Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES EARLY REDEMPTION OF 7 YEAR 5.35% DEBENTURES DUE JUNE 30, 2025

Exchange Income Corp. has delivered notice to the holders of the corporation's outstanding seven-year 5.35 per cent convertible unsecured subordinated debentures due June 30, 2025, that pursuant to Section 4.2 of the trust indenture governing the debentures dated June 26, 2018, the corporation will, effective Dec. 20, 2024 (the redemption date), redeem all issued and outstanding debentures, plus accrued interest thereon.

The corporation is taking the step to redeem these debentures currently as the time to maturity is less than one year. In accordance with the trust indenture, holders of these debentures may convert the outstanding debentures into common shares of Exchange Income at a price of $49.00 per share, which is at a discount to the closing price of Exchange Income's common shares of $56.48 per share on Nov. 14, 2024, the date of this press release.

There are currently 79,697 debentures issued and outstanding in the aggregate principal amount of $79,697,000 ($1,000 per debenture) as at the date hereof. Accordingly, on the redemption date, subject to compliance with the trust indenture, the holder of each debenture (unless converted prior to the redemption date in accordance with the terms of the trust indenture) will receive a total payment of $1,025.3575342, comprised a principal repayment of $1,000.00 and interest of $25.3575342 for the 173-day period from June 30, 2024, until the redemption date. All interest on the debentures shall cease from and after the redemption date.

Certificates representing the debentures must be tendered to the indenture trustee, BNY Trust Company of Canada, 1 York St., sixth floor, Toronto, Ont., M5J 0B6, attention: Operations Dept.

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.