 605.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 495.88 605.10 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 515.46 605.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 149.78 593.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.12 593.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.02 593.10 Td (value ) Tj ET Q q 0 0 0 rg BT 205.69 593.10 Td (through ) Tj ET Q q 0 0 0 rg BT 240.81 593.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 267.04 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.50 593.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 305.07 593.10 Td (["FVTPL"], ) Tj ET Q q 0 0 0 rg BT 356.97 593.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.32 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.77 593.10 Td (result ) Tj ET Q q 0 0 0 rg BT 404.00 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.24 593.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 455.33 593.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 488.78 593.10 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 154.74 581.10 Td (using ) Tj ET Q q 0 0 0 rg BT 179.29 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.38 581.10 Td (ef) Tj ET Q q 0 0 0 rg BT 201.97 581.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 232.05 581.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 264.36 581.10 Td (method ) Tj ET Q q 0 0 0 rg BT 297.23 581.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.77 581.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 354.63 581.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 373.61 581.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.26 581.10 Td (has ) Tj ET Q q 0 0 0 rg BT 440.47 581.10 Td (been ) Tj ET Q q 0 0 0 rg BT 462.23 581.10 Td (reversed, ) Tj ET Q q 0 0 0 rg BT 501.47 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.79 581.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 148.91 569.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 194.80 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.26 569.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.16 569.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.84 569.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 286.75 569.10 Td (as ) Tj ET Q q 0 0 0 rg BT 297.10 569.10 Td (described ) Tj ET Q q 0 0 0 rg BT 337.44 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.24 569.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.70 569.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.70 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.73 569.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 402.75 569.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 445.30 569.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 495.10 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.56 569.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.89 557.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 161.55 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.22 557.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 196.23 557.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 206.62 557.10 Td (In ) Tj ET Q q 0 0 0 rg BT 217.83 557.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 256.00 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.10 557.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.88 557.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 353.52 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.62 557.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 412.04 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 426.59 557.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 452.24 557.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 479.02 557.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.24 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.57 557.10 Td (result ) Tj ET Q q 0 0 0 rg BT 522.67 557.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.82 545.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 163.19 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.57 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.39 545.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 226.52 545.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 244.68 545.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 274.77 545.10 Td (including ) Tj ET Q q 0 0 0 rg BT 315.15 545.10 Td (an ) Tj ET Q q 0 0 0 rg BT 327.19 545.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 370.32 545.10 Td (for ) Tj ET Q q 0 0 0 rg BT 384.58 545.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 408.29 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.67 545.10 Td (19th ) Tj ET Q q 0 0 0 rg BT 439.04 545.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 470.53 545.10 Td (Group ) Tj ET Q q 0 0 0 rg BT 498.68 545.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 522.67 545.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.10 Td (described ) Tj ET Q q 0 0 0 rg BT 149.08 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.61 533.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.81 533.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.57 533.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 217.33 533.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.62 533.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 311.15 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.35 533.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.55 533.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.55 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.31 533.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 403.85 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.38 533.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 438.27 533.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 448.53 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.09 533.10 Td (The ) Tj ET Q q 0 0 0 rg BT 469.40 533.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 499.37 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.46 533.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.10 Td (two ) Tj ET Q q 0 0 0 rg BT 126.20 521.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 161.60 521.10 Td (has ) Tj ET Q q 0 0 0 rg BT 178.13 521.10 Td (been ) Tj ET Q q 0 0 0 rg BT 200.20 521.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 247.26 521.10 Td (through ) Tj ET Q q 0 0 0 rg BT 281.57 521.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 316.98 521.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 352.38 521.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 391.96 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.92 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 413.67 521.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 455.75 521.10 Td (has ) Tj ET Q q 0 0 0 rg BT 472.28 521.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 507.13 521.10 Td (hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 153.81 509.10 Td (under ) Tj ET Q q 0 0 0 rg BT 178.52 509.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 201.58 509.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 208.52 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.89 509.10 Td (there ) Tj ET Q q 0 0 0 rg BT 246.82 509.10 Td (were ) Tj ET Q q 0 0 0 rg BT 268.19 509.10 Td (no ) Tj ET Q q 0 0 0 rg BT 280.12 509.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 329.84 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.55 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.71 509.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 400.23 509.10 Td (Interim ) Tj ET Q q 0 0 0 rg BT 431.60 509.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 470.75 509.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 516.57 509.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.10 Td (did ) Tj ET Q q 0 0 0 rg BT 123.28 497.10 Td (not ) Tj ET Q q 0 0 0 rg BT 138.56 497.10 Td (have ) Tj ET Q q 0 0 0 rg BT 159.93 497.10 Td (a ) Tj ET Q q 0 0 0 rg BT 166.87 497.10 Td (material ) Tj ET Q q 0 0 0 rg BT 202.13 497.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 231.84 497.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.34 497.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.17 497.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 306.54 497.10 Td (policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 131.62 473.10 Td (15, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.62 473.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 182.99 473.10 Td (fr) Tj ET Q q 0 0 0 rg BT 189.28 473.10 Td (om ) Tj ET Q q 0 0 0 rg BT 204.01 473.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 245.95 473.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.68 473.10 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.46 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.96 473.10 Td (["IFRS ) Tj ET Q q 0 0 0 rg BT 342.00 473.10 Td (15"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 449.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 117.26 449.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 147.88 449.10 Td (January ) Tj ET Q q 0 0 0 rg BT 182.40 449.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 193.32 449.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 219.24 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.88 449.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.18 449.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 312.26 449.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 336.80 449.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 352.72 449.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 381.14 449.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.56 449.10 Td (IASB. ) Tj ET Q q 0 0 0 rg BT 425.77 449.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 450.31 449.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 463.73 449.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 499.35 449.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 156.33 437.10 Td (principles, ) Tj ET Q q 0 0 0 rg BT 201.04 437.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 238.27 437.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.49 437.10 Td (robust ) Tj ET Q q 0 0 0 rg BT 273.28 437.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 319.93 437.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.37 437.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 384.36 437.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 418.79 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.01 437.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 456.57 437.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 481.57 437.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 511.57 437.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 146.30 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 166.28 425.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 209.03 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.67 425.10 Td (enhances ) Tj ET Q q 0 0 0 rg BT 264.52 425.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 308.93 425.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.57 425.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 374.98 425.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 417.73 425.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 477.14 425.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 500.47 425.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 512.67 425.10 Td (does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 413.10 Td (not ) Tj ET Q q 0 0 0 rg BT 123.44 413.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 148.33 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.77 413.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 181.42 413.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 222.68 413.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.32 413.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 309.65 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.76 413.10 Td (other ) Tj ET Q q 0 0 0 rg BT 349.97 413.10 Td (related ) Tj ET Q q 0 0 0 rg BT 379.84 413.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 426.92 413.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 452.36 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.47 413.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 516.58 413.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 147.90 401.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 190.46 401.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.58 401.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 244.16 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.07 401.10 Td (this ) Tj ET Q q 0 0 0 rg BT 270.10 401.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 305.56 401.10 Td (did ) Tj ET Q q 0 0 0 rg BT 319.92 401.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.28 401.10 Td (result ) Tj ET Q q 0 0 0 rg BT 358.08 401.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.44 401.10 Td (any ) Tj ET Q q 0 0 0 rg BT 383.46 401.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 432.81 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.17 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.97 401.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 502.13 401.10 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 389.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.37 389.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 189.97 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.79 389.10 Td (did ) Tj ET Q q 0 0 0 rg BT 221.96 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 237.13 389.10 Td (have ) Tj ET Q q 0 0 0 rg BT 258.39 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.22 389.10 Td (material ) Tj ET Q q 0 0 0 rg BT 300.36 389.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 329.96 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 342.35 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.07 389.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 404.33 389.10 Td (policies. ) Tj ET Q q 0 0 0 rg BT 440.32 389.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 477.69 389.10 Td (segmentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 154.94 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.65 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.48 377.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 218.52 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.80 377.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.74 377.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.74 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.24 377.10 Td (segmented ) Tj ET Q q 0 0 0 rg BT 308.50 377.10 Td (information.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 336.30 Td (Futur) Tj ET Q q 0 0 0 rg BT 137.78 336.30 Td (e ) Tj ET Q q 0 0 0 rg BT 146.11 336.30 Td (accounting ) Tj ET Q q 0 0 0 rg BT 205.11 336.30 Td (changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 312.30 Td (The ) Tj ET Q q 0 0 0 rg BT 126.68 312.30 Td (following ) Tj ET Q q 0 0 0 rg BT 168.70 312.30 Td (new ) Tj ET Q q 0 0 0 rg BT 188.50 312.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 212.76 312.30 Td (pronouncement ) Tj ET Q q 0 0 0 rg BT 278.09 312.30 Td (has ) Tj ET Q q 0 0 0 rg BT 294.56 312.30 Td (been ) Tj ET Q q 0 0 0 rg BT 316.57 312.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 344.70 312.30 Td (but ) Tj ET Q q 0 0 0 rg BT 360.62 312.30 Td (is ) Tj ET Q q 0 0 0 rg BT 370.42 312.30 Td (not ) Tj ET Q q 0 0 0 rg BT 386.33 312.30 Td (yet ) Tj ET Q q 0 0 0 rg BT 401.69 312.30 Td (ef) Tj ET Q q 0 0 0 rg BT 409.27 312.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 439.61 312.30 Td (and ) Tj ET Q q 0 0 0 rg BT 457.18 312.30 Td (may ) Tj ET Q q 0 0 0 rg BT 477.54 312.30 Td (have ) Tj ET Q q 0 0 0 rg BT 499.55 312.30 Td (a ) Tj ET Q q 0 0 0 rg BT 507.12 312.30 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 300.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 137.71 300.30 Td (on ) Tj ET Q q 0 0 0 rg BT 150.21 300.30 Td (the ) Tj ET Q q 0 0 0 rg BT 164.93 300.30 Td (Company) Tj ET Q q 0 0 0 rg BT 206.59 300.30 Td (s ) Tj ET Q q 0 0 0 rg BT 212.99 300.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.03 300.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.51 300.30 Td (statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 276.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 131.62 276.30 Td (16, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.62 276.30 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.84 276.30 Td ( ) Tj ET Q q 0 0 0 rg BT 176.34 276.30 Td (["IFRS ) Tj ET Q q 0 0 0 rg BT 207.38 276.30 Td (16"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 252.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 131.37 252.30 Td (16 ) Tj ET Q q 0 0 0 rg BT 143.62 252.30 Td (will ) Tj ET Q q 0 0 0 rg BT 161.43 252.30 Td (replace ) Tj ET Q q 0 0 0 rg BT 192.54 252.30 Td (IAS ) Tj ET Q q 0 0 0 rg BT 210.90 252.30 Td (17, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.65 252.30 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.87 252.30 Td ( ) Tj ET Q q 0 0 0 rg BT 255.12 252.30 Td (["IAS ) Tj ET Q q 0 0 0 rg BT 280.89 252.30 Td (17"]. ) Tj ET Q q 0 0 0 rg BT 303.05 252.30 Td ( ) Tj ET Q q 0 0 0 rg BT 305.30 252.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 328.67 252.30 Td (16 ) Tj ET Q q 0 0 0 rg BT 340.92 252.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 393.72 252.30 Td (carries ) Tj ET Q q 0 0 0 rg BT 422.61 252.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 456.51 252.30 Td (IAS ) Tj ET Q q 0 0 0 rg BT 474.88 252.30 Td (17 ) Tj ET Q q 0 0 0 rg BT 487.12 252.30 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 240.30 Td (requirements ) Tj ET Q q 0 0 0 rg BT 162.15 240.30 Td (for ) Tj ET Q q 0 0 0 rg BT 175.76 240.30 Td (lessor ) Tj ET Q q 0 0 0 rg BT 201.04 240.30 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 249.37 240.30 Td (with ) Tj ET Q q 0 0 0 rg BT 269.10 240.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 311.04 240.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 353.53 240.30 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 410.19 240.30 Td (For ) Tj ET Q q 0 0 0 rg BT 426.03 240.30 Td (lessee ) Tj ET Q q 0 0 0 rg BT 451.86 240.30 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 500.18 240.30 Td (the ) Tj ET Q q 0 0 0 rg BT 514.35 240.30 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 228.30 Td (standard ) Tj ET Q q 0 0 0 rg BT 143.68 228.30 Td (will ) Tj ET Q q 0 0 0 rg BT 161.04 228.30 Td (result ) Tj ET Q q 0 0 0 rg BT 185.06 228.30 Td (in ) Tj ET Q q 0 0 0 rg BT 194.64 228.30 Td (almost ) Tj ET Q q 0 0 0 rg BT 223.10 228.30 Td (all ) Tj ET Q q 0 0 0 rg BT 234.90 228.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 260.58 228.30 Td (being ) Tj ET Q q 0 0 0 rg BT 284.60 228.30 Td (accounted ) Tj ET Q q 0 0 0 rg BT 326.93 228.30 Td (for ) Tj ET Q q 0 0 0 rg BT 340.39 228.30 Td (similar ) Tj ET Q q 0 0 0 rg BT 369.97 228.30 Td (to ) Tj ET Q q 0 0 0 rg BT 379.55 228.30 Td (finance ) Tj ET Q q 0 0 0 rg BT 410.77 228.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 436.45 228.30 Td (under ) Tj ET Q q 0 0 0 rg BT 461.02 228.30 Td (IAS ) Tj ET Q q 0 0 0 rg BT 478.94 228.30 Td (17, ) Tj ET Q q 0 0 0 rg BT 493.24 228.30 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 216.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.70 216.30 Td (previously ) Tj ET Q q 0 0 0 rg BT 179.75 216.30 Td (accounted ) Tj ET Q q 0 0 0 rg BT 223.10 216.30 Td (for ) Tj ET Q q 0 0 0 rg BT 237.59 216.30 Td (as ) Tj ET Q q 0 0 0 rg BT 248.75 216.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 289.34 216.30 Td (leases. ) Tj ET Q q 0 0 0 rg BT 318.54 216.30 Td ( ) Tj ET Q q 0 0 0 rg BT 321.37 216.30 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 345.32 216.30 Td (16 ) Tj ET Q q 0 0 0 rg BT 358.14 216.30 Td (is ) Tj ET Q q 0 0 0 rg BT 367.64 216.30 Td (to ) Tj ET Q q 0 0 0 rg BT 378.24 216.30 Td (be ) Tj ET Q q 0 0 0 rg BT 390.51 216.30 Td (ef) Tj ET Q q 0 0 0 rg BT 398.09 216.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 428.12 216.30 Td (for ) Tj ET Q q 0 0 0 rg BT 442.61 216.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 467.09 216.30 Td (years ) Tj ET Q q 0 0 0 rg BT 491.02 216.30 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 204.30 Td (on ) Tj ET Q q 0 0 0 rg BT 120.73 204.30 Td (or ) Tj ET Q q 0 0 0 rg BT 131.79 204.30 Td (after ) Tj ET Q q 0 0 0 rg BT 152.84 204.30 Td (January ) Tj ET Q q 0 0 0 rg BT 186.67 204.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 196.90 204.30 Td (2019. ) Tj ET Q q 0 0 0 rg BT 222.13 204.30 Td (Management ) Tj ET Q q 0 0 0 rg BT 277.06 204.30 Td (is ) Tj ET Q q 0 0 0 rg BT 286.46 204.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 325.29 204.30 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 369.67 204.30 Td (the ) Tj ET Q q 0 0 0 rg BT 384.62 204.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 422.34 204.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 452.28 204.30 Td (that ) Tj ET Q q 0 0 0 rg BT 470.01 204.30 Td (the ) Tj ET Q q 0 0 0 rg BT 484.96 204.30 Td (adoption ) Tj ET Q q 0 0 0 rg BT 522.68 204.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 192.30 Td (IFRS16 ) Tj ET Q q 0 0 0 rg BT 141.62 192.30 Td (will ) Tj ET Q q 0 0 0 rg BT 159.68 192.30 Td (have ) Tj ET Q q 0 0 0 rg BT 181.06 192.30 Td (on ) Tj ET Q q 0 0 0 rg BT 193.56 192.30 Td (the ) Tj ET Q q 0 0 0 rg BT 208.27 192.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 255.35 192.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 308.40 192.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.88 192.30 Td (statements.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (4) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 589.50 Td (Changes ) Tj ET Q q 0 0 0 rg BT 155.01 589.50 Td (in ) Tj ET Q q 0 0 0 rg BT 168.02 589.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 227.02 589.50 Td (policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 565.50 Td (This ) Tj ET Q q 0 0 0 rg BT 127.15 565.50 Td (section ) Tj ET Q q 0 0 0 rg BT 156.86 565.50 Td (should ) Tj ET Q q 0 0 0 rg BT 184.90 565.50 Td (be ) Tj ET Q q 0 0 0 rg BT 195.72 565.50 Td (read ) Tj ET Q q 0 0 0 rg BT 214.30 565.50 Td (as ) Tj ET Q q 0 0 0 rg BT 224.00 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 229.82 565.50 Td (modification ) Tj ET Q q 0 0 0 rg BT 282.29 565.50 Td (to ) Tj ET Q q 0 0 0 rg BT 291.45 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 305.04 565.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 350.29 565.50 Td (policies ) Tj ET Q q 0 0 0 rg BT 382.77 565.50 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 421.36 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 430.52 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.11 565.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 496.03 565.50 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 553.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 152.71 553.50 Td (for ) Tj ET Q q 0 0 0 rg BT 166.87 553.50 Td (the ) Tj ET Q q 0 0 0 rg BT 181.59 553.50 Td (year ) Tj ET Q q 0 0 0 rg BT 201.30 553.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 227.67 553.50 Td (December ) Tj ET Q q 0 0 0 rg BT 271.26 553.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.26 553.50 Td (2017:) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 527.10 Td (Allowance ) Tj ET Q q 0 0 0 rg BT 159.63 527.10 Td (for) Tj ET Q q 0 0 0 rg BT 173.48 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.23 527.10 Td (cr) Tj ET Q q 0 0 0 rg BT 185.79 527.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 206.26 527.10 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 503.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 131.26 503.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 138.40 503.10 Td (replaces ) Tj ET Q q 0 0 0 rg BT 173.29 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 503.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 223.09 503.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 240.79 503.10 Td (model ) Tj ET Q q 0 0 0 rg BT 267.92 503.10 Td (with ) Tj ET Q q 0 0 0 rg BT 287.83 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.19 503.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 369.86 503.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 407.53 503.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 432.43 503.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 450.13 503.10 Td (["ECL"] ) Tj ET Q q 0 0 0 rg BT 485.97 503.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 515.45 503.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 491.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 148.31 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.40 491.10 Td (required ) Tj ET Q q 0 0 0 rg BT 191.14 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.34 491.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 226.21 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.07 491.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 276.82 491.10 Td (its ) Tj ET Q q 0 0 0 rg BT 287.69 491.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 306.33 491.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 342.75 491.10 Td (into ) Tj ET Q q 0 0 0 rg BT 359.73 491.10 Td (financially ) Tj ET Q q 0 0 0 rg BT 403.91 491.10 Td (healthy ) Tj ET Q q 0 0 0 rg BT 434.77 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 453.97 491.10 Td (no ) Tj ET Q q 0 0 0 rg BT 465.40 491.10 Td (sign ) Tj ET Q q 0 0 0 rg BT 483.49 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.24 491.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.42 479.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 151.07 479.10 Td ([Stage ) Tj ET Q q 0 0 0 rg BT 179.28 479.10 Td (1], ) Tj ET Q q 0 0 0 rg BT 192.76 479.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 233.17 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 258.59 479.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 276.25 479.10 Td (but ) Tj ET Q q 0 0 0 rg BT 291.68 479.10 Td (not ) Tj ET Q q 0 0 0 rg BT 307.11 479.10 Td (credit-impaired ) Tj ET Q q 0 0 0 rg BT 371.40 479.10 Td ([Stage ) Tj ET Q q 0 0 0 rg BT 399.61 479.10 Td (2], ) Tj ET Q q 0 0 0 rg BT 413.09 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.18 479.10 Td (credit-impaired ) Tj ET Q q 0 0 0 rg BT 494.48 479.10 Td ([Stage ) Tj ET Q q 0 0 0 rg BT 522.68 479.10 Td (3] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 467.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 150.76 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 160.21 467.10 Td (each ) Tj ET Q q 0 0 0 rg BT 180.76 467.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 233.53 467.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 274.08 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.64 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.85 467.10 Td (position ) Tj ET Q q 0 0 0 rg BT 356.31 467.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 377.69 467.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 404.36 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 418.80 467.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 467.11 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 477.67 467.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 502.12 467.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 509.35 467.10 Td (when ) Tj ET Q q 0 0 0 rg BT 533.51 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 455.10 Td (either ) Tj ET Q q 0 0 0 rg BT 132.94 455.10 Td (their ) Tj ET Q q 0 0 0 rg BT 153.44 455.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 186.16 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 211.11 455.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 236.61 455.10 Td (has ) Tj ET Q q 0 0 0 rg BT 252.12 455.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 288.17 455.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 340.33 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.84 455.10 Td (when ) Tj ET Q q 0 0 0 rg BT 374.68 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.07 455.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 408.47 455.10 Td (has ) Tj ET Q q 0 0 0 rg BT 423.98 455.10 Td (been ) Tj ET Q q 0 0 0 rg BT 445.03 455.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 489.42 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.26 455.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 443.10 Td (than ) Tj ET Q q 0 0 0 rg BT 127.71 443.10 Td (60 ) Tj ET Q q 0 0 0 rg BT 140.20 443.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 163.52 443.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 190.46 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.73 443.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 225.44 443.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 232.93 443.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.63 443.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 279.56 443.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.49 443.10 Td (ECL) Tj ET Q q 0 0 0 rg BT 310.00 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.49 443.10 Td (over ) Tj ET Q q 0 0 0 rg BT 332.76 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.47 443.10 Td (next ) Tj ET Q q 0 0 0 rg BT 367.17 443.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 396.32 443.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 430.76 443.10 Td (For ) Tj ET Q q 0 0 0 rg BT 447.15 443.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 470.75 443.10 Td (within ) Tj ET Q q 0 0 0 rg BT 498.80 443.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 523.51 443.10 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.86 431.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 168.40 431.10 Td (records ) Tj ET Q q 0 0 0 rg BT 202.47 431.10 Td (an ) Tj ET Q q 0 0 0 rg BT 216.55 431.10 Td (ECL) Tj ET Q q 0 0 0 rg BT 235.07 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.72 431.10 Td (over ) Tj ET Q q 0 0 0 rg BT 262.13 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.99 431.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 324.18 431.10 Td (life ) Tj ET Q q 0 0 0 rg BT 342.15 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.13 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.99 431.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 396.35 431.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 432.09 431.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 451.74 431.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 479.71 431.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 516.56 431.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 419.10 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 165.02 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 179.26 419.10 Td (used ) Tj ET Q q 0 0 0 rg BT 199.63 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.67 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.93 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.85 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.67 419.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 318.69 419.10 Td (when ) Tj ET Q q 0 0 0 rg BT 342.39 419.10 Td (there ) Tj ET Q q 0 0 0 rg BT 364.41 419.10 Td (has ) Tj ET Q q 0 0 0 rg BT 379.78 419.10 Td (been ) Tj ET Q q 0 0 0 rg BT 400.70 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.17 419.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 451.42 419.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 486.22 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.58 419.10 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.76 407.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 144.50 407.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.48 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.79 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.21 407.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 203.69 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 222.22 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.08 407.10 Td (has ) Tj ET Q q 0 0 0 rg BT 280.40 407.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 311.69 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 323.00 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 335.41 407.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 382.27 407.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 410.24 407.10 Td (choice ) Tj ET Q q 0 0 0 rg BT 439.31 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.07 407.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 475.27 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.47 407.10 Td (simplified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 395.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 147.15 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.42 395.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 179.91 395.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 227.38 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.32 395.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 266.80 395.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 314.27 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.55 395.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 349.27 395.10 Td (lifetime ) Tj ET Q q 0 0 0 rg BT 382.87 395.10 Td (ECL) Tj ET Q q 0 0 0 rg BT 401.38 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.88 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 413.60 395.10 Td (all ) Tj ET Q q 0 0 0 rg BT 426.10 395.10 Td (times. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 371.10 Td (ECLs ) Tj ET Q q 0 0 0 rg BT 132.38 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 146.19 371.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 188.32 371.10 Td (based ) Tj ET Q q 0 0 0 rg BT 212.70 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.30 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.34 371.10 Td (four ) Tj ET Q q 0 0 0 rg BT 248.61 371.10 Td (probability-weighted ) Tj ET Q q 0 0 0 rg BT 334.08 371.10 Td (scenarios ) Tj ET Q q 0 0 0 rg BT 372.89 371.10 Td ([a ) Tj ET Q q 0 0 0 rg BT 382.26 371.10 Td (base ) Tj ET Q q 0 0 0 rg BT 401.64 371.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 422.95 371.10 Td (an ) Tj ET Q q 0 0 0 rg BT 433.99 371.10 Td (upside, ) Tj ET Q q 0 0 0 rg BT 464.20 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.24 371.10 Td (mild ) Tj ET Q q 0 0 0 rg BT 490.18 371.10 Td (downside, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.47 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.94 359.10 Td (more ) Tj ET Q q 0 0 0 rg BT 156.52 359.10 Td (extreme ) Tj ET Q q 0 0 0 rg BT 191.75 359.10 Td (downside]. ) Tj ET Q q 0 0 0 rg BT 238.94 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.97 359.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 264.99 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.35 359.10 Td (these ) Tj ET Q q 0 0 0 rg BT 299.93 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.63 359.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 353.76 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.57 359.10 Td (dif) Tj ET Q q 0 0 0 rg BT 385.49 359.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 411.84 359.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 458.75 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.11 359.10 Td (default ) Tj ET Q q 0 0 0 rg BT 500.91 359.10 Td (["PD"], ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 347.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 146.69 347.10 Td (at ) Tj ET Q q 0 0 0 rg BT 156.50 347.10 Td (default ) Tj ET Q q 0 0 0 rg BT 186.85 347.10 Td (["EAD"], ) Tj ET Q q 0 0 0 rg BT 227.32 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.35 347.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 262.50 347.10 Td (given ) Tj ET Q q 0 0 0 rg BT 287.30 347.10 Td (default ) Tj ET Q q 0 0 0 rg BT 317.66 347.10 Td (["LGD"]. ) Tj ET Q q 0 0 0 rg BT 358.12 347.10 Td (ECL) Tj ET Q q 0 0 0 rg BT 376.64 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.23 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 388.49 347.10 Td (then ) Tj ET Q q 0 0 0 rg BT 408.30 347.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 451.42 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 476.77 347.10 Td (each ) Tj ET Q q 0 0 0 rg BT 497.68 347.10 Td (scenario ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.73 335.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 163.67 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.96 335.10 Td (probabilities ) Tj ET Q q 0 0 0 rg BT 228.23 335.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 264.96 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.03 335.10 Td (each ) Tj ET Q q 0 0 0 rg BT 295.63 335.10 Td (scenario; ) Tj ET Q q 0 0 0 rg BT 334.01 335.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 380.18 335.10 Td (weights ) Tj ET Q q 0 0 0 rg BT 413.58 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.07 335.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 464.24 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 473.74 335.10 Td (each ) Tj ET Q q 0 0 0 rg BT 494.35 335.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 323.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 138.81 323.10 Td (Forward ) Tj ET Q q 0 0 0 rg BT 175.46 323.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 208.79 323.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 275.41 323.10 Td (information ) Tj ET Q q 0 0 0 rg BT 325.39 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.83 323.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 388.13 323.10 Td (such ) Tj ET Q q 0 0 0 rg BT 409.23 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.33 323.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 455.30 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.85 323.10 Td (GDP) Tj ET Q q 0 0 0 rg BT 485.48 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.25 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 501.01 323.10 Td (PD ) Tj ET Q q 0 0 0 rg BT 516.57 323.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 142.71 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.99 311.10 Td (used ) Tj ET Q q 0 0 0 rg BT 173.82 311.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 205.19 311.10 Td (index ) Tj ET Q q 0 0 0 rg BT 229.90 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 242.40 311.10 Td (LGD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 287.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 156.90 287.10 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 214.14 287.10 Td (over ) Tj ET Q q 0 0 0 rg BT 234.16 287.10 Td (120 ) Tj ET Q q 0 0 0 rg BT 251.41 287.10 Td (days ) Tj ET Q q 0 0 0 rg BT 271.99 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 286.45 287.10 Td (automatically ) Tj ET Q q 0 0 0 rg BT 343.13 287.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 388.70 287.10 Td (defaulted ) Tj ET Q q 0 0 0 rg BT 428.15 287.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 467.89 287.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 492.36 287.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 502.11 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.80 287.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 130.11 275.10 Td (provisioned ) Tj ET Q q 0 0 0 rg BT 180.54 275.10 Td (net ) Tj ET Q q 0 0 0 rg BT 195.98 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.53 275.10 Td (any ) Tj ET Q q 0 0 0 rg BT 225.19 275.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 272.28 275.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 316.58 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.24 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 349.67 275.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 391.20 275.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.64 275.10 Td (their ) Tj ET Q q 0 0 0 rg BT 423.19 275.10 Td (net ) Tj ET Q q 0 0 0 rg BT 438.62 275.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 480.70 275.10 Td (value ) Tj ET Q q 0 0 0 rg BT 505.58 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.80 275.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 263.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 148.05 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.11 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.82 263.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 230.90 263.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 270.40 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.34 263.10 Td (also ) Tj ET Q q 0 0 0 rg BT 302.18 263.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 347.22 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 360.61 263.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 392.88 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.39 263.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 426.34 263.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 433.07 263.10 Td (when ) Tj ET Q q 0 0 0 rg BT 456.46 263.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 488.73 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 498.79 263.10 Td (external ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 251.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.52 251.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 163.48 251.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 197.89 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.08 251.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 238.09 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.28 251.10 Td (material ) Tj ET Q q 0 0 0 rg BT 280.79 251.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 317.96 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.49 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.45 251.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 389.53 251.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 429.48 251.10 Td (value ) Tj ET Q q 0 0 0 rg BT 453.89 251.10 Td (where ) Tj ET Q q 0 0 0 rg BT 481.07 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.03 251.10 Td (recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.49 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.87 239.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 155.25 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 165.09 239.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 203.78 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 226.38 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.76 239.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 260.47 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.97 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.35 239.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 330.21 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.70 239.10 Td (when ) Tj ET Q q 0 0 0 rg BT 366.52 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.90 239.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 421.72 239.10 Td (has ) Tj ET Q q 0 0 0 rg BT 438.21 239.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 459.70 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 474.52 239.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 522.67 239.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 227.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 140.98 227.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 185.50 227.10 Td (A) Tj ET Q q 0 0 0 rg BT 192.17 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.06 227.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 232.60 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.16 227.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 286.37 227.10 Td (cured ) Tj ET Q q 0 0 0 rg BT 310.47 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.80 227.10 Td (moved ) Tj ET Q q 0 0 0 rg BT 355.91 227.10 Td (out ) Tj ET Q q 0 0 0 rg BT 370.58 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.80 227.10 Td (Stage ) Tj ET Q q 0 0 0 rg BT 404.90 227.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 411.80 227.10 Td (when ) Tj ET Q q 0 0 0 rg BT 435.35 227.10 Td (none ) Tj ET Q q 0 0 0 rg BT 456.68 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.90 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 489.34 227.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.35 215.10 Td (present ) Tj ET Q q 0 0 0 rg BT 153.36 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.16 215.10 Td (six ) Tj ET Q q 0 0 0 rg BT 180.97 215.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 230.32 215.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 264.41 215.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 290.98 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.33 215.10 Td (char) Tj ET Q q 0 0 0 rg BT 322.36 215.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 348.28 215.10 Td (f ) Tj ET Q q 0 0 0 rg BT 353.75 215.10 Td (when ) Tj ET Q q 0 0 0 rg BT 377.55 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.90 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.93 215.10 Td (has ) Tj ET Q q 0 0 0 rg BT 448.40 215.10 Td (stopped ) Tj ET Q q 0 0 0 rg BT 481.65 215.10 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 518.79 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 203.10 Td (recovery) Tj ET Q q 0 0 0 rg BT 142.33 203.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 179.10 Td (It ) Tj ET Q q 0 0 0 rg BT 116.89 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 126.35 179.10 Td (important ) Tj ET Q q 0 0 0 rg BT 168.01 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.58 179.10 Td (note ) Tj ET Q q 0 0 0 rg BT 198.58 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.36 179.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 254.14 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.25 179.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 289.16 179.10 Td (9 ) Tj ET Q q 0 0 0 rg BT 296.95 179.10 Td (does ) Tj ET Q q 0 0 0 rg BT 318.06 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 333.62 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 355.28 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.51 179.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 388.06 179.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 418.05 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 430.84 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.84 179.10 Td (net ) Tj ET Q q 0 0 0 rg BT 460.84 179.10 Td (char) Tj ET Q q 0 0 0 rg BT 477.87 179.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 498.78 179.10 Td (f ) Tj ET Q q 0 0 0 rg BT 504.90 179.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 522.67 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 167.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 169.80 167.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 193.41 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.34 167.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 257.81 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 284.75 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.92 167.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 321.97 167.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.47 167.10 Td (customers' ) Tj ET Q q 0 0 0 rg BT 379.32 167.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.58 167.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 433.74 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 167.10 Td (behaviour) Tj ET Q q 0 0 0 rg BT 490.11 167.10 Td (.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 141.90 Td (Derivatives financial instruments and hedge accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 117.90 Td (The hedge accounting standards under IFRS 9 align the accounting for hedging instruments more closely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 105.90 Td (to the Company's risk management practices. ) Tj ET Q q 0 0 0 rg BT 291.14 105.90 Td (All hedging relationships that were designated under IAS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 93.90 Td (39 as of December 31, 2017 met the criteria for hedge accounting under IFRS 9. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (5) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 604.60 Td (Financial assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 580.60 Td (The Company recognizes financial assets and liabilities initially at fair value and subsequently measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 568.60 Td (at either fair value or amortized cost based on their classification under IFRS 9 as described below) Tj ET Q q 0 0 0 rg BT 501.11 568.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 544.60 Td (Fair value thr) Tj ET Q q 0 0 0 rg BT 163.73 544.60 Td (ough pr) Tj ET Q q 0 0 0 rg BT 194.75 544.60 Td (ofit or loss ["FVTPL"] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 520.60 Td (Financial assets and financial liabilities that the Company purchases or incurs, respectively) Tj ET Q q 0 0 0 rg BT 471.13 520.60 Td (, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 508.60 Td (intention of generating earnings in the near term are classified as FVTPL. Such assets and liabilities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 496.60 Td (initially recognized on the consolidated statement of financial position at fair value, with any subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 484.60 Td (changes to fair value recognized through the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 439.37 484.60 Td (T) Tj ET Q q 0 0 0 rg BT 445.13 484.60 Td (ransaction costs as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 472.60 Td (incurred are recognized in the consolidated statement of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 448.60 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 424.60 Td (Financial assets held to collect contractual cash flows \(in the form of payment of principal and interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 412.60 Td (earned on the principal outstanding\) are classified as amortized cost. ) Tj ET Q q 0 0 0 rg BT 384.11 412.60 Td (The assets are initially recognized at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 400.60 Td (fair value plus directly attributable transaction costs, and subsequently measured at amortized cost using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 388.60 Td (the ef) Tj ET Q q 0 0 0 rg BT 130.30 388.60 Td (fective interest rate method.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (6) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (3) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. FINANCE RECEIV) Tj ET Q q 0 0 0 rg BT 222.80 603.90 Td (ABLES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 579.90 Td (following ) Tj ET Q q 0 0 0 rg BT 167.43 579.90 Td (tables ) Tj ET Q q 0 0 0 rg BT 193.26 579.90 Td (present ) Tj ET Q q 0 0 0 rg BT 224.64 579.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 256.56 579.90 Td (receivables ) Tj ET Q q 0 0 0 rg BT 304.03 579.90 Td (based ) Tj ET Q q 0 0 0 rg BT 329.30 579.90 Td (on ) Tj ET Q q 0 0 0 rg BT 341.80 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 356.52 579.90 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 391.78 579.90 Td (obligor's ) Tj ET Q q 0 0 0 rg BT 428.86 579.90 Td (location:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 555.4 m 369.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 555.4 m 423.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 555.4 m 477.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 555.4 m 531.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 527.4 m 369.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 527.4 m 423.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 527.4 m 477.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 527.4 m 531.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 527.4 m 369.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 527.4 m 423.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 527.4 m 477.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 527.4 m 531.5 527.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 497.4 m 369.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 497.4 m 423.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 497.4 m 477.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 497.4 m 531.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 471.4 m 369.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 471.4 m 423.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 471.4 m 477.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 471.4 m 531.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 471.4 m 369.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 471.4 m 423.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 471.4 m 477.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 471.4 m 531.5 471.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 367.4 m 369.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 367.4 m 423.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 367.4 m 477.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 367.4 m 531.5 367.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 367.4 m 369.5 367.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 354.4 m 369.5 354.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 367.4 m 423.5 367.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 354.4 m 423.5 354.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 367.4 m 477.5 367.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 354.4 m 477.5 354.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 367.4 m 531.5 367.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 354.4 m 531.5 354.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.20 560.80 Td (Mar) Tj ET Q q 0 0 0 rg BT 410.03 560.80 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.95 546.35 Td (Canada) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.20 546.35 Td (US) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.55 546.35 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.15 546.35 Td (T) Tj ET Q q 0 0 0 rg BT 499.33 546.35 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.75 532.80 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.75 532.80 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.75 532.80 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.75 532.80 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 514.66 Td (Minimum lease payments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 514.80 Td (1,445,634) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 514.80 Td (10,914,151) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.75 514.80 Td (315,874) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.50 514.80 Td (12,675,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 501.66 Td (Unguaranteed residual values) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 501.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 501.80 Td (17,205) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 501.80 Td (80,895) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 501.80 Td (98,100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 488.66 Td (Gross investment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 488.80 Td (1,445,634) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 488.80 Td (10,931,356) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.75 488.80 Td (396,769) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.50 488.80 Td (12,773,759) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 475.66 Td (Unearned income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.75 475.80 Td (\(149,422) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 475.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 475.80 Td (\(851,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 475.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 475.80 Td (\(45,700) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.00 475.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 475.80 Td (\(1,046,312) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 475.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 462.80 Td (Net investment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 462.80 Td (1,296,212) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 462.80 Td (10,080,166) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.75 462.80 Td (351,069) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.50 462.80 Td (1) Tj ET Q q 0 0 0 rg BT 492.00 462.80 Td (1,727,447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 449.66 Td (Net realizable value of impaired receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.50 449.80 Td (570) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.50 449.80 Td (336) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.75 449.80 Td (4,865) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 449.80 Td (5,771) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 436.66 Td (Unamortized deferred costs and subsidies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.75 436.80 Td (\(4,501) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 436.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 436.80 Td (\(99,339) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 436.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.00 436.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.75 436.80 Td (\(103,840) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 436.80 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 423.66 Td (Prepaid lease payments and security deposits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.75 423.80 Td (\(6,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 423.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 423.80 Td (\(27,697) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 423.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.25 423.80 Td (\(26,939) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.00 423.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 423.80 Td (\(61,181) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 423.80 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 410.66 Td (Interim fundings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.25 410.80 Td (51,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.75 410.80 Td (587,375) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 410.80 Td (21,493) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.75 410.80 Td (660,449) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 397.66 Td (Fleet management service receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.25 397.80 Td (95,031) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.75 397.80 Td (524,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.25 397.80 Td (57,058) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.75 397.80 Td (676,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 384.66 Td (Other receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.75 384.80 Td (2,868) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.25 384.80 Td (92,019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.75 384.80 Td (107,033) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.75 384.80 Td (201,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 371.66 Td (Allowance for credit losses \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.50 371.80 Td (\(324) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 371.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.25 371.80 Td (\(72,574) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.00 371.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.75 371.80 Td (\(2,408) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.00 371.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 371.80 Td (\(75,306) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 371.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 358.80 Td (T) Tj ET Q q 0 0 0 rg BT 116.18 358.80 Td (otal finance r) Tj ET Q q 0 0 0 rg BT 167.00 358.80 Td (eceivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 358.80 Td (1,434,892) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.50 358.80 Td (1) Tj ET Q q 0 0 0 rg BT 384.00 358.80 Td (1,085,058) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.75 358.80 Td (512,171) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.50 358.80 Td (13,032,121) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 330.4 m 369.5 330.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 330.4 m 423.5 330.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 330.4 m 477.5 330.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 330.4 m 531.5 330.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 302.4 m 369.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 302.4 m 423.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 302.4 m 477.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 302.4 m 531.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 302.4 m 369.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 302.4 m 423.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 302.4 m 477.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 302.4 m 531.5 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 269.4 m 369.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 269.4 m 423.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 269.4 m 477.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 269.4 m 531.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 241.39999999999998 m 369.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 241.39999999999998 m 423.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 241.39999999999998 m 477.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 241.39999999999998 m 531.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 241.39999999999998 m 369.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 241.39999999999998 m 423.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 241.39999999999998 m 477.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 241.39999999999998 m 531.5 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 129.39999999999998 m 369.5 129.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 129.39999999999998 m 423.5 129.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 129.39999999999998 m 477.5 129.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 129.39999999999998 m 531.5 129.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 115.39999999999998 m 369.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 115.39999999999998 m 423.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 115.39999999999998 m 477.5 115.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 115.39999999999998 m 531.5 115.39999999999998 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.60 335.66 Td (December 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.50 321.26 Td (Canada) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.20 321.26 Td (US) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.75 321.26 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.80 321.26 Td (T) Tj ET Q q 0 0 0 rg BT 499.67 321.26 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.75 307.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 307.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 307.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.75 307.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 288.26 Td (Minimum lease payments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 287.86 Td (1,473,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 287.86 Td (10,617,200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 287.86 Td (281,248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 287.86 Td (12,372,190) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 274.26 Td (Unguaranteed residual values) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.00 274.80 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 273.86 Td (16,326) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 273.86 Td (71,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 273.86 Td (87,858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 260.26 Td (Gross investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 259.86 Td (1,473,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 259.86 Td (10,633,526) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 260.66 Td (352,780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 259.86 Td (12,460,048) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 246.26 Td (Unearned income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.75 245.86 Td (\(149,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 245.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.75 245.86 Td (\(788,515) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 245.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 246.66 Td (\(40,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 246.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.75 245.86 Td (\(978,568) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 245.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 232.35 Td (Net investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 231.86 Td (1,323,970) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 231.86 Td (9,845,01) Tj ET Q q 0 0 0 rg BT 415.50 231.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 231.86 Td (312,499) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 231.86 Td (1) Tj ET Q q 0 0 0 rg BT 492.00 231.86 Td (1,481,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 218.26 Td (Net realizable value of impaired receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.50 217.86 Td (381) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.75 217.86 Td (4,225) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.75 217.86 Td (4,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 217.86 Td (8,665) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 204.26 Td (Unamortized deferred costs and subsidies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 203.86 Td (\(5,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 203.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.25 203.86 Td (\(99,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 203.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.00 203.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.75 203.86 Td (\(105,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 203.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 190.26 Td (Prepaid lease payments and security deposits) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.75 189.86 Td (\(5,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 189.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.25 189.86 Td (\(38,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 189.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 189.86 Td (\(20,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 189.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 189.86 Td (\(64,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 189.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 176.26 Td (Interim fundings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.25 175.86 Td (41,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 175.86 Td (533,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 176.66 Td (12,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 175.86 Td (587,217) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 162.26 Td (Fleet management service receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.75 161.86 Td (105,005) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 161.86 Td (503,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 162.66 Td (51,641) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 161.86 Td (660,227) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 148.26 Td (Other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.75 147.86 Td (1,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 147.86 Td (120,1) Tj ET Q q 0 0 0 rg BT 411.00 147.86 Td (1) Tj ET Q q 0 0 0 rg BT 415.50 147.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.25 148.66 Td (82,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 147.86 Td (204,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 134.26 Td (Allowance for credit losses \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.50 133.86 Td (\(324) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 133.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.75 133.86 Td (\(2,770) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 133.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 133.86 Td (\(1,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 133.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.75 133.86 Td (\(4,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 133.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 120.35 Td (T) Tj ET Q q 0 0 0 rg BT 116.18 120.35 Td (otal finance r) Tj ET Q q 0 0 0 rg BT 167.00 120.35 Td (eceivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 119.86 Td (1,460,381) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.50 119.86 Td (10,865,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 119.86 Td (442,286) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 119.86 Td (12,768,133) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 106.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 118.89 106.30 Td (Allowance for credit losses was prepared under IFRS 9 in fiscal 2018, reflecting the expected credit losses as at period end. ) Tj ET Q q 0 0 0 rg BT 515.73 106.30 Td (The ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 96.70 Td (comparable period was prepared under IAS 39 reflecting incurred losses.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.48 593.10 Td (following ) Tj ET Q q 0 0 0 rg BT 166.30 593.10 Td (table ) Tj ET Q q 0 0 0 rg BT 187.67 593.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 222.37 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.52 593.10 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 287.32 593.10 Td (status ) Tj ET Q q 0 0 0 rg BT 312.03 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.29 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.44 593.10 Td (net ) Tj ET Q q 0 0 0 rg BT 350.59 593.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 396.41 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.12 593.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 437.47 593.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 486.88 593.10 Td (by ) Tj ET Q q 0 0 0 rg BT 498.81 593.10 Td (contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (balance:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 547.6 m 347.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 547.6 m 407.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 547.6 m 471.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 547.6 m 531.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 534.6 m 347.