Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES CLOSING OF $600 MILLION OFFERING OF INVESTMENT GRADE SENIOR UNSECURED NOTES

Exchange Income Corp. has closed its previously announced offering of $600-million aggregate principal amount of 4.324 per cent senior unsecured notes due March 13, 2031. The notes were offered on a private placement basis in each of the provinces of Canada in reliance on exemptions from the prospectus requirements under applicable securities laws. The net proceeds from the offering are expected to be used to repay existing indebtedness under the corporation's credit facilities and for general corporate purposes. The notes have been assigned a final rating of BBB (low), with a stable trend, by Morningstar DBRS.

Mike Pyle, chief executive officer, commented: "We are excited to have completed our inaugural transaction within the Canadian investment-grade bond market. The added liquidity at a fixed rate will be available to fund the next stage of EIC's growth, whether that be through organic growth, the acquisition of new businesses to our portfolio or both. The additional access to capital does not change our conservative view towards leverage or our return threshold required for new investment opportunities. The offering was materially oversubscribed, and the ability to complete the offering during a time of economic turbulence is a testament to the EIC's resilience and business model."

Richard Wowryk, chief financial officer, commented: "The addition of investment grade bonds into our capital structure modernizes our balance sheet to reflect our size and provides us with fixed rate capital to replace the previously redeemed convertible debentures. The net proceeds of the offering will reduce our credit facility debt, maintaining our pro forma aggregate leverage ratio at 15-year lows. I want to personally thank our joint lead agents and active bookrunners, RBC Capital Markets, CIBC Capital Markets and National Bank Capital Markets, for their help in achieving this milestone for EIC."

About Exchange Income Corp.

Exchange Income is a diversified acquisition-oriented company, focused on 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.