Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION'S SUBSIDIARY, CARSON AIR, AWARDED THE FIXED WING MEDEVAC CONTRACT FOR THE PROVINCE OF BRITISH COLUMBIA

Exchange Income Corp.'s subsidiary, Carson Air Ltd., has been awarded a long-term contract, by the Province of British Columbia, to provide fixed-wing medical evacuation coverage for the whole of British Columbia.

The contract has an initial 10-year term, plus options, and requires a fleet of new King Air aircraft to service the province. With the purchase of the new aircraft, Exchange Income will be one of the largest King Air operators in the world. This scope of operation led to Exchange Income's strategic decision to enter into a contract to purchase a full-motion simulator, for pilot training, to support all of its King Air operations. The simulator not only provides more training time for pilots, but also significantly reduces fuel burn and corresponding GHG (greenhouse gas) emissions for both training and travel to training, thus reducing the company's carbon footprint.

"EIC is excited to expand our medevac business with one of our largest long-term government contracts in our history," said Mike Pyle, chief executive officer of Exchange Income. "Historically, this work in British Columbia has been divided into multiple contracts with different suppliers. Carson Air has now been awarded a contract to provide medevac services throughout the province, evidencing the quality of its work and the confidence placed in Carson Air by the British Columbia government."

"The investment in this contract is significant at approximately $200-million. We have contracted directly with the OEM [original equipment manufacturer] for the new King Air aircraft. It will take a period of time to obtain the aircraft from the OEM and modify them with state-of-the-art medical interiors. In preparation for the potential award of this contract, we purchased slots at the OEM to ensure we can meet the province's timelines."

"The aircraft will be phased into service once received and when the medevac conversions are complete," explained Carmele Peter, president of Exchange Income. "It is important to note the existing fleet of aircraft utilized in British Columbia are still in very good condition and will be deployed in other aviation opportunities in Canada. The full financial impact of this contract will not be evident in our results until all the new aircraft are modified and put into service and the existing aircraft are deployed into other opportunities."

Mr. Pyle concluded: "Our medevac operations have provided consistent, reliable profitability in all economic environments. We are interested in pursuing growth in this segment of our business, and this contract is a massive step forward in our strategy. Further details will be provided during our Q2 conference call."

About Exchange Income Corp.

Exchange Income is a diversified, acquisition-oriented company, focused on two sectors: (i) aerospace and aviation services and equipment; and (ii) manufacturing. The corporation uses a disciplined acquisition strategy to identify already-profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.

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