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 534.6 m 407.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 534.6 m 471.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 534.6 m 531.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 486.6 m 347.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 486.6 m 407.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 486.6 m 471.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 486.6 m 531.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 458.6 m 347.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 458.6 m 407.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 458.6 m 471.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 458.6 m 531.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 458.6 m 347.5 458.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 444.6 m 347.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 458.6 m 407.5 458.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 444.6 m 407.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 458.6 m 471.5 458.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 444.6 m 471.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 458.6 m 531.5 458.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 444.6 m 531.5 444.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.80 552.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 327.63 552.05 Td (ch 31, 2018 \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.75 561.06 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 552.06 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.75 539.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.50 539.00 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.75 538.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.25 538.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 519.06 Td (31-60 days past due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.75 519.05 Td (4,1) Tj ET Q q 0 0 0 rg BT 335.00 519.05 Td (14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 519.05 Td (0.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 519.06 Td (3,999) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.25 519.06 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 505.86 Td (61-90 days past due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.75 505.05 Td (3,841) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 505.05 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 505.06 Td (5,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.25 505.06 Td (0.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 491.86 Td (Greater than 90 days past due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.75 491.05 Td (1,323) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 491.05 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 491.06 Td (1,594) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.25 491.06 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 477.86 Td (T) Tj ET Q q 0 0 0 rg BT 116.18 477.86 Td (otal past due) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.75 477.05 Td (9,278) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.25 477.05 Td (0.08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 477.06 Td (1) Tj ET Q q 0 0 0 rg BT 447.75 477.06 Td (1,51) Tj ET Q q 0 0 0 rg BT 463.50 477.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.25 477.06 Td (0.09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 463.86 Td (Current) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.50 463.05 Td (1) Tj ET Q q 0 0 0 rg BT 308.00 463.05 Td (1,718,169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.75 463.05 Td (99.92) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 463.06 Td (1) Tj ET Q q 0 0 0 rg BT 432.00 463.06 Td (1,469,969) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 463.06 Td (99.91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 449.86 Td (T) Tj ET Q q 0 0 0 rg BT 115.87 449.86 Td (otal net investment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.50 449.05 Td (1) Tj ET Q q 0 0 0 rg BT 308.00 449.05 Td (1,727,447) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 449.05 Td (100.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 449.06 Td (1) Tj ET Q q 0 0 0 rg BT 432.00 449.06 Td (1,481,480) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 449.06 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 435.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 119.02 435.50 Td ( ) Tj ET Q q 0 0 0 rg BT 120.34 435.50 Td (At ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.04 435.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 164.61 435.50 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.61 435.50 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.30 435.50 Td ($7,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.30 435.50 Td ( ) Tj ET Q q 0 0 0 rg BT 208.00 435.50 Td (of ) Tj ET Q q 0 0 0 rg BT 216.36 435.50 Td (the ) Tj ET Q q 0 0 0 rg BT 227.83 435.50 Td (total ) Tj ET Q q 0 0 0 rg BT 243.74 435.50 Td (past ) Tj ET Q q 0 0 0 rg BT 258.32 435.50 Td (due ) Tj ET Q q 0 0 0 rg BT 271.56 435.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 300.37 435.50 Td (are ) Tj ET Q q 0 0 0 rg BT 311.83 435.50 Td (related ) Tj ET Q q 0 0 0 rg BT 335.28 435.50 Td (to ) Tj ET Q q 0 0 0 rg BT 343.20 435.50 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 376.00 435.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 405.24 435.50 Td (in ) Tj ET Q q 0 0 0 rg BT 413.16 435.50 Td (the ) Tj ET Q q 0 0 0 rg BT 424.62 435.50 Td (non-core ) Tj ET Q q 0 0 0 rg BT 454.75 435.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 486.65 435.50 Td (segment. ) Tj ET Q q 0 0 0 rg BT 517.01 435.50 Td ( ) Tj ET Q q 0 0 0 rg BT 518.58 435.50 Td (The ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.50 425.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 154.61 425.90 Td (maintains ) Tj ET Q q 0 0 0 rg BT 187.71 425.90 Td (a ) Tj ET Q q 0 0 0 rg BT 193.27 425.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.48 425.90 Td (holdback/reserve ) Tj ET Q q 0 0 0 rg BT 266.12 425.90 Td (pool ) Tj ET Q q 0 0 0 rg BT 282.34 425.90 Td (or ) Tj ET Q q 0 0 0 rg BT 291.01 425.90 Td (a ) Tj ET Q q 0 0 0 rg BT 296.56 425.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 326.99 425.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.10 425.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 380.31 425.90 Td (by ) Tj ET Q q 0 0 0 rg BT 390.31 425.90 Td (the ) Tj ET Q q 0 0 0 rg BT 402.09 425.90 Td (sellers ) Tj ET Q q 0 0 0 rg BT 424.52 425.90 Td (to ) Tj ET Q q 0 0 0 rg BT 432.75 425.90 Td (cover ) Tj ET Q q 0 0 0 rg BT 452.51 425.90 Td (for ) Tj ET Q q 0 0 0 rg BT 463.84 425.90 Td (losses.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 379.10 Td (Selected characteristics of finance r) Tj ET Q q 0 0 0 rg BT 289.05 379.10 Td (eceivables) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 333.6 m 347.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 333.6 m 407.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 333.6 m 471.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 333.6 m 531.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 333.6 m 347.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 333.6 m 407.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 333.6 m 471.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 333.6 m 531.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 319.6 m 347.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 319.6 m 407.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 319.6 m 471.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 319.6 m 531.5 319.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 245.60000000000002 m 347.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 245.60000000000002 m 407.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 245.60000000000002 m 471.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 245.60000000000002 m 531.5 245.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.30 348.00 Td (Mar) Tj ET Q q 0 0 0 rg BT 344.21 348.00 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 339.00 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.25 347.86 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 338.86 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.25 325.00 Td (Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 325.00 Td (Loans \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.75 324.86 Td (Leases) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.10 324.86 Td (Loans \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 306.86 Td (Net investment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.00 305.05 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.50 305.05 Td (10,847,971) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.00 305.05 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.75 305.05 Td (879,476) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 305.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 305.06 Td (10,625,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 305.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 305.06 Td (855,789) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 291.86 Td (W) Tj ET Q q 0 0 0 rg BT 119.13 291.86 Td (eighted average fixed interest rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 290.05 Td (4.08) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 290.05 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 290.05 Td (6.05) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 290.05 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 290.06 Td (3.99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 290.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 290.06 Td (5.90) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 290.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 276.86 Td (W) Tj ET Q q 0 0 0 rg BT 118.77 276.86 Td (eighted average floating interest rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 275.05 Td (4.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 275.05 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 275.05 Td (9.30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 275.05 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 275.06 Td (4.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 275.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 275.06 Td (9.71) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 275.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 261.86 Td (Percentage of portfolio with fixed) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 252.86 Td (interest rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.75 250.05 Td (46.62) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 250.05 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 250.05 Td (99.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.00 250.05 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 250.06 Td (46.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 250.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 250.06 Td (98.77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 250.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 236.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 119.29 236.50 Td (Included ) Tj ET Q q 0 0 0 rg BT 149.23 236.50 Td (are ) Tj ET Q q 0 0 0 rg BT 160.96 236.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 179.80 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 187.99 236.50 Td (19th ) Tj ET Q q 0 0 0 rg BT 204.17 236.50 Td (Capital ) Tj ET Q q 0 0 0 rg BT 229.23 236.50 Td (joint ) Tj ET Q q 0 0 0 rg BT 245.86 236.50 Td (venture ) Tj ET Q q 0 0 0 rg BT 271.81 236.50 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.43 236.50 Td ($794,743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.43 236.50 Td ( ) Tj ET Q q 0 0 0 rg BT 312.39 236.50 Td (or ) Tj ET Q q 0 0 0 rg BT 321.01 236.50 Td (USD ) Tj ET Q q 0 0 0 rg BT 338.97 236.50 Td ($616,319, ) Tj ET Q q 0 0 0 rg BT 372.93 236.50 Td (which ) Tj ET Q q 0 0 0 rg BT 394.44 236.50 Td (have ) Tj ET Q q 0 0 0 rg BT 411.50 236.50 Td (a ) Tj ET Q q 0 0 0 rg BT 417.01 236.50 Td (weighted ) Tj ET Q q 0 0 0 rg BT 448.30 236.50 Td (average ) Tj ET Q q 0 0 0 rg BT 475.12 236.50 Td (fixed ) Tj ET Q q 0 0 0 rg BT 493.52 236.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 519.03 236.50 Td (rate ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.50 226.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.16 226.90 Td (5.73%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.83 226.90 Td ( ) Tj ET Q q 0 0 0 rg BT 152.83 226.90 Td ([December ) Tj ET Q q 0 0 0 rg BT 190.36 226.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.36 226.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 220.36 226.90 Td (- ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.02 226.90 Td ($775,898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.02 226.90 Td ( ) Tj ET Q q 0 0 0 rg BT 257.02 226.90 Td (or ) Tj ET Q q 0 0 0 rg BT 265.69 226.90 Td (USD ) Tj ET Q q 0 0 0 rg BT 283.69 226.90 Td ($617,31) Tj ET Q q 0 0 0 rg BT 309.39 226.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 317.39 226.90 Td (weighted ) Tj ET Q q 0 0 0 rg BT 348.72 226.90 Td (average ) Tj ET Q q 0 0 0 rg BT 375.59 226.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 394.02 226.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 419.57 226.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 433.56 226.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.22 226.90 Td (5.60%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.89 226.90 Td (].) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (8) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (Allowance for) Tj ET Q q 0 0 0 rg BT 179.43 603.90 Td ( cr) Tj ET Q q 0 0 0 rg BT 192.87 603.90 Td (edit losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (An analysis of the Company's allowance for credit losses is as follows under IFRS 9:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 555.4 m 117.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 555.4 m 274.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 555.4 m 338.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 555.4 m 402.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 555.4 m 466.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 555.4 m 530.5 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 448.4 m 117.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 448.4 m 274.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 448.4 m 338.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 448.4 m 402.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 448.4 m 466.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 448.4 m 530.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 406.4 m 117.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 392.4 m 117.5 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 406.4 m 274.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 392.4 m 274.5 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 406.4 m 338.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 392.4 m 338.5 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 406.4 m 402.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 392.4 m 402.5 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 406.4 m 466.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 392.4 m 466.5 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 406.4 m 530.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 392.4 m 530.5 392.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.10 559.85 Td (Stage 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 559.85 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 559.85 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.15 559.85 Td (T) Tj ET Q q 0 0 0 rg BT 493.33 559.85 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 545.85 Td (Loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 531.86 Td (Balance at January 1, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 531.86 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 531.86 Td (65,193) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 531.86 Td (591) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 531.86 Td (65,806) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 517.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.34 517.86 Td (ransfer to Stage 1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 517.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 517.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 517.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 517.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 503.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.34 503.86 Td (ransfer to Stage 2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 503.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 503.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 503.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 503.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 489.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.34 489.86 Td (ransfer to Stage 3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 489.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.00 489.86 Td (\(40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 489.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 489.86 Td (40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 489.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 475.86 Td (Loan originations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 475.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 475.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 475.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 475.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 461.86 Td (Changes in models and inputs,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 452.86 Td (derecognition, and repayments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 452.86 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 452.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 452.86 Td (\(9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 452.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 452.86 Td (\(16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 452.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 452.86 Td (\(31) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 452.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 438.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.18 438.86 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 438.86 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 438.86 Td (65,144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 438.86 Td (615) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 438.86 Td (65,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 424.86 Td (Char) Tj ET Q q 0 0 0 rg BT 137.41 424.86 Td (ge-of) Tj ET Q q 0 0 0 rg BT 156.24 424.86 Td (fs, net of recoveries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 424.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 424.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 424.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 424.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 410.86 Td (Foreign exchange) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.50 410.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 410.86 Td (1,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 410.86 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 410.86 Td (1,704) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 396.86 Td (Balance March 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 396.86 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 396.86 Td (66,831) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.50 396.86 Td (631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 396.86 Td (67,479) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 368.4 m 117.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 368.4 m 274.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 368.4 m 338.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 368.4 m 402.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 368.4 m 466.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 368.4 m 530.5 368.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 275.4 m 117.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 275.4 m 274.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 275.4 m 338.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 275.4 m 402.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 275.4 m 466.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 275.4 m 530.5 275.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 233.39999999999998 m 117.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 219.39999999999998 m 117.5 219.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 233.39999999999998 m 274.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 219.39999999999998 m 274.5 219.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 233.39999999999998 m 338.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 219.39999999999998 m 338.5 219.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 233.39999999999998 m 402.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 219.39999999999998 m 402.5 219.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 233.39999999999998 m 466.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 219.39999999999998 m 466.5 219.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 233.39999999999998 m 530.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 219.39999999999998 m 530.5 219.39999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 372.85 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 372.85 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.15 372.85 Td (T) Tj ET Q q 0 0 0 rg BT 493.33 372.85 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 358.85 Td (Finance Leases) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 344.86 Td (Balance at January 1, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 344.86 Td (7,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 344.86 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 344.86 Td (7,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 330.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.34 330.86 Td (ransfer to Stage 2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 330.86 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 330.86 Td (\(27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 330.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 330.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 316.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.34 316.86 Td (ransfer to Stage 3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 316.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 316.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 316.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 302.86 Td (Lease originations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 302.86 Td (2,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 302.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 302.86 Td (2,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 288.86 Td (Changes in models and inputs,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 279.86 Td (derecognition, and repayments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.75 279.86 Td (\(1,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 279.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 279.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 279.86 Td (\(1,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 279.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 265.86 Td (T) Tj ET Q q 0 0 0 rg BT 125.18 265.86 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 265.86 Td (7,634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 265.86 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 265.86 Td (7,646) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 251.86 Td (Char) Tj ET Q q 0 0 0 rg BT 137.41 251.86 Td (ge-of) Tj ET Q q 0 0 0 rg BT 156.24 251.86 Td (fs, net of recoveries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.00 251.86 Td (\(44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 251.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 251.86 Td (\(44) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 251.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 237.86 Td (Foreign exchange) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.50 237.86 Td (204) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 237.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.50 237.86 Td (204) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 223.86 Td (Balance March 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.75 223.86 Td (7,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 223.86 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 223.86 Td (7,806) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 195.39999999999998 m 117.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 195.39999999999998 m 274.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 195.39999999999998 m 338.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 195.39999999999998 m 402.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 195.39999999999998 m 466.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 195.39999999999998 m 530.5 195.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 125.39999999999998 m 530.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 125.39999999999998 m 117.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 111.39999999999998 m 117.5 111.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 125.39999999999998 m 274.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117.5 111.39999999999998 m 274.5 111.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 125.39999999999998 m 338.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 111.39999999999998 m 338.5 111.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 125.39999999999998 m 402.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 111.39999999999998 m 402.5 111.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 125.39999999999998 m 466.5 125.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 111.39999999999998 m 466.5 111.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 111.39999999999998 m 530.5 111.39999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 199.85 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 199.85 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.15 199.85 Td (T) Tj ET Q q 0 0 0 rg BT 493.33 199.85 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 185.85 Td (Fleet r) Tj ET Q q 0 0 0 rg BT 135.07 185.85 Td (eceivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 171.86 Td (Balance at January 1, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 171.86 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 171.86 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 171.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 157.86 Td (Provision for credit losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 157.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.50 157.86 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.50 157.86 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 143.86 Td (Char) Tj ET Q q 0 0 0 rg BT 137.41 143.86 Td (ge-of) Tj ET Q q 0 0 0 rg BT 156.24 143.86 Td (fs, net of recoveries) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 143.86 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 143.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 143.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.50 143.86 Td (\(1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 143.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 129.86 Td (Foreign exchange) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 129.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 129.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 129.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 120.00 115.86 Td (Balance March 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.50 115.86 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 115.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 115.86 Td (21) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 42.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.67 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.17 605.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 156.89 605.10 Td (view ) Tj ET Q q 0 0 0 rg BT 178.83 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.66 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.37 605.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 251.45 605.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 294.48 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.64 605.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 333.91 605.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 360.30 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 369.47 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 380.30 605.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 548.6 m 452.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 548.6 m 531.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 548.6 m 452.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 548.6 m 531.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 474.6 m 452.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 474.6 m 531.5 474.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 460.6 m 452.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 460.6 m 531.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 460.6 m 531.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 391.6 m 452.5 391.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 391.6 m 531.5 391.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.55 585.05 Td (Thr) Tj ET Q q 0 0 0 rg BT 400.39 585.05 Td (ee-month) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.85 576.05 Td (period ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.20 567.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 398.03 567.05 Td (ch 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.80 576.06 Td (Y) Tj ET Q q 0 0 0 rg BT 476.40 576.06 Td (ear ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.60 567.06 Td (December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 554.00 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 553.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 535.05 Td (Allowance for) Tj ET Q q 0 0 0 rg BT 164.65 535.05 Td ( cr) Tj ET Q q 0 0 0 rg BT 174.73 535.05 Td (edit losses, beginning of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.75 535.05 Td (4,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 535.06 Td (6,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 521.86 Td (IFRS 9 ) Tj ET Q q 0 0 0 rg BT 138.76 521.86 Td (Adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 521.05 Td (68,854) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 521.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 507.86 Td (Provision for \(recovery of\) credit losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 507.05 Td (284) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 507.06 Td (\(921) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 507.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 493.86 Td (Char) Tj ET Q q 0 0 0 rg BT 128.41 493.86 Td (ge-of) Tj ET Q q 0 0 0 rg BT 147.24 493.86 Td (fs, net of recoveries) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.00 493.05 Td (\(44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 493.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 493.06 Td (\(61) Tj ET Q q 0 0 0 rg BT 519.00 493.06 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 493.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 479.86 Td (Impact of foreign exchange rates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.75 479.05 Td (1,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.00 479.06 Td (\(245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 479.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 465.05 Td (Allowance for) Tj ET Q q 0 0 0 rg BT 164.57 465.05 Td ( cr) Tj ET Q q 0 0 0 rg BT 174.65 465.05 Td (edit losses, end of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 465.05 Td (75,306) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 465.06 Td (4,304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 447.06 Td (Allowance as a percentage of finance receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 447.05 Td (0.57) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 447.05 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 447.06 Td (0.03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 447.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 433.06 Td (Finance receivables in arrears [90 days and over]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.75 433.05 Td (1,323) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 433.06 Td (1,594) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 419.06 Td (Arrears [90 days and over] as a percentage of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 410.06 Td ( net investment in finance receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 410.05 Td (0.01) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 410.05 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 410.06 Td (0.01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.50 410.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 396.06 Td (Impaired receivables, at estimated net realizable value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.75 396.05 Td (5,771) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 396.06 Td (8,665) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (The following table sets out our credit risk exposure for net investment in all loans and finance leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (carried at amortized cost, net realizable value of impaired receivables, other finance receivables, fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (card receivables, net of allowance for credit losses as at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.62 581.10 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.22 581.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 570.6 m 274.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 555.6 m 274.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 570.6 m 338.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 555.6 m 338.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 570.6 m 402.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 555.6 m 402.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 570.6 m 466.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 555.6 m 466.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 570.6 m 530.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 555.6 m 530.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 465.6 m 274.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 465.6 m 338.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 465.6 m 402.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 465.6 m 466.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 465.6 m 530.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 450.6 m 274.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 435.6 m 274.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 450.6 m 338.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 435.6 m 338.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 450.6 m 402.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 435.6 m 402.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 450.6 m 466.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 435.6 m 466.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 450.6 m 530.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 435.6 m 530.5 435.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 560.05 Td (Loans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.10 560.05 Td (Stage 1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 560.05 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 560.05 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.15 560.05 Td (T) Tj ET Q q 0 0 0 rg BT 493.33 560.05 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 545.05 Td (Internal risk rating grade) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 530.06 Td (Low) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 530.06 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 530.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 530.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.75 530.05 Td (1,427) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 515.06 Td (Medium) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 515.06 Td (62,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 515.06 Td (1) Tj ET Q q 0 0 0 rg BT 378.75 515.06 Td (1,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 515.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 515.05 Td (73,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 500.06 Td (High) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 500.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 500.06 Td (797,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 500.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 500.05 Td (797,400) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 485.06 Td (Not rated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 485.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 485.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 485.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 485.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 470.06 Td (Impaired) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.00 470.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 470.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 470.06 Td (4,483) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.75 470.05 Td (4,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 455.06 Td (Allowance for credit losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.00 455.06 Td (\(17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 455.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 455.06 Td (\(66,831) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 455.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 455.06 Td (\(631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 455.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 455.05 Td (\(67,479) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 455.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 440.06 Td (Net carrying value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 440.06 Td (63,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 440.06 Td (741,902) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 440.06 Td (3,852) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 440.05 Td (809,240) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 425.6 m 274.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 410.6 m 274.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 425.6 m 338.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 410.6 m 338.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 425.6 m 402.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 410.6 m 402.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 425.6 m 466.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 410.6 m 466.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 425.6 m 530.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 410.6 m 530.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 320.6 m 274.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 320.6 m 338.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 320.6 m 402.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 320.6 m 466.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 320.6 m 530.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 305.6 m 274.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 305.6 m 338.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 305.6 m 402.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 305.6 m 466.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 305.6 m 530.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 290.6 m 274.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 275.6 m 274.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 290.6 m 338.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 275.6 m 338.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 290.6 m 402.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 275.6 m 402.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 290.6 m 466.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 275.6 m 466.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 290.6 m 530.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 275.6 m 530.5 275.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 415.05 Td (Finance Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 415.05 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 415.05 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.15 415.05 Td (T) Tj ET Q q 0 0 0 rg BT 493.33 415.05 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 400.05 Td (Internal risk rating grade) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 385.06 Td (Low) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.00 385.06 Td (6,856,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 385.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 385.05 Td (6,856,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 370.06 Td (Medium) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 363.00 370.06 Td (3,689,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 370.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 370.05 Td (3,689,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 355.06 Td (High) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 355.06 Td (270,508) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 355.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 355.05 Td (270,508) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 340.06 Td (Not rated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 374.25 340.06 Td (39,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 340.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 340.05 Td (39,128) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 325.06 Td (Other finance receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 325.06 Td (201,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 325.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 325.05 Td (201,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 310.06 Td (Impaired) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.00 310.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 310.06 Td (1,288) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.75 310.05 Td (1,288) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 295.06 Td (Allowance for credit losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.75 295.06 Td (\(7,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 295.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 295.06 Td (\(12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 295.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.75 295.05 Td (\(7,806) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 295.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 280.06 Td (Net carrying value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 280.06 Td (1) Tj ET Q q 0 0 0 rg BT 363.00 280.06 Td (1,049,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 280.06 Td (1,276) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 280.05 Td (1) Tj ET Q q 0 0 0 rg BT 491.00 280.05 Td (1,050,612) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 265.6 m 274.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 250.60000000000002 m 274.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 265.6 m 338.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 250.60000000000002 m 338.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 265.6 m 402.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 250.60000000000002 m 402.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 265.6 m 466.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 250.60000000000002 m 466.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 265.6 m 530.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 250.60000000000002 m 530.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 220.60000000000002 m 274.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 205.60000000000002 m 274.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 220.60000000000002 m 338.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 205.60000000000002 m 338.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 220.60000000000002 m 402.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 205.60000000000002 m 402.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 220.60000000000002 m 466.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 205.60000000000002 m 466.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 220.60000000000002 m 530.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 205.60000000000002 m 530.5 205.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 255.05 Td (Fleet Card Receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.10 255.05 Td (Stage 2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 255.05 Td (Stage 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.30 255.05 Td (T) Tj ET Q q 0 0 0 rg BT 512.48 255.05 Td (otal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 240.06 Td (Not rated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 240.06 Td (675,384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 240.06 Td (1,478) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 240.05 Td (676,862) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 225.06 Td (Allowance for credit losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.50 225.06 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.00 225.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 225.06 Td (\(15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 225.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.00 225.05 Td (\(21) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 225.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 210.06 Td (Net carrying value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.75 210.06 Td (675,378) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.75 210.06 Td (1,463) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 210.05 Td (676,841) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 182.10 Td (The Company's internal risk rating grade broadly aligns to external ratings as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 171.60000000000002 m 274.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 156.60000000000002 m 274.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 171.60000000000002 m 402.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 156.60000000000002 m 402.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 171.60000000000002 m 530.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 156.60000000000002 m 530.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 96.60000000000002 m 274.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 96.60000000000002 m 402.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 96.60000000000002 m 530.5 96.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 161.05 Td (Internal risk rating grade) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.70 161.05 Td (Standard & Poors') Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 161.05 Td (Moody's) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 146.06 Td (Low risk) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.45 146.06 Td (AAA) Tj ET Q q 0 0 0 rg BT 366.70 146.06 Td ( to BBB-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 146.06 Td (Aaa to Baa3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 131.06 Td (Medium risk) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.40 131.06 Td (BB+ to B-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.45 131.06 Td (Ba1 to B3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 116.06 Td (High risk) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 336.40 116.06 Td (CCC+ and below) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.00 116.06 Td (Caa1 and below) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 101.06 Td (Impaired receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.00 101.06 Td (Default) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 101.06 Td (Default) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 42.60 Td (1) Tj ET Q q 0 0 0 rg BT 324.78 42.60 Td (1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (4) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. EQUIPMENT) Tj ET Q q 0 0 0 rg BT 193.79 603.90 Td ( UNDER OPERA) Tj ET Q q 0 0 0 rg BT 283.56 603.90 Td (TING LEASES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 577.50 Td (The ) Tj ET Q q 0 0 0 rg BT 124.89 577.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.12 577.50 Td (acts ) Tj ET Q q 0 0 0 rg BT 182.01 577.50 Td (as ) Tj ET Q q 0 0 0 rg BT 191.68 577.50 Td (a ) Tj ET Q q 0 0 0 rg BT 197.46 577.50 Td (lessor ) Tj ET Q q 0 0 0 rg BT 222.13 577.50 Td (in ) Tj ET Q q 0 0 0 rg BT 231.25 577.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 276.46 577.50 Td (with ) Tj ET Q q 0 0 0 rg BT 295.58 577.50 Td (equipment ) Tj ET Q q 0 0 0 rg BT 339.14 577.50 Td (under ) Tj ET Q q 0 0 0 rg BT 363.25 577.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 402.35 577.50 Td (leases ) Tj ET Q q 0 0 0 rg BT 427.57 577.50 Td (and ) Tj ET Q q 0 0 0 rg BT 443.35 577.50 Td (continues ) Tj ET Q q 0 0 0 rg BT 483.02 577.50 Td (to ) Tj ET Q q 0 0 0 rg BT 492.14 577.50 Td (recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 122.19 565.50 Td (leased ) Tj ET Q q 0 0 0 rg BT 149.16 565.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 174.46 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 184.22 565.50 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.64 565.50 Td (interim ) Tj ET Q q 0 0 0 rg BT 226.50 565.50 Td (condensed ) Tj ET Q q 0 0 0 rg BT 270.68 565.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 323.20 565.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 367.39 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 377.70 565.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.65 565.50 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.88 565.50 Td (. ) Tj ET Q q 0 0 0 rg BT 451.36 565.50 Td ( ) Tj ET Q q 0 0 0 rg BT 453.19 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 470.71 565.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 492.68 565.50 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 553.50 Td (received, ) Tj ET Q q 0 0 0 rg BT 146.86 553.50 Td (net ) Tj ET Q q 0 0 0 rg BT 161.58 553.50 Td (of ) Tj ET Q q 0 0 0 rg BT 172.41 553.50 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 226.83 553.50 Td (are ) Tj ET Q q 0 0 0 rg BT 241.54 553.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 287.90 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 298.18 553.50 Td (income ) Tj ET Q q 0 0 0 rg BT 330.11 553.50 Td (as ) Tj ET Q q 0 0 0 rg BT 340.94 553.50 Td (rental ) Tj ET Q q 0 0 0 rg BT 366.20 553.50 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 402.85 553.50 Td (net. ) Tj ET Q q 0 0 0 rg BT 420.07 553.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 506 m 457.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 506 m 531.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 506 m 457.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 506 m 531.5 506 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 474 m 457.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 474 m 531.5 474 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 474 m 457.5 474 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 460 m 457.5 460 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 460 m 531.5 460 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.30 533.45 Td (Mar) Tj ET Q q 0 0 0 rg BT 417.13 533.45 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 524.45 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 533.46 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 524.46 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.75 510.95 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 510.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 492.86 Td (Cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 492.95 Td (2,153,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 492.86 Td (2,034,675) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 478.86 Td (Accumulated depreciation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.75 478.95 Td (485,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 478.86 Td (435,252) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 464.86 Td (Net carrying amount of equipment under operating leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 464.95 Td (1,667,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 464.86 Td (1,599,423) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (12) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (5) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 120.00 603.90 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 166.90 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 169.24 603.90 Td (ACCOUNTED ) Tj ET Q q 0 0 0 rg BT 249.57 603.90 Td (INVESTMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (ECAF) Tj ET Q q 0 0 0 rg BT 134.85 579.90 Td ( ) Tj ET Q q 0 0 0 rg BT 137.35 579.90 Td (I ) Tj ET Q q 0 0 0 rg BT 143.74 579.90 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 184.59 579.90 Td (Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (The ) Tj ET Q q 0 0 0 rg BT 125.43 555.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.20 555.90 Td (has ) Tj ET Q q 0 0 0 rg BT 181.42 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 187.74 555.90 Td (32.5% ) Tj ET Q q 0 0 0 rg BT 215.45 555.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 246.77 555.90 Td (in ) Tj ET Q q 0 0 0 rg BT 256.43 555.90 Td (ECAF ) Tj ET Q q 0 0 0 rg BT 283.88 555.90 Td (I ) Tj ET Q q 0 0 0 rg BT 289.09 555.90 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 327.64 555.90 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 348.41 555.90 Td (which ) Tj ET Q q 0 0 0 rg BT 374.74 555.90 Td (is ) Tj ET Q q 0 0 0 rg BT 383.29 555.90 Td (the ) Tj ET Q q 0 0 0 rg BT 397.39 555.90 Td (parent ) Tj ET Q q 0 0 0 rg BT 424.26 555.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 456.70 555.90 Td (company ) Tj ET Q q 0 0 0 rg BT 495.24 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 505.45 555.90 Td (ECAF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 543.90 Td (I ) Tj ET Q q 0 0 0 rg BT 113.57 543.90 Td (LuxCo ) Tj ET Q q 0 0 0 rg BT 143.59 543.90 Td (S. ) Tj ET Q q 0 0 0 rg BT 158.32 543.90 Td (r) Tj ET Q q 0 0 0 rg BT 161.10 543.90 Td (.l., ) Tj ET Q q 0 0 0 rg BT 173.62 543.90 Td (an ) Tj ET Q q 0 0 0 rg BT 185.30 543.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 210.31 543.90 Td (that ) Tj ET Q q 0 0 0 rg BT 227.54 543.90 Td (has ) Tj ET Q q 0 0 0 rg BT 243.11 543.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 278.68 543.90 Td (in ) Tj ET Q q 0 0 0 rg BT 288.69 543.90 Td (Class ) Tj ET Q q 0 0 0 rg BT 312.60 543.90 Td (E-1 ) Tj ET Q q 0 0 0 rg BT 329.28 543.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 352.63 543.90 Td (of ) Tj ET Q q 0 0 0 rg BT 363.20 543.90 Td (ECAF ) Tj ET Q q 0 0 0 rg BT 391.00 543.90 Td (I ) Tj ET Q q 0 0 0 rg BT 396.56 543.90 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 417.69 543.90 Td (a ) Tj ET Q q 0 0 0 rg BT 424.37 543.90 Td (rated ) Tj ET Q q 0 0 0 rg BT 446.59 543.90 Td (pooled-aircraft ) Tj ET Q q 0 0 0 rg BT 508.24 543.90 Td (asset-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 531.90 Td (backed ) Tj ET Q q 0 0 0 rg BT 138.96 531.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.38 531.90 Td (issuer) Tj ET Q q 0 0 0 rg BT 202.16 531.90 Td (. ) Tj ET Q q 0 0 0 rg BT 207.30 531.90 Td (On ) Tj ET Q q 0 0 0 rg BT 222.17 531.90 Td (adoption ) Tj ET Q q 0 0 0 rg BT 259.82 531.90 Td (of ) Tj ET Q q 0 0 0 rg BT 270.80 531.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 294.57 531.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 302.22 531.90 Td (on ) Tj ET Q q 0 0 0 rg BT 314.87 531.90 Td (January ) Tj ET Q q 0 0 0 rg BT 348.62 531.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 358.76 531.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 383.91 531.90 Td (this ) Tj ET Q q 0 0 0 rg BT 401.01 531.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 447.54 531.90 Td (was ) Tj ET Q q 0 0 0 rg BT 465.74 531.90 Td (classified ) Tj ET Q q 0 0 0 rg BT 506.15 531.90 Td (as ) Tj ET Q q 0 0 0 rg BT 517.13 531.90 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 519.90 Td (value ) Tj ET Q q 0 0 0 rg BT 132.36 519.90 Td (through ) Tj ET Q q 0 0 0 rg BT 166.18 519.90 Td (profit ) Tj ET Q q 0 0 0 rg BT 191.11 519.90 Td (and ) Tj ET Q q 0 0 0 rg BT 208.25 519.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 226.53 519.90 Td (in ) Tj ET Q q 0 0 0 rg BT 237.01 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 251.94 519.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 283.53 519.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 328.45 519.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 381.70 519.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.39 519.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 464.31 519.90 Td (of ) Tj ET Q q 0 0 0 rg BT 475.35 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 490.27 519.90 Td (Company) Tj ET Q q 0 0 0 rg BT 528.51 519.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 507.90 Td (As ) Tj ET Q q 0 0 0 rg BT 122.32 507.90 Td (a ) Tj ET Q q 0 0 0 rg BT 129.97 507.90 Td (result, ) Tj ET Q q 0 0 0 rg BT 157.90 507.90 Td ($8,303 ) Tj ET Q q 0 0 0 rg BT 188.61 507.90 Td (of ) Tj ET Q q 0 0 0 rg BT 200.15 507.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 234.44 507.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.08 507.90 Td (was ) Tj ET Q q 0 0 0 rg BT 285.84 507.90 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 334.59 507.90 Td (against ) Tj ET Q q 0 0 0 rg BT 366.12 507.90 Td (opening ) Tj ET Q q 0 0 0 rg BT 401.55 507.90 Td (retained ) Tj ET Q q 0 0 0 rg BT 436.96 507.90 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 476.54 507.90 Td (In ) Tj ET Q q 0 0 0 rg BT 488.08 507.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 526.57 507.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 495.90 Td ($9,164 ) Tj ET Q q 0 0 0 rg BT 137.14 495.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 152.66 495.90 Td (value ) Tj ET Q q 0 0 0 rg BT 175.95 495.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 221.48 495.90 Td (was ) Tj ET Q q 0 0 0 rg BT 238.67 495.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 275.29 495.90 Td (against ) Tj ET Q q 0 0 0 rg BT 305.25 495.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.11 495.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 365.33 495.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 410.85 495.90 Td (and ) Tj ET Q q 0 0 0 rg BT 426.93 495.90 Td (opening ) Tj ET Q q 0 0 0 rg BT 460.79 495.90 Td (retained ) Tj ET Q q 0 0 0 rg BT 494.63 495.90 Td (earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 471.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.07 471.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 161.90 471.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 194.41 471.90 Td (of ) Tj ET Q q 0 0 0 rg BT 205.26 471.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.00 471.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 267.10 471.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 313.50 471.90 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.68 471.90 Td ($1) Tj ET Q q 0 0 0 rg BT 332.31 471.90 Td (16,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.81 471.90 Td ( ) Tj ET Q q 0 0 0 rg BT 362.33 471.90 Td (as ) Tj ET Q q 0 0 0 rg BT 373.18 471.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.92 471.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 426.53 471.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.53 471.90 Td ( ) Tj ET Q q 0 0 0 rg BT 449.05 471.90 Td ([December ) Tj ET Q q 0 0 0 rg BT 495.98 471.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 511.00 471.90 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 459.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.45 459.90 Td ($130,588] ) Tj ET Q q 0 0 0 rg BT 158.73 459.90 Td (and ) Tj ET Q q 0 0 0 rg BT 175.62 459.90 Td (is ) Tj ET Q q 0 0 0 rg BT 184.74 459.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 220.50 459.90 Td (in ) Tj ET Q q 0 0 0 rg BT 230.73 459.90 Td (accounts ) Tj ET Q q 0 0 0 rg BT 268.17 459.90 Td (receivable ) Tj ET Q q 0 0 0 rg BT 311.70 459.90 Td (and ) Tj ET Q q 0 0 0 rg BT 328.59 459.90 Td (other ) Tj ET Q q 0 0 0 rg BT 351.58 459.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 377.36 459.90 Td (on ) Tj ET Q q 0 0 0 rg BT 389.81 459.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.48 459.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 435.81 459.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 480.47 459.90 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 447.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 152.71 447.90 Td (of ) Tj ET Q q 0 0 0 rg BT 163.54 447.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.02 447.90 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.25 447.90 Td (. ) Tj ET Q q 0 0 0 rg BT 238.25 447.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 423.90 Td (For ) Tj ET Q q 0 0 0 rg BT 125.15 423.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.63 423.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 192.77 423.90 Td (period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.32 423.90 Td ( ) Tj ET Q q 0 0 0 rg BT 221.58 423.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.72 423.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 293.08 423.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.08 423.90 Td (, ) Tj ET Q q 0 0 0 rg BT 318.85 423.90 Td (the ) Tj ET Q q 0 0 0 rg BT 334.33 423.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 376.48 423.90 Td (has ) Tj ET Q q 0 0 0 rg BT 393.07 423.90 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.31 423.90 Td ($233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.31 423.90 Td ( ) Tj ET Q q 0 0 0 rg BT 454.57 423.90 Td (of ) Tj ET Q q 0 0 0 rg BT 466.16 423.90 Td (income ) Tj ET Q q 0 0 0 rg BT 498.86 423.90 Td (from ) Tj ET Q q 0 0 0 rg BT 521.56 423.90 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 411.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.13 411.90 Td (in ) Tj ET Q q 0 0 0 rg BT 164.15 411.90 Td (associates ) Tj ET Q q 0 0 0 rg BT 206.38 411.90 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 260.83 411.90 Td (period ) Tj ET Q q 0 0 0 rg BT 288.63 411.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 411.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 358.09 411.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.09 411.90 Td ( ) Tj ET Q q 0 0 0 rg BT 380.34 411.90 Td ( ) Tj ET Q q 0 0 0 rg BT 387.58 411.90 Td ($4,816], ) Tj ET Q q 0 0 0 rg BT 423.16 411.90 Td (which ) Tj ET Q q 0 0 0 rg BT 449.85 411.90 Td (has ) Tj ET Q q 0 0 0 rg BT 465.42 411.90 Td (been ) Tj ET Q q 0 0 0 rg BT 486.54 411.90 Td (included ) Tj ET Q q 0 0 0 rg BT 523.22 411.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 399.90 Td (service ) Tj ET Q q 0 0 0 rg BT 138.82 399.90 Td (and ) Tj ET Q q 0 0 0 rg BT 155.75 399.90 Td (other ) Tj ET Q q 0 0 0 rg BT 178.80 399.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 212.95 399.90 Td (on ) Tj ET Q q 0 0 0 rg BT 225.45 399.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.16 399.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 271.54 399.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 316.25 399.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 369.29 399.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.01 399.90 Td (of ) Tj ET Q q 0 0 0 rg BT 424.84 399.90 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.49 399.90 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 375.90 Td (Amerit ) Tj ET Q q 0 0 0 rg BT 141.04 375.90 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 164.63 375.90 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 207.98 375.90 Td (LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 351.90 Td (On ) Tj ET Q q 0 0 0 rg BT 123.24 351.90 Td (March ) Tj ET Q q 0 0 0 rg BT 152.36 351.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 167.88 351.90 Td (2018, ) Tj ET Q q 0 0 0 rg BT 193.41 351.90 Td (the ) Tj ET Q q 0 0 0 rg BT 208.64 351.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.55 351.90 Td (acquired ) Tj ET Q q 0 0 0 rg BT 288.00 351.90 Td (a ) Tj ET Q q 0 0 0 rg BT 295.46 351.90 Td (15.1% ) Tj ET Q q 0 0 0 rg BT 324.31 351.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 356.76 351.90 Td (in ) Tj ET Q q 0 0 0 rg BT 366.90 351.90 Td (Amerit ) Tj ET Q q 0 0 0 rg BT 398.24 351.90 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 421.26 351.90 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 463.45 351.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 485.36 351.90 Td (["Amerit"], ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 339.90 Td (which ) Tj ET Q q 0 0 0 rg BT 134.63 339.90 Td (is ) Tj ET Q q 0 0 0 rg BT 143.48 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 157.89 339.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 190.63 339.90 Td (company ) Tj ET Q q 0 0 0 rg BT 229.47 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.51 339.90 Td (Amerit ) Tj ET Q q 0 0 0 rg BT 270.02 339.90 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 292.20 339.90 Td (Solutions, ) Tj ET Q q 0 0 0 rg BT 334.68 339.90 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 354.64 339.90 Td (a ) Tj ET Q q 0 0 0 rg BT 361.26 339.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 397.32 339.90 Td (provider ) Tj ET Q q 0 0 0 rg BT 433.39 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 443.90 339.90 Td (fleet ) Tj ET Q q 0 0 0 rg BT 463.85 339.90 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 516.57 339.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 327.90 Td (management ) Tj ET Q q 0 0 0 rg BT 161.59 327.90 Td (services ) Tj ET Q q 0 0 0 rg BT 196.30 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 206.57 327.90 Td (North ) Tj ET Q q 0 0 0 rg BT 231.85 327.90 Td (America, ) Tj ET Q q 0 0 0 rg BT 271.28 327.90 Td (for ) Tj ET Q q 0 0 0 rg BT 285.44 327.90 Td (USD ) Tj ET Q q 0 0 0 rg BT 307.94 327.90 Td ($9,750 ) Tj ET Q q 0 0 0 rg BT 337.94 327.90 Td (or ) Tj ET Q q 0 0 0 rg BT 348.77 327.90 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 389.04 327.90 Td ($12,573.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 303.90 Td (The ) Tj ET Q q 0 0 0 rg BT 127.36 303.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 175.74 303.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.99 303.90 Td (in ) Tj ET Q q 0 0 0 rg BT 219.73 303.90 Td (Amerit ) Tj ET Q q 0 0 0 rg BT 251.87 303.90 Td (is ) Tj ET Q q 0 0 0 rg BT 262.35 303.90 Td (accounted ) Tj ET Q q 0 0 0 rg BT 306.69 303.90 Td (for ) Tj ET Q q 0 0 0 rg BT 322.15 303.90 Td (using ) Tj ET Q q 0 0 0 rg BT 347.63 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 363.66 303.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 392.46 303.90 Td (method ) Tj ET Q q 0 0 0 rg BT 426.27 303.90 Td (on ) Tj ET Q q 0 0 0 rg BT 440.07 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 456.10 303.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 488.79 303.90 Td (condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 291.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 160.43 291.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.29 291.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 241.39 291.90 Td (of ) Tj ET Q q 0 0 0 rg BT 251.61 291.90 Td (the ) Tj ET Q q 0 0 0 rg BT 265.71 291.90 Td (Company) Tj ET Q q 0 0 0 rg BT 303.95 291.90 Td (. ) Tj ET Q q 0 0 0 rg BT 308.20 291.90 Td (The ) Tj ET Q q 0 0 0 rg BT 325.63 291.90 Td (following ) Tj ET Q q 0 0 0 rg BT 366.41 291.90 Td (is ) Tj ET Q q 0 0 0 rg BT 374.96 291.90 Td (a ) Tj ET Q q 0 0 0 rg BT 381.29 291.90 Td (summary ) Tj ET Q q 0 0 0 rg BT 420.39 291.90 Td (of ) Tj ET Q q 0 0 0 rg BT 430.61 291.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.47 291.90 Td (information ) Tj ET Q q 0 0 0 rg BT 516.57 291.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 279.90 Td (a ) Tj ET Q q 0 0 0 rg BT 114.90 279.90 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 172.34 279.90 Td (with ) Tj ET Q q 0 0 0 rg BT 192.58 279.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 228.36 279.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 260.81 279.90 Td (of ) Tj ET Q q 0 0 0 rg BT 271.61 279.90 Td (the ) Tj ET Q q 0 0 0 rg BT 286.29 279.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 332.63 279.90 Td (on ) Tj ET Q q 0 0 0 rg BT 345.09 279.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.77 279.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 391.12 279.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 435.79 279.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 488.79 279.90 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 118.83 267.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.31 267.90 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.54 267.90 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 236.39999999999998 m 530.5 236.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 179.39999999999998 m 530.5 179.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 166.39999999999998 m 530.5 166.