NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. 


Element Financial Corporation (TSX:EFN)(TSX:EFN.PR.A)(TSX:EFN.PR.C) ("Element"
or the "Company"), one of North America's leading equipment finance companies,
announced today that it has raised additional gross proceeds of $3,160,000 from
the issuance of 126,400 6.50% Cumulative 5-Year Rate Reset Preferred Shares,
Series C (the "Preferred Shares") at a price of $25.00 per Preferred Share as a
result of the exercise by the underwriters of an over-allotment option granted
in connection with the previously announced preferred share offering. 


The preferred share offering was conducted by a syndicate of underwriters co-led
by GMP Securities L.P, National Bank Financial Inc., BMO Capital Markets, CIBC
World Markets, RBC Capital Markets and TD Securities Inc. and including
Desjardins Securities Inc., Raymond James Ltd. and Manulife Securities Inc. 


About Element Financial Corporation 

With total assets in excess of $4.0 billion, Element Financial Corporation is
one of North America's leading equipment finance companies. Element operates
across North America in four verticals of the equipment finance market -
Commercial and Vendor Finance, Fleet Management, Aviation Finance and Rail
Finance. 


Forward Looking Statements

This release includes forward-looking statements regarding Element and its
business. Such statements are based on the current expectations and views of
future events of Element's management. In some cases the forward-looking
statements can be identified by words or phrases such as "may", "will",
"expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or
the negative of these terms, or other similar expressions intended to identify
forward-looking statements. The forward-looking events and circumstances
discussed in this release may not occur and could differ materially as a result
of known and unknown risk factors and uncertainties affecting Element, including
risks regarding the equipment finance industry, economic factors and many other
factors beyond the control of Element. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their nature are based
on assumptions and involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statement or information. Accordingly, readers should not place undue reliance
on any forward-looking statements or information. Except as required by
applicable securities laws, forward-looking statements speak only as of the date
on which they are made and Element undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new information,
future events, or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Element Financial Corporation
John Sadler
Senior Vice President
(416) 386-1067 ext. 2313
jsadler@elementfinancial.ca


Element Financial Corporation
Michel Beland
Chief Financial Officer
(416) 386-1067 ext. 2225
mbeland@elementfinancial.ca
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