Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION CLOSES $172 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Exchange Income Corp. has closed its previously announced bought deal public offering of 3,306,250 common shares from treasury through a syndicate of underwriters co-led by CIBC Capital Markets and National Bank Financial Inc., and including RBC Dominion Securities Inc., Raymond James Ltd., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., Wellington-Altus Private Wealth Inc., Cormark Securities Inc., ATB Capital Markets Inc. and iA Private Wealth Inc. The shares were issued at a price of $52.25 per share for gross proceeds to the corporation of $172,751,562.50, including the exercise in full of the 431,250-share overallotment option granted to the underwriters for the offering.

The net proceeds of the offering will be used to finance the corporation's growth initiatives, including partially financing the investments associated with the recent announcements at Carson Air Ltd. and PAL Airlines Ltd., and for general corporate purposes.

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.

We seek Safe Harbor.