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 153.39999999999998 m 530.5 153.39999999999998 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 240.86 Td (Summarized ) Tj ET Q q 0 0 0 rg BT 157.74 240.86 Td (statement ) Tj ET Q q 0 0 0 rg BT 194.48 240.86 Td (of ) Tj ET Q q 0 0 0 rg BT 204.22 240.86 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.96 240.86 Td (position ) Tj ET Q q 0 0 0 rg BT 269.21 240.86 Td (of ) Tj ET Q q 0 0 0 rg BT 278.46 240.86 Td (Amerit:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.65 248.80 Td (Mar) Tj ET Q q 0 0 0 rg BT 504.48 248.80 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.00 239.80 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 222.66 Td (Current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 222.80 Td (33,003) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 209.66 Td (Non-current assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 209.80 Td (101,837) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 196.66 Td (Current liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 196.80 Td (\(26,163) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 196.80 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 183.66 Td (Non-current liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 183.80 Td (\(48,51) Tj ET Q q 0 0 0 rg BT 522.50 183.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 183.80 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 170.66 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 170.80 Td (60,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 157.66 Td (Carrying amount of the Company's investment \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 157.80 Td (12,573) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 144.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 119.33 144.30 Td (Included ) Tj ET Q q 0 0 0 rg BT 149.32 144.30 Td (in ) Tj ET Q q 0 0 0 rg BT 157.54 144.30 Td (the ) Tj ET Q q 0 0 0 rg BT 169.31 144.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 206.98 144.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.08 144.30 Td (is ) Tj ET Q q 0 0 0 rg BT 251.42 144.30 Td ($3,512 ) Tj ET Q q 0 0 0 rg BT 275.42 144.30 Td (of ) Tj ET Q q 0 0 0 rg BT 284.08 144.30 Td (implied ) Tj ET Q q 0 0 0 rg BT 310.52 144.30 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 340.97 144.30 Td (on ) Tj ET Q q 0 0 0 rg BT 350.97 144.30 Td (a ) Tj ET Q q 0 0 0 rg BT 356.52 144.30 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 395.84 144.30 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 122.70 Td (The ) Tj ET Q q 0 0 0 rg BT 125.88 122.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 161.54 122.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 193.87 122.70 Td (of ) Tj ET Q q 0 0 0 rg BT 204.54 122.70 Td (the ) Tj ET Q q 0 0 0 rg BT 219.09 122.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 266.01 122.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 312.23 122.70 Td (is ) Tj ET Q q 0 0 0 rg BT 321.24 122.70 Td ($12,573 ) Tj ET Q q 0 0 0 rg BT 356.08 122.70 Td (as ) Tj ET Q q 0 0 0 rg BT 366.75 122.70 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.30 122.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 419.74 122.70 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.74 122.70 Td ( ) Tj ET Q q 0 0 0 rg BT 442.07 122.70 Td ([December ) Tj ET Q q 0 0 0 rg BT 488.83 122.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.66 122.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 526.00 122.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 110.70 Td ($nil] ) Tj ET Q q 0 0 0 rg BT 128.32 110.70 Td (and ) Tj ET Q q 0 0 0 rg BT 144.19 110.70 Td (is ) Tj ET Q q 0 0 0 rg BT 152.29 110.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 187.04 110.70 Td (in ) Tj ET Q q 0 0 0 rg BT 196.25 110.70 Td (accounts ) Tj ET Q q 0 0 0 rg BT 232.67 110.70 Td (receivable ) Tj ET Q q 0 0 0 rg BT 275.18 110.70 Td (and ) Tj ET Q q 0 0 0 rg BT 291.05 110.70 Td (other ) Tj ET Q q 0 0 0 rg BT 313.03 110.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.79 110.70 Td (on ) Tj ET Q q 0 0 0 rg BT 349.22 110.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.87 110.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 393.19 110.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 436.82 110.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 488.80 110.70 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 98.70 Td (of ) Tj ET Q q 0 0 0 rg BT 118.83 98.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.31 98.70 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.54 98.70 Td (.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 593.25 Td (Splend ) Tj ET Q q 0 0 0 rg BT 139.96 593.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 180.81 593.25 Td (PTY) Tj ET Q q 0 0 0 rg BT 200.44 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.94 593.25 Td (Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.25 Td (On ) Tj ET Q q 0 0 0 rg BT 123.08 569.25 Td (August ) Tj ET Q q 0 0 0 rg BT 155.65 569.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 171.82 569.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 197.99 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.88 569.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 256.44 569.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 294.53 569.25 Td (a ) Tj ET Q q 0 0 0 rg BT 302.64 569.25 Td (12.5% ) Tj ET Q q 0 0 0 rg BT 332.15 569.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 360.81 569.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 393.92 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.37 569.25 Td (Splend ) Tj ET Q q 0 0 0 rg BT 436.82 569.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 477.16 569.25 Td (PTY) Tj ET Q q 0 0 0 rg BT 495.68 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.35 569.25 Td (Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.25 Td (["Splend"], ) Tj ET Q q 0 0 0 rg BT 156.54 557.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.42 557.25 Td (supplier ) Tj ET Q q 0 0 0 rg BT 200.07 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.84 557.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 248.05 557.25 Td (for ) Tj ET Q q 0 0 0 rg BT 263.15 557.25 Td (on-demand ) Tj ET Q q 0 0 0 rg BT 311.57 557.25 Td (rideshare ) Tj ET Q q 0 0 0 rg BT 351.65 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 369.53 557.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 405.73 557.25 Td (services ) Tj ET Q q 0 0 0 rg BT 441.38 557.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 482.03 557.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 523.23 557.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 150.29 545.25 Td (for ) Tj ET Q q 0 0 0 rg BT 164.39 545.25 Td (Australian ) Tj ET Q q 0 0 0 rg BT 209.18 545.25 Td ($7,143 ) Tj ET Q q 0 0 0 rg BT 239.82 545.25 Td (or ) Tj ET Q q 0 0 0 rg BT 251.28 545.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 292.18 545.25 Td ($7,124. ) Tj ET Q q 0 0 0 rg BT 325.09 545.25 Td (The ) Tj ET Q q 0 0 0 rg BT 343.77 545.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 391.49 545.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 424.05 545.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.97 545.25 Td (Splend ) Tj ET Q q 0 0 0 rg BT 465.88 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.69 545.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 519.35 545.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.25 Td (using ) Tj ET Q q 0 0 0 rg BT 132.43 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.41 533.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 175.17 533.25 Td (method ) Tj ET Q q 0 0 0 rg BT 207.93 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.47 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.45 533.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 265.09 533.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 310.06 533.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 363.37 533.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 401.11 533.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 446.08 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.18 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.16 533.25 Td (Company) Tj ET Q q 0 0 0 rg BT 510.39 533.25 Td (. ) Tj ET Q q 0 0 0 rg BT 515.46 533.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 143.01 521.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 174.70 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.73 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.64 521.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 244.92 521.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.49 521.25 Td (is ) Tj ET Q q 0 0 0 rg BT 298.86 521.25 Td ($7,325 ) Tj ET Q q 0 0 0 rg BT 328.06 521.25 Td (as ) Tj ET Q q 0 0 0 rg BT 338.08 521.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.99 521.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 389.79 521.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.79 521.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.48 521.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 457.59 521.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.79 521.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 493.49 521.25 Td ( ) Tj ET Q q 0 0 0 rg BT 500.18 521.25 Td ($7,015] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.57 509.25 Td (is ) Tj ET Q q 0 0 0 rg BT 133.38 509.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 168.83 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.74 509.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 215.86 509.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 259.08 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.65 509.25 Td (other ) Tj ET Q q 0 0 0 rg BT 298.33 509.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 323.80 509.25 Td (on ) Tj ET Q q 0 0 0 rg BT 335.93 509.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.29 509.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 381.30 509.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 425.65 509.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 478.32 509.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 522.67 509.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.48 497.25 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.71 497.25 Td (. ) Tj ET Q q 0 0 0 rg BT 182.71 497.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 477.25 Td (In ) Tj ET Q q 0 0 0 rg BT 118.08 477.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 155.09 477.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.06 477.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.69 477.25 Td (has ) Tj ET Q q 0 0 0 rg BT 224.77 477.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 262.06 477.25 Td (fleet ) Tj ET Q q 0 0 0 rg BT 281.57 477.25 Td (management ) Tj ET Q q 0 0 0 rg BT 334.40 477.25 Td (services ) Tj ET Q q 0 0 0 rg BT 368.35 477.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.54 477.25 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 415.16 477.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 454.67 477.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.19 477.25 Td (Splend ) Tj ET Q q 0 0 0 rg BT 493.71 477.25 Td (at ) Tj ET Q q 0 0 0 rg BT 502.68 477.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 465.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 150.16 465.25 Td (with ) Tj ET Q q 0 0 0 rg BT 170.11 465.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 200.05 465.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 242.77 465.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.26 465.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.65 465.25 Td (Company) Tj ET Q q 0 0 0 rg BT 305.89 465.25 Td (. ) Tj ET Q q 0 0 0 rg BT 310.08 465.25 Td (At ) Tj ET Q q 0 0 0 rg BT 322.24 465.25 Td (March ) Tj ET Q q 0 0 0 rg BT 350.51 465.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 365.18 465.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 389.85 465.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.23 465.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 445.29 465.25 Td (has ) Tj ET Q q 0 0 0 rg BT 460.78 465.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 498.50 465.25 Td ($13,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.00 465.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 453.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 156.98 453.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.04 453.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 198.60 453.25 Td ( ) Tj ET Q q 0 0 0 rg BT 208.16 453.25 Td ($1) Tj ET Q q 0 0 0 rg BT 217.79 453.25 Td (1,882] ) Tj ET Q q 0 0 0 rg BT 248.19 453.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.08 453.25 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 294.51 453.25 Td (financings, ) Tj ET Q q 0 0 0 rg BT 343.23 453.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.23 453.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 421.23 453.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.57 453.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 468.68 453.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 513.24 453.25 Td (fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 441.25 Td (management ) Tj ET Q q 0 0 0 rg BT 162.26 441.25 Td (services ) Tj ET Q q 0 0 0 rg BT 197.64 441.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.25 441.25 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 247.29 441.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 288.23 441.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.18 441.25 Td (various ) Tj ET Q q 0 0 0 rg BT 331.79 441.25 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 378.54 441.25 Td (at ) Tj ET Q q 0 0 0 rg BT 388.93 441.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.54 441.25 Td (current ) Tj ET Q q 0 0 0 rg BT 428.03 441.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 481.75 441.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.25 441.25 Td (Canadian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 429.25 Td ($92,450 ) Tj ET Q q 0 0 0 rg BT 143.73 429.25 Td (at ) Tj ET Q q 0 0 0 rg BT 154.17 429.25 Td (March ) Tj ET Q q 0 0 0 rg BT 183.49 429.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 199.22 429.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 222.44 429.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 270.08 429.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.81 429.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 309.03 429.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.26 429.25 Td ($88,599], ) Tj ET Q q 0 0 0 rg BT 358.81 429.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.47 429.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.14 429.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 427.91 429.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 481.69 429.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.24 429.25 Td (Canadian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 417.25 Td ($212,586 ) Tj ET Q q 0 0 0 rg BT 148.62 417.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 196.15 417.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.77 417.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 234.89 417.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.01 417.25 Td ($198,358] ) Tj ET Q q 0 0 0 rg BT 286.96 417.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 318.40 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.30 417.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.64 417.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 398.28 417.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.73 417.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 443.95 417.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 471.78 417.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 516.57 417.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 405.25 Td (covenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 381.25 Td (For ) Tj ET Q q 0 0 0 rg BT 123.45 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.22 381.25 Td (three-month ) Tj ET Q q 0 0 0 rg BT 187.65 381.25 Td (period ) Tj ET Q q 0 0 0 rg BT 214.75 381.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.18 381.25 Td (March ) Tj ET Q q 0 0 0 rg BT 267.83 381.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.89 381.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 305.94 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.72 381.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 360.16 381.25 Td (has ) Tj ET Q q 0 0 0 rg BT 375.04 381.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 411.57 381.25 Td ($15 ) Tj ET Q q 0 0 0 rg BT 428.13 381.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.01 381.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 455.13 381.25 Td (from ) Tj ET Q q 0 0 0 rg BT 476.13 381.25 Td (its ) Tj ET Q q 0 0 0 rg BT 487.13 381.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.64 369.25 Td (associate ) Tj ET Q q 0 0 0 rg BT 157.60 369.25 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 212.67 369.25 Td (period ) Tj ET Q q 0 0 0 rg BT 241.08 369.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 267.82 369.25 Td (March ) Tj ET Q q 0 0 0 rg BT 296.78 369.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 312.14 369.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 335.01 369.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.87 369.25 Td ($nil], ) Tj ET Q q 0 0 0 rg BT 367.12 369.25 Td (which ) Tj ET Q q 0 0 0 rg BT 394.42 369.25 Td (has ) Tj ET Q q 0 0 0 rg BT 410.62 369.25 Td (been ) Tj ET Q q 0 0 0 rg BT 432.36 369.25 Td (included ) Tj ET Q q 0 0 0 rg BT 469.66 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.30 369.25 Td (share ) Tj ET Q q 0 0 0 rg BT 504.26 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.45 369.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 357.25 Td (from ) Tj ET Q q 0 0 0 rg BT 130.20 357.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.40 357.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 187.94 357.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 357.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 226.23 357.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 269.52 357.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.06 357.25 Td (on ) Tj ET Q q 0 0 0 rg BT 332.82 357.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.79 357.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 379.44 357.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 424.40 357.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 477.71 357.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 522.68 357.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 345.25 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.66 345.25 Td (.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 605.25 Td (19th ) Tj ET Q q 0 0 0 rg BT 129.39 605.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 163.56 605.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 175.60 605.25 Td (oup ) Tj ET Q q 0 0 0 rg BT 194.22 605.25 Td (LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.04 581.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.42 581.25 Td (has ) Tj ET Q q 0 0 0 rg BT 183.25 581.25 Td (a ) Tj ET Q q 0 0 0 rg BT 190.18 581.25 Td (49.99% ) Tj ET Q q 0 0 0 rg BT 223.51 581.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 255.44 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.71 581.25 Td (19th ) Tj ET Q q 0 0 0 rg BT 285.98 581.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 317.36 581.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 345.41 581.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 366.79 581.25 Td (["19th ) Tj ET Q q 0 0 0 rg BT 394.47 581.25 Td (Capital"], ) Tj ET Q q 0 0 0 rg BT 435.76 581.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.70 581.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 463.53 581.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 496.01 581.25 Td (involved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.87 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.18 569.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 162.60 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.03 569.25 Td (highway ) Tj ET Q q 0 0 0 rg BT 209.56 569.25 Td (tractors ) Tj ET Q q 0 0 0 rg BT 241.64 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.51 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.82 569.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 285.70 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.64 569.25 Td (The ) Tj ET Q q 0 0 0 rg BT 305.28 569.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 351.95 569.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 383.48 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 393.35 569.25 Td (19th ) Tj ET Q q 0 0 0 rg BT 413.22 569.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 444.20 569.25 Td (is ) Tj ET Q q 0 0 0 rg BT 452.96 569.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 495.59 569.25 Td (for ) Tj ET Q q 0 0 0 rg BT 509.34 569.25 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.57 557.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 149.91 557.25 Td (method ) Tj ET Q q 0 0 0 rg BT 182.26 557.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.39 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.95 557.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 238.18 557.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 282.74 557.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.63 557.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.96 557.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 420.03 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 422.21 557.25 Td (The ) Tj ET Q q 0 0 0 rg BT 440.10 557.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 475.77 557.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 508.11 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.79 557.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 154.99 545.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 201.28 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 210.37 545.25 Td ($nil ) Tj ET Q q 0 0 0 rg BT 228.33 545.25 Td (as ) Tj ET Q q 0 0 0 rg BT 239.07 545.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.70 545.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 292.21 545.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.21 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 314.62 545.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 361.45 545.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.36 545.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 398.77 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 406.18 545.25 Td ($10,000 ) Tj ET Q q 0 0 0 rg BT 441.09 545.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.83 545.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 474.25 545.25 Td ($7,956] ) Tj ET Q q 0 0 0 rg BT 507.49 545.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.34 545.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 142.61 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.69 533.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 187.97 533.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 230.35 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.09 533.25 Td (other ) Tj ET Q q 0 0 0 rg BT 267.93 533.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 292.56 533.25 Td (on ) Tj ET Q q 0 0 0 rg BT 303.86 533.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.37 533.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 347.55 533.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 391.06 533.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.90 533.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 486.41 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.03 533.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.25 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.23 521.25 Td (. ) Tj ET Q q 0 0 0 rg BT 145.23 521.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.73 521.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.25 Td (In ) Tj ET Q q 0 0 0 rg BT 118.98 497.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 156.90 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.76 497.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.30 497.25 Td (has ) Tj ET Q q 0 0 0 rg BT 229.28 497.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.47 497.25 Td ($794,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.97 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.62 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 318.60 497.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 341.25 497.25 Td ($616,319 ) Tj ET Q q 0 0 0 rg BT 381.40 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 391.82 497.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 415.58 497.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.01 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.87 497.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 461.85 497.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 494.49 497.25 Td (that ) Tj ET Q q 0 0 0 rg BT 512.13 497.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.43 485.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 153.07 485.25 Td (average ) Tj ET Q q 0 0 0 rg BT 186.14 485.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 208.67 485.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 240.09 485.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 257.07 485.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.38 485.25 Td (5.73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.21 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 295.20 485.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 341.60 485.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 356.09 485.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 378.08 485.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.07 485.25 Td ($775,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.57 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.55 485.25 Td (or ) Tj ET Q q 0 0 0 rg BT 434.87 485.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 456.86 485.25 Td ($617,31) Tj ET Q q 0 0 0 rg BT 488.99 485.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 495.98 485.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.18 485.25 Td (5.60%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 140.60 473.25 Td (rate] ) Tj ET Q q 0 0 0 rg BT 162.07 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.67 473.25 Td (is ) Tj ET Q q 0 0 0 rg BT 189.50 473.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 225.98 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.92 473.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 269.51 473.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 317.64 473.25 Td (on ) Tj ET Q q 0 0 0 rg BT 330.80 473.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.18 473.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 378.22 473.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 423.59 473.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 477.29 473.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 522.67 473.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.54 461.25 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.77 461.25 Td (. ) Tj ET Q q 0 0 0 rg BT 182.65 461.25 Td (The ) Tj ET Q q 0 0 0 rg BT 200.76 461.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 224.43 461.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 254.77 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.66 461.25 Td ([a] ) Tj ET Q q 0 0 0 rg BT 279.32 461.25 Td (term ) Tj ET Q q 0 0 0 rg BT 300.21 461.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 323.88 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.77 461.25 Td ($767,269 ) Tj ET Q q 0 0 0 rg BT 374.83 461.25 Td (or ) Tj ET Q q 0 0 0 rg BT 385.73 461.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 408.29 461.25 Td ($595,013 ) Tj ET Q q 0 0 0 rg BT 448.36 461.25 Td (that ) Tj ET Q q 0 0 0 rg BT 465.92 461.25 Td (have ) Tj ET Q q 0 0 0 rg BT 487.35 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 494.36 461.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 449.25 Td (average ) Tj ET Q q 0 0 0 rg BT 141.82 449.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 165.09 449.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 197.26 449.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.98 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.04 449.25 Td (5.68% ) Tj ET Q q 0 0 0 rg BT 254.60 449.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 301.75 449.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 316.98 449.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 339.71 449.25 Td ( ) Tj ET Q q 0 0 0 rg BT 347.44 449.25 Td ($752,427 ) Tj ET Q q 0 0 0 rg BT 387.68 449.25 Td (or ) Tj ET Q q 0 0 0 rg BT 398.74 449.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 421.47 449.25 Td ($598,637 ) Tj ET Q q 0 0 0 rg BT 461.71 449.25 Td (at ) Tj ET Q q 0 0 0 rg BT 471.65 449.25 Td (5.56%], ) Tj ET Q q 0 0 0 rg BT 506.05 449.25 Td (with ) Tj ET Q q 0 0 0 rg BT 526.56 449.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.25 Td (latest ) Tj ET Q q 0 0 0 rg BT 132.38 437.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 169.53 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.14 437.25 Td (December ) Tj ET Q q 0 0 0 rg BT 225.50 437.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.27 437.25 Td (2023 ) Tj ET Q q 0 0 0 rg BT 264.54 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.26 437.25 Td (are ) Tj ET Q q 0 0 0 rg BT 297.74 437.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 331.55 437.25 Td (by ) Tj ET Q q 0 0 0 rg BT 344.82 437.25 Td (highway ) Tj ET Q q 0 0 0 rg BT 382.53 437.25 Td (tractors ) Tj ET Q q 0 0 0 rg BT 415.79 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.51 437.25 Td (related ) Tj ET Q q 0 0 0 rg BT 463.98 437.25 Td (leases; ) Tj ET Q q 0 0 0 rg BT 493.91 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.62 437.25 Td ([b] ) Tj ET Q q 0 0 0 rg BT 526.56 437.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 149.29 425.25 Td (line ) Tj ET Q q 0 0 0 rg BT 167.24 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.53 425.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 204.26 425.25 Td (for ) Tj ET Q q 0 0 0 rg BT 218.88 425.25 Td (working ) Tj ET Q q 0 0 0 rg BT 255.17 425.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 284.78 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.07 425.25 Td ($27,474 ) Tj ET Q q 0 0 0 rg BT 331.53 425.25 Td (or ) Tj ET Q q 0 0 0 rg BT 342.82 425.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 365.78 425.25 Td ($21,306 ) Tj ET Q q 0 0 0 rg BT 401.25 425.25 Td (at ) Tj ET Q q 0 0 0 rg BT 411.42 425.25 Td (7.00% ) Tj ET Q q 0 0 0 rg BT 440.21 425.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 487.59 425.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.05 425.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 526.01 425.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 413.25 Td ($23,471 ) Tj ET Q q 0 0 0 rg BT 142.87 413.25 Td (or ) Tj ET Q q 0 0 0 rg BT 153.58 413.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 175.96 413.25 Td ($18,674 ) Tj ET Q q 0 0 0 rg BT 210.83 413.25 Td (at ) Tj ET Q q 0 0 0 rg BT 220.42 413.25 Td (7.00%]. ) Tj ET Q q 0 0 0 rg BT 254.46 413.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.66 413.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.58 413.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 317.50 413.25 Td (available ) Tj ET Q q 0 0 0 rg BT 355.96 413.25 Td (for ) Tj ET Q q 0 0 0 rg BT 370.00 413.25 Td (draw ) Tj ET Q q 0 0 0 rg BT 392.36 413.25 Td (on ) Tj ET Q q 0 0 0 rg BT 404.74 413.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.33 413.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 462.24 413.25 Td (line ) Tj ET Q q 0 0 0 rg BT 479.61 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.31 413.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 515.45 413.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.25 Td ($nil ) Tj ET Q q 0 0 0 rg BT 126.06 401.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 172.97 401.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 187.97 401.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 210.47 401.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.97 401.25 Td ($nil]. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.25 Td (On ) Tj ET Q q 0 0 0 rg BT 123.47 377.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 161.71 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.29 377.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 197.66 377.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 205.91 377.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.15 377.25 Td (January ) Tj ET Q q 0 0 0 rg BT 253.50 377.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 264.25 377.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 287.49 377.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.74 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.20 377.25 Td (Company) Tj ET Q q 0 0 0 rg BT 354.44 377.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.19 377.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.87 377.25 Td ($65,000 ) Tj ET Q q 0 0 0 rg BT 403.62 377.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 447.40 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.31 377.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 488.32 377.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 515.46 377.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.69 365.25 Td (against ) Tj ET Q q 0 0 0 rg BT 174.72 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.65 365.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 211.47 365.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.96 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.89 365.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 254.94 365.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 286.63 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.78 365.25 Td (opening ) Tj ET Q q 0 0 0 rg BT 336.71 365.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 370.62 365.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 408.71 365.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 448.73 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.66 365.25 Td (lifetime ) Tj ET Q q 0 0 0 rg BT 495.47 365.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.96 353.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 152.72 353.25 Td (on ) Tj ET Q q 0 0 0 rg BT 165.91 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.33 353.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 204.01 353.25 Td (The ) Tj ET Q q 0 0 0 rg BT 222.75 353.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 259.26 353.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 292.45 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.98 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.39 353.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 363.12 353.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.97 353.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.93 353.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 431.02 353.25 Td (against ) Tj ET Q q 0 0 0 rg BT 462.54 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.95 353.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 502.26 353.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.23 353.25 Td (19th ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 139.38 341.25 Td (as ) Tj ET Q q 0 0 0 rg BT 150.21 341.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.93 341.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 203.53 341.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.53 341.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.03 341.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.20 341.25 Td ($66,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.70 341.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.25 Td (For ) Tj ET Q q 0 0 0 rg BT 124.49 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.30 317.25 Td (three-month ) Tj ET Q q 0 0 0 rg BT 190.77 317.25 Td (period ) Tj ET Q q 0 0 0 rg BT 218.91 317.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.38 317.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 289.07 317.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.07 317.25 Td (, ) Tj ET Q q 0 0 0 rg BT 314.17 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.98 317.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.46 317.25 Td (has ) Tj ET Q q 0 0 0 rg BT 386.39 317.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.96 317.25 Td ($10,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.46 317.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.05 317.25 Td (or ) Tj ET Q q 0 0 0 rg BT 469.98 317.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 492.58 317.25 Td ($7,956 ) Tj ET Q q 0 0 0 rg BT 522.68 317.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 305.25 Td (non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.47 305.25 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.03 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.40 305.25 Td (from ) Tj ET Q q 0 0 0 rg BT 186.21 305.25 Td (its ) Tj ET Q q 0 0 0 rg BT 198.04 305.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.29 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.44 305.25 Td (19th ) Tj ET Q q 0 0 0 rg BT 274.59 305.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 305.84 305.25 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 360.42 305.25 Td (period ) Tj ET Q q 0 0 0 rg BT 388.34 305.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.59 305.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 458.06 305.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.06 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.43 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.80 305.25 Td ($10,244 ) Tj ET Q q 0 0 0 rg BT 522.67 305.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.25 Td (USD ) Tj ET Q q 0 0 0 rg BT 130.50 293.25 Td ($7,651].) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (15) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (6) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. SECURED BORROWINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (Secured ) Tj ET Q q 0 0 0 rg BT 142.71 579.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 190.76 579.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 239.92 579.90 Td (were ) Tj ET Q q 0 0 0 rg BT 261.85 579.90 Td (as ) Tj ET Q q 0 0 0 rg BT 272.68 579.90 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 556.4 m 326.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 556.4 m 394.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 556.4 m 462.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 556.4 m 530.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 489.4 m 326.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 489.4 m 394.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 489.4 m 462.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 489.4 m 530.5 489.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 435.4 m 326.5 435.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 435.4 m 394.5 435.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 435.4 m 462.5 435.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 435.4 m 530.5 435.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 411.4 m 326.5 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 411.4 m 394.5 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 411.4 m 462.5 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 411.4 m 530.5 411.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 399.4 m 394.5 399.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 399.4 m 462.5 399.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 399.4 m 530.5 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 387.4 m 326.5 387.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 375.4 m 326.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 357.4 m 326.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 357.4 m 394.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 357.4 m 462.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 357.4 m 530.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 303.4 m 326.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 303.4 m 394.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 303.4 m 462.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 303.4 m 530.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 249.39999999999998 m 326.5 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 249.39999999999998 m 394.5 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 249.39999999999998 m 462.5 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 249.39999999999998 m 530.5 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 225.39999999999998 m 326.5 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 225.39999999999998 m 394.5 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 225.39999999999998 m 462.5 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 225.39999999999998 m 530.5 225.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 213.39999999999998 m 394.5 213.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 213.39999999999998 m 462.5 213.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 213.39999999999998 m 530.5 213.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 200.39999999999998 m 326.5 200.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 187.39999999999998 m 326.5 187.39999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.20 560.80 Td (Mar) Tj ET Q q 0 0 0 rg BT 381.11 560.80 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.75 514.85 Td (Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 269.20 505.85 Td (outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 341.70 523.85 Td (W) Tj ET Q q 0 0 0 rg BT 350.45 523.85 Td (eighted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.45 514.85 Td (average inter) Tj ET Q q 0 0 0 rg BT 380.09 514.85 Td (est) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.85 505.85 Td (rate \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.60 541.85 Td (Pledged finance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.45 532.85 Td (r) Tj ET Q q 0 0 0 rg BT 402.36 532.85 Td (eceivables and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.45 523.85 Td (equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.55 514.85 Td (under) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.35 505.85 Td (operating leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.45 505.85 Td (Cash r) Tj ET Q q 0 0 0 rg BT 495.04 505.85 Td (eserves) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.75 492.80 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.50 492.80 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.75 492.80 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.75 492.80 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 474.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 474.66 Td (erm notes, in amortization period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 474.80 Td (3,391,417) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 474.80 Td (2.29) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 474.80 Td (3,678,992) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 474.80 Td (62,947) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 462.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 462.66 Td (erm notes, in revolving period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 462.80 Td (2,579,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 462.80 Td (2.1) Tj ET Q q 0 0 0 rg BT 386.50 462.80 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 462.80 Td (2,797,686) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 462.80 Td (26,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 450.66 Td (V) Tj ET Q q 0 0 0 rg BT 116.00 450.66 Td (ariable-funding notes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 450.80 Td (3,370,248) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 450.80 Td (2.59) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 450.80 Td (3,613,343) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 450.80 Td (36,029) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 438.66 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 438.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.00 438.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 438.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 438.80 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 426.66 Td (V) Tj ET Q q 0 0 0 rg BT 116.00 426.66 Td (ehicle management asset-backed debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 426.80 Td (9,340,665) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 426.80 Td (2.35) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 426.80 Td (10,090,021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 426.80 Td (125,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 414.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 414.66 Td (erm senior credit facility \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.00 414.80 Td (3,435,650) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 414.80 Td (3.08) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 414.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.50 402.80 Td (12,776,315) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.25 402.80 Td (2.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 402.80 Td (10,090,021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 402.80 Td (125,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 390.66 Td (Deferred financing costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.25 390.80 Td (\(52,470) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.00 390.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 378.80 Td (T) Tj ET Q q 0 0 0 rg BT 115.59 378.80 Td (otal secur) Tj ET Q q 0 0 0 rg BT 152.33 378.80 Td (ed borr) Tj ET Q q 0 0 0 rg BT 180.92 378.80 Td (owings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.50 378.80 Td (12,723,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.60 361.66 Td (December 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.50 328.86 Td (Balance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.00 319.86 Td (outstanding) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.85 337.86 Td (W) Tj ET Q q 0 0 0 rg BT 350.98 337.86 Td (eighted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.60 328.86 Td (average interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 346.85 319.86 Td (rate \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.10 346.86 Td (Pledged finance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.10 337.86 Td (receivables and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.60 328.86 Td (equipment under) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.10 319.86 Td (operating leases) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.10 319.86 Td (Cash reserves) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.75 306.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.25 306.66 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 306.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.75 306.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 288.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 288.66 Td (erm notes, in amortization period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 288.66 Td (2,150,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 288.66 Td (2.34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 288.66 Td (2,270,101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 288.66 Td (49,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 276.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 276.66 Td (erm notes, in revolving period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 276.66 Td (4,022,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 276.66 Td (2.07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 276.66 Td (4,245,634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 276.66 Td (41,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 264.66 Td (V) Tj ET Q q 0 0 0 rg BT 116.00 264.66 Td (ariable-funding notes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 264.66 Td (3,027,353) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 264.66 Td (2.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 264.66 Td (3,201,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 264.66 Td (32,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 252.66 Td (Other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.00 252.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.00 252.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 252.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 252.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 240.66 Td (V) Tj ET Q q 0 0 0 rg BT 116.00 240.66 Td (ehicle management asset-backed debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 240.66 Td (9,200,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 240.66 Td (2.23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 240.66 Td (9,716,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 240.66 Td (122,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 228.66 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 228.66 Td (erm senior credit facility \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.00 228.66 Td (3,168,087) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 228.66 Td (2.77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 228.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 228.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.50 216.66 Td (12,368,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.25 216.66 Td (2.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.00 216.66 Td (9,716,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 216.66 Td (122,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 204.66 Td (Deferred financing costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 204.66 Td (\(60,216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.00 204.66 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 191.80 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 191.80 Td (otal secur) Tj ET Q q 0 0 0 rg BT 152.25 191.80 Td (ed borr) Tj ET Q q 0 0 0 rg BT 180.84 191.80 Td (owings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.50 191.66 Td (12,307,873) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 178.30 Td (\(1\) Represents the weighted average stated interest rate of outstanding debt at period end, and excludes amortization ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 168.70 Td ( of deferred financing costs, premiums or discounts, stand-by fees and the ef) Tj ET Q q 0 0 0 rg BT 362.23 168.70 Td (fects of hedging.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 159.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 119.18 159.10 Td (The revolving senior credit facility is secured by a general security agreement in favour of the lenders consisting of a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 149.50 Td ( first priority interest on all property) Tj ET Q q 0 0 0 rg BT 233.01 149.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 125.50 Td (The Company was in compliance with all financial and reporting covenants with all of its lenders as at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 113.50 Td (March31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.60 113.50 Td (.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 605.25 Td (V) Tj ET Q q 0 0 0 rg BT 114.30 605.25 Td (ehicle ) Tj ET Q q 0 0 0 rg BT 141.24 605.25 Td (management ) Tj ET Q q 0 0 0 rg BT 198.73 605.25 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 255.67 605.25 Td (debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 581.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.64 581.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 130.70 581.25 Td (notes, ) Tj ET Q q 0 0 0 rg BT 156.80 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.08 581.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 220.70 581.25 Td (period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.25 Td (During ) Tj ET Q q 0 0 0 rg BT 138.47 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.82 569.25 Td (first ) Tj ET Q q 0 0 0 rg BT 171.07 569.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 201.53 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.99 569.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 236.63 569.25 Td (US ) Tj ET Q q 0 0 0 rg BT 251.55 569.25 Td ($1,200 ) Tj ET Q q 0 0 0 rg BT 281.19 569.25 Td (million ) Tj ET Q q 0 0 0 rg BT 312.22 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.69 569.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 363.16 569.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 386.40 569.25 Td (were ) Tj ET Q q 0 0 0 rg BT 407.97 569.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 449.53 569.25 Td (into ) Tj ET Q q 0 0 0 rg BT 467.23 569.25 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 512.69 569.25 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.25 Td (notes. ) Tj ET Q q 0 0 0 rg BT 134.11 557.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.25 Td (During ) Tj ET Q q 0 0 0 rg BT 138.23 533.25 Td (April ) Tj ET Q q 0 0 0 rg BT 161.78 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.55 533.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 197.50 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.15 533.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.48 533.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 280.92 533.25 Td (US ) Tj ET Q q 0 0 0 rg BT 296.15 533.25 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 326.09 533.25 Td (million ) Tj ET Q q 0 0 0 rg BT 357.42 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.19 533.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 408.96 533.25 Td (term ) Tj ET Q q 0 0 0 rg BT 429.73 533.25 Td (notes. ) Tj ET Q q 0 0 0 rg BT 455.60 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 473.59 533.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 511.57 533.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.25 Td (these ) Tj ET Q q 0 0 0 rg BT 131.05 521.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 171.32 521.25 Td (were ) Tj ET Q q 0 0 0 rg BT 193.24 521.25 Td (used ) Tj ET Q q 0 0 0 rg BT 214.07 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.35 521.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 241.29 521.25 Td (down ) Tj ET Q q 0 0 0 rg BT 266.01 521.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 300.71 521.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 334.32 521.25 Td (notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.25 Td (As ) Tj ET Q q 0 0 0 rg BT 120.67 497.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.45 497.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 172.11 497.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.11 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 196.17 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.95 497.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.39 497.25 Td (has ) Tj ET Q q 0 0 0 rg BT 265.28 497.25 Td (available ) Tj ET Q q 0 0 0 rg BT 302.93 497.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 337.80 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.14 497.25 Td (variable-funding ) Tj ET Q q 0 0 0 rg BT 415.34 497.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 438.01 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.01 497.25 Td (other ) Tj ET Q q 0 0 0 rg BT 476.12 497.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.01 497.25 Td ($3,147,079) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.25 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.33 485.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.91 485.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.91 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.41 485.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.91 485.25 Td ($3,366,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.91 485.25 Td (] ) Tj ET Q q 0 0 0 rg BT 250.74 485.25 Td (under ) Tj ET Q q 0 0 0 rg BT 276.01 485.25 Td (its ) Tj ET Q q 0 0 0 rg BT 287.96 485.25 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 319.33 485.25 Td (management ) Tj ET Q q 0 0 0 rg BT 372.92 485.25 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 426.51 485.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 446.22 485.25 Td (facilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 461.25 Td (T) Tj ET Q q 0 0 0 rg BT 113.75 461.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 133.46 461.25 Td (senior) Tj ET Q q 0 0 0 rg BT 159.39 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.89 461.25 Td (cr) Tj ET Q q 0 0 0 rg BT 170.58 461.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 189.19 461.25 Td (facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.25 Td (As ) Tj ET Q q 0 0 0 rg BT 120.58 437.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.26 437.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 171.82 437.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.82 437.25 Td (, ) Tj ET Q q 0 0 0 rg BT 195.78 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.46 437.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.82 437.25 Td (had ) Tj ET Q q 0 0 0 rg BT 265.72 437.25 Td (available ) Tj ET Q q 0 0 0 rg BT 303.27 437.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 338.04 437.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.84 437.25 Td ($1,077,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.84 437.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.30 437.25 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.63 437.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 455.18 437.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.18 437.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.68 437.25 Td ($1,231,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.68 437.25 Td (] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.25 Td (from ) Tj ET Q q 0 0 0 rg BT 129.94 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.66 425.25 Td (term ) Tj ET Q q 0 0 0 rg BT 165.48 425.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 192.42 425.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 217.68 425.25 Td (facility) Tj ET Q q 0 0 0 rg BT 245.35 425.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 401.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 154.37 401.25 Td (funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 152.93 377.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 179.54 377.25 Td (include ) Tj ET Q q 0 0 0 rg BT 213.36 377.25 Td ([i] ) Tj ET Q q 0 0 0 rg BT 227.19 377.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 249.35 377.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 286.50 377.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.22 377.25 Td ($125,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.72 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.11 377.25 Td (as ) Tj ET Q q 0 0 0 rg BT 353.83 377.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.43 377.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 410.92 377.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.92 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.31 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.70 377.25 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.03 377.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 503.50 377.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.50 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.50 377.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.25 Td ($122,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 365.25 Td (], ) Tj ET Q q 0 0 0 rg BT 156.72 365.25 Td (which ) Tj ET Q q 0 0 0 rg BT 186.54 365.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 228.58 365.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 271.17 365.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 313.75 365.25 Td (for ) Tj ET Q q 0 0 0 rg BT 330.80 365.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 366.72 365.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 413.77 365.25 Td (arrangements; ) Tj ET Q q 0 0 0 rg BT 475.80 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.63 365.25 Td ([ii] ) Tj ET Q q 0 0 0 rg BT 513.23 365.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 160.64 353.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.54 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.87 353.25 Td (collection ) Tj ET Q q 0 0 0 rg BT 226.41 353.25 Td (account ) Tj ET Q q 0 0 0 rg BT 259.62 353.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.07 353.25 Td ($410,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.57 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.69 353.25 Td (as ) Tj ET Q q 0 0 0 rg BT 320.13 353.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.46 353.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 372.68 353.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.68 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.79 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.91 353.25 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.24 353.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 458.44 353.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.44 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.55 353.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.67 353.25 Td ($357,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.17 353.25 Td (], ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.25 Td (which ) Tj ET Q q 0 0 0 rg BT 134.03 341.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 176.16 341.25 Td (repayments ) Tj ET Q q 0 0 0 rg BT 223.85 341.25 Td (received ) Tj ET Q q 0 0 0 rg BT 259.31 341.25 Td (on ) Tj ET Q q 0 0 0 rg BT 270.90 341.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 295.83 341.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 331.85 341.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 367.88 341.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.25 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.06 341.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.66 341.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 424.79 341.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 468.04 341.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 506.56 341.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 329.25 Td (are ) Tj ET Q q 0 0 0 rg BT 122.71 329.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 177.42 329.25 Td (remitted ) Tj ET Q q 0 0 0 rg BT 213.24 329.25 Td (back ) Tj ET Q q 0 0 0 rg BT 234.62 329.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.90 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.62 329.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 296.54 329.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.04 329.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 342.64 329.25 Td (dates. ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (17) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (7) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. CONVER) Tj ET Q q 0 0 0 rg BT 171.58 603.90 Td (TIBLE DEBENTURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 157.71 579.90 Td (debentures ) Tj ET Q q 0 0 0 rg BT 203.53 579.90 Td (consist ) Tj ET Q q 0 0 0 rg BT 233.81 579.90 Td (of:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 555.4 m 248 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 555.4 m 300 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 555.4 m 346 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 555.4 m 392 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 555.4 m 438 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 555.4 m 484 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 555.4 m 530 555.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 509.4 m 248 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 509.4 m 300 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 509.4 m 346 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 509.4 m 392 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 509.4 m 438 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 509.4 m 484 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 509.4 m 530 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 449.4 m 248 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 449.4 m 300 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 449.4 m 346 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 449.4 m 392 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 449.4 m 438 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 449.4 m 484 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 449.4 m 530 449.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205 449.4 m 248 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205 436.4 m 248 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 449.4 m 300 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 248 436.4 m 300 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 449.4 m 346 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 436.4 m 346 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 449.4 m 392 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 436.4 m 392 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 449.4 m 438 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392 436.4 m 438 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 449.4 m 484 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 436.4 m 484 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 449.4 m 530 449.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 436.4 m 530 436.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.20 560.35 Td (Mar) Tj ET Q q 0 0 0 rg BT 354.03 560.35 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 215.95 546.35 Td (Final ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.00 537.35 Td (maturity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 217.75 528.35 Td (date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.45 546.35 Td (Conversion ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.20 537.35 Td (price per) Tj ET Q q 0 0 0 rg BT 290.77 537.35 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.70 528.35 Td (shar) Tj ET Q q 0 0 0 rg BT 273.54 528.35 Td (e \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.55 541.85 Td (Inter) Tj ET Q q 0 0 0 rg BT 326.88 541.85 Td (est ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.35 532.85 Td (rate \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.50 541.85 Td (Face ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.20 532.85 Td (value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.30 541.85 Td (Deferr) Tj ET Q q 0 0 0 rg BT 422.61 541.85 Td (ed ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.25 532.85 Td (costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.50 541.85 Td (Synthetic ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.20 532.85 Td (discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.75 546.35 Td (Net ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 537.35 Td (carrying ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.20 528.35 Td (value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.25 514.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 514.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.25 514.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.25 514.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.25 514.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.25 514.35 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.50 485.86 Td (Issued on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 476.86 Td ( June 18, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.45 485.85 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.50 476.85 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.25 476.85 Td (13.53) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 476.85 Td (5.125) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.25 476.85 Td (345,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.25 476.85 Td (\(3,240) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 476.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.25 476.85 Td (\(9,748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 476.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.25 476.85 Td (332,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.50 462.86 Td (Issued on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 453.86 Td ( May 29, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.45 462.85 Td (June 30,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.50 453.85 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.25 453.85 Td (18.04) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.25 453.85 Td (4.250) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.25 453.85 Td (575,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 453.85 Td (\(1) Tj ET Q q 0 0 0 rg BT 414.25 453.85 Td (1,191) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 453.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 453.85 Td (\(14,648) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 453.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.25 453.85 Td (549,161) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.25 440.80 Td (920,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.75 440.80 Td (\(14,431) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.50 440.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 440.80 Td (\(24,396) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.50 440.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.25 440.80 Td (881,173) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.75 412.4 m 247.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 412.4 m 299.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 412.4 m 345.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 412.4 m 391.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.75 412.4 m 437.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 412.4 m 483.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.75 412.4 m 529.75 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.75 366.4 m 247.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 366.4 m 299.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 366.4 m 345.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 366.4 m 391.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.75 366.4 m 437.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 366.4 m 483.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.75 366.4 m 529.75 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.75 306.4 m 247.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 306.4 m 299.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 306.4 m 345.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 306.4 m 391.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.75 306.4 m 437.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 306.4 m 483.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.75 306.4 m 529.75 306.