Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION ANNOUNCES EARLY REDEMPTION OF 7 YEAR 5.25% DEBENTURES DUE JANUARY 15, 2029

Exchange Income Corp. has delivered notice to the holders of the corporation's outstanding seven-year 5.25 per cent convertible unsecured subordinated debentures due Jan. 15, 2029, that pursuant to Section 4.2 of the trust indenture governing the debentures dated Dec. 6, 2021, the corporation will, effective Dec. 2, 2025, redeem all issued and outstanding debentures, plus accrued interest thereon.

The corporation is taking the step to redeem these debentures as the current market price of Exchange Income's common shares is greater than 125 per cent of the conversion price of the debentures of $60, which permits the corporation to redeem the debentures in accordance with the trust indenture. 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 $60 per share, which is at a discount to the closing price of Exchange Income's common shares on Oct. 28, 2025, the date of this news release.

The corporation encourages individual holders of debentures to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cut-off time set by the debentureholder's financial institution. This can be several days in advance of the redemption date and is not controlled by the corporation.

There are currently 114,798 debentures issued and outstanding in the aggregate principal amount of $114,798,000 ($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 $1,020.1369863, comprising a principal repayment of $1,000 and interest of $20.1369863 for the 140-day period from July 15, 2025, up to, but excluding, 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, Computershare Advantage Trust of Canada, 320 Bay St. (14th floor), Toronto, Ont., M5H 4A6, attention: Traicy Thomas.

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.