Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION COMPLETES ACQUISITION OF SPARTAN MAT, LLC AND SPARTAN COMPOSITES, LLC

Exchange Income Corp. has closed its acquisition of Spartan Mat LLC and its subsidiary Spartan Composites LLC. The acquisition was first announced on Nov. 7, 2024, and Exchange Income obtained all necessary approvals to close the acquisition on Nov. 13, 2024.

Exchange Income paid a purchase price of $120-million (U.S.), subject to customary postclosing adjustments, of which $18-million (U.S.) was paid through the issuance of common shares of Exchange Income. The balance, $102-million (U.S.), was financed through the corporation's credit facility.

Spartan Composites, operating out of Rockledge, Fla., is the creator and manufacturer of the System7 and the newly launched System7-XT industrial composite access mat, one of three industrial composite access mats manufactured in the United States. The System7 is an eight-foot-by-14-foot interconnectable composite mat that is fully recyclable at the end of its useful life, offering customers a sustainable alternative to traditional wood mats. At less than half the weight of a traditional wood mat, it also significantly reduces transportation costs and further reduces the carbon footprint. In addition to the System7, Spartan Composites is the owner and manufacturer of the FODS trackout control system, an innovative reusable construction entrance that is used as an alternative to traditional rock and gravel construction entrances. Spartan Mat also operates as a broker of access mats, offering wood and composite matting alternatives across the U.S. market.

The acquisition of Spartan is highly strategic in expanding Exchange Income's environmental access solutions business line into the U.S. matting market and is accretive to its key per-share metrics based on its historical performance.

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.