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.75 306.4 m 247.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 204.75 293.4 m 247.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 306.4 m 299.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 293.4 m 299.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 306.4 m 345.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.75 293.4 m 345.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 306.4 m 391.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.75 293.4 m 391.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.75 306.4 m 437.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.75 293.4 m 437.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 306.4 m 483.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 293.4 m 483.75 293.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.75 306.4 m 529.75 306.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.75 293.4 m 529.75 293.4 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.35 417.26 Td (December 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 216.45 403.26 Td (Final ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.50 394.26 Td (maturity ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.25 385.26 Td (date) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 403.26 Td (Conversion ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.35 394.26 Td (price per ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.75 385.26 Td (share) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 398.76 Td (Interest ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.10 389.76 Td (rate \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 398.76 Td (Face ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.50 389.76 Td (value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.25 398.76 Td (Deferred ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.25 389.76 Td (costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 398.76 Td (Synthetic ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.00 389.76 Td (discount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 403.26 Td (Net ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.25 394.26 Td (carrying ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 385.26 Td (value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 271.00 371.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.50 371.26 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 371.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 371.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 458.00 371.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.00 371.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.25 342.86 Td (Issued on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 115.75 333.86 Td ( June 18, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.25 342.86 Td (June 30,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 333.86 Td (2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 333.86 Td (13.76) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.00 333.86 Td (5.125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 333.86 Td (345,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 333.86 Td (\(3,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.25 333.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 333.86 Td (\(1) Tj ET Q q 0 0 0 rg BT 460.00 333.86 Td (1,590) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.25 333.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 333.86 Td (329,550) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.25 319.86 Td (Issued on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 115.75 310.86 Td ( May 29, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.25 319.86 Td (June 30,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 310.86 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 310.86 Td (18.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.00 310.86 Td (4.250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 310.86 Td (575,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 310.86 Td (\(12,402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.25 310.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 310.86 Td (\(16,230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.25 310.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 310.86 Td (546,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 297.66 Td (920,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.50 297.66 Td (\(16,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.25 297.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 297.66 Td (\(27,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.25 297.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 297.66 Td (875,918) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.50 284.30 Td (\(1\) Stated interest rate on principal face value.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.50 274.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 119.68 274.70 Td (The conversion price was adjusted ef) Tj ET Q q 0 0 0 rg BT 238.38 274.70 Td (fective as of March 28, 2018, the ex-dividend date for dividends to be paid on ) Tj ET Q q 0 0 0 rg BT 489.20 274.70 Td (April 13,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.50 265.10 Td ( 2018, to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.72 265.10 Td ($13.52662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.72 265.10 Td ( for the June 18, 2014 issuance and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.14 265.10 Td ($18.03549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.14 265.10 Td ( for the May 29, 2015 issuance.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (18) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (8) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 120.00 603.90 Td (SHARE ) Tj ET Q q 0 0 0 rg BT 164.34 603.90 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 200.79 603.90 Td (AL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 125.98 579.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.29 579.90 Td (is ) Tj ET Q q 0 0 0 rg BT 176.39 579.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 214.91 579.90 Td (authorized ) Tj ET Q q 0 0 0 rg BT 259.54 579.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.75 579.90 Td (issue ) Tj ET Q q 0 0 0 rg BT 292.18 579.90 Td ([i] ) Tj ET Q q 0 0 0 rg BT 304.04 579.90 Td (an ) Tj ET Q q 0 0 0 rg BT 315.91 579.90 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 356.67 579.90 Td (number ) Tj ET Q q 0 0 0 rg BT 389.64 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 400.40 579.90 Td (common ) Tj ET Q q 0 0 0 rg BT 437.82 579.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.24 579.90 Td (without ) Tj ET Q q 0 0 0 rg BT 498.23 579.90 Td (nominal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (or ) Tj ET Q q 0 0 0 rg BT 118.83 567.90 Td (par ) Tj ET Q q 0 0 0 rg BT 134.10 567.90 Td (value ) Tj ET Q q 0 0 0 rg BT 158.25 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 175.19 567.90 Td ([ii] ) Tj ET Q q 0 0 0 rg BT 189.91 567.90 Td (an ) Tj ET Q q 0 0 0 rg BT 201.85 567.90 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 242.68 567.90 Td (number ) Tj ET Q q 0 0 0 rg BT 275.72 567.90 Td (of ) Tj ET Q q 0 0 0 rg BT 286.55 567.90 Td (preferred ) Tj ET Q q 0 0 0 rg BT 325.69 567.90 Td (shares, ) Tj ET Q q 0 0 0 rg BT 355.68 567.90 Td (issuable ) Tj ET Q q 0 0 0 rg BT 390.40 567.90 Td (in ) Tj ET Q q 0 0 0 rg BT 400.68 567.90 Td (series.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 544.4 m 466.5 544.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 544.4 m 530.5 544.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 544.4 m 466.5 544.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 544.4 m 530.5 544.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 519.4 m 466.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 519.4 m 530.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 463.4 m 466.5 463.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 463.4 m 530.5 463.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 450.4 m 466.5 450.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 450.4 m 530.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 398.4 m 466.5 398.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 398.4 m 530.5 398.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 385.4 m 466.5 385.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 385.4 m 530.5 385.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 548.80 Td (Common shar) Tj ET Q q 0 0 0 rg BT 489.54 548.80 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.05 535.80 Td (Shar) Tj ET Q q 0 0 0 rg BT 439.47 535.80 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.20 535.80 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.75 522.66 Td (#) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.75 522.66 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 494.85 Td (Balance, December) Tj ET Q q 0 0 0 rg BT 183.89 494.85 Td ( 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 493.85 Td (380,355,836) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 493.85 Td (2,755,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 480.66 Td (Exercise of options) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 480.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 480.80 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 467.66 Td (Shares repurchased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 467.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 467.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 454.80 Td (Balance, Mar) Tj ET Q q 0 0 0 rg BT 161.91 454.80 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 454.80 Td (380,355,836) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 454.80 Td (2,755,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 428.80 Td (Balance, December) Tj ET Q q 0 0 0 rg BT 183.89 428.80 Td ( 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 428.66 Td (387,1) Tj ET Q q 0 0 0 rg BT 438.25 428.66 Td (16,660) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 428.66 Td (2,803,336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 415.66 Td (Exercise of options) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 415.66 Td (2,253,776) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 415.66 Td (17,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 402.66 Td (Shares repurchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 402.66 Td (\(9,014,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.00 402.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 402.66 Td (\(65,318) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 402.66 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 389.80 Td (Balance, December) Tj ET Q q 0 0 0 rg BT 183.81 389.80 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.00 389.66 Td (380,355,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 389.66 Td (2,755,536) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 359.50 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.46 359.50 Td (es r) Tj ET Q q 0 0 0 rg BT 150.56 359.50 Td (epur) Tj ET Q q 0 0 0 rg BT 174.35 359.50 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 333.10 Td (On ) Tj ET Q q 0 0 0 rg BT 122.04 333.10 Td (June ) Tj ET Q q 0 0 0 rg BT 142.18 333.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 151.50 333.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 175.82 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.72 333.10 Td (TSX ) Tj ET Q q 0 0 0 rg BT 210.43 333.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 249.45 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.48 333.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.88 333.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 336.13 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.28 333.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 383.65 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.24 333.10 Td (commence ) Tj ET Q q 0 0 0 rg BT 438.37 333.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.62 333.10 Td (Normal ) Tj ET Q q 0 0 0 rg BT 476.98 333.10 Td (Course ) Tj ET Q q 0 0 0 rg BT 507.13 333.10 Td (Issuer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 321.10 Td (Bid ) Tj ET Q q 0 0 0 rg BT 126.16 321.10 Td ([the ) Tj ET Q q 0 0 0 rg BT 145.42 321.10 Td ("NCIB"]. ) Tj ET Q q 0 0 0 rg BT 186.75 321.10 Td (The ) Tj ET Q q 0 0 0 rg BT 206.00 321.10 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 233.61 321.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 263.43 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.35 321.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.95 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.44 321.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 380.46 321.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.17 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.10 321.10 Td (open ) Tj ET Q q 0 0 0 rg BT 433.24 321.10 Td (market ) Tj ET Q q 0 0 0 rg BT 464.72 321.10 Td ([or ) Tj ET Q q 0 0 0 rg BT 480.09 321.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.13 321.10 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 309.10 Td (permitted], ) Tj ET Q q 0 0 0 rg BT 155.01 309.10 Td (at ) Tj ET Q q 0 0 0 rg BT 165.09 309.10 Td (its ) Tj ET Q q 0 0 0 rg BT 177.40 309.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 219.70 309.10 Td (during ) Tj ET Q q 0 0 0 rg BT 248.67 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.75 309.10 Td (period ) Tj ET Q q 0 0 0 rg BT 292.16 309.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 346.67 309.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.54 309.10 Td (June ) Tj ET Q q 0 0 0 rg BT 380.73 309.10 Td (12, ) Tj ET Q q 0 0 0 rg BT 396.09 309.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 418.96 309.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.26 309.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 466.34 309.10 Td (on ) Tj ET Q q 0 0 0 rg BT 479.20 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.28 309.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 522.67 309.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 297.10 Td (June ) Tj ET Q q 0 0 0 rg BT 129.18 297.10 Td (1) Tj ET Q q 0 0 0 rg BT 133.81 297.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 144.16 297.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 167.01 297.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.30 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.37 297.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 247.21 297.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.39 297.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 300.67 297.10 Td (under ) Tj ET Q q 0 0 0 rg BT 326.29 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.35 297.10 Td (NCIB, ) Tj ET Q q 0 0 0 rg BT 370.60 297.10 Td (up ) Tj ET Q q 0 0 0 rg BT 383.45 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.08 297.10 Td (38,582,483 ) Tj ET Q q 0 0 0 rg BT 441.93 297.10 Td (common ) Tj ET Q q 0 0 0 rg BT 479.77 297.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 507.61 297.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.79 297.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 285.10 Td (Company) Tj ET Q q 0 0 0 rg BT 146.24 285.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.86 285.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 183.32 285.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.22 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.57 285.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 241.02 285.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 266.36 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.93 285.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 329.84 285.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.29 285.10 Td (such ) Tj ET Q q 0 0 0 rg BT 362.75 285.10 Td (bids. ) Tj ET Q q 0 0 0 rg BT 385.05 285.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 413.17 285.10 Td (this ) Tj ET Q q 0 0 0 rg BT 430.74 285.10 Td (bid ) Tj ET Q q 0 0 0 rg BT 446.65 285.10 Td (during ) Tj ET Q q 0 0 0 rg BT 475.88 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.23 285.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 513.79 285.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 273.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 134.41 273.10 Td (December ) Tj ET Q q 0 0 0 rg BT 178.02 273.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 193.05 273.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 218.07 273.10 Td (9,014,600 ) Tj ET Q q 0 0 0 rg BT 260.60 273.10 Td (common ) Tj ET Q q 0 0 0 rg BT 298.13 273.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 325.64 273.10 Td (have ) Tj ET Q q 0 0 0 rg BT 347.05 273.10 Td (been ) Tj ET Q q 0 0 0 rg BT 368.46 273.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 419.29 273.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.48 273.10 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 484.31 273.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.50 273.10 Td ($78,917 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 261.10 Td (at ) Tj ET Q q 0 0 0 rg BT 117.72 261.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.66 261.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 157.15 261.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 196.31 261.10 Td (average ) Tj ET Q q 0 0 0 rg BT 229.89 261.10 Td (price ) Tj ET Q q 0 0 0 rg BT 252.38 261.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.21 261.10 Td ($8.75 ) Tj ET Q q 0 0 0 rg BT 288.21 261.10 Td (per ) Tj ET Q q 0 0 0 rg BT 303.47 261.10 Td (common ) Tj ET Q q 0 0 0 rg BT 340.97 261.10 Td (share.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 234.70 Td (Common shar) Tj ET Q q 0 0 0 rg BT 180.79 234.70 Td (e dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 208.30 Td (During ) Tj ET Q q 0 0 0 rg BT 140.63 208.30 Td (the ) Tj ET Q q 0 0 0 rg BT 157.14 208.30 Td (three-month ) Tj ET Q q 0 0 0 rg BT 210.31 208.30 Td (period ) Tj ET Q q 0 0 0 rg BT 240.16 208.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.33 208.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 313.73 208.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.73 208.30 Td (, ) Tj ET Q q 0 0 0 rg BT 340.52 208.30 Td (the ) Tj ET Q q 0 0 0 rg BT 357.04 208.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 400.22 208.30 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.74 208.30 Td ($28,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.24 208.30 Td ( ) Tj ET Q q 0 0 0 rg BT 458.53 208.30 Td (in ) Tj ET Q q 0 0 0 rg BT 470.61 208.30 Td (common ) Tj ET Q q 0 0 0 rg BT 509.90 208.30 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 196.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 150.14 196.30 Td ($0.075 ) Tj ET Q q 0 0 0 rg BT 180.90 196.30 Td (per ) Tj ET Q q 0 0 0 rg BT 196.93 196.30 Td (common ) Tj ET Q q 0 0 0 rg BT 235.18 196.30 Td (share ) Tj ET Q q 0 0 0 rg BT 259.53 196.30 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 314.99 196.30 Td (period ) Tj ET Q q 0 0 0 rg BT 343.80 196.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.93 196.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 415.29 196.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.29 196.30 Td ( ) Tj ET Q q 0 0 0 rg BT 438.54 196.30 Td (- ) Tj ET Q q 0 0 0 rg BT 445.13 196.30 Td ($9,678 ) Tj ET Q q 0 0 0 rg BT 475.89 196.30 Td (or ) Tj ET Q q 0 0 0 rg BT 487.47 196.30 Td ($0.025 ) Tj ET Q q 0 0 0 rg BT 518.23 196.30 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 184.30 Td (common ) Tj ET Q q 0 0 0 rg BT 145.50 184.30 Td (share].) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 160.30 Td (As ) Tj ET Q q 0 0 0 rg BT 122.33 160.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 160.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 177.09 160.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.09 160.30 Td (, ) Tj ET Q q 0 0 0 rg BT 202.81 160.30 Td (un-accrued ) Tj ET Q q 0 0 0 rg BT 250.44 160.30 Td (common ) Tj ET Q q 0 0 0 rg BT 288.65 160.30 Td (share ) Tj ET Q q 0 0 0 rg BT 312.97 160.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 355.08 160.30 Td (were ) Tj ET Q q 0 0 0 rg BT 377.73 160.30 Td ($28,527 ) Tj ET Q q 0 0 0 rg BT 413.44 160.30 Td (or ) Tj ET Q q 0 0 0 rg BT 424.99 160.30 Td ($0.075 ) Tj ET Q q 0 0 0 rg BT 455.71 160.30 Td (per ) Tj ET Q q 0 0 0 rg BT 471.70 160.30 Td (common ) Tj ET Q q 0 0 0 rg BT 509.92 160.30 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 148.30 Td ([December ) Tj ET Q q 0 0 0 rg BT 154.91 148.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 169.91 148.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 192.41 148.30 Td (- ) Tj ET Q q 0 0 0 rg BT 198.24 148.30 Td ($28,527 ) Tj ET Q q 0 0 0 rg BT 233.24 148.30 Td (or ) Tj ET Q q 0 0 0 rg BT 244.07 148.30 Td ($0.075 ) Tj ET Q q 0 0 0 rg BT 274.07 148.30 Td (per ) Tj ET Q q 0 0 0 rg BT 289.34 148.30 Td (common ) Tj ET Q q 0 0 0 rg BT 326.84 148.30 Td (share].) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (19) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 590.5 m 224.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 590.5 m 258.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 590.5 m 292.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 590.5 m 326.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 590.5 m 360.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 590.5 m 394.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 590.5 m 428.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 590.5 m 462.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 590.5 m 496.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 590.5 m 530.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 590.5 m 224.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 590.5 m 258.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 590.5 m 292.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 590.5 m 326.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 590.5 m 360.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 590.5 m 394.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 590.5 m 428.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 590.5 m 462.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 590.5 m 496.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 590.5 m 530.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 566.5 m 224.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 566.5 m 258.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 566.5 m 292.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 566.5 m 326.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 566.5 m 360.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 566.5 m 394.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 566.5 m 428.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 566.5 m 462.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 566.5 m 496.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 566.5 m 530.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 509.5 m 224.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 509.5 m 258.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 509.5 m 292.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 509.5 m 326.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 509.5 m 360.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 509.5 m 394.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 509.5 m 428.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 509.5 m 462.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 509.5 m 496.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 509.5 m 530.5 509.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 488.5 m 224.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 488.5 m 258.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 488.5 m 292.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 488.5 m 326.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 488.5 m 360.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 488.5 m 394.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 488.5 m 428.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 488.5 m 462.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 488.5 m 496.5 488.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 488.5 m 530.5 488.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.00 602.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 202.29 602.73 Td (eferr) Tj ET Q q 0 0 0 rg BT 219.02 602.73 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 245.32 602.73 Td (es,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.30 594.73 Td (Series ) Tj ET Q q 0 0 0 rg BT 232.30 594.73 Td (A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 603.58 Td (Pr) Tj ET Q q 0 0 0 rg BT 270.37 603.58 Td (eferr) Tj ET Q q 0 0 0 rg BT 287.09 603.58 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 313.39 603.58 Td (es,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.85 595.58 Td (Series C) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.00 603.58 Td (Pr) Tj ET Q q 0 0 0 rg BT 338.29 603.58 Td (eferr) Tj ET Q q 0 0 0 rg BT 355.02 603.58 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 381.32 603.58 Td (es,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.10 595.58 Td (Series E) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 602.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 406.29 602.73 Td (eferr) Tj ET Q q 0 0 0 rg BT 423.02 602.73 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 449.32 602.73 Td (es, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 594.73 Td (Series G) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.00 602.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 474.29 602.73 Td (eferr) Tj ET Q q 0 0 0 rg BT 491.02 602.73 Td (ed Shar) Tj ET Q q 0 0 0 rg BT 517.32 602.73 Td (es, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.20 594.73 Td (Series I) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 196.95 582.91 Td (Shar) Tj ET Q q 0 0 0 rg BT 211.28 582.91 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 228.70 582.91 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 264.95 582.91 Td (Shar) Tj ET Q q 0 0 0 rg BT 279.28 582.91 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 296.70 582.91 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.95 582.91 Td (Shar) Tj ET Q q 0 0 0 rg BT 347.28 582.91 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.70 582.91 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 400.95 582.91 Td (Shar) Tj ET Q q 0 0 0 rg BT 415.28 582.91 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.70 582.91 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.95 582.91 Td (Shar) Tj ET Q q 0 0 0 rg BT 483.22 582.91 Td (es) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 500.70 582.91 Td (Amount) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 205.25 570.85 Td (#) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.25 570.85 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 273.25 570.85 Td (#) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 307.25 570.85 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.25 570.85 Td (#) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 375.25 570.85 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.25 570.85 Td (#) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.25 570.85 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.25 570.85 Td (#) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 511.25 570.85 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 543.18 Td (Balance, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 535.18 Td ( December) Tj ET Q q 0 0 0 rg BT 152.50 535.18 Td ( 31, 2017) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 193.60 534.55 Td (4,600,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 232.85 534.55 Td (1) Tj ET Q q 0 0 0 rg BT 236.35 534.55 Td (10,375) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 261.60 534.55 Td (5,126,400) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 300.85 534.55 Td (124,744) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.60 534.55 Td (5,321,900) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.85 534.55 Td (129,994) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.60 534.55 Td (6,900,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.85 534.55 Td (168,543) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 465.60 534.55 Td (6,000,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.85 534.55 Td (146,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 522.10 Td (Issuance of shares, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 514.10 Td (of costs) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 214.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 282.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 384.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 418.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 486.65 513.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 520.65 513.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 501.18 Td (Balance,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 119.00 493.18 Td (Mar) Tj ET Q q 0 0 0 rg BT 133.96 493.18 Td (ch 31, 2018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.60 492.56 Td (4,600,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.85 492.56 Td (1) Tj ET Q q 0 0 0 rg BT 236.35 492.56 Td (10,375) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.60 492.56 Td (5,126,400) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 300.85 492.56 Td (124,744) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.60 492.56 Td (5,321,900) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 368.85 492.56 Td (129,994) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.60 492.56 Td (6,900,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.85 492.56 Td (168,543) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.60 492.56 Td (6,000,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.85 492.56 Td (146,756) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 460.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 120.44 460.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 145.52 460.25 Td (ed shar) Tj ET Q q 0 0 0 rg BT 182.98 460.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 436.20 Td (On ) Tj ET Q q 0 0 0 rg BT 122.30 436.20 Td (May ) Tj ET Q q 0 0 0 rg BT 142.71 436.20 Td (5, ) Tj ET Q q 0 0 0 rg BT 152.29 436.20 Td (2017, ) Tj ET Q q 0 0 0 rg BT 176.87 436.20 Td (the ) Tj ET Q q 0 0 0 rg BT 191.17 436.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.14 436.20 Td (issued, ) Tj ET Q q 0 0 0 rg BT 261.72 436.20 Td (through ) Tj ET Q q 0 0 0 rg BT 294.90 436.20 Td (a ) Tj ET Q q 0 0 0 rg BT 301.42 436.20 Td (public ) Tj ET Q q 0 0 0 rg BT 328.50 436.20 Td (of) Tj ET Q q 0 0 0 rg BT 336.65 436.20 Td (fering, ) Tj ET Q q 0 0 0 rg BT 365.10 436.20 Td (6,000,000 ) Tj ET Q q 0 0 0 rg BT 407.18 436.20 Td (5.75% ) Tj ET Q q 0 0 0 rg BT 435.09 436.20 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 483.83 436.20 Td (5-Y) Tj ET Q q 0 0 0 rg BT 498.39 436.20 Td (ear ) Tj ET Q q 0 0 0 rg BT 512.67 436.20 Td (Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 424.20 Td (Reset ) Tj ET Q q 0 0 0 rg BT 132.04 424.20 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 171.06 424.20 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 202.04 424.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 228.30 424.20 Td (I ) Tj ET Q q 0 0 0 rg BT 233.46 424.20 Td (["Series ) Tj ET Q q 0 0 0 rg BT 267.13 424.20 Td (I ) Tj ET Q q 0 0 0 rg BT 272.28 424.20 Td (shares"] ) Tj ET Q q 0 0 0 rg BT 306.51 424.20 Td (at ) Tj ET Q q 0 0 0 rg BT 315.55 424.20 Td (a ) Tj ET Q q 0 0 0 rg BT 321.81 424.20 Td (price ) Tj ET Q q 0 0 0 rg BT 343.62 424.20 Td (of ) Tj ET Q q 0 0 0 rg BT 353.77 424.20 Td ($25.00 ) Tj ET Q q 0 0 0 rg BT 383.09 424.20 Td (per ) Tj ET Q q 0 0 0 rg BT 397.68 424.20 Td (preferred ) Tj ET Q q 0 0 0 rg BT 436.14 424.20 Td (share ) Tj ET Q q 0 0 0 rg BT 459.06 424.20 Td (for ) Tj ET Q q 0 0 0 rg BT 472.55 424.20 Td (gross ) Tj ET Q q 0 0 0 rg BT 495.48 424.20 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 412.20 Td (of ) Tj ET Q q 0 0 0 rg BT 119.36 412.20 Td ($150,000. ) Tj ET Q q 0 0 0 rg BT 162.40 412.20 Td ( ) Tj ET Q q 0 0 0 rg BT 165.21 412.20 Td (The ) Tj ET Q q 0 0 0 rg BT 183.79 412.20 Td (issuance ) Tj ET Q q 0 0 0 rg BT 220.70 412.20 Td (included ) Tj ET Q q 0 0 0 rg BT 258.17 412.20 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 289.52 412.20 Td (transaction ) Tj ET Q q 0 0 0 rg BT 336.43 412.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 359.46 412.20 Td (of ) Tj ET Q q 0 0 0 rg BT 370.82 412.20 Td ($4,423 ) Tj ET Q q 0 0 0 rg BT 401.36 412.20 Td ([or ) Tj ET Q q 0 0 0 rg BT 416.05 412.20 Td (after) Tj ET Q q 0 0 0 rg BT 434.17 412.20 Td (-tax ) Tj ET Q q 0 0 0 rg BT 452.75 412.20 Td (transaction ) Tj ET Q q 0 0 0 rg BT 499.65 412.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 522.69 412.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 400.20 Td ($3,244]. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 376.20 Td (For ) Tj ET Q q 0 0 0 rg BT 123.34 376.20 Td (each ) Tj ET Q q 0 0 0 rg BT 143.10 376.20 Td (five-year ) Tj ET Q q 0 0 0 rg BT 180.63 376.20 Td (period, ) Tj ET Q q 0 0 0 rg BT 210.13 376.20 Td (holders ) Tj ET Q q 0 0 0 rg BT 241.01 376.20 Td (of ) Tj ET Q q 0 0 0 rg BT 250.79 376.20 Td (the ) Tj ET Q q 0 0 0 rg BT 264.45 376.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 290.34 376.20 Td (I ) Tj ET Q q 0 0 0 rg BT 295.11 376.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 321.55 376.20 Td (are ) Tj ET Q q 0 0 0 rg BT 335.20 376.20 Td (entitled ) Tj ET Q q 0 0 0 rg BT 366.64 376.20 Td (to ) Tj ET Q q 0 0 0 rg BT 375.87 376.20 Td (receive ) Tj ET Q q 0 0 0 rg BT 406.17 376.20 Td (a ) Tj ET Q q 0 0 0 rg BT 412.06 376.20 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 436.55 376.20 Td (cumulative, ) Tj ET Q q 0 0 0 rg BT 484.93 376.20 Td (preferential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 364.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.65 364.20 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 169.03 364.20 Td (if, ) Tj ET Q q 0 0 0 rg BT 180.51 364.20 Td (as ) Tj ET Q q 0 0 0 rg BT 191.73 364.20 Td (and ) Tj ET Q q 0 0 0 rg BT 209.04 364.20 Td (when ) Tj ET Q q 0 0 0 rg BT 233.59 364.20 Td (declared ) Tj ET Q q 0 0 0 rg BT 270.33 364.20 Td (by ) Tj ET Q q 0 0 0 rg BT 283.21 364.20 Td (the ) Tj ET Q q 0 0 0 rg BT 298.31 364.20 Td (Board ) Tj ET Q q 0 0 0 rg BT 325.63 364.20 Td (of ) Tj ET Q q 0 0 0 rg BT 336.84 364.20 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 379.43 364.20 Td (payable ) Tj ET Q q 0 0 0 rg BT 413.40 364.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 452.38 364.20 Td (on ) Tj ET Q q 0 0 0 rg BT 465.26 364.20 Td (the ) Tj ET Q q 0 0 0 rg BT 480.35 364.20 Td (last ) Tj ET Q q 0 0 0 rg BT 497.12 364.20 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 352.20 Td (day ) Tj ET Q q 0 0 0 rg BT 125.51 352.20 Td (of ) Tj ET Q q 0 0 0 rg BT 136.92 352.20 Td (March, ) Tj ET Q q 0 0 0 rg BT 168.59 352.20 Td (June, ) Tj ET Q q 0 0 0 rg BT 192.50 352.20 Td (September ) Tj ET Q q 0 0 0 rg BT 238.34 352.20 Td (and ) Tj ET Q q 0 0 0 rg BT 255.85 352.20 Td (December ) Tj ET Q q 0 0 0 rg BT 300.01 352.20 Td (in ) Tj ET Q q 0 0 0 rg BT 310.86 352.20 Td (each ) Tj ET Q q 0 0 0 rg BT 332.25 352.20 Td (year) Tj ET Q q 0 0 0 rg BT 348.91 352.20 Td (. ) Tj ET Q q 0 0 0 rg BT 354.48 352.20 Td ( ) Tj ET Q q 0 0 0 rg BT 357.34 352.20 Td (The ) Tj ET Q q 0 0 0 rg BT 375.96 352.20 Td (annual ) Tj ET Q q 0 0 0 rg BT 405.69 352.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 443.76 352.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 461.82 352.20 Td (will ) Tj ET Q q 0 0 0 rg BT 480.45 352.20 Td (reset ) Tj ET Q q 0 0 0 rg BT 502.40 352.20 Td (at ) Tj ET Q q 0 0 0 rg BT 512.70 352.20 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 340.20 Td (five-year ) Tj ET Q q 0 0 0 rg BT 146.23 340.20 Td (period ) Tj ET Q q 0 0 0 rg BT 173.92 340.20 Td (to ) Tj ET Q q 0 0 0 rg BT 183.85 340.20 Td (the ) Tj ET Q q 0 0 0 rg BT 198.21 340.20 Td (non-callable ) Tj ET Q q 0 0 0 rg BT 249.77 340.20 Td (Government ) Tj ET Q q 0 0 0 rg BT 301.91 340.20 Td (of ) Tj ET Q q 0 0 0 rg BT 312.38 340.20 Td (Canada ) Tj ET Q q 0 0 0 rg BT 344.51 340.20 Td (bond ) Tj ET Q q 0 0 0 rg BT 366.66 340.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 388.80 340.20 Td (with ) Tj ET Q q 0 0 0 rg BT 408.73 340.20 Td (a ) Tj ET Q q 0 0 0 rg BT 415.31 340.20 Td (term ) Tj ET Q q 0 0 0 rg BT 435.78 340.20 Td (to ) Tj ET Q q 0 0 0 rg BT 445.71 340.20 Td (maturity ) Tj ET Q q 0 0 0 rg BT 481.73 340.20 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 340.20 Td (five ) Tj ET Q q 0 0 0 rg BT 509.90 340.20 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 328.20 Td (plus ) Tj ET Q q 0 0 0 rg BT 127.57 328.20 Td (4.64%, ) Tj ET Q q 0 0 0 rg BT 158.80 328.20 Td (provided ) Tj ET Q q 0 0 0 rg BT 197.25 328.20 Td (that, ) Tj ET Q q 0 0 0 rg BT 217.64 328.20 Td (in ) Tj ET Q q 0 0 0 rg BT 228.32 328.20 Td (any ) Tj ET Q q 0 0 0 rg BT 245.66 328.20 Td (event, ) Tj ET Q q 0 0 0 rg BT 272.72 328.20 Td (the ) Tj ET Q q 0 0 0 rg BT 287.83 328.20 Td (annual ) Tj ET Q q 0 0 0 rg BT 317.39 328.20 Td (fixed ) Tj ET Q q 0 0 0 rg BT 340.84 328.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 378.73 328.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 396.62 328.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 418.41 328.20 Td (not ) Tj ET Q q 0 0 0 rg BT 434.08 328.20 Td (be ) Tj ET Q q 0 0 0 rg BT 446.42 328.20 Td (less ) Tj ET Q q 0 0 0 rg BT 464.32 328.20 Td (than ) Tj ET Q q 0 0 0 rg BT 484.44 328.20 Td (5.75%. ) Tj ET Q q 0 0 0 rg BT 515.46 328.20 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 316.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 148.86 316.20 Td (will ) Tj ET Q q 0 0 0 rg BT 166.39 316.20 Td (have ) Tj ET Q q 0 0 0 rg BT 187.24 316.20 Td (the ) Tj ET Q q 0 0 0 rg BT 201.43 316.20 Td (right ) Tj ET Q q 0 0 0 rg BT 222.29 316.20 Td (to ) Tj ET Q q 0 0 0 rg BT 232.05 316.20 Td (redeem ) Tj ET Q q 0 0 0 rg BT 263.44 316.20 Td (the ) Tj ET Q q 0 0 0 rg BT 277.64 316.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 304.05 316.20 Td (I ) Tj ET Q q 0 0 0 rg BT 309.35 316.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 336.32 316.20 Td (on ) Tj ET Q q 0 0 0 rg BT 348.29 316.20 Td (June ) Tj ET Q q 0 0 0 rg BT 368.60 316.20 Td (30, ) Tj ET Q q 0 0 0 rg BT 383.07 316.20 Td (2022, ) Tj ET Q q 0 0 0 rg BT 407.54 316.20 Td (and ) Tj ET Q q 0 0 0 rg BT 423.96 316.20 Td (on ) Tj ET Q q 0 0 0 rg BT 435.93 316.20 Td (June ) Tj ET Q q 0 0 0 rg BT 456.23 316.20 Td (30 ) Tj ET Q q 0 0 0 rg BT 468.21 316.20 Td (every ) Tj ET Q q 0 0 0 rg BT 492.39 316.20 Td (five ) Tj ET Q q 0 0 0 rg BT 509.91 316.20 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 304.20 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 148.13 304.20 Td (for ) Tj ET Q q 0 0 0 rg BT 161.63 304.20 Td ($25 ) Tj ET Q q 0 0 0 rg BT 178.46 304.20 Td (per ) Tj ET Q q 0 0 0 rg BT 193.06 304.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 219.33 304.20 Td (I ) Tj ET Q q 0 0 0 rg BT 224.49 304.20 Td (share, ) Tj ET Q q 0 0 0 rg BT 249.92 304.20 Td (plus ) Tj ET Q q 0 0 0 rg BT 268.43 304.20 Td (accrued ) Tj ET Q q 0 0 0 rg BT 301.34 304.20 Td (and ) Tj ET Q q 0 0 0 rg BT 317.61 304.20 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 346.66 304.20 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 389.88 304.20 Td ( ) Tj ET Q q 0 0 0 rg BT 391.72 304.20 Td (Subject ) Tj ET Q q 0 0 0 rg BT 423.54 304.20 Td (to ) Tj ET Q q 0 0 0 rg BT 433.15 304.20 Td (the ) Tj ET Q q 0 0 0 rg BT 447.20 304.20 Td (right ) Tj ET Q q 0 0 0 rg BT 467.92 304.20 Td (of ) Tj ET Q q 0 0 0 rg BT 478.08 304.20 Td (the ) Tj ET Q q 0 0 0 rg BT 492.13 304.20 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 292.20 Td (to ) Tj ET Q q 0 0 0 rg BT 118.05 292.20 Td (redeem ) Tj ET Q q 0 0 0 rg BT 149.75 292.20 Td (the ) Tj ET Q q 0 0 0 rg BT 164.25 292.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 190.96 292.20 Td (I ) Tj ET Q q 0 0 0 rg BT 196.56 292.20 Td (shares, ) Tj ET Q q 0 0 0 rg BT 226.33 292.20 Td (the ) Tj ET Q q 0 0 0 rg BT 240.82 292.20 Td (holders ) Tj ET Q q 0 0 0 rg BT 272.54 292.20 Td (of ) Tj ET Q q 0 0 0 rg BT 283.14 292.20 Td (the ) Tj ET Q q 0 0 0 rg BT 297.63 292.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 324.35 292.20 Td (I ) Tj ET Q q 0 0 0 rg BT 329.95 292.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 357.22 292.20 Td (will ) Tj ET Q q 0 0 0 rg BT 375.05 292.20 Td (have ) Tj ET Q q 0 0 0 rg BT 396.20 292.20 Td (the ) Tj ET Q q 0 0 0 rg BT 410.70 292.20 Td (right ) Tj ET Q q 0 0 0 rg BT 431.86 292.20 Td (on ) Tj ET Q q 0 0 0 rg BT 444.13 292.20 Td (June ) Tj ET Q q 0 0 0 rg BT 464.74 292.20 Td (30, ) Tj ET Q q 0 0 0 rg BT 479.51 292.20 Td (2022, ) Tj ET Q q 0 0 0 rg BT 504.29 292.20 Td (and ) Tj ET Q q 0 0 0 rg BT 521.00 292.20 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 280.20 Td (June ) Tj ET Q q 0 0 0 rg BT 129.09 280.20 Td (30 ) Tj ET Q q 0 0 0 rg BT 141.85 280.20 Td (every ) Tj ET Q q 0 0 0 rg BT 166.82 280.20 Td (five ) Tj ET Q q 0 0 0 rg BT 185.13 280.20 Td (years ) Tj ET Q q 0 0 0 rg BT 208.99 280.20 Td (thereafter) Tj ET Q q 0 0 0 rg BT 246.89 280.20 Td (, ) Tj ET Q q 0 0 0 rg BT 252.15 280.20 Td (to ) Tj ET Q q 0 0 0 rg BT 262.69 280.20 Td (convert ) Tj ET Q q 0 0 0 rg BT 295.44 280.20 Td (all ) Tj ET Q q 0 0 0 rg BT 308.19 280.20 Td (or ) Tj ET Q q 0 0 0 rg BT 319.28 280.20 Td (any ) Tj ET Q q 0 0 0 rg BT 336.48 280.20 Td (of ) Tj ET Q q 0 0 0 rg BT 347.58 280.20 Td (the ) Tj ET Q q 0 0 0 rg BT 362.55 280.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 389.75 280.20 Td (I ) Tj ET Q q 0 0 0 rg BT 395.84 280.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 423.60 280.20 Td (into ) Tj ET Q q 0 0 0 rg BT 441.91 280.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 469.11 280.20 Td (J ) Tj ET Q q 0 0 0 rg BT 475.77 280.20 Td (shares, ) Tj ET Q q 0 0 0 rg BT 506.02 280.20 Td (on ) Tj ET Q q 0 0 0 rg BT 518.78 280.20 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 268.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 129.80 268.20 Td (of ) Tj ET Q q 0 0 0 rg BT 139.94 268.20 Td (one ) Tj ET Q q 0 0 0 rg BT 156.18 268.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 182.42 268.20 Td (J ) Tj ET Q q 0 0 0 rg BT 188.12 268.20 Td (share ) Tj ET Q q 0 0 0 rg BT 211.02 268.20 Td (for ) Tj ET Q q 0 0 0 rg BT 224.49 268.20 Td (each ) Tj ET Q q 0 0 0 rg BT 244.61 268.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 270.85 268.20 Td (I ) Tj ET Q q 0 0 0 rg BT 275.98 268.20 Td (share ) Tj ET Q q 0 0 0 rg BT 298.89 268.20 Td (converted. ) Tj ET Q q 0 0 0 rg BT 342.61 268.20 Td ( ) Tj ET Q q 0 0 0 rg BT 344.42 268.20 Td (Holders ) Tj ET Q q 0 0 0 rg BT 377.88 268.20 Td (of ) Tj ET Q q 0 0 0 rg BT 388.02 268.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 414.26 268.20 Td (J ) Tj ET Q q 0 0 0 rg BT 419.96 268.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 446.75 268.20 Td (are ) Tj ET Q q 0 0 0 rg BT 460.76 268.20 Td (entitled ) Tj ET Q q 0 0 0 rg BT 492.56 268.20 Td (to ) Tj ET Q q 0 0 0 rg BT 502.14 268.20 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 256.20 Td (floating ) Tj ET Q q 0 0 0 rg BT 142.15 256.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.18 256.20 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 207.65 256.20 Td (preferential ) Tj ET Q q 0 0 0 rg BT 256.77 256.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 277.59 256.20 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 322.02 256.20 Td (if, ) Tj ET Q q 0 0 0 rg BT 333.67 256.20 Td (as ) Tj ET Q q 0 0 0 rg BT 345.05 256.20 Td (and ) Tj ET Q q 0 0 0 rg BT 362.53 256.20 Td (when ) Tj ET Q q 0 0 0 rg BT 387.23 256.20 Td (declared ) Tj ET Q q 0 0 0 rg BT 424.14 256.20 Td (by ) Tj ET Q q 0 0 0 rg BT 437.18 256.20 Td (the ) Tj ET Q q 0 0 0 rg BT 452.45 256.20 Td (Board ) Tj ET Q q 0 0 0 rg BT 479.93 256.20 Td (of ) Tj ET Q q 0 0 0 rg BT 491.30 256.20 Td (Directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 244.20 Td (payable ) Tj ET Q q 0 0 0 rg BT 142.14 244.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 181.27 244.20 Td (on ) Tj ET Q q 0 0 0 rg BT 194.31 244.20 Td (the ) Tj ET Q q 0 0 0 rg BT 209.57 244.20 Td (last ) Tj ET Q q 0 0 0 rg BT 226.50 244.20 Td (business ) Tj ET Q q 0 0 0 rg BT 263.43 244.20 Td (day ) Tj ET Q q 0 0 0 rg BT 280.92 244.20 Td (of ) Tj ET Q q 0 0 0 rg BT 292.29 244.20 Td (March, ) Tj ET Q q 0 0 0 rg BT 323.93 244.20 Td (June, ) Tj ET Q q 0 0 0 rg BT 347.80 244.20 Td (September ) Tj ET Q q 0 0 0 rg BT 393.61 244.20 Td (and ) Tj ET Q q 0 0 0 rg BT 411.09 244.20 Td (December ) Tj ET Q q 0 0 0 rg BT 455.21 244.20 Td (in ) Tj ET Q q 0 0 0 rg BT 466.03 244.20 Td (each ) Tj ET Q q 0 0 0 rg BT 487.39 244.20 Td (year) Tj ET Q q 0 0 0 rg BT 504.04 244.20 Td (. ) Tj ET Q q 0 0 0 rg BT 509.59 244.20 Td ( ) Tj ET Q q 0 0 0 rg BT 512.63 244.20 Td ( ) Tj ET Q q 0 0 0 rg BT 515.45 244.20 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 232.20 Td (annualized ) Tj ET Q q 0 0 0 rg BT 154.00 232.20 Td (floating ) Tj ET Q q 0 0 0 rg BT 187.79 232.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 226.56 232.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 264.25 232.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 281.92 232.20 Td (will ) Tj ET Q q 0 0 0 rg BT 300.16 232.20 Td (equal ) Tj ET Q q 0 0 0 rg BT 324.50 232.20 Td (the ) Tj ET Q q 0 0 0 rg BT 339.40 232.20 Td (sum ) Tj ET Q q 0 0 0 rg BT 358.76 232.20 Td (of ) Tj ET Q q 0 0 0 rg BT 369.77 232.20 Td (the ) Tj ET Q q 0 0 0 rg BT 384.67 232.20 Td (average ) Tj ET Q q 0 0 0 rg BT 418.44 232.20 Td (three-month ) Tj ET Q q 0 0 0 rg BT 470.00 232.20 Td (Government ) Tj ET Q q 0 0 0 rg BT 522.67 232.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 220.20 Td (Canada ) Tj ET Q q 0 0 0 rg BT 140.30 220.20 Td (T) Tj ET Q q 0 0 0 rg BT 146.06 220.20 Td (reasury ) Tj ET Q q 0 0 0 rg BT 177.99 220.20 Td (Bill ) Tj ET Q q 0 0 0 rg BT 195.50 220.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 212.98 220.20 Td (plus ) Tj ET Q q 0 0 0 rg BT 232.15 220.20 Td (4.64%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 196.20 Td (On ) Tj ET Q q 0 0 0 rg BT 123.40 196.20 Td (May ) Tj ET Q q 0 0 0 rg BT 144.91 196.20 Td (29, ) Tj ET Q q 0 0 0 rg BT 160.60 196.20 Td (2015, ) Tj ET Q q 0 0 0 rg BT 186.28 196.20 Td (the ) Tj ET Q q 0 0 0 rg BT 201.67 196.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.74 196.20 Td (issued, ) Tj ET Q q 0 0 0 rg BT 274.42 196.20 Td (through ) Tj ET Q q 0 0 0 rg BT 308.71 196.20 Td (a ) Tj ET Q q 0 0 0 rg BT 316.33 196.20 Td (public ) Tj ET Q q 0 0 0 rg BT 344.51 196.20 Td (of) Tj ET Q q 0 0 0 rg BT 352.66 196.20 Td (fering, ) Tj ET Q q 0 0 0 rg BT 382.22 196.20 Td (6,900,000 ) Tj ET Q q 0 0 0 rg BT 425.40 196.20 Td (6.50% ) Tj ET Q q 0 0 0 rg BT 454.41 196.20 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 504.25 196.20 Td (5-Y) Tj ET Q q 0 0 0 rg BT 518.80 196.20 Td (ear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 184.20 Td (Rate ) Tj ET Q q 0 0 0 rg BT 128.67 184.20 Td (Reset ) Tj ET Q q 0 0 0 rg BT 153.23 184.20 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 192.78 184.20 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 224.28 184.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.07 184.20 Td (G ) Tj ET Q q 0 0 0 rg BT 260.64 184.20 Td (["Series ) Tj ET Q q 0 0 0 rg BT 294.83 184.20 Td (G ) Tj ET Q q 0 0 0 rg BT 304.40 184.20 Td (shares"] ) Tj ET Q q 0 0 0 rg BT 339.15 184.20 Td (at ) Tj ET Q q 0 0 0 rg BT 348.71 184.20 Td (a ) Tj ET Q q 0 0 0 rg BT 355.50 184.20 Td (price ) Tj ET Q q 0 0 0 rg BT 377.83 184.20 Td (of ) Tj ET Q q 0 0 0 rg BT 388.51 184.20 Td ($25.00 ) Tj ET Q q 0 0 0 rg BT 418.35 184.20 Td (per ) Tj ET Q q 0 0 0 rg BT 433.47 184.20 Td (preferred ) Tj ET Q q 0 0 0 rg BT 472.45 184.20 Td (share ) Tj ET Q q 0 0 0 rg BT 495.89 184.20 Td (for ) Tj ET Q q 0 0 0 rg BT 509.90 184.20 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 172.20 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.27 172.20 Td (of ) Tj ET Q q 0 0 0 rg BT 157.33 172.20 Td ($172,500. ) Tj ET Q q 0 0 0 rg BT 200.07 172.20 Td ( ) Tj ET Q q 0 0 0 rg BT 202.60 172.20 Td (The ) Tj ET Q q 0 0 0 rg BT 220.88 172.20 Td (issuance ) Tj ET Q q 0 0 0 rg BT 257.49 172.20 Td (included ) Tj ET Q q 0 0 0 rg BT 294.66 172.20 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 325.71 172.20 Td (transaction ) Tj ET Q q 0 0 0 rg BT 372.31 172.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 395.05 172.20 Td (of ) Tj ET Q q 0 0 0 rg BT 406.11 172.20 Td ($5,551 ) Tj ET Q q 0 0 0 rg BT 436.35 172.20 Td ([or ) Tj ET Q q 0 0 0 rg BT 450.74 172.20 Td (after) Tj ET Q q 0 0 0 rg BT 468.85 172.20 Td (-tax ) Tj ET Q q 0 0 0 rg BT 487.13 172.20 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 160.20 Td (costs ) Tj ET Q q 0 0 0 rg BT 130.50 160.20 Td (of ) Tj ET Q q 0 0 0 rg BT 141.33 160.20 Td ($3,957]. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 136.20 Td (For ) Tj ET Q q 0 0 0 rg BT 126.06 136.20 Td (each ) Tj ET Q q 0 0 0 rg BT 148.55 136.20 Td (five-year ) Tj ET Q q 0 0 0 rg BT 188.81 136.20 Td (period, ) Tj ET Q q 0 0 0 rg BT 221.03 136.20 Td (holders ) Tj ET Q q 0 0 0 rg BT 254.64 136.20 Td (of ) Tj ET Q q 0 0 0 rg BT 267.15 136.20 Td (the ) Tj ET Q q 0 0 0 rg BT 283.54 136.20 Td (Series ) Tj ET Q q 0 0 0 rg BT 312.15 136.20 Td (G ) Tj ET Q q 0 0 0 rg BT 323.54 136.20 Td (shares ) Tj ET Q q 0 0 0 rg BT 352.71 136.20 Td (are ) Tj ET Q q 0 0 0 rg BT 369.09 136.20 Td (entitled ) Tj ET Q q 0 0 0 rg BT 403.25 136.20 Td (to ) Tj ET Q q 0 0 0 rg BT 415.20 136.20 Td (receive ) Tj ET Q q 0 0 0 rg BT 448.24 136.20 Td (a ) Tj ET Q q 0 0 0 rg BT 456.85 136.20 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 484.07 136.20 Td (cumulative, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 124.20 Td (preferential ) Tj ET Q q 0 0 0 rg BT 156.24 124.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 176.17 124.20 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 215.83 124.20 Td (if, ) Tj ET Q q 0 0 0 rg BT 226.60 124.20 Td (as ) Tj ET Q q 0 0 0 rg BT 237.10 124.20 Td (and ) Tj ET Q q 0 0 0 rg BT 253.70 124.20 Td (when ) Tj ET Q q 0 0 0 rg BT 277.52 124.20 Td (declared ) Tj ET Q q 0 0 0 rg BT 313.55 124.20 Td (by ) Tj ET Q q 0 0 0 rg BT 325.71 124.20 Td (the ) Tj ET Q q 0 0 0 rg BT 340.09 124.20 Td (Board ) Tj ET Q q 0 0 0 rg BT 366.69 124.20 Td (of ) Tj ET Q q 0 0 0 rg BT 377.18 124.20 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 419.05 124.20 Td (payable ) Tj ET Q q 0 0 0 rg BT 452.31 124.20 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 490.57 124.20 Td (on ) Tj ET Q q 0 0 0 rg BT 502.73 124.20 Td (the ) Tj ET Q q 0 0 0 rg BT 517.11 124.20 Td (last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 112.20 Td (business ) Tj ET Q q 0 0 0 rg BT 144.65 112.20 Td (day ) Tj ET Q q 0 0 0 rg BT 161.86 112.20 Td (of ) Tj ET Q q 0 0 0 rg BT 172.95 112.20 Td (March, ) Tj ET Q q 0 0 0 rg BT 204.31 112.20 Td (June, ) Tj ET Q q 0 0 0 rg BT 227.90 112.20 Td (September ) Tj ET Q q 0 0 0 rg BT 273.43 112.20 Td (and ) Tj ET Q q 0 0 0 rg BT 290.63 112.20 Td (December ) Tj ET Q q 0 0 0 rg BT 334.48 112.20 Td (in ) Tj ET Q q 0 0 0 rg BT 345.02 112.20 Td (each ) Tj ET Q q 0 0 0 rg BT 366.10 112.20 Td (year) Tj ET Q q 0 0 0 rg BT 382.75 112.20 Td (. ) Tj ET Q q 0 0 0 rg BT 388.01 112.20 Td ( ) Tj ET Q q 0 0 0 rg BT 390.58 112.20 Td (The ) Tj ET Q q 0 0 0 rg BT 408.89 112.20 Td (annual ) Tj ET Q q 0 0 0 rg BT 438.30 112.20 Td (dividend ) Tj ET Q q 0 0 0 rg BT 476.06 112.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 493.81 112.20 Td (will ) Tj ET Q q 0 0 0 rg BT 512.13 112.20 Td (reset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 100.20 Td (at ) Tj ET Q q 0 0 0 rg BT 118.02 100.20 Td (each ) Tj ET Q q 0 0 0 rg BT 139.13 100.20 Td (five-year ) Tj ET Q q 0 0 0 rg BT 178.02 100.20 Td (period ) Tj ET Q q 0 0 0 rg BT 206.36 100.20 Td (to ) Tj ET Q q 0 0 0 rg BT 216.94 100.20 Td (the ) Tj ET Q q 0 0 0 rg BT 231.96 100.20 Td (non-callable ) Tj ET Q q 0 0 0 rg BT 284.18 100.20 Td (Government ) Tj ET Q q 0 0 0 rg BT 336.96 100.20 Td (of ) Tj ET Q q 0 0 0 rg BT 348.10 100.20 Td (Canada ) Tj ET Q q 0 0 0 rg BT 380.88 100.20 Td (bond ) Tj ET Q q 0 0 0 rg BT 403.68 100.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 426.48 100.20 Td (with ) Tj ET Q q 0 0 0 rg BT 447.06 100.20 Td (a ) Tj ET Q q 0 0 0 rg BT 454.29 100.20 Td (term ) Tj ET Q q 0 0 0 rg BT 475.42 100.20 Td (to ) Tj ET Q q 0 0 0 rg BT 486.00 100.20 Td (maturity ) Tj ET Q q 0 0 0 rg BT 522.68 100.20 Td (of ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (five ) Tj ET Q q 0 0 0 rg BT 126.19 605.10 Td (years ) Tj ET Q q 0 0 0 rg BT 149.93 605.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 169.25 605.10 Td (5.34%. ) Tj ET Q q 0 0 0 rg BT 200.22 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.67 605.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.87 605.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.40 605.10 Td (will ) Tj ET Q q 0 0 0 rg BT 280.60 605.10 Td (have ) Tj ET Q q 0 0 0 rg BT 302.12 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.98 605.10 Td (right ) Tj ET Q q 0 0 0 rg BT 338.51 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.93 605.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 381.00 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.86 605.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 422.94 605.10 Td (G ) Tj ET Q q 0 0 0 rg BT 432.81 605.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 460.44 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.09 605.10 Td (September ) Tj ET Q q 0 0 0 rg BT 518.50 605.10 Td (30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 132.84 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.61 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.95 593.10 Td (September ) Tj ET Q q 0 0 0 rg BT 207.05 593.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 219.38 593.10 Td (every ) Tj ET Q q 0 0 0 rg BT 243.93 593.10 Td (five ) Tj ET Q q 0 0 0 rg BT 261.81 593.10 Td (years ) Tj ET Q q 0 0 0 rg BT 285.25 593.10 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 325.88 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.88 593.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 357.22 593.10 Td (per ) Tj ET Q q 0 0 0 rg BT 372.32 593.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 399.10 593.10 Td (G ) Tj ET Q q 0 0 0 rg BT 408.65 593.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 434.59 593.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 453.60 593.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 487.02 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.79 593.10 Td (unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 151.93 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.47 581.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 187.01 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.34 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.10 581.10 Td (right ) Tj ET Q q 0 0 0 rg BT 233.53 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.40 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.16 581.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 300.59 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.92 581.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 342.88 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.64 581.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 384.63 581.10 Td (G ) Tj ET Q q 0 0 0 rg BT 394.39 581.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 424.43 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.19 581.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 471.17 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.04 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.80 581.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 523.79 581.10 Td (G ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.68 569.10 Td (will ) Tj ET Q q 0 0 0 rg BT 151.94 569.10 Td (have ) Tj ET Q q 0 0 0 rg BT 172.51 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.42 569.10 Td (right ) Tj ET Q q 0 0 0 rg BT 207.00 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.69 569.10 Td (September ) Tj ET Q q 0 0 0 rg BT 263.15 569.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 277.35 569.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 301.54 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.67 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.37 569.10 Td (September ) Tj ET Q q 0 0 0 rg BT 373.83 569.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 385.52 569.10 Td (every ) Tj ET Q q 0 0 0 rg BT 409.42 569.10 Td (five ) Tj ET Q q 0 0 0 rg BT 426.66 569.10 Td (years ) Tj ET Q q 0 0 0 rg BT 449.46 569.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 487.36 569.10 Td (, ) Tj ET Q q 0 0 0 rg BT 491.55 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.02 569.10 Td (convert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (all ) Tj ET Q q 0 0 0 rg BT 120.56 557.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.45 557.10 Td (any ) Tj ET Q q 0 0 0 rg BT 148.45 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.35 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.13 557.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 201.13 557.10 Td (G ) Tj ET Q q 0 0 0 rg BT 210.92 557.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.47 557.10 Td (into ) Tj ET Q q 0 0 0 rg BT 256.59 557.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 283.59 557.10 Td (H ) Tj ET Q q 0 0 0 rg BT 293.38 557.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 323.43 557.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.99 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.77 557.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 373.34 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.23 557.10 Td (one ) Tj ET Q q 0 0 0 rg BT 401.23 557.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 428.23 557.10 Td (H ) Tj ET Q q 0 0 0 rg BT 438.02 557.10 Td (share ) Tj ET Q q 0 0 0 rg BT 461.68 557.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.91 557.10 Td (each ) Tj ET Q q 0 0 0 rg BT 496.78 557.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 523.79 557.10 Td (G ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.10 Td (share ) Tj ET Q q 0 0 0 rg BT 130.98 545.10 Td (converted. ) Tj ET Q q 0 0 0 rg BT 174.79 545.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.67 545.10 Td (Holders ) Tj ET Q q 0 0 0 rg BT 210.22 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.43 545.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 246.75 545.10 Td (H ) Tj ET Q q 0 0 0 rg BT 255.86 545.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 282.73 545.10 Td (are ) Tj ET Q q 0 0 0 rg BT 296.82 545.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 328.70 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.36 545.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 369.11 545.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 402.09 545.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 418.96 545.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 465.28 545.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 513.24 545.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 151.61 533.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 162.45 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.00 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.67 533.10 Td (when ) Tj ET Q q 0 0 0 rg BT 213.56 533.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 249.65 533.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.87 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.32 533.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 302.98 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.54 533.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 355.47 533.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 388.79 533.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 427.11 533.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.34 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.78 533.10 Td (last ) Tj ET Q q 0 0 0 rg BT 469.89 533.10 Td (business ) Tj ET Q q 0 0 0 rg BT 506.01 533.10 Td (day ) Tj ET Q q 0 0 0 rg BT 522.68 533.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 139.01 521.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 162.26 521.10 Td (September ) Tj ET Q q 0 0 0 rg BT 207.44 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.29 521.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.79 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.98 521.10 Td (each ) Tj ET Q q 0 0 0 rg BT 298.71 521.10 Td (year) Tj ET Q q 0 0 0 rg BT 315.37 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.28 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.94 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.90 521.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 388.62 521.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 422.14 521.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 460.65 521.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 498.06 521.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 515.46 521.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 132.16 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.87 509.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 166.04 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.87 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.59 509.10 Td (average ) Tj ET Q q 0 0 0 rg BT 225.17 509.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 276.54 509.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 329.03 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.86 509.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 372.17 509.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.92 509.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 409.85 509.10 Td (Bill ) Tj ET Q q 0 0 0 rg BT 427.36 509.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 444.84 509.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 464.01 509.10 Td (5.34%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.10 Td (On ) Tj ET Q q 0 0 0 rg BT 123.40 485.10 Td (June ) Tj ET Q q 0 0 0 rg BT 144.91 485.10 Td (18, ) Tj ET Q q 0 0 0 rg BT 160.60 485.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 186.28 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.67 485.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.74 485.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 274.42 485.10 Td (through ) Tj ET Q q 0 0 0 rg BT 308.71 485.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.33 485.10 Td (public ) Tj ET Q q 0 0 0 rg BT 344.51 485.10 Td (of) Tj ET Q q 0 0 0 rg BT 352.66 485.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 382.22 485.10 Td (5,000,000 ) Tj ET Q q 0 0 0 rg BT 425.40 485.10 Td (6.40% ) Tj ET Q q 0 0 0 rg BT 454.41 485.10 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 504.25 485.10 Td (5-Y) Tj ET Q q 0 0 0 rg BT 518.80 485.10 Td (ear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 128.79 473.10 Td (Reset ) Tj ET Q q 0 0 0 rg BT 153.48 473.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 193.15 473.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 224.78 473.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.69 473.10 Td (E ) Tj ET Q q 0 0 0 rg BT 260.26 473.10 Td (["Series ) Tj ET Q q 0 0 0 rg BT 294.58 473.10 Td (E ) Tj ET Q q 0 0 0 rg BT 303.16 473.10 Td (shares"] ) Tj ET Q q 0 0 0 rg BT 338.04 473.10 Td (at ) Tj ET Q q 0 0 0 rg BT 347.72 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.63 473.10 Td (price ) Tj ET Q q 0 0 0 rg BT 377.08 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.88 473.10 Td ($25.00 ) Tj ET Q q 0 0 0 rg BT 417.85 473.10 Td (per ) Tj ET Q q 0 0 0 rg BT 433.09 473.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 472.20 473.10 Td (share ) Tj ET Q q 0 0 0 rg BT 495.77 473.10 Td (for ) Tj ET Q q 0 0 0 rg BT 509.90 473.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.08 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.95 461.10 Td ($125,000. ) Tj ET Q q 0 0 0 rg BT 199.49 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.03 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.57 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.11 461.10 Td (On ) Tj ET Q q 0 0 0 rg BT 221.87 461.10 Td (July ) Tj ET Q q 0 0 0 rg BT 241.08 461.10 Td (8, ) Tj ET Q q 0 0 0 rg BT 251.12 461.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 276.16 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.92 461.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 344.00 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.32 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.08 461.10 Td (prospectus ) Tj ET Q q 0 0 0 rg BT 414.38 461.10 Td (of) Tj ET Q q 0 0 0 rg BT 422.53 461.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 448.95 461.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 489.25 461.10 Td (their ) Tj ET Q q 0 0 0 rg BT 510.11 461.10 Td (over) Tj ET Q q 0 0 0 rg BT 527.68 461.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 449.10 Td (allotment ) Tj ET Q q 0 0 0 rg BT 147.73 449.10 Td (option ) Tj ET Q q 0 0 0 rg BT 175.25 449.10 Td (that ) Tj ET Q q 0 0 0 rg BT 192.21 449.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 225.83 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.58 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.76 449.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 285.60 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.89 449.10 Td (321,900 ) Tj ET Q q 0 0 0 rg BT 330.36 449.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 356.76 449.10 Td (E ) Tj ET Q q 0 0 0 rg BT 364.83 449.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 403.43 449.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 430.39 449.10 Td (at ) Tj ET Q q 0 0 0 rg BT 439.57 449.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.97 449.10 Td (price ) Tj ET Q q 0 0 0 rg BT 467.92 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.22 449.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 495.18 449.10 Td (per ) Tj ET Q q 0 0 0 rg BT 509.91 449.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.62 437.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 148.70 437.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 188.20 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.49 437.10 Td ($8,048. ) Tj ET Q q 0 0 0 rg BT 234.46 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.13 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 257.64 437.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 295.48 437.10 Td (included ) Tj ET Q q 0 0 0 rg BT 333.88 437.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 366.16 437.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 414.00 437.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 437.96 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.25 437.10 Td ($4,146 ) Tj ET Q q 0 0 0 rg BT 481.72 437.10 Td ([or ) Tj ET Q q 0 0 0 rg BT 497.34 437.10 Td (after) Tj ET Q q 0 0 0 rg BT 515.46 437.10 Td (-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 154.37 425.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 176.87 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.70 425.10 Td ($3,054].) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.10 Td (For ) Tj ET Q q 0 0 0 rg BT 123.17 401.10 Td (each ) Tj ET Q q 0 0 0 rg BT 142.77 401.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 180.14 401.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 209.47 401.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 240.19 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.81 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.31 401.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 289.03 401.10 Td (E ) Tj ET Q q 0 0 0 rg BT 296.42 401.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 322.69 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.18 401.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 367.46 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.52 401.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 406.66 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 412.38 401.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 436.71 401.10 Td (cumulative, ) Tj ET Q q 0 0 0 rg BT 484.93 401.10 Td (preferential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 389.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.65 389.10 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 169.03 389.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 180.51 389.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.73 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.04 389.10 Td (when ) Tj ET Q q 0 0 0 rg BT 233.59 389.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 270.33 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 283.21 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.31 389.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 325.63 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.84 389.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 379.43 389.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 413.40 389.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 452.38 389.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.26 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.35 389.10 Td (last ) Tj ET Q q 0 0 0 rg BT 497.12 389.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.10 Td (day ) Tj ET Q q 0 0 0 rg BT 125.51 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.92 377.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 168.59 377.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 192.50 377.10 Td (September ) Tj ET Q q 0 0 0 rg BT 238.34 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.85 377.10 Td (December ) Tj ET Q q 0 0 0 rg BT 300.01 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.86 377.10 Td (each ) Tj ET Q q 0 0 0 rg BT 332.25 377.10 Td (year) Tj ET Q q 0 0 0 rg BT 348.91 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.48 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.34 377.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.96 377.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 405.69 377.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 443.76 377.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 461.82 377.10 Td (will ) Tj ET Q q 0 0 0 rg BT 480.45 377.10 Td (reset ) Tj ET Q q 0 0 0 rg BT 502.40 377.10 Td (at ) Tj ET Q q 0 0 0 rg BT 512.70 377.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 146.23 365.10 Td (period ) Tj ET Q q 0 0 0 rg BT 173.92 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.85 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.21 365.10 Td (non-callable ) Tj ET Q q 0 0 0 rg BT 249.77 365.