Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID FOR COMMON SHARES AND DEBENTURES

The Toronto Stock Exchange has approved the renewal of Exchange Income Corp.'s normal course issuer bid for the common shares of Exchange Income trading under the symbol EIF and certain series of debentures of Exchange Income. Pursuant to the NCIB, Exchange Income can purchase up to an aggregate of 4,811,929 common shares; $14,373,200 principal amount of seven-year, 5.25 per cent convertible unsecured subordinated debentures of Exchange Income trading under the symbol EIF.DB.L (July, 2021, debentures); and $11.5-million principal amount of seven-year, 5.25 per cent convertible unsecured subordinated debentures of Exchange Income trading under the symbol EIF.DB.M (December, 2021, debentures), representing 10 per cent of the public float of each series of securities as at March 26, 2025.

Purchases of securities pursuant the NCIB may be made through the facilities of the TSX commencing on March 31, 2025, and ending on March 30, 2026, or an earlier date in the event that EIC purchases the maximum number of each of the securities available under the NCIB. Exchange Income will pay the market price at the time of acquisition for any securities purchased through the facilities of the TSX. All securities acquired directly by Exchange Income under the NCIB will be cancelled.

As at March 26, 2025, there were 51,323,387 common shares, $143,732,000 principal amount of July, 2021, debentures and $115-million principal amount of December, 2021, debentures issued and outstanding.

The average daily trading volume of the securities for the six-month period ended Feb. 28, 2025, was 104,730 common shares, $105,943 principal amount of July, 2021, debentures and $101,225 principal amount of December, 2021, debentures.

Daily purchases will be limited to 26,182 common shares, $26,000 principal amount of July, 2021, debentures and $25,000 principal amount of December, 2021, debentures, other than block purchase exceptions.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the corporation sought and received approval from the TSX to purchase up to 4,414,853 common shares, $7,970,200 principal amount of seven-year, 5.35 per cent convertible unsecured subordinated debentures of Exchange Income redeemed in December, 2024; $8,606,800 principal amount of seven-year, 5.75 per cent convertible unsecured subordinated debentures of Exchange Income redeemed in February, 2025; $14,373,200 principal amount of July, 2021, debentures; and $11.5-million principal amount of December, 2021, debentures for the period of March 17, 2024, to March 18, 2025, the corporation did not purchase any securities.

Exchange Income sought approval of the NCIB because it believes that, from time to time, the market price of the securities may not fully reflect the value of the securities. Exchange Income believes that, in such circumstances, the purchase of the securities represents an accretive use of capital.

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.