Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES THE ACQUISITION OF DRYAIR MANUFACTURING CORP.

Exchange Income Corp. has acquired DryAir Manufacturing Corp. for a purchase price of approximately $60-million. The purchase price was financed by the issuance of $15-million of Exchange Income common shares, equivalent to 25 per cent of the purchase price, to the vendors and cash in the amount of $45-million from the corporation's credit facility.

DryAir, founded in 1994, has developed innovative portable hydronic heating systems that provide affordable and reliable climate control solutions to a variety of industries throughout North America. DryAir is recognized for its industry-leading heating efficiency and reliability. As an organization, DryAir has a culture of constant research and development which is unmatched in its field and a passion to solve its customers' important problems. Customers value DryAir for its high-quality products and its pioneering approach to the development of new products. DryAir's financial results are impacted by seasonality with the calendar year-end third quarter being significantly larger than other quarters.

Mike Pyle said: "EIC is excited to grow our manufacturing segment with the acquisition DryAir. When we visited the operations of DryAir in St. Brieux, Sask., we were immediately impressed with the management team and high-quality products that it produces. The culture and values of DryAir are very similar to that of EIC. It was immediately evident that management understood the business model of EIC and that EIC was a perfect match for the next phase of DryAir's legacy. DryAir checks all the boxes that we look for in acquisitions. They have a strong management team, company culture, industry reputation and sustainable growing cash flows."

Claude Bourgault, president and founder of DryAir, commented: "I'm very proud of what we have created at DryAir. We have an exceptional management team and we are very proud of our innovation-based culture and our strong relationships with our customers. We are consistently recognized for the quality of our products and that can only be accomplished with the help of each and every one of our employees in St. Brieux. When we decided to sell, we foremost wanted a partner that held the same values as ourselves and our community. When I met the executive team at EIC, I immediately knew we had found our partner. We are very excited about the next phase for our company and our future growth prospects with EIC's support."

"We wanted to ensure a smooth ownership succession and strengthen DryAir's long-term future. Both Claude and I will remain in our leadership roles within the company; however, the acquisition by EIC will allow for future growth of DryAir. We will continue to pursue new product development and creating new technologies for our ultimate customers. We know EIC will continue to support our employees and St. Brieux which was an important objective in defining our legacy," stated Myrlen Kleiboer, chief executive officer and co-owner of DryAir. "EIC has a history of buying companies for the long-term and investing capital to support their growth. I'm excited to work with the broader EIC manufacturing group and the EIC executive team."

"This acquisition hits all EIC's acquisition requirements, including being accretive to our shareholders on a per-share basis, and exceeds our investment thresholds on a historical basis and especially on forward-looking metrics," said Adam Terwin, chief corporate development officer of Exchange Income. "DryAir is a recognized leader in hydronic heating based on our discussions with its key customers throughout North America. DryAir has a culture embedded in innovative design and engineering which will allow it to continue to grow its product portfolio and financial performance into the future."

Transaction advisers

MLT Aikins acted as legal counsel for Exchange Income. EY Orenda Corporate Finance Inc. acted as financial adviser and McDougall Gauley acted as legal counsel to DryAir in connection with the transaction.

About Exchange Income Corp.

Exchange Income is a diversified acquisition-oriented company, focused in two segments: aerospace and aviation, and 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.