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 301.91 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.38 365.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 344.51 365.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 366.66 365.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 388.80 365.10 Td (with ) Tj ET Q q 0 0 0 rg BT 408.73 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.31 365.10 Td (term ) Tj ET Q q 0 0 0 rg BT 435.78 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.71 365.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 481.73 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 365.10 Td (five ) Tj ET Q q 0 0 0 rg BT 509.90 365.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 127.36 353.10 Td (4.72%. ) Tj ET Q q 0 0 0 rg BT 158.38 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.87 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 179.10 353.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.68 353.10 Td (will ) Tj ET Q q 0 0 0 rg BT 238.92 353.10 Td (have ) Tj ET Q q 0 0 0 rg BT 260.49 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.39 353.10 Td (right ) Tj ET Q q 0 0 0 rg BT 296.97 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.43 353.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 339.55 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.45 353.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 381.58 353.10 Td (E ) Tj ET Q q 0 0 0 rg BT 390.37 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 418.05 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 430.74 353.10 Td (September ) Tj ET Q q 0 0 0 rg BT 476.19 353.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 491.38 353.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 516.57 353.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.15 341.10 Td (September ) Tj ET Q q 0 0 0 rg BT 165.07 341.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 177.22 341.10 Td (every ) Tj ET Q q 0 0 0 rg BT 201.57 341.10 Td (five ) Tj ET Q q 0 0 0 rg BT 219.27 341.10 Td (years ) Tj ET Q q 0 0 0 rg BT 242.52 341.10 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 282.97 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.78 341.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 313.94 341.10 Td (per ) Tj ET Q q 0 0 0 rg BT 328.85 341.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 355.44 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.59 341.10 Td (E ) Tj ET Q q 0 0 0 rg BT 365.85 341.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 391.60 341.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 410.42 341.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 443.66 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.25 341.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 489.62 341.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 533.50 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 329.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 140.69 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.17 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 329.10 Td (right ) Tj ET Q q 0 0 0 rg BT 187.67 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.70 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.61 329.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 255.19 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.67 329.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 297.79 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.71 329.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 339.84 329.10 Td (E ) Tj ET Q q 0 0 0 rg BT 348.65 329.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 378.84 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.75 329.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 425.89 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.92 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.83 329.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.97 329.10 Td (E ) Tj ET Q q 0 0 0 rg BT 487.77 329.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.46 329.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.10 Td (have ) Tj ET Q q 0 0 0 rg BT 129.81 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.95 317.10 Td (right ) Tj ET Q q 0 0 0 rg BT 166.77 317.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.70 317.10 Td (September ) Tj ET Q q 0 0 0 rg BT 225.39 317.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 240.82 317.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 266.25 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.61 317.10 Td (on ) Tj ET Q q 0 0 0 rg BT 296.54 317.10 Td (September ) Tj ET Q q 0 0 0 rg BT 342.23 317.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 355.16 317.10 Td (every ) Tj ET Q q 0 0 0 rg BT 380.30 317.10 Td (five ) Tj ET Q q 0 0 0 rg BT 398.77 317.10 Td (years ) Tj ET Q q 0 0 0 rg BT 422.80 317.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 460.70 317.10 Td (, ) Tj ET Q q 0 0 0 rg BT 466.13 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.84 317.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 509.75 317.10 Td (all ) Tj ET Q q 0 0 0 rg BT 522.67 317.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 305.10 Td (any ) Tj ET Q q 0 0 0 rg BT 125.25 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.38 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.41 305.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 178.65 305.10 Td (E ) Tj ET Q q 0 0 0 rg BT 187.57 305.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 215.36 305.10 Td (into ) Tj ET Q q 0 0 0 rg BT 233.73 305.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 260.97 305.10 Td (F ) Tj ET Q q 0 0 0 rg BT 269.34 305.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 299.64 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.44 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.47 305.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 350.27 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.41 305.10 Td (one ) Tj ET Q q 0 0 0 rg BT 378.65 305.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 405.90 305.10 Td (F ) Tj ET Q q 0 0 0 rg BT 414.27 305.10 Td (share ) Tj ET Q q 0 0 0 rg BT 438.17 305.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.64 305.10 Td (each ) Tj ET Q q 0 0 0 rg BT 473.76 305.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 501.01 305.10 Td (E ) Tj ET Q q 0 0 0 rg BT 509.92 305.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.10 Td (converted. ) Tj ET Q q 0 0 0 rg BT 153.45 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.98 293.10 Td (Holders ) Tj ET Q q 0 0 0 rg BT 192.16 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.02 293.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 231.99 293.10 Td (F ) Tj ET Q q 0 0 0 rg BT 241.08 293.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.59 293.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.33 293.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 318.84 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.15 293.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 362.54 293.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 397.17 293.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 415.68 293.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 463.64 293.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 513.24 293.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 281.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 151.61 281.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 162.45 281.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.00 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.67 281.10 Td (when ) Tj ET Q q 0 0 0 rg BT 213.56 281.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 249.65 281.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.87 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.32 281.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 302.98 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.54 281.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 355.47 281.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 388.79 281.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 427.11 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.34 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.78 281.10 Td (last ) Tj ET Q q 0 0 0 rg BT 469.89 281.10 Td (business ) Tj ET Q q 0 0 0 rg BT 506.01 281.10 Td (day ) Tj ET Q q 0 0 0 rg BT 522.68 281.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 139.01 269.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 162.26 269.10 Td (September ) Tj ET Q q 0 0 0 rg BT 207.44 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.29 269.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.79 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.98 269.10 Td (each ) Tj ET Q q 0 0 0 rg BT 298.71 269.10 Td (year) Tj ET Q q 0 0 0 rg BT 315.37 269.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.28 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.94 269.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.90 269.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 388.62 269.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 422.14 269.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 460.65 269.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 498.06 269.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 515.46 269.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 257.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 132.16 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.87 257.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 166.04 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.87 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.59 257.10 Td (average ) Tj ET Q q 0 0 0 rg BT 225.17 257.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 276.54 257.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 329.03 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.86 257.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 372.17 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.92 257.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 409.85 257.10 Td (Bill ) Tj ET Q q 0 0 0 rg BT 427.36 257.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 444.84 257.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 464.01 257.10 Td (4.72%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 233.10 Td (On ) Tj ET Q q 0 0 0 rg BT 123.21 233.10 Td (March ) Tj ET Q q 0 0 0 rg BT 152.29 233.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 162.77 233.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 188.25 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.45 233.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 245.32 233.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 275.81 233.10 Td (through ) Tj ET Q q 0 0 0 rg BT 309.90 233.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.32 233.10 Td (public ) Tj ET Q q 0 0 0 rg BT 345.30 233.10 Td (of) Tj ET Q q 0 0 0 rg BT 353.45 233.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 382.81 233.10 Td (5,126,400 ) Tj ET Q q 0 0 0 rg BT 425.79 233.10 Td (6.50% ) Tj ET Q q 0 0 0 rg BT 454.61 233.10 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 504.25 233.10 Td (5-Y) Tj ET Q q 0 0 0 rg BT 518.80 233.10 Td (ear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 221.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 128.73 221.10 Td (Reset ) Tj ET Q q 0 0 0 rg BT 153.36 221.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 192.96 221.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 224.53 221.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.37 221.10 Td (C ) Tj ET Q q 0 0 0 rg BT 260.45 221.10 Td (["Series ) Tj ET Q q 0 0 0 rg BT 294.71 221.10 Td (C ) Tj ET Q q 0 0 0 rg BT 303.79 221.10 Td (shares"] ) Tj ET Q q 0 0 0 rg BT 338.60 221.10 Td (at ) Tj ET Q q 0 0 0 rg BT 348.22 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 355.07 221.10 Td (price ) Tj ET Q q 0 0 0 rg BT 377.46 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.20 221.10 Td ($25.00 ) Tj ET Q q 0 0 0 rg BT 418.10 221.10 Td (per ) Tj ET Q q 0 0 0 rg BT 433.28 221.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 472.32 221.10 Td (share ) Tj ET Q q 0 0 0 rg BT 495.83 221.10 Td (for ) Tj ET Q q 0 0 0 rg BT 509.89 221.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 209.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.27 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.33 209.10 Td ($128,160. ) Tj ET Q q 0 0 0 rg BT 200.07 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.60 209.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.88 209.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 257.49 209.10 Td (included ) Tj ET Q q 0 0 0 rg BT 294.66 209.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 325.71 209.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 372.31 209.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 395.05 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.11 209.10 Td ($4,639 ) Tj ET Q q 0 0 0 rg BT 436.35 209.10 Td ([or ) Tj ET Q q 0 0 0 rg BT 450.74 209.10 Td (after) Tj ET Q q 0 0 0 rg BT 468.85 209.10 Td (-tax ) Tj ET Q q 0 0 0 rg BT 487.13 209.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 197.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 130.50 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.33 197.10 Td ($3,416]. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 173.10 Td (For ) Tj ET Q q 0 0 0 rg BT 126.10 173.10 Td (each ) Tj ET Q q 0 0 0 rg BT 148.62 173.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 188.92 173.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 221.17 173.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 254.82 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.35 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.78 173.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 312.43 173.10 Td (C ) Tj ET Q q 0 0 0 rg BT 323.30 173.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 352.50 173.10 Td (are ) Tj ET Q q 0 0 0 rg BT 368.92 173.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 403.12 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.10 173.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 448.17 173.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.82 173.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 484.07 173.10 Td (cumulative, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 161.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 156.24 161.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 176.17 161.10 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 215.83 161.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 226.60 161.10 Td (as ) Tj ET Q q 0 0 0 rg BT 237.10 161.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.70 161.10 Td (when ) Tj ET Q q 0 0 0 rg BT 277.52 161.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 313.55 161.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.71 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.09 161.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 366.69 161.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.18 161.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 419.05 161.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 452.31 161.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 490.57 161.10 Td (on ) Tj ET Q q 0 0 0 rg BT 502.73 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.11 161.10 Td (last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 149.10 Td (business ) Tj ET Q q 0 0 0 rg BT 144.65 149.10 Td (day ) Tj ET Q q 0 0 0 rg BT 161.86 149.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.95 149.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 204.31 149.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 227.90 149.10 Td (September ) Tj ET Q q 0 0 0 rg BT 273.43 149.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.63 149.10 Td (December ) Tj ET Q q 0 0 0 rg BT 334.48 149.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.02 149.10 Td (each ) Tj ET Q q 0 0 0 rg BT 366.10 149.10 Td (year) Tj ET Q q 0 0 0 rg BT 382.75 149.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.01 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.58 149.10 Td (The ) Tj ET Q q 0 0 0 rg BT 408.89 149.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 438.30 149.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 476.06 149.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 493.81 149.10 Td (will ) Tj ET Q q 0 0 0 rg BT 512.13 149.10 Td (reset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 137.10 Td (at ) Tj ET Q q 0 0 0 rg BT 118.02 137.10 Td (each ) Tj ET Q q 0 0 0 rg BT 139.13 137.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 178.02 137.10 Td (period ) Tj ET Q q 0 0 0 rg BT 206.36 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.94 137.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.96 137.10 Td (non-callable ) Tj ET Q q 0 0 0 rg BT 284.18 137.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 336.96 137.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.10 137.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 380.88 137.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 403.68 137.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 426.48 137.10 Td (with ) Tj ET Q q 0 0 0 rg BT 447.06 137.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.29 137.10 Td (term ) Tj ET Q q 0 0 0 rg BT 475.42 137.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.00 137.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 522.68 137.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 125.10 Td (five ) Tj ET Q q 0 0 0 rg BT 126.18 125.10 Td (years ) Tj ET Q q 0 0 0 rg BT 149.92 125.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 169.23 125.10 Td (4.81%. ) Tj ET Q q 0 0 0 rg BT 200.19 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.64 125.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.82 125.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.35 125.10 Td (will ) Tj ET Q q 0 0 0 rg BT 280.54 125.10 Td (have ) Tj ET Q q 0 0 0 rg BT 302.05 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.91 125.10 Td (right ) Tj ET Q q 0 0 0 rg BT 338.43 125.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.84 125.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 380.91 125.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.76 125.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 422.83 125.10 Td (C ) Tj ET Q q 0 0 0 rg BT 432.14 125.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 459.77 125.10 Td (on ) Tj ET Q q 0 0 0 rg BT 472.40 125.10 Td (June ) Tj ET Q q 0 0 0 rg BT 493.37 125.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 508.51 125.10 Td (2019, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.11 113.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.79 113.10 Td (June ) Tj ET Q q 0 0 0 rg BT 158.79 113.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 171.47 113.10 Td (every ) Tj ET Q q 0 0 0 rg BT 196.35 113.10 Td (five ) Tj ET Q q 0 0 0 rg BT 214.57 113.10 Td (years ) Tj ET Q q 0 0 0 rg BT 238.34 113.10 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 279.32 113.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.66 113.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 311.33 113.10 Td (per ) Tj ET Q q 0 0 0 rg BT 326.77 113.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 353.89 113.10 Td (C ) Tj ET Q q 0 0 0 rg BT 363.23 113.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 389.50 113.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 408.85 113.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 442.61 113.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.72 113.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 489.61 113.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 533.50 113.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 101.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 140.64 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.06 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.92 101.10 Td (right ) Tj ET Q q 0 0 0 rg BT 187.44 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.42 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.27 101.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.80 101.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.22 101.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 297.29 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.15 101.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 339.23 101.10 Td (C ) Tj ET Q q 0 0 0 rg BT 348.54 101.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 378.67 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.53 101.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 425.61 101.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.58 101.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.44 101.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.52 101.10 Td (C ) Tj ET Q q 0 0 0 rg BT 487.83 101.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.46 101.10 Td (will ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.79 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.93 605.10 Td (right ) Tj ET Q q 0 0 0 rg BT 163.73 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.65 605.10 Td (June ) Tj ET Q q 0 0 0 rg BT 195.89 605.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 210.31 605.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 234.73 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.08 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.00 605.10 Td (June ) Tj ET Q q 0 0 0 rg BT 283.24 605.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 295.16 605.10 Td (every ) Tj ET Q q 0 0 0 rg BT 319.28 605.10 Td (five ) Tj ET Q q 0 0 0 rg BT 336.75 605.10 Td (years ) Tj ET Q q 0 0 0 rg BT 359.76 605.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 397.66 605.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.08 605.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.77 605.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 443.68 605.10 Td (all ) Tj ET Q q 0 0 0 rg BT 455.59 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.83 605.10 Td (any ) Tj ET Q q 0 0 0 rg BT 482.19 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.44 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.57 605.10 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (C ) Tj ET Q q 0 0 0 rg BT 116.72 593.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 143.77 593.10 Td (into ) Tj ET Q q 0 0 0 rg BT 161.38 593.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 187.87 593.10 Td (D ) Tj ET Q q 0 0 0 rg BT 197.14 593.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 226.69 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.74 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 593.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 275.06 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.45 593.10 Td (one ) Tj ET Q q 0 0 0 rg BT 301.94 593.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 328.43 593.10 Td (D ) Tj ET Q q 0 0 0 rg BT 337.70 593.10 Td (share ) Tj ET Q q 0 0 0 rg BT 360.86 593.10 Td (for ) Tj ET Q q 0 0 0 rg BT 374.57 593.10 Td (each ) Tj ET Q q 0 0 0 rg BT 394.94 593.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 421.43 593.10 Td (C ) Tj ET Q q 0 0 0 rg BT 430.15 593.10 Td (share ) Tj ET Q q 0 0 0 rg BT 453.31 593.10 Td (converted. ) Tj ET Q q 0 0 0 rg BT 497.28 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.34 593.10 Td (Holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.12 581.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 144.35 581.10 Td (D ) Tj ET Q q 0 0 0 rg BT 153.36 581.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 180.13 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 194.13 581.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 225.91 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.48 581.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 266.13 581.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 299.02 581.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 315.79 581.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 362.01 581.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 409.88 581.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.44 581.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 472.61 581.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 483.01 581.10 Td (as ) Tj ET Q q 0 0 0 rg BT 493.13 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.35 581.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 144.51 569.10 Td (by ) Tj ET Q q 0 0 0 rg BT 157.15 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.01 569.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 199.09 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.07 569.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 252.42 569.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 286.16 569.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 324.89 569.10 Td (on ) Tj ET Q q 0 0 0 rg BT 337.54 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.40 569.10 Td (last ) Tj ET Q q 0 0 0 rg BT 368.93 569.10 Td (business ) Tj ET Q q 0 0 0 rg BT 405.47 569.10 Td (day ) Tj ET Q q 0 0 0 rg BT 422.55 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.52 569.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 464.77 569.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 488.24 569.10 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.76 557.10 Td (December ) Tj ET Q q 0 0 0 rg BT 170.17 557.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.27 557.10 Td (each ) Tj ET Q q 0 0 0 rg BT 202.90 557.10 Td (year) Tj ET Q q 0 0 0 rg BT 219.56 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.38 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.70 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.78 557.10 Td (The ) Tj ET Q q 0 0 0 rg BT 250.65 557.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 297.28 557.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 331.71 557.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 371.13 557.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 409.44 557.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 427.75 557.10 Td (will ) Tj ET Q q 0 0 0 rg BT 446.63 557.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 471.60 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.14 557.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 507.14 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.79 557.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.10 Td (average ) Tj ET Q q 0 0 0 rg BT 141.58 545.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 192.96 545.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 245.44 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.27 545.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 288.58 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.33 545.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 326.26 545.10 Td (Bill ) Tj ET Q q 0 0 0 rg BT 343.77 545.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 361.25 545.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 380.42 545.10 Td (4.81%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.10 Td (On ) Tj ET Q q 0 0 0 rg BT 123.09 521.10 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 521.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 182.42 521.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 207.80 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.89 521.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.64 521.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 295.02 521.10 Td (through ) Tj ET Q q 0 0 0 rg BT 329.00 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.31 521.10 Td (public ) Tj ET Q q 0 0 0 rg BT 364.18 521.10 Td (of) Tj ET Q q 0 0 0 rg BT 372.33 521.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 401.58 521.10 Td (4,600,000 ) Tj ET Q q 0 0 0 rg BT 444.45 521.10 Td (6.60% ) Tj ET Q q 0 0 0 rg BT 473.15 521.10 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 522.68 521.10 Td (5-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.10 Td (Y) Tj ET Q q 0 0 0 rg BT 114.22 509.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 129.05 509.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 150.00 509.10 Td (Reset ) Tj ET Q q 0 0 0 rg BT 174.83 509.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 214.65 509.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 246.43 509.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 272.91 509.10 Td (A) Tj ET Q q 0 0 0 rg BT 279.58 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.20 509.10 Td (["Series ) Tj ET Q q 0 0 0 rg BT 316.10 509.10 Td (A) Tj ET Q q 0 0 0 rg BT 322.77 509.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.39 509.10 Td (shares"] ) Tj ET Q q 0 0 0 rg BT 360.41 509.10 Td (at ) Tj ET Q q 0 0 0 rg BT 370.25 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.31 509.10 Td (price ) Tj ET Q q 0 0 0 rg BT 399.92 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.87 509.10 Td ($25.00 ) Tj ET Q q 0 0 0 rg BT 440.99 509.10 Td (per ) Tj ET Q q 0 0 0 rg BT 456.38 509.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 495.63 509.10 Td (share ) Tj ET Q q 0 0 0 rg BT 519.35 509.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 133.51 497.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 173.44 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.16 497.10 Td ($1) Tj ET Q q 0 0 0 rg BT 195.79 497.10 Td (15,000. ) Tj ET Q q 0 0 0 rg BT 230.18 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.26 497.10 Td (The ) Tj ET Q q 0 0 0 rg BT 254.20 497.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 292.47 497.10 Td (included ) Tj ET Q q 0 0 0 rg BT 331.30 497.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 364.01 497.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 412.27 497.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 436.67 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.39 497.10 Td ($6,281 ) Tj ET Q q 0 0 0 rg BT 481.28 497.10 Td ([or ) Tj ET Q q 0 0 0 rg BT 497.34 497.10 Td (after) Tj ET Q q 0 0 0 rg BT 515.45 497.10 Td (-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 154.37 485.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 176.87 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.70 485.10 Td ($4,613]. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.10 Td (For ) Tj ET Q q 0 0 0 rg BT 123.16 461.10 Td (each ) Tj ET Q q 0 0 0 rg BT 142.74 461.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 180.09 461.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 209.41 461.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 240.11 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.71 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.19 461.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 288.62 461.10 Td (A) Tj ET Q q 0 0 0 rg BT 295.29 461.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.56 461.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 322.81 461.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.29 461.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 367.54 461.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.59 461.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 406.72 461.10 Td (a ) Tj ET Q q 0 0 0 rg BT 412.42 461.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 436.74 461.10 Td (cumulative, ) Tj ET Q q 0 0 0 rg BT 484.93 461.10 Td (preferential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 449.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.65 449.10 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 169.03 449.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 180.51 449.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.73 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.04 449.10 Td (when ) Tj ET Q q 0 0 0 rg BT 233.59 449.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 270.33 449.10 Td (by ) Tj ET Q q 0 0 0 rg BT 283.21 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.31 449.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 325.63 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.84 449.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 379.43 449.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 413.40 449.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 452.38 449.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.26 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.35 449.10 Td (last ) Tj ET Q q 0 0 0 rg BT 497.12 449.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.10 Td (day ) Tj ET Q q 0 0 0 rg BT 125.51 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.92 437.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 168.59 437.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 192.50 437.10 Td (September ) Tj ET Q q 0 0 0 rg BT 238.34 437.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.85 437.10 Td (December ) Tj ET Q q 0 0 0 rg BT 300.01 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.86 437.10 Td (each ) Tj ET Q q 0 0 0 rg BT 332.25 437.10 Td (year) Tj ET Q q 0 0 0 rg BT 348.91 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.48 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.34 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.96 437.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 405.69 437.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 443.76 437.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 461.82 437.10 Td (will ) Tj ET Q q 0 0 0 rg BT 480.45 437.10 Td (reset ) Tj ET Q q 0 0 0 rg BT 502.40 437.10 Td (at ) Tj ET Q q 0 0 0 rg BT 512.70 437.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 146.23 425.10 Td (period ) Tj ET Q q 0 0 0 rg BT 173.92 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.85 425.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.21 425.10 Td (non-callable ) Tj ET Q q 0 0 0 rg BT 249.77 425.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 301.91 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.38 425.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 344.51 425.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 366.66 425.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 388.80 425.10 Td (with ) Tj ET Q q 0 0 0 rg BT 408.73 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.31 425.10 Td (term ) Tj ET Q q 0 0 0 rg BT 435.78 425.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.71 425.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 481.73 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 425.10 Td (five ) Tj ET Q q 0 0 0 rg BT 509.90 425.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 413.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 127.45 413.10 Td (4.71%. ) Tj ET Q q 0 0 0 rg BT 158.56 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.14 413.10 Td (The ) Tj ET Q q 0 0 0 rg BT 179.46 413.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 221.13 413.10 Td (will ) Tj ET Q q 0 0 0 rg BT 239.47 413.10 Td (have ) Tj ET Q q 0 0 0 rg BT 261.12 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.12 413.10 Td (right ) Tj ET Q q 0 0 0 rg BT 297.79 413.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.35 413.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 340.55 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.55 413.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 382.15 413.10 Td (A) Tj ET Q q 0 0 0 rg BT 388.82 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.60 413.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.37 413.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.15 413.10 Td (December ) Tj ET Q q 0 0 0 rg BT 476.01 413.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.29 413.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 516.57 413.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.37 401.10 Td (December ) Tj ET Q q 0 0 0 rg BT 163.83 401.10 Td (31 ) Tj ET Q q 0 0 0 rg BT 176.21 401.10 Td (every ) Tj ET Q q 0 0 0 rg BT 200.79 401.10 Td (five ) Tj ET Q q 0 0 0 rg BT 218.71 401.10 Td (years ) Tj ET Q q 0 0 0 rg BT 242.18 401.10 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 282.86 401.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.89 401.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 314.27 401.10 Td (per ) Tj ET Q q 0 0 0 rg BT 329.41 401.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 355.70 401.10 Td (A) Tj ET Q q 0 0 0 rg BT 362.37 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.74 401.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 390.72 401.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 409.76 401.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 443.22 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.03 401.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 489.62 401.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 533.51 401.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 389.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 140.70 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.17 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.09 389.10 Td (right ) Tj ET Q q 0 0 0 rg BT 187.68 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.71 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.63 389.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 255.21 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.69 389.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 297.81 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.73 389.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 339.27 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 345.94 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.64 389.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 378.83 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.75 389.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 425.89 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.92 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.84 389.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.38 389.10 Td (A) Tj ET Q q 0 0 0 rg BT 485.05 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.75 389.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.44 389.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.10 Td (have ) Tj ET Q q 0 0 0 rg BT 129.07 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.48 377.10 Td (right ) Tj ET Q q 0 0 0 rg BT 164.55 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.75 377.10 Td (December ) Tj ET Q q 0 0 0 rg BT 220.02 377.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 234.71 377.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 259.40 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.03 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.23 377.10 Td (December ) Tj ET Q q 0 0 0 rg BT 331.50 377.10 Td (31 ) Tj ET Q q 0 0 0 rg BT 343.69 377.10 Td (every ) Tj ET Q q 0 0 0 rg BT 368.09 377.10 Td (five ) Tj ET Q q 0 0 0 rg BT 385.83 377.10 Td (years ) Tj ET Q q 0 0 0 rg BT 409.12 377.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 447.02 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.71 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.68 377.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 493.86 377.10 Td (all ) Tj ET Q q 0 0 0 rg BT 506.04 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.57 377.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.87 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.63 365.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 162.83 365.10 Td (A) Tj ET Q q 0 0 0 rg BT 169.50 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.04 365.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 201.58 365.10 Td (into ) Tj ET Q q 0 0 0 rg BT 220.68 365.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 248.66 365.10 Td (B ) Tj ET Q q 0 0 0 rg BT 258.87 365.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 289.90 365.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.44 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.20 365.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 342.75 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.62 365.10 Td (one ) Tj ET Q q 0 0 0 rg BT 372.60 365.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 400.58 365.10 Td (B ) Tj ET Q q 0 0 0 rg BT 410.79 365.10 Td (share ) Tj ET Q q 0 0 0 rg BT 435.43 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 450.64 365.10 Td (each ) Tj ET Q q 0 0 0 rg BT 472.49 365.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 499.69 365.10 Td (A) Tj ET Q q 0 0 0 rg BT 506.36 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.91 365.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.10 Td (converted. ) Tj ET Q q 0 0 0 rg BT 153.38 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.83 353.10 Td (Holders ) Tj ET Q q 0 0 0 rg BT 191.94 353.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.72 353.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 231.61 353.10 Td (B ) Tj ET Q q 0 0 0 rg BT 241.74 353.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 270.18 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.84 353.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 319.28 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.51 353.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 362.82 353.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 397.38 353.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 415.82 353.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 463.70 353.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 513.23 353.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 151.61 341.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 162.45 341.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.00 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.67 341.10 Td (when ) Tj ET Q q 0 0 0 rg BT 213.56 341.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 249.65 341.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.87 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.32 341.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 302.98 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.54 341.10 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 355.47 341.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 388.79 341.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 427.11 341.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.34 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.78 341.10 Td (last ) Tj ET Q q 0 0 0 rg BT 469.89 341.10 Td (business ) Tj ET Q q 0 0 0 rg BT 506.01 341.10 Td (day ) Tj ET Q q 0 0 0 rg BT 522.68 341.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 329.10 Td (March, ) Tj ET Q q 0 0 0 rg BT 139.01 329.10 Td (June, ) Tj ET Q q 0 0 0 rg BT 162.26 329.10 Td (September ) Tj ET Q q 0 0 0 rg BT 207.44 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.29 329.10 Td (December ) Tj ET Q q 0 0 0 rg BT 267.79 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.98 329.10 Td (each ) Tj ET Q q 0 0 0 rg BT 298.71 329.10 Td (year) Tj ET Q q 0 0 0 rg BT 315.37 329.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.28 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.94 329.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.90 329.10 Td (annualized ) Tj ET Q q 0 0 0 rg BT 388.62 329.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 422.14 329.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 460.65 329.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 498.06 329.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 515.46 329.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 317.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 132.16 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.87 317.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 166.04 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.87 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.59 317.10 Td (average ) Tj ET Q q 0 0 0 rg BT 225.17 317.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 276.54 317.10 Td (Government ) Tj ET Q q 0 0 0 rg BT 329.03 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.86 317.10 Td (Canada ) Tj ET Q q 0 0 0 rg BT 372.17 317.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.92 317.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 409.85 317.10 Td (Bill ) Tj ET Q q 0 0 0 rg BT 427.36 317.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 444.84 317.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 464.01 317.10 Td (4.71%.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 288.30 Td (Pr) Tj ET Q q 0 0 0 rg BT 120.44 288.30 Td (eferr) Tj ET Q q 0 0 0 rg BT 145.52 288.30 Td (ed shar) Tj ET Q q 0 0 0 rg BT 182.98 288.30 Td (e dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 264.30 Td (During ) Tj ET Q q 0 0 0 rg BT 140.10 264.30 Td (the ) Tj ET Q q 0 0 0 rg BT 156.09 264.30 Td (three-month ) Tj ET Q q 0 0 0 rg BT 208.74 264.30 Td (period ) Tj ET Q q 0 0 0 rg BT 238.06 264.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.71 264.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 310.58 264.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.58 264.30 Td (, ) Tj ET Q q 0 0 0 rg BT 336.85 264.30 Td (the ) Tj ET Q q 0 0 0 rg BT 352.84 264.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.50 264.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 416.49 264.30 Td ($1) Tj ET Q q 0 0 0 rg BT 426.12 264.30 Td (1,068 ) Tj ET Q q 0 0 0 rg BT 452.39 264.30 Td (in ) Tj ET Q q 0 0 0 rg BT 463.94 264.30 Td (preference ) Tj ET Q q 0 0 0 rg BT 509.90 264.30 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 252.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 149.39 252.30 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 204.09 252.30 Td (period ) Tj ET Q q 0 0 0 rg BT 232.14 252.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.51 252.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 302.11 252.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.11 252.30 Td ( ) Tj ET Q q 0 0 0 rg BT 324.61 252.30 Td ( ) Tj ET Q q 0 0 0 rg BT 332.11 252.30 Td ($8,912].) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 228.30 Td (As ) Tj ET Q q 0 0 0 rg BT 122.31 228.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.71 228.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 177.01 228.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.01 228.30 Td (, ) Tj ET Q q 0 0 0 rg BT 202.70 228.30 Td (the ) Tj ET Q q 0 0 0 rg BT 218.11 228.30 Td (un-accrued ) Tj ET Q q 0 0 0 rg BT 265.71 228.30 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 313.33 228.30 Td (preference ) Tj ET Q q 0 0 0 rg BT 358.71 228.30 Td (share ) Tj ET Q q 0 0 0 rg BT 383.00 228.30 Td (dividends ) Tj ET Q q 0 0 0 rg BT 425.08 228.30 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.70 228.30 Td ($122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.70 228.30 Td ( ) Tj ET Q q 0 0 0 rg BT 470.89 228.30 Td ([December ) Tj ET Q q 0 0 0 rg BT 518.50 228.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 216.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 130.50 216.30 Td ( ) Tj ET Q q 0 0 0 rg BT 138.00 216.30 Td ($122].) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (22) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (9) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 114.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 120.00 603.90 Td (SHARE-BASED ) Tj ET Q q 0 0 0 rg BT 208.35 603.90 Td (COMPENSA) Tj ET Q q 0 0 0 rg BT 276.13 603.90 Td (TION ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 577.50 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 159.20 577.50 Td (compensation ) Tj ET Q q 0 0 0 rg BT 217.08 577.50 Td (expense ) Tj ET Q q 0 0 0 rg BT 251.62 577.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 285.62 577.50 Td (of ) Tj ET Q q 0 0 0 rg BT 296.29 577.50 Td (the ) Tj ET Q q 0 0 0 rg BT 310.84 577.50 Td (following ) Tj ET Q q 0 0 0 rg BT 352.06 577.50 Td (for ) Tj ET Q q 0 0 0 rg BT 366.05 577.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.60 577.50 Td (three-month ) Tj ET Q q 0 0 0 rg BT 431.81 577.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 463.58 577.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 489.79 577.50 Td (March ) Tj ET Q q 0 0 0 rg BT 518.22 577.50 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 539 m 457.5 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 539 m 530.5 539 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 470 m 457.5 470 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 470 m 530.5 470 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 456 m 457.5 456 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 456 m 530.5 456 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 391 m 457.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 391 m 530.5 391 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 377 m 457.5 377 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 377 m 530.5 377 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.50 557.95 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.50 557.95 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 543.95 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.25 543.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 516.46 Td ([a] Stock options) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 516.45 Td (1,856) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 516.46 Td (3,333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 502.46 Td ([b] Deferred share units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.50 502.45 Td (\(408) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 502.45 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 502.46 Td (1,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 488.46 Td ([c] Performance share units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 488.45 Td (2,917) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 488.46 Td (2,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 474.46 Td ([d] Restricted share units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 474.45 Td (182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 474.46 Td (1,266) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 460.45 Td (4,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 460.46 Td (8,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 423.46 Td (Allocated as:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 409.46 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 409.45 Td (4,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 409.46 Td (6,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 395.46 Td (T) Tj ET Q q 0 0 0 rg BT 115.18 395.46 Td (ransaction and integration costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.00 395.45 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 395.46 Td (2,884) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.75 381.45 Td (4,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 381.46 Td (8,920) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (23) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td ([a] Stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 579.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 160.75 579.90 Td (in ) Tj ET Q q 0 0 0 rg BT 171.03 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 185.75 579.90 Td (number ) Tj ET Q q 0 0 0 rg BT 218.80 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 229.63 579.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 253.23 579.90 Td (options ) Tj ET Q q 0 0 0 rg BT 285.18 579.90 Td (during ) Tj ET Q q 0 0 0 rg BT 313.79 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 328.51 579.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 360.45 579.90 Td (were ) Tj ET Q q 0 0 0 rg BT 382.38 579.90 Td (as ) Tj ET Q q 0 0 0 rg BT 393.21 579.90 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 507.4 m 457.5 507.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 507.4 m 531.5 507.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 507.4 m 457.5 507.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 507.4 m 531.5 507.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 422.4 m 457.5 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 422.4 m 531.5 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 348.4 m 457.5 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 348.4 m 531.5 348.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 348.4 m 457.5 348.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 334.4 m 457.5 334.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 334.4 m 531.5 334.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.20 534.85 Td (Number) Tj ET Q q 0 0 0 rg BT 431.03 534.85 Td ( of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.95 525.85 Td (options) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.20 543.85 Td (W) Tj ET Q q 0 0 0 rg BT 485.70 543.85 Td (eighted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.20 534.85 Td (average exer) Tj ET Q q 0 0 0 rg BT 512.76 534.85 Td (cise) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 525.85 Td (price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 512.66 Td (#) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 512.66 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 484.80 Td (Outstanding, December) Tj ET Q q 0 0 0 rg BT 202.41 484.80 Td ( 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 484.66 Td (24,737,562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 484.66 Td (10.37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 469.66 Td (Granted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 469.66 Td (963,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 469.66 Td (12.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 455.66 Td (Forfeited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 455.66 Td (\(262,773) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 455.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 455.66 Td (12.81) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 441.66 Td (Expired) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.75 441.66 Td (\(391,808) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 441.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 441.66 Td (12.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 427.66 Td (Exercised \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.00 427.66 Td (\(3,678,327) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 427.66 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.25 427.66 Td (7.39) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 413.80 Td (Outstanding, December) Tj ET Q q 0 0 0 rg BT 202.41 413.80 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.50 413.66 Td (21,368,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 413.66 Td (10.92) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 399.66 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.00 399.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 399.80 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 384.66 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.25 384.80 Td (\(78,770) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 384.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 384.80 Td (12.66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 369.66 Td (Expired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.25 369.80 Td (\(73,037) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 369.80 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 369.80 Td (10.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 354.66 Td (Exercised \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.00 354.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 354.80 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 339.80 Td (Outstanding, Mar) Tj ET Q q 0 0 0 rg BT 180.35 339.80 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.50 339.80 Td (21,216,486) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 339.80 Td (10.92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 325.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 119.33 325.30 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 325.30 Td (W) Tj ET Q q 0 0 0 rg BT 128.41 325.30 Td (eighted ) Tj ET Q q 0 0 0 rg BT 154.45 325.30 Td (average ) Tj ET Q q 0 0 0 rg BT 181.80 325.30 Td (share ) Tj ET Q q 0 0 0 rg BT 201.17 325.30 Td (price ) Tj ET Q q 0 0 0 rg BT 219.64 325.30 Td (of ) Tj ET Q q 0 0 0 rg BT 228.80 325.30 Td (options ) Tj ET Q q 0 0 0 rg BT 254.84 325.30 Td (exercised ) Tj ET Q q 0 0 0 rg BT 287.54 325.30 Td (during ) Tj ET Q q 0 0 0 rg BT 310.91 325.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.17 325.30 Td (three-month ) Tj ET Q q 0 0 0 rg BT 364.76 325.30 Td (period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.20 325.30 Td ( ) Tj ET Q q 0 0 0 rg BT 387.68 325.30 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.27 325.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 444.64 325.30 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.64 325.30 Td ( ) Tj ET Q q 0 0 0 rg BT 463.13 325.30 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.06 325.30 Td ($nil) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 325.30 Td ( ) Tj ET Q q 0 0 0 rg BT 492.99 325.30 Td ([year ) Tj ET Q q 0 0 0 rg BT 511.91 325.30 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.50 315.70 Td (December ) Tj ET Q q 0 0 0 rg BT 156.37 315.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 168.37 315.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 186.37 315.70 Td ( ) Tj ET Q q 0 0 0 rg BT 192.37 315.70 Td ($12.63].) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 279.70 Td (The ) Tj ET Q q 0 0 0 rg BT 125.09 279.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.50 279.70 Td (value ) Tj ET Q q 0 0 0 rg BT 163.70 279.70 Td (of ) Tj ET Q q 0 0 0 rg BT 173.57 279.70 Td (the ) Tj ET Q q 0 0 0 rg BT 187.33 279.70 Td (options ) Tj ET Q q 0 0 0 rg BT 218.32 279.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 249.84 279.70 Td (during ) Tj ET Q q 0 0 0 rg BT 277.49 279.70 Td (the ) Tj ET Q q 0 0 0 rg BT 291.25 279.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 322.23 279.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 368.75 279.70 Td (using ) Tj ET Q q 0 0 0 rg BT 391.96 279.70 Td (the ) Tj ET Q q 0 0 0 rg BT 405.72 279.70 Td (Black) Tj ET Q /GS0 gs q 5.00 0 0 10.09 429.04 277.54 cm /I2 Do Q q 0 0 0 rg BT 434.04 279.70 Td (Scholes ) Tj ET Q q 0 0 0 rg BT 466.69 279.70 Td (option ) Tj ET Q q 0 0 0 rg BT 493.79 279.70 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 267.70 Td (model ) Tj ET Q q 0 0 0 rg BT 135.50 267.70 Td (with ) Tj ET Q q 0 0 0 rg BT 155.77 267.70 Td (inputs ) Tj ET Q q 0 0 0 rg BT 182.72 267.70 Td (to ) Tj ET Q q 0 0 0 rg BT 193.00 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 207.72 267.70 Td (model ) Tj ET Q q 0 0 0 rg BT 235.21 267.70 Td (as ) Tj ET Q q 0 0 0 rg BT 246.04 267.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 216.20000000000005 m 409.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 216.20000000000005 m 470.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 216.20000000000005 m 531.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 216.20000000000005 m 409.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 216.20000000000005 m 470.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 216.20000000000005 m 531.5 216.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 118.20000000000005 m 409.5 118.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 118.20000000000005 m 470.5 118.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 118.20000000000005 m 531.5 118.20000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.45 220.65 Td (Unit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.05 247.65 Td (Thr) Tj ET Q q 0 0 0 rg BT 428.97 247.65 Td (ee-month) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.35 238.65 Td (period ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.80 229.65 Td (Mar) Tj ET Q q 0 0 0 rg BT 436.71 229.65 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.50 220.65 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.95 238.65 Td (Y) Tj ET Q q 0 0 0 rg BT 484.45 238.65 Td (ear) Tj ET Q q 0 0 0 rg BT 496.78 238.65 Td ( ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.30 229.65 Td (December) Tj ET Q q 0 0 0 rg BT 513.11 229.65 Td ( 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 220.65 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 193.46 Td (W) Tj ET Q q 0 0 0 rg BT 119.13 193.46 Td (eighted average share price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 193.46 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 193.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.75 193.46 Td (12.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 179.46 Td (A) Tj ET Q q 0 0 0 rg BT 117.17 179.46 Td (verage term to exercise) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.95 179.46 Td (Y) Tj ET Q q 0 0 0 rg BT 387.55 179.46 Td (ears) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 179.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.75 179.46 Td (7.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 165.46 Td (Share price volatility) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 165.46 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 165.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.25 165.46 Td (29.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 151.46 Td (W) Tj ET Q q 0 0 0 rg BT 119.13 151.46 Td (eighted average expected annual dividend) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.75 151.46 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 151.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.25 151.46 Td (0.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 137.46 Td (Risk-free interest rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 137.46 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 137.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.25 137.46 Td (1.40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 123.46 Td (Forfeiture rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.25 123.46 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.00 123.60 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.25 123.46 Td (1.02) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (24) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 575.10 Td ([b] Deferr) Tj ET Q q 0 0 0 rg BT 159.42 575.10 Td (ed shar) Tj ET Q q 0 0 0 rg BT 196.87 575.10 Td (e units, performance shar) Tj ET Q q 0 0 0 rg BT 327.97 575.10 Td (e units and r) Tj ET Q q 0 0 0 rg BT 392.10 575.10 Td (estricted shar) Tj ET Q q 0 0 0 rg BT 461.53 575.10 Td (e units) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 500.6 m 347.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 500.6 m 408.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 500.6 m 469.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 500.6 m 530.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 500.6 m 347.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 500.6 m 408.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 500.6 m 469.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 500.6 m 530.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 429.6 m 347.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 429.6 m 408.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 429.6 m 469.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 429.6 m 530.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 429.6 m 347.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 429.6 m 408.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 429.6 m 469.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 429.6 m 530.5 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 370.6 m 347.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 370.6 m 408.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 370.6 m 469.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 370.6 m 530.5 370.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 356.6 m 347.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 370.6 m 408.5 370.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 356.6 m 408.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 370.6 m 469.5 370.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 356.6 m 469.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 370.6 m 530.5 370.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 356.6 m 530.5 356.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.30 528.05 Td (Deferr) Tj ET Q q 0 0 0 rg BT 324.69 528.05 Td (ed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.45 519.05 Td (shar) Tj ET Q q 0 0 0 rg BT 312.37 519.05 Td (e units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.00 528.05 Td (Performance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.95 519.05 Td (shar) Tj ET Q q 0 0 0 rg BT 374.79 519.05 Td (e units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.50 555.05 Td (Performance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.45 546.05 Td (shar) Tj ET Q q 0 0 0 rg BT 434.37 546.05 Td (e units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.30 537.05 Td (r) Tj ET Q q 0 0 0 rg BT 417.21 537.05 Td (efer) Tj ET Q q 0 0 0 rg BT 432.03 537.05 Td (enced to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.60 528.05 Td (ECN Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.35 519.05 Td (Corp.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.75 528.05 Td (Restricted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 519.05 Td (shar) Tj ET Q q 0 0 0 rg BT 495.29 519.05 Td (e units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.25 505.86 Td (#) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.75 505.86 Td (#) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.75 505.86 Td (#) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 505.86 Td (#) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 478.00 Td (Outstanding, December) Tj ET Q q 0 0 0 rg BT 201.41 478.00 Td ( 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 477.86 Td (1,705,01) Tj ET Q q 0 0 0 rg BT 339.50 477.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 477.86 Td (1,331,771) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 477.86 Td (1,326,952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 477.86 Td (636,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 462.86 Td (Granted) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 314.75 462.86 Td (143,076) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.75 462.86 Td (272,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.75 462.86 Td (3,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 462.86 Td (816,695) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 448.86 Td (Forfeited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.00 448.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.75 448.86 Td (\(249,187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 448.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.75 448.86 Td (\(248,176) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 448.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 448.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 434.86 Td (Redeemed) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 434.86 Td (\(454,100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 434.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 434.86 Td (\(1,086,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 434.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 434.86 Td (\(1,082,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 434.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.75 434.86 Td (\(197,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 434.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 421.00 Td (Outstanding, December) Tj ET Q q 0 0 0 rg BT 201.41 421.00 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 420.86 Td (1,393,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.75 420.86 Td (268,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 457.00 420.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 420.86 Td (1,255,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 406.86 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.25 407.00 Td (1) Tj ET Q q 0 0 0 rg BT 323.75 407.00 Td (1,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.75 407.00 Td (2,134) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.75 407.00 Td (9,963) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 391.86 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 392.00 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.00 392.00 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 392.00 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 376.86 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.75 377.00 Td (\(202,844) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.00 377.00 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.25 377.00 Td (\(66,092) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 377.00 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.75 377.00 Td (\(200,381) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 377.00 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 362.00 Td (Outstanding, Mar) Tj ET Q q 0 0 0 rg BT 179.35 362.00 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.00 362.00 Td (1,202,205) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.75 362.00 Td (204,976) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.00 362.00 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 362.00 Td (1,064,997) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 333.10 Td ([i] Deferr) Tj ET Q q 0 0 0 rg BT 148.06 333.10 Td (ed shar) Tj ET Q q 0 0 0 rg BT 179.27 333.10 Td (e units ["DSU"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 309.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 155.74 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.15 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.99 309.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 226.74 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.14 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.99 309.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 302.16 309.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.12 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.96 309.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 370.37 309.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 416.15 309.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 451.10 309.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 476.63 309.10 Td (were ) Tj ET Q q 0 0 0 rg BT 497.69 309.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 297.10 Td (such ) Tj ET Q q 0 0 0 rg BT 129.41 297.10 Td (that ) Tj ET Q q 0 0 0 rg BT 147.48 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.78 297.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 209.18 297.10 Td (share ) Tj ET Q q 0 0 0 rg BT 233.36 297.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 277.53 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.38 297.10 Td (each ) Tj ET Q q 0 0 0 rg BT 309.78 297.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 346.18 297.10 Td (DSU ) Tj ET Q q 0 0 0 rg BT 369.26 297.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 391.23 297.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 413.17 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.03 297.10 Td (an ) Tj ET Q q 0 0 0 rg BT 436.54 297.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 472.94 297.10 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 496.02 297.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 285.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 136.58 285.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.80 285.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 196.34 285.10 Td (number ) Tj ET Q q 0 0 0 rg BT 229.56 285.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.57 285.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 276.56 285.10 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 299.23 285.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 325.80 285.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.14 285.10 Td (each ) Tj ET Q q 0 0 0 rg BT 361.13 285.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 397.12 285.10 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 419.79 285.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 465.23 285.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 486.79 285.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.90 285.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 523.23 285.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 273.10 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 123.91 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.15 273.10 Td (number ) Tj ET Q q 0 0 0 rg BT 170.72 273.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.08 273.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 216.42 273.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 242.34 273.10 Td (held ) Tj ET Q q 0 0 0 rg BT 261.59 273.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 304.72 273.10 Td (by ) Tj ET Q q 0 0 0 rg BT 316.75 273.10 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 332.10 273.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.34 273.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.25 273.10 Td (market ) Tj ET Q q 0 0 0 rg BT 392.04 273.10 Td (value ) Tj ET Q q 0 0 0 rg BT 415.72 273.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.07 273.10 Td (an ) Tj ET Q q 0 0 0 rg BT 437.54 273.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 472.88 273.10 Td (common ) Tj ET Q q 0 0 0 rg BT 509.90 273.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 261.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 160.99 261.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 183.44 261.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.23 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.46 261.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 255.23 261.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 288.23 261.10 Td (by ) Tj ET Q q 0 0 0 rg BT 301.24 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.47 261.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 333.35 261.10 Td (market ) Tj ET Q q 0 0 0 rg BT 364.13 261.10 Td (value ) Tj ET Q q 0 0 0 rg BT 388.79 261.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.13 261.10 Td (an ) Tj ET Q q 0 0 0 rg BT 412.58 261.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 448.91 261.10 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 471.91 261.10 Td (common ) Tj ET Q q 0 0 0 rg BT 509.92 261.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 249.10 Td (following ) Tj ET Q q 0 0 0 rg BT 149.77 249.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 197.65 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.87 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.97 249.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 272.12 249.10 Td (with ) Tj ET Q q 0 0 0 rg BT 292.79 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.89 249.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.66 249.10 Td (market ) Tj ET Q q 0 0 0 rg BT 355.31 249.10 Td (value ) Tj ET Q q 0 0 0 rg BT 379.85 249.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 427.72 249.10 Td (by ) Tj ET Q q 0 0 0 rg BT 440.61 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.71 249.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 483.04 249.10 Td (based ) Tj ET Q q 0 0 0 rg BT 508.69 249.10 Td (on ) Tj ET Q q 0 0 0 rg BT 521.58 249.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 237.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 158.48 237.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 197.31 237.10 Td (performed; ) Tj ET Q q 0 0 0 rg BT 243.34 237.10 Td (this ) Tj ET Q q 0 0 0 rg BT 259.40 237.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.01 237.10 Td (has ) Tj ET Q q 0 0 0 rg BT 305.95 237.10 Td (been ) Tj ET Q q 0 0 0 rg BT 326.44 237.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 373.03 237.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.42 237.10 Td (be ) Tj ET Q q 0 0 0 rg BT 393.47 237.10 Td (1.239245 ) Tj ET Q q 0 0 0 rg BT 432.58 237.10 Td (times ) Tj ET Q q 0 0 0 rg BT 455.86 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.68 237.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 504.62 237.10 Td (DSUs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 225.10 Td (This ) Tj ET Q q 0 0 0 rg BT 128.54 225.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 175.19 225.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 212.39 225.10 Td (Element ) Tj ET Q q 0 0 0 rg BT 248.47 225.10 Td (DSU ) Tj ET Q q 0 0 0 rg BT 271.24 225.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 303.44 225.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.99 225.10 Td (an ) Tj ET Q q 0 0 0 rg BT 336.19 225.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 377.81 225.10 Td (value ) Tj ET Q q 0 0 0 rg BT 402.23 225.10 Td (after ) Tj ET Q q 0 0 0 rg BT 423.31 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.29 225.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 483.82 225.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 508.24 225.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.78 225.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 213.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 148.40 213.10 Td (value ) Tj ET Q q 0 0 0 rg BT 171.59 213.10 Td (held ) Tj ET Q q 0 0 0 rg BT 190.34 213.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 241.86 213.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 262.84 213.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.15 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.90 213.10 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 332.70 213.10 Td (379,641 ) Tj ET Q q 0 0 0 rg BT 366.74 213.10 Td (units ) Tj ET Q q 0 0 0 rg BT 387.72 213.10 Td (were ) Tj ET Q q 0 0 0 rg BT 408.69 213.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 435.22 213.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.54 213.10 Td (ef) Tj ET Q q 0 0 0 rg BT 452.12 213.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 468.64 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.40 213.10 Td (distribution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 189.10 Td (As ) Tj ET Q q 0 0 0 rg BT 121.78 189.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.67 189.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 175.44 189.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.44 189.10 Td (, ) Tj ET Q q 0 0 0 rg BT 200.61 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.50 189.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 232.05 189.10 Td (value ) Tj ET Q q 0 0 0 rg BT 256.37 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.38 189.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 293.94 189.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 331.59 189.10 Td (on ) Tj ET Q q 0 0 0 rg BT 344.26 189.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 189.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 390.70 189.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 435.58 189.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 488.79 189.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.92 177.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.49 177.10 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.31 177.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.22 177.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 234.80 177.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 267.48 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.51 177.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 316.18 177.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 354.99 177.10 Td (was ) Tj ET Q q 0 0 0 rg BT 372.13 177.10 Td ($4,989 ) Tj ET Q q 0 0 0 rg BT 401.22 177.10 Td ([December ) Tj ET Q q 0 0 0 rg BT 447.22 177.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 461.31 177.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 482.90 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.49 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.08 177.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.67 177.10 Td ($13,243].) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 605.25 Td ([ii] ) Tj ET Q q 0 0 0 rg BT 122.72 605.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 180.74 605.25 Td (shar) Tj ET Q q 0 0 0 rg BT 199.45 605.25 Td (e ) Tj ET Q q 0 0 0 rg BT 206.39 605.25 Td (units ) Tj ET Q q 0 0 0 rg BT 230.01 605.25 Td (["PSU"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 155.86 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.38 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.35 581.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 227.21 581.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.74 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.70 581.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 302.99 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.06 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.03 581.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 371.55 581.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 417.45 581.25 Td (Element ) Tj ET Q q 0 0 0 rg BT 452.52 581.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 476.51 581.25 Td (were ) Tj ET Q q 0 0 0 rg BT 497.68 581.25 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.25 Td (such ) Tj ET Q q 0 0 0 rg BT 129.63 569.25 Td (that ) Tj ET Q q 0 0 0 rg BT 147.93 569.25 Td (for ) Tj ET Q q 0 0 0 rg BT 162.89 569.25 Td (each ) Tj ET Q q 0 0 0 rg BT 184.51 569.25 Td (Element ) Tj ET Q q 0 0 0 rg BT 221.13 569.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 242.78 569.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 295.25 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.77 569.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 332.41 569.25 Td (is ) Tj ET Q q 0 0 0 rg BT 342.38 569.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 387.87 569.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.95 569.25 Td (an ) Tj ET Q q 0 0 0 rg BT 411.69 569.25 Td (Element ) Tj ET Q q 0 0 0 rg BT 448.31 569.25 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 471.61 569.25 Td (common ) Tj ET Q q 0 0 0 rg BT 509.91 569.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.25 Td (["EFN ) Tj ET Q q 0 0 0 rg BT 136.77 557.25 Td (PSU"], ) Tj ET Q q 0 0 0 rg BT 167.49 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.40 557.25 Td (an ) Tj ET Q q 0 0 0 rg BT 196.30 557.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 238.76 557.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 259.57 557.25 Td (was ) Tj ET Q q 0 0 0 rg BT 277.58 557.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 305.05 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.96 557.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 366.60 557.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.85 557.25 Td (an ) Tj ET Q q 0 0 0 rg BT 388.75 557.25 Td (ECN ) Tj ET Q q 0 0 0 rg BT 411.22 557.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 442.57 557.25 Td (common ) Tj ET Q q 0 0 0 rg BT 480.03 557.25 Td (share ) Tj ET Q q 0 0 0 rg BT 503.59 557.25 Td (["ECN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.25 Td (PSU"], ) Tj ET Q q 0 0 0 rg BT 138.43 545.25 Td (such ) Tj ET Q q 0 0 0 rg BT 158.94 545.25 Td (that ) Tj ET Q q 0 0 0 rg BT 176.11 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.51 545.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 231.54 545.25 Td (value ) Tj ET Q q 0 0 0 rg BT 255.38 545.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 307.54 545.25 Td (following ) Tj ET Q q 0 0 0 rg BT 348.60 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.00 545.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 411.29 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 420.13 545.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 443.96 545.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.92 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.31 545.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 509.35 545.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.81 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 533.25 Td (Element ) Tj ET Q q 0 0 0 rg BT 169.30 533.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 194.01 533.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 246.47 533.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 268.39 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.65 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.34 533.25 Td (distribution, ) Tj ET Q q 0 0 0 rg BT 344.43 533.25 Td (1,386,576 ) Tj ET Q q 0 0 0 rg BT 386.91 533.25 Td (ECN ) Tj ET Q q 0 0 0 rg BT 409.38 533.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 434.10 533.25 Td (were ) Tj ET Q q 0 0 0 rg BT 456.00 533.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 483.48 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.73 533.25 Td (ef) Tj ET Q q 0 0 0 rg BT 501.32 533.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 518.79 533.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.25 Td (distribution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.25 Td (As ) Tj ET Q q 0 0 0 rg BT 122.07 497.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.25 497.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 176.31 497.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.31 497.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.77 497.25 Td (204,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.27 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.24 497.25 Td (EFN ) Tj ET Q q 0 0 0 rg BT 259.09 497.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 284.29 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.69 497.25 Td (nil ) Tj ET Q q 0 0 0 rg BT 315.20 497.25 Td (ECN ) Tj ET Q q 0 0 0 rg BT 338.17 497.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 370.01 497.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 395.21 497.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 425.93 497.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 464.44 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.84 497.25 Td (outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.17 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.11 485.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 179.82 485.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.43 485.25 Td (value ) Tj ET Q q 0 0 0 rg BT 218.81 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.87 485.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 252.83 485.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 289.54 485.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.27 485.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.21 485.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 345.82 485.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 389.76 485.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.03 485.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 485.97 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.03 485.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.25 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.23 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.06 473.25 Td (as ) Tj ET Q q 0 0 0 rg BT 154.23 473.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 192.05 473.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 225.98 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.25 473.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 277.17 473.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 317.23 473.25 Td (was ) Tj ET Q q 0 0 0 rg BT 335.61 473.25 Td ($842 ) Tj ET Q q 0 0 0 rg BT 358.45 473.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 405.70 473.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 421.04 473.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 443.87 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 451.71 473.25 Td (268,934 ) Tj ET Q q 0 0 0 rg BT 487.04 473.25 Td (EFN ) Tj ET Q q 0 0 0 rg BT 508.77 473.25 Td (PSUs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.48 461.25 Td ($1,746 ) Tj ET Q q 0 0 0 rg BT 154.03 461.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.40 461.25 Td (liabilities]. ) Tj ET Q q 0 0 0 rg BT 209.50 461.25 Td ( ) Tj ET Q q 0 0 0 rg BT 211.54 461.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 243.02 461.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 267.30 461.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 294.34 461.25 Td (during ) Tj ET Q q 0 0 0 rg BT 322.50 461.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 344.54 461.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 376.02 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 382.50 461.25 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 423.99 461.25 Td (factor ) Tj ET Q q 0 0 0 rg BT 449.35 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.83 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.09 461.25 Td (final ) Tj ET Q q 0 0 0 rg BT 500.46 461.25 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.27 449.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 146.44 449.25 Td (that ) Tj ET Q q 0 0 0 rg BT 165.37 449.25 Td (will ) Tj ET Q q 0 0 0 rg BT 184.87 449.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 204.91 449.25 Td (will ) Tj ET Q q 0 0 0 rg BT 224.41 449.25 Td (range ) Tj ET Q q 0 0 0 rg BT 250.55 449.25 Td (from ) Tj ET Q q 0 0 0 rg BT 273.93 449.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 296.20 449.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.91 449.25 Td (200% ) Tj ET Q q 0 0 0 rg BT 335.18 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.45 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.60 449.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 390.87 449.25 Td (number ) Tj ET Q q 0 0 0 rg BT 425.35 449.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 463.16 449.25 Td (based ) Tj ET Q q 0 0 0 rg BT 489.86 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 503.80 449.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 437.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 161.48 437.25 Td (tar) Tj ET Q q 0 0 0 rg BT 171.84 437.25 Td (gets. ) Tj ET Q q 0 0 0 rg BT 193.19 437.25 Td (The ) Tj ET Q q 0 0 0 rg BT 211.70 437.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 236.89 437.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 286.51 437.25 Td (will ) Tj ET Q q 0 0 0 rg BT 305.02 437.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 324.09 437.25 Td (on ) Tj ET Q q 0 0 0 rg BT 337.04 437.25 Td (achievement ) Tj ET Q q 0 0 0 rg BT 390.52 437.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.81 437.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 435.86 437.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 489.34 437.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 425.25 Td (over ) Tj ET Q q 0 0 0 rg BT 128.27 425.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 153.27 425.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 175.77 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.71 425.25 Td (2019. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 401.25 Td ([iii] ) Tj ET Q q 0 0 0 rg BT 125.50 401.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 171.86 401.25 Td (shar) Tj ET Q q 0 0 0 rg BT 190.57 401.25 Td (e ) Tj ET Q q 0 0 0 rg BT 197.51 401.25 Td (units ) Tj ET Q q 0 0 0 rg BT 221.13 401.25 Td (["RSU"]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.25 Td (As ) Tj ET Q q 0 0 0 rg BT 121.80 377.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.71 377.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 175.49 377.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.49 377.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.68 377.25 Td (1,064,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.68 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.37 377.25 Td (RSUs ) Tj ET Q q 0 0 0 rg BT 269.40 377.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 299.85 377.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 338.09 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.21 377.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 407.07 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.19 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.10 377.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 481.77 377.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 498.33 377.25 Td (value ) Tj ET Q q 0 0 0 rg BT 522.68 377.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.25 Td (RSUs ) Tj ET Q q 0 0 0 rg BT 133.55 365.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 170.73 365.25 Td (on ) Tj ET Q q 0 0 0 rg BT 182.94 365.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.36 365.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 228.45 365.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 272.86 365.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 325.61 365.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 370.03 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.56 365.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.75 365.25 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.98 365.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.18 365.25 Td (as ) Tj ET Q q 0 0 0 rg BT 462.72 365.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 499.91 365.25 Td (payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.14 353.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 158.93 353.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 198.85 353.25 Td (was ) Tj ET Q q 0 0 0 rg BT 217.11 353.25 Td ($1,338 ) Tj ET Q q 0 0 0 rg BT 247.32 353.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 294.44 353.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 309.64 353.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 332.35 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.05 353.25 Td (1,255,415 ) Tj ET Q q 0 0 0 rg BT 382.76 353.25 Td (RSUs ) Tj ET Q q 0 0 0 rg BT 408.81 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.95 353.25 Td ($2,667 ) Tj ET Q q 0 0 0 rg BT 456.15 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.19 353.25 Td (liabilities]. ) Tj ET Q q 0 0 0 rg BT 512.94 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.45 353.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 341.25 Td (RSUs ) Tj ET Q q 0 0 0 rg BT 133.84 341.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 183.01 341.25 Td (will ) Tj ET Q q 0 0 0 rg BT 201.07 341.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 219.67 341.25 Td (over ) Tj ET Q q 0 0 0 rg BT 239.94 341.25 Td (one, ) Tj ET Q q 0 0 0 rg BT 259.38 341.25 Td (two ) Tj ET Q q 0 0 0 rg BT 276.88 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.82 341.25 Td (three ) Tj ET Q q 0 0 0 rg BT 316.31 341.25 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 317.25 Td ([iv] Hedging of DSUs, PSUs and RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.25 Td (As ) Tj ET Q q 0 0 0 rg BT 122.23 293.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.56 293.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 176.77 293.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.77 293.25 Td (, ) Tj ET Q q 0 0 0 rg BT 202.39 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.72 293.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 259.72 293.25 Td (has ) Tj ET Q q 0 0 0 rg BT 276.17 293.25 Td (hedged ) Tj ET Q q 0 0 0 rg BT 308.16 293.25 Td (2,379,734 ) Tj ET Q q 0 0 0 rg BT 351.28 293.25 Td (Element ) Tj ET Q q 0 0 0 rg BT 387.71 293.25 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 410.82 293.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 456.12 293.25 Td (share ) Tj ET Q q 0 0 0 rg BT 480.33 293.25 Td (units ) Tj ET Q q 0 0 0 rg BT 502.90 293.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.45 293.25 Td (nil ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 281.25 Td (ECN ) Tj ET Q q 0 0 0 rg BT 130.47 281.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 161.82 281.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 206.47 281.25 Td (share ) Tj ET Q q 0 0 0 rg BT 230.04 281.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 254.46 281.25 Td (with ) Tj ET Q q 0 0 0 rg BT 274.71 281.25 Td (net ) Tj ET Q q 0 0 0 rg BT 289.39 281.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.84 281.25 Td (liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.06 281.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.53 281.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.33 281.25 Td ($17,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.83 281.25 Td (, ) Tj ET Q q 0 0 0 rg BT 419.80 281.25 Td (which ) Tj ET Q q 0 0 0 rg BT 446.71 281.25 Td (will ) Tj ET Q q 0 0 0 rg BT 464.74 281.25 Td (be ) Tj ET Q q 0 0 0 rg BT 476.64 281.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 508.55 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 518.79 281.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 152.59 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.41 269.25 Td (PSU, ) Tj ET Q q 0 0 0 rg BT 188.74 269.25 Td (RSU ) Tj ET Q q 0 0 0 rg BT 211.69 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.62 269.25 Td (DSU ) Tj ET Q q 0 0 0 rg BT 253.11 269.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 284.92 269.25 Td ([December ) Tj ET Q q 0 0 0 rg BT 332.83 269.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.82 269.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 372.31 269.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.80 269.25 Td (2,361,032 ) Tj ET Q q 0 0 0 rg BT 424.29 269.25 Td (EFN ) Tj ET Q q 0 0 0 rg BT 446.67 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.60 269.25 Td (nil ) Tj ET Q q 0 0 0 rg BT 478.64 269.25 Td (ECN ) Tj ET Q q 0 0 0 rg BT 502.13 269.25 Td (Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 257.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 152.68 257.25 Td (share ) Tj ET Q q 0 0 0 rg BT 176.28 257.25 Td (units ) Tj ET Q q 0 0 0 rg BT 198.23 257.25 Td (hedged ) Tj ET Q q 0 0 0 rg BT 229.61 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.54 257.25 Td (net ) Tj ET Q q 0 0 0 rg BT 261.26 257.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 303.74 257.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 343.46 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.29 257.25 Td ($5,030 ) Tj ET Q q 0 0 0 rg BT 384.29 257.25 Td (for ) Tj ET Q q 0 0 0 rg BT 398.45 257.25 Td (PSU, ) Tj ET Q q 0 0 0 rg BT 421.79 257.25 Td (RSU, ) Tj ET Q q 0 0 0 rg BT 446.25 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.19 257.25 Td (DSU ) Tj ET Q q 0 0 0 rg BT 485.69 257.25 Td (awards]. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (26) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (10) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (Service ) Tj ET Q q 0 0 0 rg BT 141.12 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 158.70 579.90 Td (other ) Tj ET Q q 0 0 0 rg BT 182.38 579.90 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 219.66 579.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 256.12 579.90 Td (fuel ) Tj ET Q q 0 0 0 rg BT 274.81 579.90 Td (cards, ) Tj ET Q q 0 0 0 rg BT 301.54 579.90 Td (accident ) Tj ET Q q 0 0 0 rg BT 337.99 579.90 Td (management ) Tj ET Q q 0 0 0 rg BT 392.21 579.90 Td (services ) Tj ET Q q 0 0 0 rg BT 427.56 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 445.13 579.90 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 498.79 579.90 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 148.85 567.90 Td ( ) Tj ET Q q 0 0 0 rg BT 151.04 567.90 Td (Also ) Tj ET Q q 0 0 0 rg BT 172.74 567.90 Td (included ) Tj ET Q q 0 0 0 rg BT 209.98 567.90 Td (in ) Tj ET Q q 0 0 0 rg BT 220.57 567.90 Td (service ) Tj ET Q q 0 0 0 rg BT 251.69 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 268.94 567.90 Td (other ) Tj ET Q q 0 0 0 rg BT 292.29 567.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 326.75 567.90 Td (are ) Tj ET Q q 0 0 0 rg BT 341.76 567.90 Td (syndication ) Tj ET Q q 0 0 0 rg BT 390.68 567.90 Td (fees, ) Tj ET Q q 0 0 0 rg BT 412.08 567.90 Td (which ) Tj ET Q q 0 0 0 rg BT 439.33 567.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 478.79 567.90 Td (commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (received ) Tj ET Q q 0 0 0 rg BT 144.52 555.90 Td (when ) Tj ET Q q 0 0 0 rg BT 168.84 555.90 Td (the ) Tj ET Q q 0 0 0 rg BT 183.72 555.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 225.26 555.90 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 266.79 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 273.88 555.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 296.53 555.90 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 349.16 555.90 Td (between ) Tj ET Q q 0 0 0 rg BT 385.13 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 392.23 555.90 Td (lessee ) Tj ET Q q 0 0 0 rg BT 418.76 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 435.86 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 442.96 555.90 Td (third ) Tj ET Q q 0 0 0 rg BT 464.50 555.90 Td (party ) Tj ET Q q 0 0 0 rg BT 487.71 555.90 Td (lessor) Tj ET Q q 0 0 0 rg BT 510.49 555.90 Td (. ) Tj ET Q q 0 0 0 rg BT 515.45 555.90 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 543.90 Td (comparative ) Tj ET Q q 0 0 0 rg BT 160.40 543.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 192.82 543.90 Td (have ) Tj ET Q q 0 0 0 rg BT 214.67 543.90 Td (been ) Tj ET Q q 0 0 0 rg BT 236.53 543.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 272.84 543.90 Td (to ) Tj ET Q q 0 0 0 rg BT 283.59 543.90 Td (reflect ) Tj ET Q q 0 0 0 rg BT 312.11 543.90 Td (removing ) Tj ET Q q 0 0 0 rg BT 353.41 543.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 386.93 543.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 426.01 543.90 Td (related ) Tj ET Q q 0 0 0 rg BT 456.19 543.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.95 543.90 Td (service ) Tj ET Q q 0 0 0 rg BT 498.25 543.90 Td (delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 531.90 Td (from ) Tj ET Q q 0 0 0 rg BT 129.80 531.90 Td (service ) Tj ET Q q 0 0 0 rg BT 160.47 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 177.27 531.90 Td (other ) Tj ET Q q 0 0 0 rg BT 200.18 531.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 234.18 531.90 Td (to ) Tj ET Q q 0 0 0 rg BT 244.32 531.90 Td (salaries, ) Tj ET Q q 0 0 0 rg BT 279.17 531.90 Td (wages ) Tj ET Q q 0 0 0 rg BT 306.52 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 323.32 531.90 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 359.83 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 376.63 531.90 Td (general ) Tj ET Q q 0 0 0 rg BT 408.41 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 425.21 531.90 Td (administrative ) Tj ET Q q 0 0 0 rg BT 484.78 531.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 523.24 531.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 519.90 Td (be ) Tj ET Q q 0 0 0 rg BT 119.64 519.90 Td (consistent ) Tj ET Q q 0 0 0 rg BT 161.84 519.90 Td (with ) Tj ET Q q 0 0 0 rg BT 181.82 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 196.24 519.90 Td (current ) Tj ET Q q 0 0 0 rg BT 226.75 519.90 Td (period ) Tj ET Q q 0 0 0 rg BT 254.50 519.90 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 307.92 519.90 Td (The ) Tj ET Q q 0 0 0 rg BT 325.67 519.90 Td (comparative ) Tj ET Q q 0 0 0 rg BT 377.29 519.90 Td (period ) Tj ET Q q 0 0 0 rg BT 405.04 519.90 Td (has ) Tj ET Q q 0 0 0 rg BT 420.57 519.90 Td (also ) Tj ET Q q 0 0 0 rg BT 438.88 519.90 Td (been ) Tj ET Q q 0 0 0 rg BT 459.96 519.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 495.49 519.90 Td (to ) Tj ET Q q 0 0 0 rg BT 505.47 519.90 Td (reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 507.90 Td (removing ) Tj ET Q q 0 0 0 rg BT 148.89 507.90 Td (external ) Tj ET Q q 0 0 0 rg BT 183.65 507.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 206.22 507.90 Td (related ) Tj ET Q q 0 0 0 rg BT 235.98 507.90 Td (to ) Tj ET Q q 0 0 0 rg BT 246.33 507.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 276.09 507.90 Td (service ) Tj ET Q q 0 0 0 rg BT 306.97 507.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 345.63 507.90 Td (from ) Tj ET Q q 0 0 0 rg BT 367.63 507.90 Td (service ) Tj ET Q q 0 0 0 rg BT 398.51 507.90 Td (and ) Tj ET Q q 0 0 0 rg BT 415.51 507.90 Td (other ) Tj ET Q q 0 0 0 rg BT 438.62 507.90 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 475.33 507.90 Td (to ) Tj ET Q q 0 0 0 rg BT 485.67 507.90 Td (direct ) Tj ET Q q 0 0 0 rg BT 511.00 507.90 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 495.90 Td (of ) Tj ET Q q 0 0 0 rg BT 119.11 495.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 142.44 495.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.20 495.90 Td (service ) Tj ET Q q 0 0 0 rg BT 191.30 495.90 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 232.67 495.90 Td ( ) Tj ET Q q 0 0 0 rg BT 235.25 495.90 Td (The ) Tj ET Q q 0 0 0 rg BT 253.58 495.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 300.24 495.90 Td (for ) Tj ET Q q 0 0 0 rg BT 314.68 495.90 Td (internal ) Tj ET Q q 0 0 0 rg BT 348.00 495.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 386.88 495.90 Td (and ) Tj ET Q q 0 0 0 rg BT 404.10 495.90 Td (external ) Tj ET Q q 0 0 0 rg BT 439.08 495.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 461.86 495.90 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.07 495.90 Td ($10,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.57 495.90 Td ( ) Tj ET Q q 0 0 0 rg BT 519.35 495.90 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 483.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.72 483.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 174.09 483.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 206.03 483.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.40 483.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 276.00 483.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 483.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 459.90 Td (Interest ) Tj ET Q q 0 0 0 rg BT 140.49 459.90 Td (income, ) Tj ET Q q 0 0 0 rg BT 174.92 459.90 Td (net ) Tj ET Q q 0 0 0 rg BT 189.64 459.90 Td (consists ) Tj ET Q q 0 0 0 rg BT 223.81 459.90 Td (of ) Tj ET Q q 0 0 0 rg BT 234.64 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 249.35 459.90 Td (following ) Tj ET Q q 0 0 0 rg BT 290.74 459.90 Td (for ) Tj ET Q q 0 0 0 rg BT 304.90 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.62 459.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 370.99 459.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 402.93 459.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 429.30 459.90 Td (March ) Tj ET Q q 0 0 0 rg BT 457.90 459.90 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 422.4 m 458 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 422.4 m 532 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 422.4 m 458 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 422.4 m 532 422.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 395.4 m 458 395.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 395.4 m 532 395.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 382.4 m 458 382.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 382.4 m 532 382.4 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 412.00 440.94 Td (2018) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 486.00 440.91 Td (2017) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 418.35 427.44 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 492.35 427.41 Td ($) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 111.50 412.76 Td (Interest income) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 427.00 412.74 Td (153,452) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 501.00 412.76 Td (152,609) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 111.50 399.76 Td (Provision for \(recovery of\) credit losses ) Tj ET Q BT /F3 8.50 Tf ET q 0 0 0 rg BT 248.88 399.76 Td ([note 4]) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 441.90 399.74 Td (284) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 520.15 399.76 Td () Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 111.50 386.76 Td (Interest income, net) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 427.00 386.74 Td (153,168) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 501.00 386.76 Td (152,609) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (27) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (1) Tj ET Q q 0 0 0 rg BT 113.34 603.90 Td (1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 119.34 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 125.34 603.90 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 169.02 603.90 Td (RECEIV) Tj ET Q q 0 0 0 rg BT 214.15 603.90 Td (ABLE) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 578.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 137.02 578.70 Td (Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 554.70 Td (The ) Tj ET Q q 0 0 0 rg BT 126.37 554.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 150.30 554.70 Td (receivable ) Tj ET Q q 0 0 0 rg BT 194.20 554.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.35 554.70 Td ($19,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.85 554.70 Td ( ) Tj ET Q q 0 0 0 rg BT 240.68 554.70 Td (as ) Tj ET Q q 0 0 0 rg BT 251.83 554.70 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.87 554.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 305.79 554.70 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.79 554.70 Td ( ) Tj ET Q q 0 0 0 rg BT 328.61 554.70 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.94 554.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.85 554.70 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.85 554.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.17 554.70 Td ($19,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.67 554.70 Td (] ) Tj ET Q q 0 0 0 rg BT 459.82 554.70 Td (represent ) Tj ET Q q 0 0 0 rg BT 499.29 554.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 523.22 554.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 542.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 136.94 542.70 Td (employees ) Tj ET Q q 0 0 0 rg BT 181.44 542.70 Td (and ) Tj ET Q q 0 0 0 rg BT 197.61 542.70 Td (of) Tj ET Q q 0 0 0 rg BT 205.76 542.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 229.70 542.70 Td (of ) Tj ET Q q 0 0 0 rg BT 239.77 542.70 Td (the ) Tj ET Q q 0 0 0 rg BT 253.72 542.70 Td (Company) Tj ET Q q 0 0 0 rg BT 291.95 542.70 Td (. ) Tj ET Q q 0 0 0 rg BT 296.19 542.70 Td ( ) Tj ET Q q 0 0 0 rg BT 297.80 542.70 Td (These ) Tj ET Q q 0 0 0 rg BT 323.41 542.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 346.25 542.70 Td (bear ) Tj ET Q q 0 0 0 rg BT 365.20 542.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 396.36 542.70 Td (at ) Tj ET Q q 0 0 0 rg BT 405.32 542.70 Td (a ) Tj ET Q q 0 0 0 rg BT 411.49 542.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 428.21 542.70 Td (of ) Tj ET Q q 0 0 0 rg BT 438.27 542.70 Td (3% ) Tj ET Q q 0 0 0 rg BT 453.34 542.70 Td (per ) Tj ET Q q 0 0 0 rg BT 467.84 542.70 Td (annum. ) Tj ET Q q 0 0 0 rg BT 499.29 542.70 Td ( ) Tj ET Q q 0 0 0 rg BT 501.03 542.70 Td (Interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 530.70 Td (is ) Tj ET Q q 0 0 0 rg BT 117.88 530.70 Td (payable ) Tj ET Q q 0 0 0 rg BT 152.19 530.70 Td (monthly ) Tj ET Q q 0 0 0 rg BT 188.73 530.70 Td (or ) Tj ET Q q 0 0 0 rg BT 200.28 530.70 Td (annually) Tj ET Q q 0 0 0 rg BT 234.06 530.70 Td (, ) Tj ET Q q 0 0 0 rg BT 239.77 530.70 Td (and ) Tj ET Q q 0 0 0 rg BT 257.42 530.70 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 530.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 311.61 530.70 Td (is ) Tj ET Q q 0 0 0 rg BT 321.49 530.70 Td (payable ) Tj ET Q q 0 0 0 rg BT 355.79 530.70 Td (on ) Tj ET Q q 0 0 0 rg BT 369.00 530.70 Td (demand ) Tj ET Q q 0 0 0 rg BT 403.87 530.70 Td (in ) Tj ET Q q 0 0 0 rg BT 414.86 530.70 Td (the ) Tj ET Q q 0 0 0 rg BT 430.29 530.70 Td (event ) Tj ET Q q 0 0 0 rg BT 455.16 530.70 Td (of ) Tj ET Q q 0 0 0 rg BT 466.70 530.70 Td (non-payment ) Tj ET Q q 0 0 0 rg BT 522.68 530.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 518.70 Td (interest. ) Tj ET Q q 0 0 0 rg BT 143.12 518.70 Td ( ) Tj ET Q q 0 0 0 rg BT 146.08 518.70 Td (The ) Tj ET Q q 0 0 0 rg BT 164.82 518.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 189.12 518.70 Td (were ) Tj ET Q q 0 0 0 rg BT 211.74 518.70 Td (granted ) Tj ET Q q 0 0 0 rg BT 244.91 518.70 Td (in ) Tj ET Q q 0 0 0 rg BT 255.88 518.70 Td (order ) Tj ET Q q 0 0 0 rg BT 280.17 518.70 Td (to ) Tj ET Q q 0 0 0 rg BT 291.14 518.70 Td (help ) Tj ET Q q 0 0 0 rg BT 311.54 518.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 344.16 518.70 Td (the ) Tj ET Q q 0 0 0 rg BT 359.56 518.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 398.29 518.70 Td (of ) Tj ET Q q 0 0 0 rg BT 409.81 518.70 Td (the ) Tj ET Q q 0 0 0 rg BT 425.22 518.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 472.99 518.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 501.17 518.70 Td (and ) Tj ET Q q 0 0 0 rg BT 518.80 518.70 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 506.70 Td (secured ) Tj ET Q q 0 0 0 rg BT 141.04 506.70 Td (by ) Tj ET Q q 0 0 0 rg BT 153.54 506.70 Td (the ) Tj ET Q q 0 0 0 rg BT 168.25 506.70 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.74 506.70 Td (purchased ) Tj ET Q q 0 0 0 rg BT 238.78 506.70 Td (with ) Tj ET Q q 0 0 0 rg BT 259.06 506.70 Td (full ) Tj ET Q q 0 0 0 rg BT 275.45 506.70 Td (recourse ) Tj ET Q q 0 0 0 rg BT 311.81 506.70 Td (to ) Tj ET Q q 0 0 0 rg BT 322.09 506.70 Td (the ) Tj ET Q q 0 0 0 rg BT 336.81 506.70 Td (employee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 482.70 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 482.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 160.75 482.70 Td (in ) Tj ET Q q 0 0 0 rg BT 171.03 482.70 Td (the ) Tj ET Q q 0 0 0 rg BT 185.75 482.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 209.36 482.70 Td (receivable ) Tj ET Q q 0 0 0 rg BT 252.94 482.70 Td (during ) Tj ET Q q 0 0 0 rg BT 281.54 482.70 Td (the ) Tj ET Q q 0 0 0 rg BT 296.26 482.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 328.20 482.70 Td (were ) Tj ET Q q 0 0 0 rg BT 350.13 482.70 Td (as ) Tj ET Q q 0 0 0 rg BT 360.96 482.70 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 421.2 m 457.5 421.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 421.2 m 531.5 421.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 359.2 m 457.5 359.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 359.2 m 531.5 359.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 345.2 m 457.5 345.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 345.2 m 531.5 345.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.55 458.65 Td (Thr) Tj ET Q q 0 0 0 rg BT 409.39 458.65 Td (ee-month) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.85 449.65 Td (period ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.20 440.65 Td (Mar) Tj ET Q q 0 0 0 rg BT 407.03 440.65 Td (ch 31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.80 458.66 Td (Y) Tj ET Q q 0 0 0 rg BT 479.40 458.66 Td (ear ended) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 449.66 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 440.66 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.75 426.65 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 425.66 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 406.15 Td (Notes r) Tj ET Q q 0 0 0 rg BT 138.66 406.15 Td (eceivable, beginning of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 405.65 Td (19,670) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 405.66 Td (22,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 392.06 Td (Additions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.00 391.65 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 391.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 378.06 Td (Interest income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 377.65 Td (140) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.50 377.66 Td (556) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 364.06 Td (Repayments [interest and principal]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 363.65 Td (\(18) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 363.65 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.75 363.66 Td (\(2,964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 363.66 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 350.15 Td (Notes r) Tj ET Q q 0 0 0 rg BT 138.58 350.15 Td (eceivable, end of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.25 349.65 Td (19,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.25 349.66 Td (19,670) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (28) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (12) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (EARNINGS ) Tj ET Q q 0 0 0 rg BT 192.35 603.90 Td (PER ) Tj ET Q q 0 0 0 rg BT 219.35 603.90 Td (SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (Basic ) Tj ET Q q 0 0 0 rg BT 132.72 579.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 169.09 579.90 Td (per ) Tj ET Q q 0 0 0 rg BT 184.36 579.90 Td (share ) Tj ET Q q 0 0 0 rg BT 207.96 579.90 Td (are ) Tj ET Q q 0 0 0 rg BT 222.67 579.90 Td (as ) Tj ET Q q 0 0 0 rg BT 233.50 579.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 266.00 579.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.16 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 294.88 579.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 346.25 579.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 378.19 579.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 404.56 579.90 Td (March ) Tj ET Q q 0 0 0 rg BT 433.16 579.90 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 556.4 m 463.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 556.4 m 530.5 556.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 517.4 m 463.5 517.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 517.4 m 530.5 517.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 517.4 m 463.5 517.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 503.4 m 463.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 517.4 m 530.5 517.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 503.4 m 530.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 475.4 m 463.5 475.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 475.4 m 530.5 475.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 447.4 m 463.5 447.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 447.4 m 530.5 447.4 l s BT /F2 8.75 Tf ET q 0 0 0 rg BT 420.75 560.82 Td (2018) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 487.75 560.83 Td (2017) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 110.00 535.83 Td (Net income attributable to shareholders) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.00 535.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 435.95 535.87 Td (21,759) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.00 535.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 502.95 535.88 Td (51,845) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 110.00 521.83 Td (Cumulative dividends on preferred shares) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.00 521.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 433.00 521.82 Td (\(1) Tj ET Q q 0 0 0 rg BT 440.29 521.82 Td (1,068) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 460.05 521.82 Td (\)) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.00 521.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 504.40 521.83 Td (\(8,912) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 527.05 521.83 Td (\)) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 110.00 507.83 Td (Net income available to common shareholders) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.00 507.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 435.95 507.87 Td (10,691) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.00 507.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 502.95 507.88 Td (42,933) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 110.00 479.83 Td (W) Tj ET Q q 0 0 0 rg BT 117.56 479.83 Td (eighted average number of common shares outstanding basic [number]) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 416.25 479.82 Td (380,355,836) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 483.25 479.83 Td (387,710,837) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 110.00 451.83 Td (Basic earnings per share) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.00 451.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 444.70 451.87 Td (0.03) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.00 451.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 511.70 451.88 Td (0.1) Tj ET Q q 0 0 0 rg BT 522.64 451.88 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 411.90 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 140.50 411.90 Td (earnings ) Tj ET Q q 0 0 0 rg BT 176.87 411.90 Td (per ) Tj ET Q q 0 0 0 rg BT 192.14 411.90 Td (share ) Tj ET Q q 0 0 0 rg BT 215.74 411.90 Td (is ) Tj ET Q q 0 0 0 rg BT 224.91 411.90 Td (as ) Tj ET Q q 0 0 0 rg BT 235.74 411.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 268.24 411.90 Td (for ) Tj ET Q q 0 0 0 rg BT 282.40 411.90 Td (the ) Tj ET Q q 0 0 0 rg BT 297.12 411.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 348.49 411.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 380.43 411.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 406.80 411.90 Td (March ) Tj ET Q q 0 0 0 rg BT 435.40 411.90 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 388.4 m 464 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 388.4 m 531 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 388.4 m 464 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 388.4 m 531 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 321.4 m 464 321.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 307.4 m 464 307.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 321.4 m 531 321.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 307.4 m 531 307.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397 279.4 m 464 279.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464 279.4 m 531 279.4 l s BT /F2 8.75 Tf ET q 0 0 0 rg BT 421.25 392.82 Td (2018) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 488.25 392.83 Td (2017) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 109.50 367.83 Td (Net income available to common shareholders adjusted for the ef) Tj ET Q q 0 0 0 rg BT 337.58 367.83 Td (fects of dilution) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.50 367.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 436.45 367.87 Td (10,691) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.50 367.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 503.45 367.88 Td (42,933) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 109.50 339.83 Td (W) Tj ET Q q 0 0 0 rg BT 117.41 339.83 Td (eighted average number of common shares outstanding basic [number]) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 416.75 339.82 Td (380,355,836) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 483.75 339.83 Td (387,710,837) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 109.50 325.83 Td (Dilutive stock options and warrants [number]) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 432.05 325.82 Td (651,630) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 492.50 325.83 Td (4,647,899) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 109.50 311.83 Td (W) Tj ET Q q 0 0 0 rg BT 117.06 311.83 Td (eighted average number of common shares outstanding diluted [number]) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 416.75 311.82 Td (381,007,466) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 483.75 311.83 Td (392,358,736) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 109.50 283.83 Td (Diluted earnings per share) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 399.50 283.82 Td ($) Tj ET Q BT /F2 8.75 Tf ET q 0 0 0 rg BT 445.20 283.87 Td (0.03) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 466.50 283.83 Td ($) Tj ET Q BT /F1 8.75 Tf ET q 0 0 0 rg BT 512.20 283.88 Td (0.1) Tj ET Q q 0 0 0 rg BT 523.14 283.88 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 258.30 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 157.98 258.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 207.41 258.30 Td (as ) Tj ET Q q 0 0 0 rg BT 218.50 258.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.48 258.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 272.34 258.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.34 258.30 Td ( ) Tj ET Q q 0 0 0 rg BT 295.10 258.30 Td (that ) Tj ET Q q 0 0 0 rg BT 312.86 258.30 Td (could ) Tj ET Q q 0 0 0 rg BT 337.84 258.30 Td (potentially ) Tj ET Q q 0 0 0 rg BT 383.37 258.30 Td (dilute ) Tj ET Q q 0 0 0 rg BT 408.91 258.30 Td (basic ) Tj ET Q q 0 0 0 rg BT 432.22 258.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 468.86 258.30 Td (per ) Tj ET Q q 0 0 0 rg BT 484.39 258.30 Td (share ) Tj ET Q q 0 0 0 rg BT 508.25 258.30 Td (in ) Tj ET Q q 0 0 0 rg BT 518.79 258.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 246.30 Td (future, ) Tj ET Q q 0 0 0 rg BT 136.14 246.30 Td (but ) Tj ET Q q 0 0 0 rg BT 150.68 246.30 Td (were ) Tj ET Q q 0 0 0 rg BT 171.86 246.30 Td (not ) Tj ET Q q 0 0 0 rg BT 186.40 246.30 Td (included ) Tj ET Q q 0 0 0 rg BT 222.60 246.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.14 246.30 Td (the ) Tj ET Q q 0 0 0 rg BT 246.11 246.30 Td (calculation ) Tj ET Q q 0 0 0 rg BT 291.74 246.30 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 246.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 331.36 246.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 367.00 246.30 Td (per ) Tj ET Q q 0 0 0 rg BT 381.53 246.30 Td (share ) Tj ET Q q 0 0 0 rg BT 404.39 246.30 Td (because ) Tj ET Q q 0 0 0 rg BT 437.79 246.30 Td (they ) Tj ET Q q 0 0 0 rg BT 456.77 246.30 Td (were ) Tj ET Q q 0 0 0 rg BT 477.96 246.30 Td (anti) Tj ET Q /GS0 gs q 5.00 0 0 10.09 492.96 244.14 cm /I3 Do Q q 0 0 0 rg BT 497.96 246.30 Td (dilutive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 234.30 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.52 234.30 Td (17,504,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.52 234.30 Td ( ) Tj ET Q q 0 0 0 rg BT 188.60 234.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 212.79 234.30 Td (options ) Tj ET Q q 0 0 0 rg BT 245.32 234.30 Td (for ) Tj ET Q q 0 0 0 rg BT 260.06 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 275.36 234.30 Td (three-month ) Tj ET Q q 0 0 0 rg BT 327.32 234.30 Td (period ) Tj ET Q q 0 0 0 rg BT 355.95 234.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.91 234.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 427.09 234.30 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.09 234.30 Td ( ) Tj ET Q q 0 0 0 rg BT 450.17 234.30 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 505.45 234.30 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 222.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.38 222.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 177.98 222.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.98 222.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.98 222.30 Td (6,478,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.98 222.30 Td ( ) Tj ET Q q 0 0 0 rg BT 250.48 222.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 274.08 222.30 Td (options].) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 198.30 Td (In ) Tj ET Q q 0 0 0 rg BT 117.82 198.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 154.58 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 168.29 198.30 Td (convertible ) Tj ET Q q 0 0 0 rg BT 214.75 198.30 Td (debentures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.56 198.30 Td ([note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.15 198.30 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.15 198.30 Td (] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.53 198.30 Td (were ) Tj ET Q q 0 0 0 rg BT 313.45 198.30 Td (excluded ) Tj ET Q q 0 0 0 rg BT 351.03 198.30 Td (from ) Tj ET Q q 0 0 0 rg BT 371.96 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 385.67 198.30 Td (diluted ) Tj ET Q q 0 0 0 rg BT 414.93 198.30 Td (earnings ) Tj ET Q q 0 0 0 rg BT 450.29 198.30 Td (per ) Tj ET Q q 0 0 0 rg BT 464.55 198.30 Td (share ) Tj ET Q q 0 0 0 rg BT 487.14 198.30 Td (calculation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 186.30 Td (as ) Tj ET Q q 0 0 0 rg BT 118.83 186.30 Td (these ) Tj ET Q q 0 0 0 rg BT 141.88 186.30 Td (were ) Tj ET Q q 0 0 0 rg BT 163.81 186.30 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 215.18 186.30 Td (for ) Tj ET Q q 0 0 0 rg BT 229.34 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 244.06 186.30 Td (three-month ) Tj ET Q q 0 0 0 rg BT 295.43 186.30 Td (period ) Tj ET Q q 0 0 0 rg BT 323.48 186.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.86 186.30 Td (March ) Tj ET Q q 0 0 0 rg BT 378.45 186.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 393.45 186.30 Td (2018 ) Tj ET Q q 0 0 0 rg BT 415.95 186.30 Td (and ) Tj ET Q q 0 0 0 rg BT 432.89 186.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.89 186.30 Td (.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (29) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (13) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (DERIV) Tj ET Q q 0 0 0 rg BT 163.13 603.90 Td (A) Tj ET Q q 0 0 0 rg BT 170.90 603.90 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 203.24 603.90 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 270.59 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 273.59 603.90 Td (INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (In ) Tj ET Q q 0 0 0 rg BT 119.28 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 134.44 579.90 Td (normal ) Tj ET Q q 0 0 0 rg BT 165.71 579.90 Td (course ) Tj ET Q q 0 0 0 rg BT 194.76 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 206.03 579.90 Td (business, ) Tj ET Q q 0 0 0 rg BT 245.37 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 262.76 579.90 Td (consistent ) Tj ET Q q 0 0 0 rg BT 305.70 579.90 Td (with ) Tj ET Q q 0 0 0 rg BT 326.43 579.90 Td (its ) Tj ET Q q 0 0 0 rg BT 338.82 579.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 356.77 579.90 Td (management ) Tj ET Q q 0 0 0 rg BT 410.80 579.90 Td (program, ) Tj ET Q q 0 0 0 rg BT 450.13 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 465.29 579.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.12 579.90 Td (enters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (into ) Tj ET Q q 0 0 0 rg BT 125.94 567.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.75 567.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 175.11 567.90 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 221.37 567.90 Td (to ) Tj ET Q q 0 0 0 rg BT 231.52 567.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 265.00 567.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.81 567.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 314.17 567.90 Td (risk, ) Tj ET Q q 0 0 0 rg BT 334.05 567.90 Td ( ) Tj ET Q q 0 0 0 rg BT 336.43 567.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 367.69 567.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 407.82 567.90 Td (forward ) Tj ET Q q 0 0 0 rg BT 441.85 567.90 Td (agreements ) Tj ET Q q 0 0 0 rg BT 489.76 567.90 Td (to ) Tj ET Q q 0 0 0 rg BT 499.92 567.90 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (foreign ) Tj ET Q q 0 0 0 rg BT 139.38 555.90 Td (currency ) Tj ET Q q 0 0 0 rg BT 176.85 555.90 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 217.95 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 234.89 555.90 Td (total ) Tj ET Q q 0 0 0 rg BT 255.16 555.90 Td (return ) Tj ET Q q 0 0 0 rg BT 281.54 555.90 Td (swaps ) Tj ET Q q 0 0 0 rg BT 308.48 555.90 Td (to ) Tj ET Q q 0 0 0 rg BT 318.76 555.90 Td (manage ) Tj ET Q q 0 0 0 rg BT 352.36 555.90 Td (exposure ) Tj ET Q q 0 0 0 rg BT 390.95 555.90 Td (to ) Tj ET Q q 0 0 0 rg BT 401.23 555.90 Td (share-based ) Tj ET Q q 0 0 0 rg BT 450.93 555.90 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 511.47 555.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (Cash ) Tj ET Q q 0 0 0 rg BT 137.01 529.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 162.01 529.50 Td (hedging ) Tj ET Q q 0 0 0 rg BT 205.69 529.50 Td (r) Tj ET Q q 0 0 0 rg BT 210.80 529.50 Td (elationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 505.50 Td (The ) Tj ET Q q 0 0 0 rg BT 125.10 505.50 Td (following ) Tj ET Q q 0 0 0 rg BT 165.53 505.50 Td (table ) Tj ET Q q 0 0 0 rg BT 186.52 505.50 Td (presents ) Tj ET Q q 0 0 0 rg BT 220.83 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 234.60 505.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 250.03 505.50 Td (value ) Tj ET Q q 0 0 0 rg BT 273.23 505.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 306.99 505.50 Td (related ) Tj ET Q q 0 0 0 rg BT 335.74 505.50 Td (to ) Tj ET Q q 0 0 0 rg BT 345.07 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 358.83 505.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 378.15 505.50 Td (flow ) Tj ET Q q 0 0 0 rg BT 398.03 505.50 Td (hedges ) Tj ET Q q 0 0 0 rg BT 427.35 505.50 Td (included ) Tj ET Q q 0 0 0 rg BT 463.33 505.50 Td (in ) Tj ET Q q 0 0 0 rg BT 472.66 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 486.42 505.50 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 493.50 Td (results ) Tj ET Q q 0 0 0 rg BT 136.61 493.50 Td (for ) Tj ET Q q 0 0 0 rg BT 150.77 493.50 Td (the ) Tj ET Q q 0 0 0 rg BT 165.49 493.50 Td (three-month ) Tj ET Q q 0 0 0 rg BT 216.86 493.50 Td (periods ) Tj ET Q q 0 0 0 rg BT 248.80 493.50 Td (ended ) Tj ET Q q 0 0 0 rg BT 275.17 493.50 Td (March ) Tj ET Q q 0 0 0 rg BT 303.77 493.50 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 442 m 456.5 442 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 442 m 530.5 442 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 442 m 456.5 442 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 442 m 530.5 442 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 399 m 456.5 399 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 399 m 530.5 399 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 461.45 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 461.46 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.75 446.45 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.75 446.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 417.46 Td (Foreign exchange agreements recorded in other revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 417.45 Td (1) Tj ET Q q 0 0 0 rg BT 432.75 417.45 Td (1,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 417.46 Td (\(4,667) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 417.46 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 403.46 Td (Fair value changes recorded in other comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.75 403.45 Td (4,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 403.46 Td (\(31,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 403.46 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (30) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (Notional ) Tj ET Q q 0 0 0 rg BT 155.00 603.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 202.01 603.90 Td (and ) Tj ET Q q 0 0 0 rg BT 224.36 603.90 Td (fair) Tj ET Q q 0 0 0 rg BT 242.80 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 245.80 603.90 Td (values ) Tj ET Q q 0 0 0 rg BT 280.80 603.90 Td (of ) Tj ET Q q 0 0 0 rg BT 293.80 603.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 348.12 603.90 Td (instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 125.32 579.90 Td (following ) Tj ET Q q 0 0 0 rg BT 165.98 579.90 Td (table ) Tj ET Q q 0 0 0 rg BT 187.18 579.90 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 236.72 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 250.71 579.90 Td (notional ) Tj ET Q q 0 0 0 rg BT 285.26 579.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 322.57 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 338.78 579.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.43 579.90 Td (values ) Tj ET Q q 0 0 0 rg BT 381.75 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 391.85 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 405.84 579.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 447.59 579.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.35 579.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (outstanding:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 525.4 m 451.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 525.4 m 531.5 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 469.4 m 451.5 469.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 469.4 m 531.5 469.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 456.4 m 451.5 456.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 456.4 m 531.5 456.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 400.4 m 451.5 400.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 387.4 m 451.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 400.4 m 531.5 400.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 387.4 m 531.5 387.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 357.4 m 451.5 357.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 357.4 m 531.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 314.4 m 451.5 314.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 301.4 m 451.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 314.4 m 531.5 314.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 301.4 m 531.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 245.39999999999998 m 451.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 245.39999999999998 m 531.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 232.39999999999998 m 451.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 232.39999999999998 m 531.5 232.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.50 548.63 Td (Mar) Tj ET Q q 0 0 0 rg BT 408.46 548.63 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.00 540.63 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.55 548.65 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.00 540.65 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.00 528.48 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.00 528.35 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 513.48 Td (Notional principal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 500.35 Td (Derivative assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 487.35 Td (Interest rate contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 487.48 Td (2,793,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 487.35 Td (5,101,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 474.35 Td (Foreign exchange agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.30 474.48 Td (372,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.30 474.35 Td (385,668) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 461.35 Td (Derivative assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 461.48 Td (3,166,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 461.35 Td (5,487,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 444.35 Td (Derivative liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 431.35 Td (Interest rate contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 431.48 Td (7,367,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 431.35 Td (4,695,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 418.35 Td (Foreign exchange agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.30 418.08 Td (494,877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.30 418.00 Td (364,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 405.35 Td (T) Tj ET Q q 0 0 0 rg BT 124.61 405.35 Td (otal return swaps) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 405.08 Td (27,492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 405.00 Td (27,492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 392.35 Td (Derivative liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 391.63 Td (7,889,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 391.65 Td (5,087,939) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 375.48 Td (Fair) Tj ET Q q 0 0 0 rg BT 125.52 375.48 Td ( values) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 362.35 Td (Restricted funds - collateral) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 361.63 Td (18,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.30 361.65 Td (4,070) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 345.35 Td (Derivative assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 332.35 Td (Interest rate contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 332.48 Td (29,560) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 332.35 Td (31,197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 319.35 Td (Foreign exchange agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.30 319.48 Td (1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.30 319.35 Td (829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 306.35 Td (Derivative assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 306.48 Td (31,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 306.35 Td (32,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 289.35 Td (Derivative liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 276.35 Td (Interest rate contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 276.48 Td (26,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 276.35 Td (26,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 263.35 Td (Foreign exchange agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 263.08 Td (354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.30 263.00 Td (1,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 250.35 Td (T) Tj ET Q q 0 0 0 rg BT 124.33 250.35 Td (otal return swaps) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 250.08 Td (17,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.30 250.00 Td (5,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 237.35 Td (Derivative liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 236.63 Td (44,599) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 236.65 Td (33,342) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (31) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (Fair) Tj ET Q q 0 0 0 rg BT 129.77 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.77 603.90 Td (values ) Tj ET Q q 0 0 0 rg BT 167.78 603.90 Td (of ) Tj ET Q q 0 0 0 rg BT 180.77 603.90 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 239.76 603.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 297.43 603.90 Td (in ) Tj ET Q q 0 0 0 rg BT 310.44 603.90 Td (hedging ) Tj ET Q q 0 0 0 rg BT 354.12 603.90 Td (r) Tj ET Q q 0 0 0 rg BT 359.23 603.90 Td (elationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.95 579.90 Td (following ) Tj ET Q q 0 0 0 rg BT 169.23 579.90 Td (table ) Tj ET Q q 0 0 0 rg BT 192.06 579.90 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 243.22 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 258.84 579.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 276.12 579.90 Td (values ) Tj ET Q q 0 0 0 rg BT 305.06 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 316.79 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 332.40 579.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 375.78 579.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.16 579.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 464.23 579.90 Td (designated ) Tj ET Q q 0 0 0 rg BT 510.39 579.90 Td (in ) Tj ET Q q 0 0 0 rg BT 521.56 579.90 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 154.37 567.90 Td (hedging ) Tj ET Q q 0 0 0 rg BT 189.09 567.90 Td (relationship, ) Tj ET Q q 0 0 0 rg BT 241.30 567.90 Td (as ) Tj ET Q q 0 0 0 rg BT 252.13 567.90 Td (at:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 521.4 m 450.5 521.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 521.4 m 530.5 521.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 521.4 m 450.5 521.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 521.4 m 530.5 521.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 464.4 m 450.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 464.4 m 530.5 464.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 450.4 m 450.5 450.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 450.4 m 530.5 450.4 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.50 545.63 Td (Mar) Tj ET Q q 0 0 0 rg BT 407.46 545.63 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.00 537.63 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.55 545.65 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 537.65 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.75 524.80 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.75 524.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 496.86 Td (Interest rate contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 496.85 Td (2,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 496.86 Td (4,467) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 482.86 Td (Foreign exchange agreements) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.75 482.85 Td (1,104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.50 482.86 Td (\(753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 482.86 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 468.86 Td (T) Tj ET Q q 0 0 0 rg BT 114.87 468.86 Td (otal return swaps) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.25 468.85 Td (\(17,593) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 468.85 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 468.86 Td (\(5,030) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 468.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.25 454.85 Td (\(13,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 454.85 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 454.86 Td (\(1,316) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 454.86 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (32) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 589.50 Td (Offsetting ) Tj ET Q q 0 0 0 rg BT 162.32 589.50 Td (of ) Tj ET Q q 0 0 0 rg BT 175.32 589.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 229.63 589.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.97 589.50 Td (and ) Tj ET Q q 0 0 0 rg BT 284.31 589.50 Td (liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 126.48 565.50 Td (following ) Tj ET Q q 0 0 0 rg BT 168.29 565.50 Td (table ) Tj ET Q q 0 0 0 rg BT 190.66 565.50 Td (presents ) Tj ET Q q 0 0 0 rg BT 226.35 565.50 Td (a ) Tj ET Q q 0 0 0 rg BT 233.72 565.50 Td (summary ) Tj ET Q q 0 0 0 rg BT 273.87 565.50 Td (of ) Tj ET Q q 0 0 0 rg BT 285.13 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 300.28 565.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 347.79 565.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 390.70 565.50 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 431.12 565.50 Td (which ) Tj ET Q q 0 0 0 rg BT 458.49 565.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 494.74 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 509.89 565.50 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 553.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 146.84 553.50 Td (of ) Tj ET Q q 0 0 0 rg BT 160.13 553.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 208.94 553.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.88 553.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.16 553.50 Td (and ) Tj ET Q q 0 0 0 rg BT 296.55 553.50 Td (liabilities; ) Tj ET Q q 0 0 0 rg BT 341.50 553.50 Td (the ) Tj ET Q q 0 0 0 rg BT 358.67 553.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 397.51 553.50 Td (of) Tj ET Q q 0 0 0 rg BT 405.66 553.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 425.06 553.50 Td (in ) Tj ET Q q 0 0 0 rg BT 437.79 553.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.96 553.50 Td (interim ) Tj ET Q q 0 0 0 rg BT 488.79 553.50 Td (condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 541.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.89 541.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.46 541.50 Td (of ) Tj ET Q q 0 0 0 rg BT 225.14 541.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.47 541.50 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.70 541.50 Td (; ) Tj ET Q q 0 0 0 rg BT 305.82 541.50 Td (the ) Tj ET Q q 0 0 0 rg BT 323.39 541.50 Td (net ) Tj ET Q q 0 0 0 rg BT 340.96 541.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.20 541.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 423.86 541.50 Td (in ) Tj ET Q q 0 0 0 rg BT 436.99 541.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.56 541.50 Td (interim ) Tj ET Q q 0 0 0 rg BT 488.79 541.50 Td (condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.48 529.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 210.63 529.50 Td (of ) Tj ET Q q 0 0 0 rg BT 223.89 529.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.81 529.50 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.03 529.50 Td (; ) Tj ET Q q 0 0 0 rg BT 303.75 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 320.90 529.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 359.72 529.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 392.98 529.50 Td (to ) Tj ET Q q 0 0 0 rg BT 405.70 529.50 Td (an ) Tj ET Q q 0 0 0 rg BT 420.07 529.50 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 471.64 529.50 Td (master ) Tj ET Q q 0 0 0 rg BT 503.23 529.50 Td (netting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 517.50 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 161.01 517.50 Td (or ) Tj ET Q q 0 0 0 rg BT 172.38 517.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 203.19 517.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 247.86 517.50 Td (that ) Tj ET Q q 0 0 0 rg BT 265.90 517.50 Td (were ) Tj ET Q q 0 0 0 rg BT 288.36 517.50 Td (not ) Tj ET Q q 0 0 0 rg BT 304.18 517.50 Td (included ) Tj ET Q q 0 0 0 rg BT 341.65 517.50 Td (in ) Tj ET Q q 0 0 0 rg BT 352.46 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 367.72 517.50 Td (of) Tj ET Q q 0 0 0 rg BT 375.87 517.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 393.34 517.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 426.37 517.50 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 471.62 517.50 Td (above; ) Tj ET Q q 0 0 0 rg BT 501.32 517.50 Td (and ) Tj ET Q q 0 0 0 rg BT 518.79 517.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 505.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.50 505.50 Td (of ) Tj ET Q q 0 0 0 rg BT 151.33 505.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 171.59 505.50 Td (collateral ) Tj ET Q q 0 0 0 rg BT 211.29 505.50 Td (received ) Tj ET Q q 0 0 0 rg BT 247.65 505.50 Td (or ) Tj ET Q q 0 0 0 rg BT 258.48 505.50 Td (pledged. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 455 m 425.5 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 455 m 480.5 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 365 m 259.5 365 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 365 m 315.5 365 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 365 m 370.5 365 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 365 m 425.5 365 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 365 m 480.5 365 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 365 m 530.5 365 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 300 m 259.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 300 m 315.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 300 m 370.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 300 m 425.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 300 m 480.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 300 m 530.5 300 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 226 m 259.5 226 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 226 m 315.5 226 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 226 m 370.5 226 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 226 m 425.5 226 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 226 m 480.5 226 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 226 m 530.5 226 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.30 487.06 Td (Amounts subject to an enfor) Tj ET Q q 0 0 0 rg BT 458.01 487.06 Td (ceable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.95 480.06 Td (master) Tj ET Q q 0 0 0 rg BT 399.49 480.06 Td ( netting arrangement or) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.55 473.06 Td (similar) Tj ET Q q 0 0 0 rg BT 394.48 473.06 Td ( agr) Tj ET Q q 0 0 0 rg BT 406.21 473.06 Td (eement that ar) Tj ET Q q 0 0 0 rg BT 449.63 473.06 Td (e not set-) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.65 466.06 Td (off in the Consolidated Statements) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.25 459.06 Td (of Financial Position) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 208.60 447.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 217.03 447.06 Td (oss amounts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 211.10 440.06 Td (of r) Tj ET Q q 0 0 0 rg BT 221.66 440.06 Td (ecognized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 217.95 433.06 Td (financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 213.10 426.06 Td (instruments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.50 419.06 Td (befor) Tj ET Q q 0 0 0 rg BT 237.31 419.06 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.35 412.06 Td (netting on the ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 211.35 405.06 Td (Consolidated ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 210.65 398.06 Td (Statements of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.95 391.06 Td (Financial ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 218.90 384.06 Td (Position) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 264.60 440.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 273.03 440.06 Td (oss amounts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.10 433.06 Td (of r) Tj ET Q q 0 0 0 rg BT 277.66 433.06 Td (ecognized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.95 426.06 Td (financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.10 419.06 Td (instruments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.30 412.06 Td (set-off in the ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.35 405.06 Td (Consolidated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 266.65 398.06 Td (Statements of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.95 391.06 Td (Financial ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.90 384.06 Td (Position) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.90 433.06 Td (Net amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.65 426.06 Td (of financial) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.60 419.06 Td (instruments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.60 412.06 Td (pr) Tj ET Q q 0 0 0 rg BT 325.47 412.06 Td (esented in the) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.85 405.06 Td (Consolidated ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.15 398.06 Td (Statements of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.45 391.06 Td (Financial ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 330.40 384.06 Td (Position) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.85 412.06 Td (Amounts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.40 405.06 Td (subject to an) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.25 398.06 Td (enfor) Tj ET Q q 0 0 0 rg BT 396.06 398.06 Td (ceable) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.85 391.06 Td (master) Tj ET Q q 0 0 0 rg BT 396.32 391.06 Td ( netting) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 381.80 384.06 Td (agr) Tj ET Q q 0 0 0 rg BT 391.78 384.06 Td (eement) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 437.50 384.06 Td (Collateral) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.40 384.06 Td (Net amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.25 369.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.25 369.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 340.75 369.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 395.75 369.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 450.75 369.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.25 369.06 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 350.23 Td (As at Mar) Tj ET Q q 0 0 0 rg BT 144.58 350.23 Td (ch 31, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 335.25 Td (Derivative financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 114.50 327.25 Td (instrument assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.25 327.45 Td (31,018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 327.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.25 327.45 Td (31,018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 327.45 Td (14,029) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 327.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 327.45 Td (16,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 312.25 Td (Derivative financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 114.50 304.25 Td (instrument liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.25 304.45 Td (44,599) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 304.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.25 304.45 Td (44,599) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.25 304.45 Td (14,029) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.25 304.45 Td (18,540) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 304.45 Td (12,030) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.00 276.23 Td (As at December) Tj ET Q q 0 0 0 rg BT 164.05 276.23 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 261.25 Td (Derivative financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 114.50 253.25 Td (instrument assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.25 253.46 Td (32,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 253.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 253.46 Td (32,026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 253.46 Td (18,503) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 253.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 253.46 Td (13,523) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 238.25 Td (Derivative financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 114.50 230.25 Td (instrument liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.25 230.46 Td (33,342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.00 230.46 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 230.46 Td (33,342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 230.46 Td (18,503) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 230.46 Td (4,070) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 230.46 Td (10,769) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (33) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (14) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 162.45 603.90 Td (AL) Tj ET Q q 0 0 0 rg BT 178.45 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 181.45 603.90 Td (DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.03 579.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 173.10 579.90 Td (objectives ) Tj ET Q q 0 0 0 rg BT 216.13 579.90 Td (when ) Tj ET Q q 0 0 0 rg BT 240.28 579.90 Td (managing ) Tj ET Q q 0 0 0 rg BT 282.20 579.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.34 579.90 Td (are ) Tj ET Q q 0 0 0 rg BT 326.03 579.90 Td (to ) Tj ET Q q 0 0 0 rg BT 336.30 579.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 364.89 579.90 Td (suf) Tj ET Q q 0 0 0 rg BT 376.93 579.90 Td (ficient ) Tj ET Q q 0 0 0 rg BT 404.96 579.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 441.34 579.90 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 579.90 Td (support ) Tj ET Q q 0 0 0 rg BT 484.09 579.90 Td (its ) Tj ET Q q 0 0 0 rg BT 496.03 579.90 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (objectives ) Tj ET Q q 0 0 0 rg BT 150.72 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 167.33 567.90 Td (strategic ) Tj ET Q q 0 0 0 rg BT 203.38 567.90 Td (plans, ) Tj ET Q q 0 0 0 rg BT 229.16 567.90 Td (to ) Tj ET Q q 0 0 0 rg BT 239.11 567.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 267.38 567.90 Td (its ) Tj ET Q q 0 0 0 rg BT 279.01 567.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 316.16 567.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 358.32 567.90 Td (are ) Tj ET Q q 0 0 0 rg BT 372.70 567.90 Td (met ) Tj ET Q q 0 0 0 rg BT 389.87 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 406.48 567.90 Td (to ) Tj ET Q q 0 0 0 rg BT 416.44 567.90 Td (maximize ) Tj ET Q q 0 0 0 rg BT 458.04 567.90 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 506.86 567.90 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 543.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 543.90 Td (Company's ) Tj ET Q q 0 0 0 rg BT 173.13 543.90 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 229.49 543.90 Td (is ) Tj ET Q q 0 0 0 rg BT 238.66 543.90 Td (as ) Tj ET Q q 0 0 0 rg BT 249.49 543.90 Td (follows, ) Tj ET Q q 0 0 0 rg BT 284.49 543.90 Td (as ) Tj ET Q q 0 0 0 rg BT 295.32 543.90 Td (at:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 496.4 m 464.5 496.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 496.4 m 531.5 496.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 454.4 m 464.5 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 454.4 m 531.5 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 454.4 m 464.5 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 426.4 m 464.5 426.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 426.4 m 531.5 426.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 426.4 m 464.5 426.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 412.4 m 464.5 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 426.4 m 531.5 426.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 412.4 m 531.5 412.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.80 522.85 Td (Mar) Tj ET Q q 0 0 0 rg BT 427.63 522.85 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.50 513.85 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 522.86 Td (December 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.50 513.86 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 500.80 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 500.66 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 473.66 Td (Secured borrowings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.50 472.85 Td (12,723,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 472.86 Td (12,307,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 459.66 Td (Convertible debentures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.75 458.85 Td (881,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 458.86 Td (875,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 445.66 Td (T) Tj ET Q q 0 0 0 rg BT 116.18 445.66 Td (otal debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.50 444.85 Td (13,605,018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 444.86 Td (13,183,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 431.66 Td (Shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 430.85 Td (3,802,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 430.86 Td (3,740,083) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.50 416.85 Td (17,407,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.50 416.86 Td (16,923,874) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (34) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (15) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (SEGMENTED ) Tj ET Q q 0 0 0 rg BT 205.68 603.90 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 263.45 603.90 Td (TION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 577.50 Td ([A] ) Tj ET Q q 0 0 0 rg BT 127.66 577.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 183.32 577.50 Td (Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 553.50 Td (Post ) Tj ET Q q 0 0 0 rg BT 127.18 553.50 Td (Separation, ) Tj ET Q q 0 0 0 rg BT 174.40 553.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 203.55 553.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.83 553.50 Td (have ) Tj ET Q q 0 0 0 rg BT 249.66 553.50 Td (remained ) Tj ET Q q 0 0 0 rg BT 288.81 553.50 Td (with ) Tj ET Q q 0 0 0 rg BT 308.54 553.50 Td (or ) Tj ET Q q 0 0 0 rg BT 318.82 553.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 355.19 553.50 Td (by ) Tj ET Q q 0 0 0 rg BT 367.15 553.50 Td (Element ) Tj ET Q q 0 0 0 rg BT 402.42 553.50 Td (that ) Tj ET Q q 0 0 0 rg BT 419.36 553.50 Td (are ) Tj ET Q q 0 0 0 rg BT 433.52 553.50 Td (not ) Tj ET Q q 0 0 0 rg BT 448.25 553.50 Td (considered ) Tj ET Q q 0 0 0 rg BT 493.52 553.50 Td (pure ) Tj ET Q q 0 0 0 rg BT 513.23 553.50 Td (fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 541.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 135.01 541.50 Td (and/or ) Tj ET Q q 0 0 0 rg BT 164.24 541.50 Td (typical ) Tj ET Q q 0 0 0 rg BT 195.13 541.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 232.69 541.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 259.70 541.50 Td (in ) Tj ET Q q 0 0 0 rg BT 271.16 541.50 Td (a ) Tj ET Q q 0 0 0 rg BT 279.28 541.50 Td (pure ) Tj ET Q q 0 0 0 rg BT 300.73 541.50 Td (fleet ) Tj ET Q q 0 0 0 rg BT 322.18 541.50 Td (management ) Tj ET Q q 0 0 0 rg BT 376.95 541.50 Td (company) Tj ET Q q 0 0 0 rg BT 412.96 541.50 Td (. ) Tj ET Q q 0 0 0 rg BT 418.33 541.50 Td (Assets ) Tj ET Q q 0 0 0 rg BT 448.12 541.50 Td (have ) Tj ET Q q 0 0 0 rg BT 470.68 541.50 Td (remained ) Tj ET Q q 0 0 0 rg BT 511.56 541.50 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (Separation ) Tj ET Q q 0 0 0 rg BT 153.51 529.50 Td (for ) Tj ET Q q 0 0 0 rg BT 167.92 529.50 Td (various ) Tj ET Q q 0 0 0 rg BT 200.10 529.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 250.04 529.50 Td (and ) Tj ET Q q 0 0 0 rg BT 267.23 529.50 Td (structuring ) Tj ET Q q 0 0 0 rg BT 313.30 529.50 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 348.53 529.50 Td (and ) Tj ET Q q 0 0 0 rg BT 365.72 529.50 Td (the ) Tj ET Q q 0 0 0 rg BT 380.68 529.50 Td (related ) Tj ET Q q 0 0 0 rg BT 410.63 529.50 Td (strategy ) Tj ET Q q 0 0 0 rg BT 445.03 529.50 Td (for ) Tj ET Q q 0 0 0 rg BT 459.43 529.50 Td (each ) Tj ET Q q 0 0 0 rg BT 480.49 529.50 Td (is ) Tj ET Q q 0 0 0 rg BT 489.91 529.50 Td (dependent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 517.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 130.15 517.50 Td (many ) Tj ET Q q 0 0 0 rg BT 154.51 517.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 183.86 517.50 Td (including, ) Tj ET Q q 0 0 0 rg BT 226.28 517.50 Td (but ) Tj ET Q q 0 0 0 rg BT 241.21 517.50 Td (not ) Tj ET Q q 0 0 0 rg BT 256.13 517.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 286.61 517.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 299.03 517.50 Td (cross-selling ) Tj ET Q q 0 0 0 rg BT 351.72 517.50 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 406.64 517.50 Td (with ) Tj ET Q q 0 0 0 rg BT 426.57 517.50 Td (core ) Tj ET Q q 0 0 0 rg BT 445.92 517.50 Td (fleet ) Tj ET Q q 0 0 0 rg BT 465.83 517.50 Td (services, ) Tj ET Q q 0 0 0 rg BT 502.68 517.50 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 505.50 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 505.50 Td (expected ) Tj ET Q q 0 0 0 rg BT 162.97 505.50 Td (market ) Tj ET Q q 0 0 0 rg BT 193.23 505.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 237.40 505.50 Td (related ) Tj ET Q q 0 0 0 rg BT 267.10 505.50 Td (to ) Tj ET Q q 0 0 0 rg BT 277.38 505.50 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 319.59 505.50 Td (and ) Tj ET Q q 0 0 0 rg BT 336.53 505.50 Td (overall ) Tj ET Q q 0 0 0 rg BT 366.79 505.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 384.29 505.50 Td (relative ) Tj ET Q q 0 0 0 rg BT 416.77 505.50 Td (to ) Tj ET Q q 0 0 0 rg BT 427.05 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 441.77 505.50 Td (size ) Tj ET Q q 0 0 0 rg BT 459.82 505.50 Td (of ) Tj ET Q q 0 0 0 rg BT 470.65 505.50 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 505.50 Td (Company) Tj ET Q q 0 0 0 rg BT 523.60 505.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 481.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 126.42 481.50 Td (to ) Tj ET Q q 0 0 0 rg BT 135.96 481.50 Td (the ) Tj ET Q q 0 0 0 rg BT 149.93 481.50 Td (dif) Tj ET Q q 0 0 0 rg BT 160.86 481.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 186.50 481.50 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 245.44 481.50 Td (of ) Tj ET Q q 0 0 0 rg BT 255.53 481.50 Td (these ) Tj ET Q q 0 0 0 rg BT 277.84 481.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.93 481.50 Td (and ) Tj ET Q q 0 0 0 rg BT 319.13 481.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 362.54 481.50 Td (from ) Tj ET Q q 0 0 0 rg BT 383.74 481.50 Td (pure ) Tj ET Q q 0 0 0 rg BT 403.27 481.50 Td (fleet ) Tj ET Q q 0 0 0 rg BT 422.79 481.50 Td (management, ) Tj ET Q q 0 0 0 rg BT 478.14 481.50 Td (the ) Tj ET Q q 0 0 0 rg BT 492.11 481.50 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 469.50 Td (amended ) Tj ET Q q 0 0 0 rg BT 146.75 469.50 Td (its ) Tj ET Q q 0 0 0 rg BT 158.85 469.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 192.04 469.50 Td (management ) Tj ET Q q 0 0 0 rg BT 245.78 469.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 285.09 469.50 Td (process ) Tj ET Q q 0 0 0 rg BT 317.74 469.50 Td (during ) Tj ET Q q 0 0 0 rg BT 346.50 469.50 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 370.80 469.50 Td (2017, ) Tj ET Q q 0 0 0 rg BT 395.96 469.50 Td (resulting ) Tj ET Q q 0 0 0 rg BT 433.61 469.50 Td (in ) Tj ET Q q 0 0 0 rg BT 444.04 469.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.91 469.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 500.45 469.50 Td (moving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 457.50 Td (from ) Tj ET Q q 0 0 0 rg BT 130.68 457.50 Td (a ) Tj ET Q q 0 0 0 rg BT 138.37 457.50 Td (single ) Tj ET Q q 0 0 0 rg BT 165.50 457.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 202.07 457.50 Td (to ) Tj ET Q q 0 0 0 rg BT 213.09 457.50 Td (two ) Tj ET Q q 0 0 0 rg BT 231.33 457.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.34 457.50 Td (and ) Tj ET Q q 0 0 0 rg BT 290.03 457.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 329.93 457.50 Td (segments ) Tj ET Q q 0 0 0 rg BT 370.39 457.50 Td (consisting ) Tj ET Q q 0 0 0 rg BT 414.19 457.50 Td (of ) Tj ET Q q 0 0 0 rg BT 425.76 457.50 Td ([a] ) Tj ET Q q 0 0 0 rg BT 440.11 457.50 Td (the ) Tj ET Q q 0 0 0 rg BT 455.57 457.50 Td (Fleet ) Tj ET Q q 0 0 0 rg BT 478.81 457.50 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 445.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 144.30 445.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 164.22 445.50 Td ([b] ) Tj ET Q q 0 0 0 rg BT 178.86 445.50 Td (the ) Tj ET Q q 0 0 0 rg BT 194.05 445.50 Td (Non-Core ) Tj ET Q q 0 0 0 rg BT 237.02 445.50 Td (segment. ) Tj ET Q q 0 0 0 rg BT 275.61 445.50 Td (The ) Tj ET Q q 0 0 0 rg BT 294.14 445.50 Td (segments ) Tj ET Q q 0 0 0 rg BT 334.33 445.50 Td (are ) Tj ET Q q 0 0 0 rg BT 349.52 445.50 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 390.81 445.50 Td (on ) Tj ET Q q 0 0 0 rg BT 403.79 445.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 440.08 445.50 Td (and ) Tj ET Q q 0 0 0 rg BT 457.50 445.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 493.80 445.50 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 433.50 Td (such ) Tj ET Q q 0 0 0 rg BT 128.60 433.50 Td (as ) Tj ET Q q 0 0 0 rg BT 139.20 433.50 Td (net ) Tj ET Q q 0 0 0 rg BT 153.68 433.50 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 190.09 433.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 225.69 433.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 265.72 433.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 306.59 433.50 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 342.18 433.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 382.21 433.50 Td (income, ) Tj ET Q q 0 0 0 rg BT 416.41 433.50 Td (return ) Tj ET Q q 0 0 0 rg BT 442.56 433.50 Td (on ) Tj ET Q q 0 0 0 rg BT 454.83 433.50 Td (tangible ) Tj ET Q q 0 0 0 rg BT 489.31 433.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 516.57 433.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 421.50 Td (leverage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 397.50 Td (Segmented ) Tj ET Q q 0 0 0 rg BT 157.16 397.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 203.55 397.50 Td (Results) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 372 m 287.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 372 m 335.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 372 m 383.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 372 m 435.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 372 m 483.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 372 m 531.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 341 m 287.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 341 m 335.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 341 m 383.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 341 m 435.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 341 m 483.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 341 m 531.5 341 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 305 m 287.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 305 m 335.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 305 m 383.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 305 m 435.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 305 m 483.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 305 m 531.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 281 m 287.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 281 m 335.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 281 m 383.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 281 m 435.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 281 m 483.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 281 m 531.5 281 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 269 m 287.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 269 m 335.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 269 m 383.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 269 m 435.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 269 m 483.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 269 m 531.5 269 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 221 m 287.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 209 m 287.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 221 m 335.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 209 m 335.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 221 m 383.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 209 m 383.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 221 m 435.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 209 m 435.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 221 m 483.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 209 m 483.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 221 m 531.5 221 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 209 m 531.5 209 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 178 m 287.5 178 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 178 m 335.5 178 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 178 m 383.5 178 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 178 m 435.5 178 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 178 m 483.5 178 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 178 m 531.5 178 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 166 m 287.5 166 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 166 m 335.5 166 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 166 m 435.5 166 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 166 m 483.5 166 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 111 m 383.5 111 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 111 m 531.5 111 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 99 m 383.5 99 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 99 m 531.5 99 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.75 376.06 Td (Thr) Tj ET Q q 0 0 0 rg BT 258.36 376.06 Td (ee-month period ended Mar) Tj ET Q q 0 0 0 rg BT 342.02 376.06 Td (ch 31, 2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 398.50 376.05 Td (Three-month period ended March 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 255.60 364.06 Td (Fleet) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 243.35 357.06 Td (Management) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 296.25 357.06 Td (Non-Cor) Tj ET Q q 0 0 0 rg BT 322.63 357.06 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.30 357.06 Td (T) Tj ET Q q 0 0 0 rg BT 355.65 357.06 Td (otal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 403.60 364.06 Td (Fleet) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 391.35 357.06 Td (Management) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.00 357.05 Td (Non-Core) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.85 357.05 Td (T) Tj ET Q q 0 0 0 rg BT 503.64 357.05 Td (otal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.25 345.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.25 345.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.25 345.06 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.25 345.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.25 345.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.25 345.05 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.00 333.06 Td (Net r) Tj ET Q q 0 0 0 rg BT 124.29 333.06 Td (evenue) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 321.05 Td (Service and other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.90 321.06 Td (128,480) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.15 321.06 Td (652) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 321.06 Td (129,132) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 321.05 Td (128,443) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 321.05 Td (19,073) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 321.05 Td (147,516) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 309.05 Td (Interest and rental revenue, net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.90 309.06 Td (170,858) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.40 309.06 Td (12,866) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 309.06 Td (183,724) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 309.05 Td (162,187) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 309.05 Td (17,797) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 309.05 Td (179,984) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.90 297.06 Td (299,338) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.40 297.06 Td (13,518) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 297.06 Td (312,856) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 297.05 Td (290,630) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 297.05 Td (36,870) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 297.05 Td (327,500) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 285.05 Td (Interest expense) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.40 285.06 Td (90,891) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.40 285.06 Td (10,622) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 285.06 Td (101,513) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.40 285.05 Td (78,628) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 285.05 Td (10,460) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 285.05 Td (89,088) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 273.05 Td (Net revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.90 273.06 Td (208,447) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.90 273.06 Td (2,896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 273.06 Td (21) Tj ET Q q 0 0 0 rg BT 364.90 273.06 Td (1,343) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 273.05 Td (212,002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 273.05 Td (26,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 273.05 Td (238,412) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.00 261.06 Td (Operating Expenses) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 249.05 Td (Salaries, wages and benefits) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.40 249.06 Td (81,535) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.15 249.06 Td (730) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 249.06 Td (82,265) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.40 249.05 Td (74,144) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.15 249.05 Td (788) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 249.05 Td (74,932) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 237.05 Td (General and administrative expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.40 237.06 Td (33,354) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 322.15 237.06 Td (486) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 237.06 Td (33,840) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.40 237.05 Td (36,076) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.15 237.05 Td (614) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 237.05 Td (36,690) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 225.05 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.90 225.06 Td (5,280) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.65 225.06 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.90 225.06 Td (5,280) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 416.90 225.05 Td (3,725) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 473.65 225.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.90 225.05 Td (3,725) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 261.90 213.06 Td (120,169) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.90 213.06 Td (1,216) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.90 213.06 Td (121,385) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.90 213.05 Td (1) Tj ET Q q 0 0 0 rg BT 413.40 213.05 Td (13,945) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.90 213.05 Td (1,402) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 213.05 Td (1) Tj ET Q q 0 0 0 rg BT 509.40 213.05 Td (15,347) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 109.00 201.06 Td (Net segment operating income \(befor) Tj ET Q q 0 0 0 rg BT 219.29 201.06 Td (e tax\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.40 201.06 Td (88,278) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.90 201.06 Td (1,680) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 201.06 Td (89,958) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.40 201.05 Td (98,057) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 201.05 Td (25,008) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 201.05 Td (123,065) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 189.05 Td (Share of loss from and provision in equity) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 113.50 182.05 Td (accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 277.65 182.06 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.40 182.06 Td (10,304) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 182.06 Td (10,304) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 425.65 182.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 182.05 Td (10,244) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 182.05 Td (10,244) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 170.05 Td (Net segment income \(before tax\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.40 170.06 Td (88,278) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.55 170.06 Td (\(8,624) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.65 170.06 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 170.06 Td (79,654) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 413.40 170.05 Td (98,057) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.40 170.05 Td (14,764) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.90 170.05 Td (1) Tj ET Q q 0 0 0 rg BT 509.40 170.05 Td (12,821) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 158.05 Td (Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.90 158.06 Td (4,547) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.90 158.05 Td (6,036) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 146.05 Td (Amortization of convertible debenture) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 113.50 139.05 Td (synthetic discount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.90 139.06 Td (3,424) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.90 139.05 Td (3,206) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 127.05 Td (Business acquisition and other costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 127.06 Td (52,682) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 127.05 Td (50,867) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 115.05 Td (Provision for \(recovery\) income taxes) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 362.55 115.11 Td (\(2,758) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.65 115.06 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 518.15 115.05 Td (867) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 109.00 103.05 Td (Net income for the period) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.40 103.06 Td (21,759) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.40 103.05 Td (51,845) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 593.25 Td (Segmented ) Tj ET Q q 0 0 0 rg BT 157.16 593.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.67 593.25 Td (Position) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 567.75 m 281.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 567.75 m 330.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 567.75 m 379.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 567.75 m 432.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 567.75 m 481.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 567.75 m 530.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 567.75 m 530.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 536.75 m 281.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 536.75 m 330.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 536.75 m 379.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 536.75 m 432.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 536.75 m 481.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 536.75 m 530.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 464.75 m 281.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 464.75 m 330.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 464.75 m 379.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 464.75 m 432.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 464.75 m 481.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 464.75 m 530.5 464.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 452.75 m 281.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 452.75 m 330.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 452.75 m 432.5 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 452.75 m 481.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 438.75 m 379.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 438.75 m 530.5 438.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 426.75 m 379.5 426.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 426.75 m 530.5 426.75 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.75 571.81 Td (As at Mar) Tj ET Q q 0 0 0 rg BT 304.01 571.81 Td (ch 31, 2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 420.80 571.80 Td (As at December 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 249.10 559.81 Td (Fleet) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 235.95 552.81 Td ( Management) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 290.75 552.81 Td (Non-Cor) Tj ET Q q 0 0 0 rg BT 317.13 552.81 Td (e) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.80 552.81 Td (T) Tj ET Q q 0 0 0 rg BT 350.83 552.81 Td (otal) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.50 559.80 Td (Fleet) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 389.20 552.80 Td (Management) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 442.50 552.80 Td (Non-Core) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 498.35 552.80 Td (T) Tj ET Q q 0 0 0 rg BT 502.14 552.80 Td (otal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 254.75 540.81 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 303.75 540.81 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 352.75 540.81 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 405.75 540.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.75 540.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 503.75 540.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 528.81 Td (Select balance sheet information) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 516.80 Td (Finance receivables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 247.10 516.81 Td (12,214,444) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.90 516.81 Td (817,677) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 345.10 516.81 Td (13,032,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 398.10 516.80 Td (1) Tj ET Q q 0 0 0 rg BT 401.60 516.80 Td (1,904,630) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 455.90 516.80 Td (863,503) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 496.10 516.80 Td (12,768,133) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 504.80 Td (Equipment under operating leases) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 250.65 504.81 Td (1,667,987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.65 504.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.65 504.81 Td (1,667,987) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 504.80 Td (1,599,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 471.65 504.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.65 504.80 Td (1,599,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 492.80 Td (Investment in joint venture \(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.65 492.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.65 492.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 492.81 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 422.65 492.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.40 492.80 Td (10,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 508.40 492.80 Td (10,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 480.80 Td (Other investments \(1\) \(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.65 480.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.90 480.81 Td (1) Tj ET Q q 0 0 0 rg BT 308.40 480.81 Td (16,055) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.90 480.81 Td (1) Tj ET Q q 0 0 0 rg BT 357.40 480.81 Td (16,055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 422.65 480.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 455.90 480.80 Td (122,285) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.90 480.80 Td (122,285) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 468.80 Td (Goodwill and intangible assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 250.65 468.81 Td (2,071,371) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.65 468.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.65 468.81 Td (2,071,371) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 468.80 Td (2,028,652) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 471.65 468.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.65 468.80 Td (2,028,652) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 456.81 Td (T) Tj ET Q q 0 0 0 rg BT 114.03 456.81 Td (otal select segment assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 247.10 456.81 Td (15,953,802) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.90 456.81 Td (933,732) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 345.10 456.81 Td (16,887,534) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 398.10 456.80 Td (15,532,705) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 455.90 456.80 Td (995,788) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 496.10 456.80 Td (16,528,493) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 442.80 Td (Corporate assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.65 442.81 Td (1,172,778) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.65 442.80 Td (1,041,140) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 430.81 Td (T) Tj ET Q q 0 0 0 rg BT 114.03 430.81 Td (otal assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 345.10 430.81 Td (18,060,312) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 496.10 430.80 Td (17,569,633) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.00 Tf ET q 0 0 0 rg BT 108.00 406.85 Td (\(1\) Included in accounts receivable and other assets on the ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 273.21 406.85 Td (interim condensed consolidated statements of financial position) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 451.28 406.85 Td (.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 108.00 398.45 Td (\(2\) Other investments in the comparable period included the 32.5% interest in ECAF I Holdings Ltd., which was accounted for using the ef) Tj ET Q q 0 0 0 rg BT 498.03 398.45 Td (fective ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 108.00 390.05 Td (interest rate method and considered an earning asset. Upon adoption of IFRS 9 on January 1, 2018 by the Company) Tj ET Q q 0 0 0 rg BT 431.23 390.05 Td (, the investment is accounted for ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 108.00 381.65 Td (using fair value through profit and loss and no longer considered an earning asset.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (36) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 589.50 Td ([B] ) Tj ET Q q 0 0 0 rg BT 127.00 589.50 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 189.99 589.50 Td (information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 565.50 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 565.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.43 565.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 207.15 565.50 Td (operates ) Tj ET Q q 0 0 0 rg BT 242.96 565.50 Td (in ) Tj ET Q q 0 0 0 rg BT 253.24 565.50 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 288.22 565.50 Td (the ) Tj ET Q q 0 0 0 rg BT 302.94 565.50 Td (US ) Tj ET Q q 0 0 0 rg BT 318.22 565.50 Td (and ) Tj ET Q q 0 0 0 rg BT 335.16 565.50 Td (Other) Tj ET Q q 0 0 0 rg BT 357.38 565.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 541.50 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 157.15 541.50 Td (information ) Tj ET Q q 0 0 0 rg BT 206.86 541.50 Td (is ) Tj ET Q q 0 0 0 rg BT 216.03 541.50 Td (as ) Tj ET Q q 0 0 0 rg BT 226.86 541.50 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 517 m 260.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 517 m 298.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 517 m 336.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 517 m 374.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 517 m 416.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 517 m 454.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 517 m 492.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 517 m 530.5 517 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 493 m 260.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 475 m 260.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 493 m 298.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 475 m 298.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 493 m 336.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 475 m 336.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 493 m 374.5 493 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 493 m 416.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 475 m 416.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 493 m 454.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 475 m 454.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 493 m 492.5 493 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 475 m 492.5 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 493 m 530.5 493 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 463 m 374.5 463 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 463 m 530.5 463 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 451 m 374.5 451 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 451 m 530.5 451 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 415 m 260.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 415 m 298.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 415 m 336.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 415 m 374.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 415 m 416.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 415 m 454.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 415 m 492.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 415 m 530.5 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 391 m 260.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 391 m 298.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 391 m 336.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 391 m 374.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 391 m 416.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 391 m 454.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 391 m 492.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 391 m 530.5 391 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 325 m 260.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 325 m 298.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 325 m 336.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 325 m 416.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 325 m 454.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 325 m 492.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 325 m 530.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 325 m 260.5 325 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 313 m 260.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 325 m 298.5 325 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 313 m 298.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 325 m 336.5 325 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 313 m 336.5 313 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 325 m 374.5 325 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 313 m 374.5 313 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 313 m 416.5 313 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 313 m 454.5 313 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 313 m 492.5 313 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 313 m 530.5 313 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.80 521.06 Td (Mar) Tj ET Q q 0 0 0 rg BT 287.95 521.06 Td (ch 31, 2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 431.70 521.05 Td (March 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.30 509.76 Td (Canada) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.50 509.76 Td (US) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 509.76 Td (Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 347.30 509.76 Td (T) Tj ET Q q 0 0 0 rg BT 351.33 509.76 Td (otal) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 386.50 509.65 Td (Canada) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.50 509.65 Td (US) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 465.00 509.65 Td (Other) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 503.85 509.65 Td (T) Tj ET Q q 0 0 0 rg BT 507.64 509.65 Td (otal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 497.76 Td (For) Tj ET Q q 0 0 0 rg BT 120.82 497.76 Td ( the thr) Tj ET Q q 0 0 0 rg BT 142.85 497.76 Td (ee-month period ended) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.50 497.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.50 497.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.50 497.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 367.50 497.06 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.50 497.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.50 497.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 485.50 497.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.50 497.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 485.65 Td (Net revenue excluding interest) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 114.50 478.65 Td (expense) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 238.40 479.06 Td (26,233) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.85 479.06 Td (223,326) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.40 479.06 Td (63,297) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.85 479.06 Td (312,856) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 394.40 479.05 Td (44,402) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 428.85 479.05 Td (222,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.40 479.05 Td (60,462) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.85 479.05 Td (327,500) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 467.65 Td (Interest expense) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.55 467.11 Td (\(101,513) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 371.65 467.06 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.05 467.10 Td (\(89,088) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.65 467.05 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 455.65 Td (Net revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.85 455.06 Td (21) Tj ET Q q 0 0 0 rg BT 355.85 455.06 Td (1,343) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.85 455.05 Td (238,412) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.80 419.06 Td (Mar) Tj ET Q q 0 0 0 rg BT 287.95 419.06 Td (ch 31, 2018) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 426.45 419.05 Td (December 31, 2017) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.30 407.06 Td (Canada) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 274.50 407.06 Td (US) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 407.06 Td (Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 347.30 407.06 Td (T) Tj ET Q q 0 0 0 rg BT 351.33 407.06 Td (otal) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 386.50 407.05 Td (Canada) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.50 407.05 Td (US) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 465.00 407.05 Td (Other) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 503.85 407.05 Td (T) Tj ET Q q 0 0 0 rg BT 507.64 407.05 Td (otal) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 395.06 Td (As at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.25 395.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 277.25 395.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 315.25 395.06 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.25 395.06 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 395.25 395.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.25 395.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 471.25 395.05 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.25 395.05 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 110.00 383.76 Td (Select assets) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 371.65 Td (Finance receivables) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.60 371.06 Td (1,434,892) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 264.10 371.06 Td (1) Tj ET Q q 0 0 0 rg BT 267.60 371.06 Td (1,085,058) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 371.06 Td (512,171) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 340.10 371.06 Td (13,032,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 385.60 371.05 Td (1,460,381) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 420.10 371.05 Td (10,865,466) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.85 371.05 Td (442,286) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 496.10 371.05 Td (12,768,133) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 359.65 Td (Equipment under operating leases) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 250.65 359.06 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 288.65 359.06 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.60 359.06 Td (1,667,987) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 343.60 359.06 Td (1,667,987) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.65 359.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.65 359.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.60 359.05 Td (1,599,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.60 359.05 Td (1,599,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 347.65 Td (Goodwill and intangible assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 234.85 347.06 Td (198,157) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.60 347.06 Td (1,840,433) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.40 347.06 Td (32,781) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 343.60 347.06 Td (2,071,371) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.85 347.05 Td (199,077) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 423.60 347.05 Td (1,797,079) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.40 347.05 Td (32,496) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 499.60 347.05 Td (2,028,652) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 110.00 335.65 Td (Property) Tj ET Q q 0 0 0 rg BT 133.65 335.65 Td (, equipment and leasehold) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 114.50 328.65 Td (improvements) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.90 329.06 Td (5,405) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 276.40 329.06 Td (50,136) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.40 329.06 Td (10,832) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 352.40 329.06 Td (66,373) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.90 329.05 Td (5,529) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 432.40 329.05 Td (50,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.40 329.05 Td (1) Tj ET Q q 0 0 0 rg BT 473.90 329.05 Td (1,352) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 508.40 329.05 Td (67,409) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 229.60 317.06 Td (1,638,454) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 264.10 317.06 Td (12,975,627) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.60 317.06 Td (2,223,771) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 340.10 317.06 Td (16,837,852) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 385.60 317.05 Td (1,664,987) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 420.10 317.05 Td (12,713,073) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 461.60 317.05 Td (2,085,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 496.10 317.05 Td (16,463,617) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 281.10 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 156.85 281.10 Td (net ) Tj ET Q q 0 0 0 rg BT 171.28 281.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 207.64 281.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 249.28 281.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 280.92 281.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 315.34 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 324.22 281.10 Td (based ) Tj ET Q q 0 0 0 rg BT 349.20 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.41 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.83 281.10 Td (location ) Tj ET Q q 0 0 0 rg BT 410.25 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.79 281.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 466.05 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.70 281.10 Td (select ) Tj ET Q q 0 0 0 rg BT 507.67 281.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.71 269.10 Td (based ) Tj ET Q q 0 0 0 rg BT 147.98 269.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.48 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.19 269.10 Td (location ) Tj ET Q q 0 0 0 rg BT 209.90 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.73 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.45 269.10 Td (assets. ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (37) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (16) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. F) Tj ET Q q 0 0 0 rg BT 132.44 603.90 Td (AIR ) Tj ET Q q 0 0 0 rg BT 157.22 603.90 Td (V) Tj ET Q q 0 0 0 rg BT 164.34 603.90 Td (ALUE OF) Tj ET Q q 0 0 0 rg BT 216.90 603.90 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 287.24 603.90 Td ( INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (For ) Tj ET Q q 0 0 0 rg BT 125.23 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 140.78 579.90 Td (purposes ) Tj ET Q q 0 0 0 rg BT 179.67 579.90 Td (of ) Tj ET Q q 0 0 0 rg BT 191.34 579.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.55 579.90 Td (value ) Tj ET Q q 0 0 0 rg BT 233.55 579.90 Td (disclosures, ) Tj ET Q q 0 0 0 rg BT 283.82 579.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.14 579.90 Td (instruments ) Tj ET Q q 0 0 0 rg BT 372.14 579.90 Td (have ) Tj ET Q q 0 0 0 rg BT 394.36 579.90 Td (been ) Tj ET Q q 0 0 0 rg BT 416.57 579.90 Td (separated ) Tj ET Q q 0 0 0 rg BT 457.66 579.90 Td (into ) Tj ET Q q 0 0 0 rg BT 476.56 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 492.11 579.90 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (classes: ) Tj ET Q q 0 0 0 rg BT 142.05 567.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 174.97 567.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 198.45 567.90 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 249.42 567.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 282.34 567.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 306.95 567.90 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 354.03 567.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 388.06 567.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 437.11 567.90 Td (on ) Tj ET Q q 0 0 0 rg BT 450.61 567.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 483.53 567.90 Td (receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (convertible ) Tj ET Q q 0 0 0 rg BT 155.48 555.90 Td (debentures, ) Tj ET Q q 0 0 0 rg BT 203.80 555.90 Td (notes ) Tj ET Q q 0 0 0 rg BT 227.40 555.90 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 273.48 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 290.42 555.90 Td (derivatives.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 529.50 Td (V) Tj ET Q q 0 0 0 rg BT 115.56 529.50 Td (aluation methods and assumptions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 511.50 Td (Finance ) Tj ET Q q 0 0 0 rg BT 144.39 511.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 167.43 511.50 Td (r) Tj ET Q q 0 0 0 rg BT 171.69 511.50 Td (eceivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 487.50 Td (The ) Tj ET Q q 0 0 0 rg BT 126.65 487.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 163.06 487.50 Td (value ) Tj ET Q q 0 0 0 rg BT 187.81 487.50 Td (of ) Tj ET Q q 0 0 0 rg BT 199.24 487.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 231.76 487.50 Td (lease ) Tj ET Q q 0 0 0 rg BT 254.85 487.50 Td (receivables ) Tj ET Q q 0 0 0 rg BT 302.91 487.50 Td (approximates ) Tj ET Q q 0 0 0 rg BT 359.88 487.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 376.86 487.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 404.11 487.50 Td ( ) Tj ET Q q 0 0 0 rg BT 406.99 487.50 Td (The ) Tj ET Q q 0 0 0 rg BT 425.63 487.50 Td (assertion ) Tj ET Q q 0 0 0 rg BT 464.28 487.50 Td (that ) Tj ET Q q 0 0 0 rg BT 482.37 487.50 Td (the ) Tj ET Q q 0 0 0 rg BT 497.69 487.50 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 475.50 Td (value ) Tj ET Q q 0 0 0 rg BT 133.73 475.50 Td (of ) Tj ET Q q 0 0 0 rg BT 146.14 475.50 Td (the ) Tj ET Q q 0 0 0 rg BT 162.43 475.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 195.93 475.50 Td (receivables ) Tj ET Q q 0 0 0 rg BT 244.97 475.50 Td (approximates ) Tj ET Q q 0 0 0 rg BT 302.92 475.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 320.87 475.50 Td (value ) Tj ET Q q 0 0 0 rg BT 346.60 475.50 Td (requires ) Tj ET Q q 0 0 0 rg BT 382.88 475.50 Td (the ) Tj ET Q q 0 0 0 rg BT 399.18 475.50 Td (use ) Tj ET Q q 0 0 0 rg BT 416.58 475.50 Td (of ) Tj ET Q q 0 0 0 rg BT 428.99 475.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 470.27 475.50 Td (and ) Tj ET Q q 0 0 0 rg BT 488.79 475.50 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 463.50 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 150.18 463.50 Td (Finance ) Tj ET Q q 0 0 0 rg BT 183.74 463.50 Td (receivables ) Tj ET Q q 0 0 0 rg BT 230.61 463.50 Td (are ) Tj ET Q q 0 0 0 rg BT 244.72 463.50 Td (classified ) Tj ET Q q 0 0 0 rg BT 284.39 463.50 Td (as ) Tj ET Q q 0 0 0 rg BT 294.63 463.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 319.29 463.50 Td (3 ) Tj ET Q q 0 0 0 rg BT 326.20 463.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.08 463.50 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 414.15 463.50 Td ( ) Tj ET Q q 0 0 0 rg BT 415.92 463.50 Td (The ) Tj ET Q q 0 0 0 rg BT 433.37 463.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 464.70 463.50 Td (receivables ) Tj ET Q q 0 0 0 rg BT 511.57 463.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 451.50 Td (credit) Tj ET Q /GS0 gs q 5.00 0 0 10.09 130.76 449.34 cm /I4 Do Q q 0 0 0 rg BT 135.76 451.50 Td (scored ) Tj ET Q q 0 0 0 rg BT 164.90 451.50 Td (based ) Tj ET Q q 0 0 0 rg BT 190.70 451.50 Td (on ) Tj ET Q q 0 0 0 rg BT 203.73 451.50 Td (an ) Tj ET Q q 0 0 0 rg BT 216.21 451.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 249.78 451.50 Td (model ) Tj ET Q q 0 0 0 rg BT 277.81 451.50 Td (that ) Tj ET Q q 0 0 0 rg BT 295.84 451.50 Td (is ) Tj ET Q q 0 0 0 rg BT 305.55 451.50 Td (not ) Tj ET Q q 0 0 0 rg BT 321.36 451.50 Td (used ) Tj ET Q q 0 0 0 rg BT 342.73 451.50 Td (in ) Tj ET Q q 0 0 0 rg BT 353.54 451.50 Td (market ) Tj ET Q q 0 0 0 rg BT 384.34 451.50 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 437.64 451.50 Td ( ) Tj ET Q q 0 0 0 rg BT 440.45 451.50 Td (They ) Tj ET Q q 0 0 0 rg BT 464.03 451.50 Td (comprise ) Tj ET Q q 0 0 0 rg BT 503.72 451.50 Td (a ) Tj ET Q q 0 0 0 rg BT 511.20 451.50 Td (lar) Tj ET Q q 0 0 0 rg BT 521.56 451.50 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 439.50 Td (number ) Tj ET Q q 0 0 0 rg BT 140.91 439.50 Td (of ) Tj ET Q q 0 0 0 rg BT 151.60 439.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 201.72 439.50 Td (with ) Tj ET Q q 0 0 0 rg BT 221.86 439.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 271.42 439.50 Td (customers ) Tj ET Q q 0 0 0 rg BT 314.32 439.50 Td (in ) Tj ET Q q 0 0 0 rg BT 324.46 439.50 Td (dif) Tj ET Q q 0 0 0 rg BT 335.39 439.50 Td (ferent ) Tj ET Q q 0 0 0 rg BT 361.06 439.50 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 408.15 439.50 Td (are ) Tj ET Q q 0 0 0 rg BT 422.71 439.50 Td (secured ) Tj ET Q q 0 0 0 rg BT 455.61 439.50 Td (by ) Tj ET Q q 0 0 0 rg BT 467.97 439.50 Td (liens ) Tj ET Q q 0 0 0 rg BT 489.22 439.50 Td (on ) Tj ET Q q 0 0 0 rg BT 501.58 439.50 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 427.50 Td (types ) Tj ET Q q 0 0 0 rg BT 131.51 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 142.24 427.50 Td (equipment ) Tj ET Q q 0 0 0 rg BT 186.86 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 203.70 427.50 Td (may ) Tj ET Q q 0 0 0 rg BT 223.32 427.50 Td (be ) Tj ET Q q 0 0 0 rg BT 235.16 427.50 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 281.42 427.50 Td (by ) Tj ET Q q 0 0 0 rg BT 293.83 427.50 Td (third ) Tj ET Q q 0 0 0 rg BT 315.11 427.50 Td (parties ) Tj ET Q q 0 0 0 rg BT 344.17 427.50 Td (and ) Tj ET Q q 0 0 0 rg BT 361.01 427.50 Td (cross) Tj ET Q BT /F5 10.00 Tf ET /GS0 gs q 5.00 0 0 10.09 381.56 425.34 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.56 427.50 Td (collateralized. ) Tj ET Q q 0 0 0 rg BT 445.32 427.50 Td ( ) Tj ET Q q 0 0 0 rg BT 447.55 427.50 Td (The ) Tj ET Q q 0 0 0 rg BT 465.50 427.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 481.78 427.50 Td (value ) Tj ET Q q 0 0 0 rg BT 505.83 427.50 Td (of ) Tj ET Q q 0 0 0 rg BT 516.57 427.50 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 415.50 Td (receivable ) Tj ET Q q 0 0 0 rg BT 151.47 415.50 Td (would ) Tj ET Q q 0 0 0 rg BT 178.86 415.50 Td (be ) Tj ET Q q 0 0 0 rg BT 190.69 415.50 Td (af) Tj ET Q q 0 0 0 rg BT 198.27 415.50 Td (fected ) Tj ET Q q 0 0 0 rg BT 225.09 415.50 Td (by ) Tj ET Q q 0 0 0 rg BT 237.48 415.50 Td (a ) Tj ET Q q 0 0 0 rg BT 244.30 415.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 281.68 415.50 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 312.53 415.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 359.36 415.50 Td (of ) Tj ET Q q 0 0 0 rg BT 370.08 415.50 Td (the ) Tj ET Q q 0 0 0 rg BT 384.69 415.50 Td (transaction's ) Tj ET Q q 0 0 0 rg BT 436.64 415.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 461.79 415.50 Td (quality) Tj ET Q q 0 0 0 rg BT 488.92 415.50 Td (, ) Tj ET Q q 0 0 0 rg BT 493.81 415.50 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 403.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 135.31 403.50 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 183.72 403.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 221.31 403.50 Td (history) Tj ET Q q 0 0 0 rg BT 248.43 403.50 Td (, ) Tj ET Q q 0 0 0 rg BT 254.09 403.50 Td (yield, ) Tj ET Q q 0 0 0 rg BT 279.74 403.50 Td (term, ) Tj ET Q q 0 0 0 rg BT 303.72 403.50 Td (documents ) Tj ET Q q 0 0 0 rg BT 350.20 403.50 Td (and ) Tj ET Q q 0 0 0 rg BT 367.79 403.50 Td (other ) Tj ET Q q 0 0 0 rg BT 391.49 403.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 414.08 403.50 Td (matters, ) Tj ET Q q 0 0 0 rg BT 449.17 403.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.76 403.50 Td (other ) Tj ET Q q 0 0 0 rg BT 490.46 403.50 Td (subjective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 391.50 Td (considerations. ) Tj ET Q q 0 0 0 rg BT 170.40 391.50 Td ( ) Tj ET Q q 0 0 0 rg BT 172.38 391.50 Td (V) Tj ET Q q 0 0 0 rg BT 178.49 391.50 Td (alue ) Tj ET Q q 0 0 0 rg BT 197.28 391.50 Td (received ) Tj ET Q q 0 0 0 rg BT 233.28 391.50 Td (in ) Tj ET Q q 0 0 0 rg BT 243.19 391.50 Td (a ) Tj ET Q q 0 0 0 rg BT 249.76 391.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 265.77 391.50 Td (market ) Tj ET Q q 0 0 0 rg BT 295.67 391.50 Td (sale ) Tj ET Q q 0 0 0 rg BT 313.35 391.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 359.35 391.50 Td (would ) Tj ET Q q 0 0 0 rg BT 386.49 391.50 Td (be ) Tj ET Q q 0 0 0 rg BT 398.06 391.50 Td (based ) Tj ET Q q 0 0 0 rg BT 422.96 391.50 Td (on ) Tj ET Q q 0 0 0 rg BT 435.10 391.50 Td (the ) Tj ET Q q 0 0 0 rg BT 449.45 391.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 473.80 391.50 Td (of ) Tj ET Q q 0 0 0 rg BT 484.26 391.50 Td (the ) Tj ET Q q 0 0 0 rg BT 498.61 391.50 Td (sale, ) Tj ET Q q 0 0 0 rg BT 518.79 391.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 379.50 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 139.04 379.50 Td (views ) Tj ET Q q 0 0 0 rg BT 164.94 379.50 Td (of ) Tj ET Q q 0 0 0 rg BT 175.84 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 190.63 379.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 232.08 379.50 Td (and ) Tj ET Q q 0 0 0 rg BT 249.09 379.50 Td (industry ) Tj ET Q q 0 0 0 rg BT 284.44 379.50 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 331.18 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 345.97 379.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 393.12 379.50 Td (and ) Tj ET Q q 0 0 0 rg BT 410.13 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 424.92 379.50 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 455.96 379.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 470.75 379.50 Td (considerations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 367.50 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 367.50 Td (other ) Tj ET Q q 0 0 0 rg BT 147.99 367.50 Td (factors. ) Tj ET Q q 0 0 0 rg BT 180.19 367.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 343.50 Td (Finance ) Tj ET Q q 0 0 0 rg BT 144.39 343.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 169.12 343.50 Td (r) Tj ET Q q 0 0 0 rg BT 173.38 343.50 Td (eceivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 319.50 Td (The ) Tj ET Q q 0 0 0 rg BT 126.35 319.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 162.47 319.50 Td (value ) Tj ET Q q 0 0 0 rg BT 186.93 319.50 Td (of ) Tj ET Q q 0 0 0 rg BT 198.06 319.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 230.29 319.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 254.20 319.50 Td (receivables ) Tj ET Q q 0 0 0 rg BT 301.97 319.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.32 319.50 Td ($879,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.82 319.50 Td ( ) Tj ET Q q 0 0 0 rg BT 360.63 319.50 Td (and ) Tj ET Q q 0 0 0 rg BT 377.87 319.50 Td (the ) Tj ET Q q 0 0 0 rg BT 392.89 319.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 434.01 319.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.69 319.50 Td (value ) Tj ET Q q 0 0 0 rg BT 475.15 319.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.50 319.50 Td ($819,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 307.50 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.43 307.50 Td ($865,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.93 307.50 Td ( ) Tj ET Q q 0 0 0 rg BT 158.58 307.50 Td (as ) Tj ET Q q 0 0 0 rg BT 169.56 307.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.43 307.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 223.18 307.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.18 307.50 Td ( ) Tj ET Q q 0 0 0 rg BT 245.83 307.50 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.16 307.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 307.90 307.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 307.50 Td ( ) Tj ET Q q 0 0 0 rg BT 330.55 307.50 Td ( ) Tj ET Q q 0 0 0 rg BT 338.20 307.50 Td ($795,000 ) Tj ET Q q 0 0 0 rg BT 378.35 307.50 Td (to ) Tj ET Q q 0 0 0 rg BT 388.78 307.50 Td ($840,000]. ) Tj ET Q q 0 0 0 rg BT 434.76 307.50 Td (Included ) Tj ET Q q 0 0 0 rg BT 472.40 307.50 Td (in ) Tj ET Q q 0 0 0 rg BT 482.83 307.50 Td (the ) Tj ET Q q 0 0 0 rg BT 497.70 307.50 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 295.50 Td (value ) Tj ET Q q 0 0 0 rg BT 132.11 295.50 Td (as ) Tj ET Q q 0 0 0 rg BT 142.90 295.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.57 295.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 196.13 295.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.13 295.50 Td ( ) Tj ET Q q 0 0 0 rg BT 218.58 295.50 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.71 295.50 Td ($794,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.21 295.50 Td ( ) Tj ET Q q 0 0 0 rg BT 267.66 295.50 Td (related ) Tj ET Q q 0 0 0 rg BT 297.32 295.50 Td (to ) Tj ET Q q 0 0 0 rg BT 307.56 295.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 331.12 295.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 369.12 295.50 Td (to ) Tj ET Q q 0 0 0 rg BT 379.36 295.50 Td (the ) Tj ET Q q 0 0 0 rg BT 394.03 295.50 Td (19th ) Tj ET Q q 0 0 0 rg BT 414.26 295.50 Td (Capital ) Tj ET Q q 0 0 0 rg BT 445.60 295.50 Td (joint ) Tj ET Q q 0 0 0 rg BT 466.39 295.50 Td (venture, ) Tj ET Q q 0 0 0 rg BT 501.33 295.50 Td (with ) Tj ET Q q 0 0 0 rg BT 521.57 295.50 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 283.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 148.59 283.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 164.75 283.50 Td (value ) Tj ET Q q 0 0 0 rg BT 188.68 283.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.28 283.50 Td ($734,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.78 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 239.05 283.50 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.11 283.50 Td ($780,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.61 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 288.88 283.50 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.21 283.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.57 283.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.57 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 372.84 283.50 Td ( ) Tj ET Q q 0 0 0 rg BT 380.12 283.50 Td ($715,000 ) Tj ET Q q 0 0 0 rg BT 419.89 283.50 Td (to ) Tj ET Q q 0 0 0 rg BT 429.95 283.50 Td ($760,000]. ) Tj ET Q q 0 0 0 rg BT 475.39 283.50 Td (The ) Tj ET Q q 0 0 0 rg BT 493.21 283.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 509.36 283.50 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 271.50 Td (of ) Tj ET Q q 0 0 0 rg BT 119.46 271.50 Td (finance ) Tj ET Q q 0 0 0 rg BT 152.01 271.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 176.24 271.50 Td (receivable ) Tj ET Q q 0 0 0 rg BT 220.45 271.50 Td (is ) Tj ET Q q 0 0 0 rg BT 230.25 271.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 278.36 271.50 Td (by ) Tj ET Q q 0 0 0 rg BT 291.48 271.50 Td (discounting ) Tj ET Q q 0 0 0 rg BT 341.28 271.50 Td (the ) Tj ET Q q 0 0 0 rg BT 356.62 271.50 Td (stream ) Tj ET Q q 0 0 0 rg BT 386.40 271.50 Td (of ) Tj ET Q q 0 0 0 rg BT 397.86 271.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 436.53 271.50 Td (and ) Tj ET Q q 0 0 0 rg BT 454.10 271.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.66 271.50 Td (at ) Tj ET Q q 0 0 0 rg BT 497.00 271.50 Td (a ) Tj ET Q q 0 0 0 rg BT 504.57 271.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 522.68 271.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 259.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 140.18 259.50 Td (for ) Tj ET Q q 0 0 0 rg BT 154.59 259.50 Td (instruments ) Tj ET Q q 0 0 0 rg BT 204.00 259.50 Td (of ) Tj ET Q q 0 0 0 rg BT 215.08 259.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 245.60 259.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 270.56 259.50 Td (and ) Tj ET Q q 0 0 0 rg BT 287.74 259.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 313.25 259.50 Td (risks ) Tj ET Q q 0 0 0 rg BT 334.89 259.50 Td (as ) Tj ET Q q 0 0 0 rg BT 345.97 259.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.93 259.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 399.78 259.50 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.78 259.50 Td (. ) Tj ET Q q 0 0 0 rg BT 425.02 259.50 Td ( ) Tj ET Q q 0 0 0 rg BT 427.77 259.50 Td (Finance ) Tj ET Q q 0 0 0 rg BT 462.17 259.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 486.03 259.50 Td (receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 247.50 Td (are ) Tj ET Q q 0 0 0 rg BT 122.32 247.50 Td (classified ) Tj ET Q q 0 0 0 rg BT 162.19 247.50 Td (as ) Tj ET Q q 0 0 0 rg BT 172.63 247.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 197.50 247.50 Td (3 ) Tj ET Q q 0 0 0 rg BT 204.61 247.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.70 247.50 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.98 247.50 Td (whereby ) Tj ET Q q 0 0 0 rg BT 329.51 247.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.50 247.50 Td (value ) Tj ET Q q 0 0 0 rg BT 369.26 247.50 Td (is ) Tj ET Q q 0 0 0 rg BT 378.04 247.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 425.13 247.50 Td (using ) Tj ET Q q 0 0 0 rg BT 448.91 247.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 488.23 247.50 Td (techniques ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 235.50 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 235.50 Td (inputs ) Tj ET Q q 0 0 0 rg BT 151.89 235.50 Td (not ) Tj ET Q q 0 0 0 rg BT 167.17 235.50 Td (based ) Tj ET Q q 0 0 0 rg BT 192.43 235.50 Td (on ) Tj ET Q q 0 0 0 rg BT 204.93 235.50 Td (observable ) Tj ET Q q 0 0 0 rg BT 250.75 235.50 Td (market ) Tj ET Q q 0 0 0 rg BT 281.01 235.50 Td (data.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 605.25 Td (Secur) Tj ET Q q 0 0 0 rg BT 132.26 605.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 144.76 605.25 Td (borr) Tj ET Q q 0 0 0 rg BT 164.02 605.25 Td (owings ) Tj ET Q q 0 0 0 rg BT 195.97 605.25 Td (on ) Tj ET Q q 0 0 0 rg BT 209.03 605.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 242.64 605.25 Td (r) Tj ET Q q 0 0 0 rg BT 246.90 605.25 Td (eceivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.27 581.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 162.31 581.25 Td (value ) Tj ET Q q 0 0 0 rg BT 186.69 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.75 581.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 231.01 581.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 279.28 581.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.01 581.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 324.16 581.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 371.85 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 374.58 581.25 Td (approximates ) Tj ET Q q 0 0 0 rg BT 431.17 581.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 447.78 581.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 474.66 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 477.18 581.25 Td (The ) Tj ET Q q 0 0 0 rg BT 495.45 581.25 Td (assertion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.25 Td (that ) Tj ET Q q 0 0 0 rg BT 125.31 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.84 569.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 175.48 569.25 Td (value ) Tj ET Q q 0 0 0 rg BT 199.45 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.09 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.63 569.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 257.48 569.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 305.35 569.25 Td (approximates ) Tj ET Q q 0 0 0 rg BT 361.53 569.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 377.73 569.25 Td (value ) Tj ET Q q 0 0 0 rg BT 401.70 569.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 436.22 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.75 569.25 Td (use ) Tj ET Q q 0 0 0 rg BT 466.40 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.05 569.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 516.57 569.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 557.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 154.99 557.25 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 200.04 557.25 Td (Secured ) Tj ET Q q 0 0 0 rg BT 237.02 557.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 287.35 557.25 Td (on ) Tj ET Q q 0 0 0 rg BT 302.13 557.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 336.33 557.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 386.07 557.25 Td (are ) Tj ET Q q 0 0 0 rg BT 403.06 557.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 445.60 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 458.70 557.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 486.24 557.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 496.02 557.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 545.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 158.81 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 160.33 545.25 Td (The ) Tj ET Q q 0 0 0 rg BT 177.52 545.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 208.59 545.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 255.20 545.25 Td (securing ) Tj ET Q q 0 0 0 rg BT 290.72 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.58 545.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 351.78 545.25 Td (were ) Tj ET Q q 0 0 0 rg BT 372.85 545.25 Td (credit-scored ) Tj ET Q q 0 0 0 rg BT 426.69 545.25 Td (based ) Tj ET Q q 0 0 0 rg BT 451.10 545.25 Td (on ) Tj ET Q q 0 0 0 rg BT 462.74 545.25 Td (an ) Tj ET Q q 0 0 0 rg BT 473.82 545.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 506.01 545.25 Td (model ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 533.25 Td (that ) Tj ET Q q 0 0 0 rg BT 126.22 533.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.12 533.25 Td (not ) Tj ET Q q 0 0 0 rg BT 152.12 533.25 Td (used ) Tj ET Q q 0 0 0 rg BT 173.67 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.68 533.25 Td (market ) Tj ET Q q 0 0 0 rg BT 215.67 533.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 269.15 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 272.15 533.25 Td (They ) Tj ET Q q 0 0 0 rg BT 295.92 533.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 335.80 533.25 Td (a ) Tj ET Q q 0 0 0 rg BT 343.46 533.25 Td (lar) Tj ET Q q 0 0 0 rg BT 353.83 533.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 366.49 533.25 Td (number ) Tj ET Q q 0 0 0 rg BT 400.26 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.82 533.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 462.81 533.25 Td (with ) Tj ET Q q 0 0 0 rg BT 483.81 533.25 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 521.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 150.30 521.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.83 521.25 Td (dif) Tj ET Q q 0 0 0 rg BT 170.76 521.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 195.83 521.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 242.30 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.26 521.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 288.55 521.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.30 521.25 Td (liens ) Tj ET Q q 0 0 0 rg BT 320.94 521.25 Td (on ) Tj ET Q q 0 0 0 rg BT 332.70 521.25 Td (various ) Tj ET Q q 0 0 0 rg BT 363.89 521.25 Td (types ) Tj ET Q q 0 0 0 rg BT 386.75 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.83 521.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 440.80 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.99 521.25 Td (may ) Tj ET Q q 0 0 0 rg BT 475.96 521.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.15 521.25 Td (guaranteed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 509.25 Td (by ) Tj ET Q q 0 0 0 rg BT 120.48 509.25 Td (third ) Tj ET Q q 0 0 0 rg BT 141.85 509.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 170.98 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.90 509.25 Td (cross) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 208.45 509.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.78 509.25 Td (collateralized. ) Tj ET Q q 0 0 0 rg BT 270.62 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 272.92 509.25 Td (The ) Tj ET Q q 0 0 0 rg BT 290.95 509.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.30 509.25 Td (value ) Tj ET Q q 0 0 0 rg BT 331.44 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.25 509.25 Td (any ) Tj ET Q q 0 0 0 rg BT 359.17 509.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 402.73 509.25 Td (would ) Tj ET Q q 0 0 0 rg BT 430.21 509.25 Td (be ) Tj ET Q q 0 0 0 rg BT 442.13 509.25 Td (af) Tj ET Q q 0 0 0 rg BT 449.72 509.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 476.62 509.25 Td (by ) Tj ET Q q 0 0 0 rg BT 489.10 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 496.02 509.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 497.25 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 139.33 497.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 186.64 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.84 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.93 497.25 Td (transaction's ) Tj ET Q q 0 0 0 rg BT 265.36 497.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 291.00 497.25 Td (quality) Tj ET Q q 0 0 0 rg BT 318.12 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.49 497.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 363.56 497.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 390.58 497.25 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 438.71 497.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 476.01 497.25 Td (history) Tj ET Q q 0 0 0 rg BT 503.14 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 508.51 497.25 Td (yield, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 485.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 130.47 485.25 Td (documents ) Tj ET Q q 0 0 0 rg BT 175.44 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.53 485.25 Td (other ) Tj ET Q q 0 0 0 rg BT 213.72 485.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 234.80 485.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 268.38 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.47 485.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.66 485.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 348.85 485.25 Td (considerations. ) Tj ET Q q 0 0 0 rg BT 410.76 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 412.29 485.25 Td (V) Tj ET Q q 0 0 0 rg BT 418.40 485.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 436.71 485.25 Td (received ) Tj ET Q q 0 0 0 rg BT 472.22 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.64 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 487.73 485.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 503.25 485.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 473.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 126.48 473.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 173.28 473.25 Td (would ) Tj ET Q q 0 0 0 rg BT 201.21 473.25 Td (be ) Tj ET Q q 0 0 0 rg BT 213.57 473.25 Td (based ) Tj ET Q q 0 0 0 rg BT 239.27 473.25 Td (on ) Tj ET Q q 0 0 0 rg BT 252.20 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.34 473.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 292.49 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.75 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.89 473.25 Td (sale, ) Tj ET Q q 0 0 0 rg BT 339.87 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.01 473.25 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 386.41 473.25 Td (views ) Tj ET Q q 0 0 0 rg BT 412.66 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.92 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.07 473.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 480.87 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.24 473.25 Td (industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 461.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 154.67 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.38 461.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 216.46 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.40 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.12 461.25 Td (buyer's ) Tj ET Q q 0 0 0 rg BT 279.08 461.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 293.80 461.25 Td (considerations, ) Tj ET Q q 0 0 0 rg BT 356.56 461.25 Td (and ) Tj ET Q q 0 0 0 rg BT 373.50 461.25 Td (other ) Tj ET Q q 0 0 0 rg BT 396.54 461.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 428.75 461.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 437.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 161.05 437.25 Td (debentur) Tj ET Q q 0 0 0 rg BT 199.76 437.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 413.25 Td (The ) Tj ET Q q 0 0 0 rg BT 124.83 413.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 143.33 413.25 Td (component ) Tj ET Q q 0 0 0 rg BT 189.05 413.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.66 413.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 244.93 413.25 Td (debentures ) Tj ET Q q 0 0 0 rg BT 289.53 413.25 Td (is ) Tj ET Q q 0 0 0 rg BT 297.48 413.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 333.74 413.25 Td (at ) Tj ET Q q 0 0 0 rg BT 342.24 413.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.40 413.25 Td (value ) Tj ET Q q 0 0 0 rg BT 380.34 413.25 Td (on ) Tj ET Q q 0 0 0 rg BT 391.63 413.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 416.24 413.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 463.07 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.79 413.25 Td (subsequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 401.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 137.61 401.25 Td (at ) Tj ET Q q 0 0 0 rg BT 146.68 401.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 188.52 401.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 206.48 401.25 Td (as ) Tj ET Q q 0 0 0 rg BT 216.67 401.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 256.84 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.47 401.25 Td (note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.54 401.25 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.54 401.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.77 401.25 Td (The ) Tj ET Q q 0 0 0 rg BT 312.17 401.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.90 401.25 Td (market ) Tj ET Q q 0 0 0 rg BT 357.52 401.25 Td (value ) Tj ET Q q 0 0 0 rg BT 381.03 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.22 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.29 401.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 424.36 401.25 Td (component ) Tj ET Q q 0 0 0 rg BT 470.65 401.25 Td (as ) Tj ET Q q 0 0 0 rg BT 480.83 401.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.91 401.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 389.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 389.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.41 389.25 Td (was ) Tj ET Q q 0 0 0 rg BT 146.37 389.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 186.11 389.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.73 389.25 Td ($903,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.23 389.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.64 389.25 Td (by ) Tj ET Q q 0 0 0 rg BT 245.06 389.25 Td (discounting ) Tj ET Q q 0 0 0 rg BT 293.13 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.76 389.25 Td (stream ) Tj ET Q q 0 0 0 rg BT 334.83 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.57 389.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 386.52 389.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 426.26 389.25 Td (at ) Tj ET Q q 0 0 0 rg BT 434.88 389.25 Td (5.50%, ) Tj ET Q q 0 0 0 rg BT 464.63 389.25 Td (which ) Tj ET Q q 0 0 0 rg BT 490.48 389.25 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.59 377.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 141.95 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.65 377.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 186.46 377.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 230.38 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 245.41 377.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 295.45 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.16 377.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 338.30 377.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 363.89 377.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.71 377.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 403.97 377.25 Td (without ) Tj ET Q q 0 0 0 rg BT 437.90 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.49 377.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 500.74 377.25 Td (feature. ) Tj ET Q q 0 0 0 rg BT 533.50 377.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 365.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 158.34 365.25 Td (debentures ) Tj ET Q q 0 0 0 rg BT 204.78 365.25 Td (are ) Tj ET Q q 0 0 0 rg BT 220.12 365.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 261.01 365.25 Td (as ) Tj ET Q q 0 0 0 rg BT 272.47 365.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 298.36 365.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 306.48 365.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.59 365.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 396.88 365.25 Td (whereby ) Tj ET Q q 0 0 0 rg BT 434.44 365.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.44 365.25 Td (value ) Tj ET Q q 0 0 0 rg BT 476.23 365.25 Td (is ) Tj ET Q q 0 0 0 rg BT 486.02 365.25 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 353.25 Td (using ) Tj ET Q q 0 0 0 rg BT 132.17 353.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 171.88 353.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 217.15 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.08 353.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 279.90 353.25 Td (inputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 329.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 134.38 329.25 Td (r) Tj ET Q q 0 0 0 rg BT 138.64 329.25 Td (eceivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 305.25 Td (The ) Tj ET Q q 0 0 0 rg BT 125.99 305.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 161.75 305.25 Td (value ) Tj ET Q q 0 0 0 rg BT 185.85 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.63 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.29 305.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 234.84 305.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 278.37 305.25 Td (approximates ) Tj ET Q q 0 0 0 rg BT 334.69 305.25 Td (their ) Tj ET Q q 0 0 0 rg BT 355.46 305.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.78 305.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 398.38 305.25 Td (as ) Tj ET Q q 0 0 0 rg BT 409.16 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.82 305.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.70 305.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 473.13 305.25 Td (on ) Tj ET Q q 0 0 0 rg BT 485.57 305.25 Td (this ) Tj ET Q q 0 0 0 rg BT 502.47 305.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 524.35 305.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 293.25 Td (commensurate ) Tj ET Q q 0 0 0 rg BT 168.69 293.25 Td (with ) Tj ET Q q 0 0 0 rg BT 188.85 293.25 Td (market ) Tj ET Q q 0 0 0 rg BT 218.99 293.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 250.81 293.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 272.06 293.25 Td (for ) Tj ET Q q 0 0 0 rg BT 286.11 293.25 Td (this ) Tj ET Q q 0 0 0 rg BT 302.93 293.25 Td (type ) Tj ET Q q 0 0 0 rg BT 322.53 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.24 293.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 355.06 293.25 Td (with ) Tj ET Q q 0 0 0 rg BT 375.22 293.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 405.37 293.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 441.08 293.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.90 293.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 483.04 293.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 502.92 293.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.30 293.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.68 293.25 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 281.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 151.31 281.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.75 281.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 205.74 281.25 Td (as ) Tj ET Q q 0 0 0 rg BT 216.30 281.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 241.30 281.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 248.53 281.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.74 281.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 337.13 281.25 Td (whereby ) Tj ET Q q 0 0 0 rg BT 373.79 281.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 389.90 281.25 Td (value ) Tj ET Q q 0 0 0 rg BT 413.79 281.25 Td (is ) Tj ET Q q 0 0 0 rg BT 422.69 281.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 469.90 281.25 Td (using ) Tj ET Q q 0 0 0 rg BT 493.80 281.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 269.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 153.26 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.20 269.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 216.02 269.25 Td (inputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.00 245.25 Td (Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 221.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.42 221.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 143.17 221.25 Td (values ) Tj ET Q q 0 0 0 rg BT 171.59 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.79 221.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 229.54 221.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.62 221.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 285.80 221.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.45 221.25 Td (note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.54 221.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.54 221.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.42 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.73 221.25 Td (are ) Tj ET Q q 0 0 0 rg BT 361.81 221.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 409.66 221.25 Td (by ) Tj ET Q q 0 0 0 rg BT 422.53 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.62 221.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 480.47 221.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 209.25 Td (using ) Tj ET Q q 0 0 0 rg BT 132.95 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.45 209.25 Td (related ) Tj ET Q q 0 0 0 rg BT 178.93 209.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 211.65 209.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 229.91 209.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 253.75 209.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 285.63 209.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 317.79 209.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 358.82 209.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 393.75 209.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 425.08 209.25 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 461.13 209.25 Td (values ) Tj ET Q q 0 0 0 rg BT 489.96 209.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 518.79 209.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 197.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 154.36 197.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 177.26 197.25 Td (price ) Tj ET Q q 0 0 0 rg BT 199.03 197.25 Td (for ) Tj ET Q q 0 0 0 rg BT 212.47 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.47 197.25 Td (total ) Tj ET Q q 0 0 0 rg BT 246.03 197.25 Td (return ) Tj ET Q q 0 0 0 rg BT 271.69 197.25 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 300.42 197.25 Td ( ) Tj ET Q q 0 0 0 rg BT 302.21 197.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 350.08 197.25 Td (are ) Tj ET Q q 0 0 0 rg BT 364.08 197.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 403.63 197.25 Td (as ) Tj ET Q q 0 0 0 rg BT 413.74 197.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 438.29 197.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 445.07 197.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.84 197.25 Td (instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 185.25 Td (whereby ) Tj ET Q q 0 0 0 rg BT 144.93 185.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.31 185.25 Td (value ) Tj ET Q q 0 0 0 rg BT 185.46 185.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.63 185.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 242.11 185.25 Td (using ) Tj ET Q q 0 0 0 rg BT 266.28 185.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 305.99 185.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 351.26 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.20 185.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 414.01 185.25 Td (inputs.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (39) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (17) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 207.79 603.90 Td ( ) Tj ET Q q 0 0 0 rg BT 210.57 603.90 Td (T) Tj ET Q q 0 0 0 rg BT 218.36 603.90 Td (O ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 230.70 603.90 Td (INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 437.84 603.90 Td (TED ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 589.50 Td (ST) Tj ET Q q 0 0 0 rg BT 121.79 589.50 Td (A) Tj ET Q q 0 0 0 rg BT 129.56 589.50 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 207.46 589.50 Td ( CASH FLOWS) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 290.14 589.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 563.10 Td (Cash flow from other non-cash operating assets and liabilities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.54 563.10 Td (three-month period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.46 563.10 Td (s ended:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 515.6 m 458.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 515.6 m 530.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 420.6 m 458.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 420.6 m 530.5 420.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 406.6 m 458.5 406.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 406.6 m 530.5 406.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.30 543.05 Td (Mar) Tj ET Q q 0 0 0 rg BT 419.13 543.05 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 534.05 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 543.06 Td (March 31,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 534.06 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 520.05 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 520.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 495.06 Td (Changes in other non-cash operating assets and liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 481.06 Td (Accounts receivable and other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.25 481.05 Td (22,932) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 481.06 Td (\(34,291) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 481.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 467.06 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 467.05 Td (\(41,005) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 467.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 467.06 Td (98,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 453.06 Td (Deferred tax assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 453.05 Td (\(58,058) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 453.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 453.06 Td (\(15,988) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 453.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 439.06 Td (Deferred tax liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.25 439.05 Td (19,239) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 439.06 Td (1,053) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 425.06 Td (Derivative financial instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.50 425.05 Td (\(220) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 425.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 425.06 Td (\(9,024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.00 425.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 411.05 Td (\(57,1) Tj ET Q q 0 0 0 rg BT 446.00 411.05 Td (12) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.00 411.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.25 411.06 Td (40,295) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 605.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.93 605.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 159.20 605.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 204.80 605.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 258.73 605.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 304.33 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.05 605.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 337.20 605.10 Td (flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.42 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.81 605.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 391.73 605.10 Td (only ) Tj ET Q q 0 0 0 rg BT 412.90 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.50 605.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 459.10 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.82 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.42 605.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 593.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 148.05 593.10 Td (during ) Tj ET Q q 0 0 0 rg BT 178.10 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.27 593.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 225.97 593.10 Td (T) Tj ET Q q 0 0 0 rg BT 231.38 593.10 Td (o ) Tj ET Q q 0 0 0 rg BT 240.33 593.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 277.61 593.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 338.22 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.49 593.10 Td (these ) Tj ET Q q 0 0 0 rg BT 374.99 593.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 429.20 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.58 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.75 593.10 Td (related ) Tj ET Q q 0 0 0 rg BT 494.90 593.10 Td (non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 581.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 160.34 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.07 581.10 Td (major ) Tj ET Q q 0 0 0 rg BT 198.91 581.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 238.74 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.59 581.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.08 581.10 Td (position ) Tj ET Q q 0 0 0 rg BT 318.82 581.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 352.54 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.26 581.10 Td (more ) Tj ET Q q 0 0 0 rg BT 388.32 581.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 408.72 581.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 441.89 581.10 Td (below ) Tj ET Q q 0 0 0 rg BT 467.84 581.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.13 581.10 Td (indications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 569.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.83 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.11 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.83 569.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 180.21 569.10 Td (included ) Tj ET Q q 0 0 0 rg BT 217.15 569.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.42 569.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.14 569.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 273.52 569.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 318.23 569.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 371.27 569.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 415.98 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.81 569.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 447.08 569.10 Td (flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 569.10 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 504.6 m 530.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 378.6 m 530.5 378.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 364.6 m 530.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 252.60000000000002 m 530.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 238.60000000000002 m 530.5 238.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.40 549.05 Td (For) Tj ET Q q 0 0 0 rg BT 481.23 549.05 Td ( the thr) Tj ET Q q 0 0 0 rg BT 509.56 549.05 Td (ee-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.85 540.05 Td (month period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.70 531.05 Td (ended Mar) Tj ET Q q 0 0 0 rg BT 503.78 531.05 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 522.05 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.75 509.00 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 495.05 Td (Finance r) Tj ET Q q 0 0 0 rg BT 146.58 495.05 Td (eceivables ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 187.32 495.05 Td ([note 4]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 481.06 Td (Balance as at December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 481.05 Td (12,768,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 467.06 Td (Originations [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 467.05 Td (1,318,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 453.06 Td (Repayments [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 453.05 Td (\(1,212,451) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 453.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 439.06 Td (Assets sold to syndications [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 439.05 Td (\(56,970) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 439.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 425.06 Td (Amortization of deferred lease costs [adjustment to income in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.75 425.05 Td (\(5,498) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 425.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 411.06 Td (Impact of non-cash transfers) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 411.05 Td (\(14,956) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 411.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 397.06 Td (Provision for credit losses [adjustment to income in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.50 397.05 Td (\(284) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 397.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 383.06 Td (Impact of foreign exchange translation [excluded from cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 383.05 Td (235,665) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 369.05 Td (Balance as at Mar) Tj ET Q q 0 0 0 rg BT 179.57 369.05 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 369.05 Td (13,032,121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 341.05 Td (Equipment under) Tj ET Q q 0 0 0 rg BT 178.11 341.05 Td ( operating leases ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 243.85 341.05 Td ([note 5]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 327.06 Td (Balance as at December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 327.05 Td (1,599,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 313.06 Td (Originations [included in cash flows as ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.97 313.06 Td (investment in equipment under operating leases) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.67 313.06 Td (]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 313.05 Td (153,018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 299.06 Td (Disposals [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 299.05 Td (\(60,619) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 299.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 285.06 Td (Amounts transferred from inventory) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.00 285.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 271.06 Td (Depreciation of equipment under operating leases [adjustment to income in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.25 271.05 Td (\(95,303) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 271.05 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 257.06 Td (Impact of foreign exchange translation [excluded from cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 257.05 Td (71,468) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 243.05 Td (Balance as at Mar) Tj ET Q q 0 0 0 rg BT 179.57 243.05 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 243.05 Td (1,667,987) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (41) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 557.5 m 530.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 456.5 m 530.5 456.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 441.5 m 530.5 441.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.40 601.95 Td (For) Tj ET Q q 0 0 0 rg BT 481.23 601.95 Td ( the thr) Tj ET Q q 0 0 0 rg BT 509.56 601.95 Td (ee-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.85 592.95 Td (month period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.70 583.95 Td (ended Mar) Tj ET Q q 0 0 0 rg BT 503.78 583.95 Td (ch 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.00 574.95 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.75 561.90 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 535.90 Td (Secur) Tj ET Q q 0 0 0 rg BT 131.83 535.90 Td (ed borr) Tj ET Q q 0 0 0 rg BT 160.41 535.90 Td (owings ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 189.17 535.90 Td ([note 10]) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 520.96 Td (Balance as at December 31, 2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 520.95 Td (12,307,873) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 505.96 Td (Net issuance [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 505.95 Td (159,088) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 490.96 Td (Increase in deferred financing costs [included in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.50 490.95 Td (\(121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.00 490.95 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 475.96 Td (Amortization of deferred financing costs [adjustment to income in cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.25 475.95 Td (10,731) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 460.96 Td (Impact of foreign exchange translation [excluded from cash flows]) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.75 460.95 Td (246,274) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 110.00 445.95 Td (Balance as at Mar) Tj ET Q q 0 0 0 rg BT 179.57 445.95 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 445.95 Td (12,723,845) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (42) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (18) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 603.90 Td (PROVISIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (During ) Tj ET Q q 0 0 0 rg BT 138.86 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 153.60 579.90 Td (three-month ) Tj ET Q q 0 0 0 rg BT 205.00 579.90 Td (period ) Tj ET Q q 0 0 0 rg BT 233.07 579.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.48 579.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 303.10 579.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.10 579.90 Td (, ) Tj ET Q q 0 0 0 rg BT 328.13 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 342.87 579.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.29 579.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 421.79 579.90 Td (a ) Tj ET Q q 0 0 0 rg BT 428.75 579.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 482.38 579.90 Td (provision ) Tj ET Q q 0 0 0 rg BT 522.68 579.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td ($40.0 ) Tj ET Q q 0 0 0 rg BT 132.85 567.90 Td (million ) Tj ET Q q 0 0 0 rg BT 164.08 567.90 Td ([three-month ) Tj ET Q q 0 0 0 rg BT 218.63 567.90 Td (period ) Tj ET Q q 0 0 0 rg BT 246.53 567.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.75 567.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 316.19 567.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.19 567.90 Td ( ) Tj ET Q q 0 0 0 rg BT 338.54 567.90 Td ( ) Tj ET Q q 0 0 0 rg BT 345.89 567.90 Td ($nil] ) Tj ET Q q 0 0 0 rg BT 367.12 567.90 Td (for ) Tj ET Q q 0 0 0 rg BT 381.13 567.90 Td (severance ) Tj ET Q q 0 0 0 rg BT 422.89 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 439.67 567.90 Td (other ) Tj ET Q q 0 0 0 rg BT 462.56 567.90 Td (termination ) Tj ET Q q 0 0 0 rg BT 511.01 567.90 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 118.88 555.90 Td (employees, ) Tj ET Q q 0 0 0 rg BT 166.70 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 183.69 555.90 Td (of) Tj ET Q q 0 0 0 rg BT 191.84 555.90 Td (fice ) Tj ET Q q 0 0 0 rg BT 209.38 555.90 Td (closure ) Tj ET Q q 0 0 0 rg BT 240.81 555.90 Td (costs. ) Tj ET Q q 0 0 0 rg BT 265.30 555.90 Td (As ) Tj ET Q q 0 0 0 rg BT 278.96 555.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.73 555.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 332.38 555.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.38 555.90 Td (, ) Tj ET Q q 0 0 0 rg BT 357.44 555.90 Td (the ) Tj ET Q q 0 0 0 rg BT 372.21 555.90 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 425.85 555.90 Td (provision ) Tj ET Q q 0 0 0 rg BT 466.18 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 477.07 555.90 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 502.12 555.90 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 543.90 Td ([) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.33 543.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 154.42 543.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.42 543.90 Td ( ) Tj ET Q q 0 0 0 rg BT 176.42 543.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.41 543.90 Td ($nil] ) Tj ET Q q 0 0 0 rg BT 204.29 543.90 Td (is ) Tj ET Q q 0 0 0 rg BT 212.95 543.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 250.48 543.90 Td (to ) Tj ET Q q 0 0 0 rg BT 260.25 543.90 Td (be ) Tj ET Q q 0 0 0 rg BT 271.68 543.90 Td (utilized ) Tj ET Q q 0 0 0 rg BT 303.67 543.90 Td (within ) Tj ET Q q 0 0 0 rg BT 331.22 543.90 Td (the ) Tj ET Q q 0 0 0 rg BT 345.43 543.90 Td (next ) Tj ET Q q 0 0 0 rg BT 364.64 543.90 Td (twelve ) Tj ET Q q 0 0 0 rg BT 393.29 543.90 Td (months ) Tj ET Q q 0 0 0 rg BT 424.73 543.90 Td (and ) Tj ET Q q 0 0 0 rg BT 441.16 543.90 Td (is ) Tj ET Q q 0 0 0 rg BT 449.83 543.90 Td (included ) Tj ET Q q 0 0 0 rg BT 486.25 543.90 Td (in ) Tj ET Q q 0 0 0 rg BT 496.02 543.90 Td (accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 531.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 141.59 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 158.53 531.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 192.12 531.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 231.83 531.90 Td (on ) Tj ET Q q 0 0 0 rg BT 244.33 531.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.05 531.90 Td (interim ) Tj ET Q q 0 0 0 rg BT 290.43 531.90 Td (condensed ) Tj ET Q q 0 0 0 rg BT 335.14 531.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 388.18 531.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 432.89 531.90 Td (of ) Tj ET Q q 0 0 0 rg BT 443.72 531.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.20 531.90 Td (position) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.43 531.90 Td (. ) Tj ET Q q 0 0 0 rg BT 518.43 531.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 507.90 Td (The ) Tj ET Q q 0 0 0 rg BT 126.05 507.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 160.75 507.90 Td (in ) Tj ET Q q 0 0 0 rg BT 171.03 507.90 Td (the ) Tj ET Q q 0 0 0 rg BT 185.75 507.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 229.92 507.90 Td (during ) Tj ET Q q 0 0 0 rg BT 258.53 507.90 Td (the ) Tj ET Q q 0 0 0 rg BT 273.24 507.90 Td (periods ) Tj ET Q q 0 0 0 rg BT 305.18 507.90 Td (were ) Tj ET Q q 0 0 0 rg BT 327.11 507.90 Td (as ) Tj ET Q q 0 0 0 rg BT 337.94 507.90 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 459.4 m 531.5 459.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 397.4 m 531.5 397.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 383.4 m 531.5 383.4 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 487.85 Td (Restructuring) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.30 478.85 Td (Pr) Tj ET Q q 0 0 0 rg BT 482.63 478.85 Td (ovision) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.25 464.85 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 444.35 Td (As at January 1, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.00 443.85 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 430.26 Td (Additional provisions created) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 429.85 Td (40,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 416.26 Td (Utilized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 415.85 Td (\(22,576) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 415.85 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 111.00 402.26 Td (Foreign exchange adjustments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.00 401.85 Td (-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 111.00 388.35 Td (As at Mar) Tj ET Q q 0 0 0 rg BT 149.83 388.35 Td (ch 31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.25 387.85 Td (17,424) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 757.00 Td (Element Fleet Management Corp.) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 147.15 716.20 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 197.86 716.20 Td (T) Tj ET Q q 0 0 0 rg BT 206.94 716.20 Td (O INTERIM CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 463.00 716.20 Td (TED ) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 231.65 699.40 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 310.60 699.40 Td ( ST) Tj ET Q q 0 0 0 rg BT 330.32 699.40 Td (A) Tj ET Q q 0 0 0 rg BT 339.39 699.40 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 140.15 688.60 Td ([unaudited, in thousands of Canadian dollars, except where otherwise noted and per share amounts]) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 638.20 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 42.60 Td (43) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (19) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 125.78 603.90 Td (TRANSITION ) Tj ET Q q 0 0 0 rg BT 204.59 603.90 Td (T) Tj ET Q q 0 0 0 rg BT 212.37 603.90 Td (O ) Tj ET Q q 0 0 0 rg BT 224.71 603.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 255.05 603.90 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 579.90 Td (The ) Tj ET Q q 0 0 0 rg BT 128.65 579.90 Td (following ) Tj ET Q q 0 0 0 rg BT 172.65 579.90 Td (table ) Tj ET Q q 0 0 0 rg BT 197.19 579.90 Td (shows ) Tj ET Q q 0 0 0 rg BT 227.30 579.90 Td (the ) Tj ET Q q 0 0 0 rg BT 244.63 579.90 Td (pre-transition ) Tj ET Q q 0 0 0 rg BT 303.61 579.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 324.83 579.90 Td (39 ) Tj ET Q q 0 0 0 rg BT 339.93 579.90 Td (and ) Tj ET Q q 0 0 0 rg BT 359.48 579.90 Td (post-transition ) Tj ET Q q 0 0 0 rg BT 422.36 579.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 448.59 579.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 458.70 579.90 Td (classification ) Tj ET Q q 0 0 0 rg BT 516.56 579.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 567.90 Td (measurement ) Tj ET Q q 0 0 0 rg BT 164.14 567.90 Td (categories, ) Tj ET Q q 0 0 0 rg BT 209.99 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 227.26 567.90 Td (reconciles ) Tj ET Q q 0 0 0 rg BT 270.61 567.90 Td (the ) Tj ET Q q 0 0 0 rg BT 285.65 567.90 Td (IAS ) Tj ET Q q 0 0 0 rg BT 304.59 567.90 Td (39 ) Tj ET Q q 0 0 0 rg BT 317.42 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 334.68 567.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 358.63 567.90 Td (9 ) Tj ET Q q 0 0 0 rg BT 366.45 567.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 402.59 567.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 439.30 567.90 Td (for ) Tj ET Q q 0 0 0 rg BT 453.79 567.90 Td (finance ) Tj ET Q q 0 0 0 rg BT 486.04 567.90 Td (receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 124.94 555.90 Td (other ) Tj ET Q q 0 0 0 rg BT 147.99 555.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.47 555.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.30 555.90 Td (as ) Tj ET Q q 0 0 0 rg BT 222.13 555.90 Td (at ) Tj ET Q q 0 0 0 rg BT 231.84 555.90 Td (January ) Tj ET Q q 0 0 0 rg BT 265.44 555.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 275.44 555.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 297.94 555.90 Td (as ) Tj ET Q q 0 0 0 rg BT 308.77 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 315.71 555.90 Td (result ) Tj ET Q q 0 0 0 rg BT 340.43 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 351.26 555.90 Td (adopting ) Tj ET Q q 0 0 0 rg BT 388.75 555.90 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 412.38 555.90 Td (9: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 482.4 m 183.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 482.4 m 241.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 482.4 m 299.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 482.4 m 356.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 482.4 m 414.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 482.4 m 472.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 482.4 m 530.5 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 425.4 m 183.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 425.4 m 241.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 425.4 m 299.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 425.4 m 356.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 425.4 m 414.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 425.4 m 472.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 425.4 m 530.5 425.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 107.5 362.4 m 183.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 362.4 m 241.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 362.4 m 299.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 362.4 m 356.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 362.4 m 414.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 362.4 m 472.5 362.4 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 362.4 m 530.5 362.4 l s BT /F2 7.50 Tf ET q 0 0 0 rg BT 216.10 516.52 Td (IAS 39) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 193.95 509.02 Td (Measur) Tj ET Q q 0 0 0 rg BT 218.46 509.02 Td (ement) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 210.50 501.52 Td (category) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 273.25 516.52 Td (IFRS 9) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 251.95 509.02 Td (Measur) Tj ET Q q 0 0 0 rg BT 276.46 509.02 Td (ement) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 268.50 501.52 Td (category) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 331.10 524.02 Td (IAS 39) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 306.50 516.52 Td (carrying value) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 303.95 509.02 Td (as at December) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 326.75 501.52 Td (31, 2017) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 361.00 501.52 Td (Reclassification) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 417.05 501.52 Td (Remeasur) Tj ET Q q 0 0 0 rg BT 449.47 501.52 Td (ement) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 504.25 524.02 Td (IFRS 9) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 478.45 516.52 Td (Carrying value) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 476.15 509.02 Td (as at January 1,) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 512.00 501.52 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.50 486.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 486.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 486.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.00 486.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 471.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 141.55 471.65 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 450.65 Td (ECAF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.00 450.65 Td (Amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 450.65 Td (FVTPL) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.25 450.65 Td (130,588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.60 450.65 Td (\(8,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 450.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.60 450.65 Td (\(9,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 450.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.25 450.65 Td (1) Tj ET Q q 0 0 0 rg BT 505.25 450.65 Td (13,121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 429.65 Td (Finance receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.00 429.65 Td (Amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 429.65 Td (Amortized cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 429.65 Td (12,768,133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.30 429.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 429.65 Td (\(68,854) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 429.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 429.65 Td (12,699,279) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 416.65 Td (T) Tj ET Q q 0 0 0 rg BT 114.61 416.65 Td (otal pre-tax impact) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 408.65 Td (of IFRS 9 adoption) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 408.65 Td (12,898,721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.60 408.65 Td (\(8,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 408.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 408.65 Td (\(78,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 408.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.25 408.65 Td (12,812,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 395.65 Td (T) Tj ET Q q 0 0 0 rg BT 114.61 395.65 Td (otal after) Tj ET Q q 0 0 0 rg BT 142.90 395.65 Td (-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 387.65 Td (Retained earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.25 387.65 Td (248,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.60 387.65 Td (\(6,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 387.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 387.65 Td (\(59,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 387.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.25 387.65 Td (183,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 374.65 Td (T) Tj ET Q q 0 0 0 rg BT 114.33 374.65 Td (otal after) Tj ET Q q 0 0 0 rg BT 142.82 374.65 Td (-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 366.65 Td (Shareholders' Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.25 366.65 Td (3,740,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.60 366.65 Td (\(6,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 366.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 366.65 Td (\(59,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.30 366.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.25 366.65 Td (3,674,779) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 324.50 Td (20) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 120.00 324.50 Td (. ) Tj ET Q q 0 0 0 rg BT 126.00 324.50 Td (COMP) Tj ET Q q 0 0 0 rg BT 161.77 324.50 Td (ARA) Tj ET Q q 0 0 0 rg BT 186.87 324.50 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 219.22 324.50 Td (FIGURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 300.50 Td (Certain ) Tj ET Q q 0 0 0 rg BT 139.93 300.50 Td (comparative ) Tj ET Q q 0 0 0 rg BT 191.85 300.50 Td (figures ) Tj ET Q q 0 0 0 rg BT 222.12 300.50 Td (have ) Tj ET Q q 0 0 0 rg BT 243.50 300.50 Td (been ) Tj ET Q q 0 0 0 rg BT 264.88 300.50 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 312.91 300.50 Td (to ) Tj ET Q q 0 0 0 rg BT 323.19 300.50 Td (conform ) Tj ET Q q 0 0 0 rg BT 359.56 300.50 Td (to ) Tj ET Q q 0 0 0 rg BT 369.84 300.50 Td (the ) Tj ET Q q 0 0 0 rg BT 384.56 300.50 Td (current ) Tj ET Q q 0 0 0 rg BT 415.37 300.50 Td (period's ) Tj ET Q q 0 0 0 rg BT 449.11 300.50 Td (presentation.) Tj ET Q endstream endobj 101 0 obj <> /View <>>>>> endobj 102 0 obj <> /View <>>>>> endobj 103 0 obj <> endobj 104 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;