Directors of Exchange Income Corporation

On July 29, 2009, Exchange Indus­trial Income Fund (“EIIF”) was reor­ga­nized as Exchange.  All the trustees of EIIF, as well as the direc­tors of EIIF Man­age­ment GP Inc. became direc­tors of Exchange and one addi­tional direc­tor was added. These nine direc­tors, six of which are inde­pen­dent and are not involved in the day-​​to-​​day man­age­ment of the Com­pany, pro­vide the nec­es­sary over­sight and guid­ance to main­tain proper cor­po­rate governance.

Hon. Gary Fil­mon P.C., O.C., O.M.
Chair­man

Mr. Fil­mon of Win­nipeg, Man­i­toba holds a Mas­ters Degree in Engi­neer­ing from the Uni­ver­sity of Man­i­toba. He is a trustee of the Arc­tic Glac­ier Income Fund and the Pol­lard Ban­knote Income Fund.  He is a direc­tor of Man­i­toba Tele­com Ser­vices Inc., a direc­tor of FWS Con­struc­tion Ltd., a direc­tor of Welling­ton West Cap­i­tal Inc. and a direc­tor of Cana­dian Nat­ural Resources Lim­ited.  He was also chair of the Cana­dian Secu­rity Intel­li­gence Review Com­mit­tee.  He was Pre­mier of the Province of Man­i­toba from 1988 to 1999. Mr. Fil­mon became a trustee on May 6, 2004.

Dun­can D. Jes­si­man, Q.C.
Exec­u­tive Vice-​​Chairman
Chair­man of the Cor­po­rate Gov­er­nance Committee

Mr. Jes­si­man of Win­nipeg, Man­i­toba holds a Bach­e­lor of Com­merce degree and a law degree from the Uni­ver­sity of Man­i­toba. He began his pro­fes­sional career in June, 1973 as a lawyer at Pit­blado & Hoskin where he was a part­ner at the time of his leav­ing in 1998 to join Aikins, MacAulay & Thor­vald­son LLP as a part­ner, where he prac­ticed in the area of cor­po­rate, com­mer­cial and secu­ri­ties law. Mr. Jes­si­man is a mem­ber of the TSX Ven­ture Exchange Win­nipeg Local Advi­sory Com­mit­tee; for­mer direc­tor of Con­sol­i­dated Prop­er­ties Ltd., a TSX listed com­pany; for­mer direc­tor of Geocrude Energy Inc., a TSX listed com­pany which was taken over by Canada North West Energy Inc.; for­mer direc­tor of Pan Cana Indus­tries Ltd., a TSX listed com­pany which was taken over by Geocrude Energy Inc.; for­mer direc­tor of Ener­plus Energy Ser­vices Ltd. — man­age­ment com­pany for Ener­plus Resources Fund and a for­mer direc­tor of Source Life Sci­ences, a junior cap­i­tal com­pany listed on the TSXV.  Mr. Jes­si­man joined the Fund on a full-​​time basis on August 1, 2005. Mr. Jes­si­man became a trustee on March 22, 2004.

Don­ald Streu­ber, C.A.
Chair­man of the Audit Committee

Mr. Streu­ber of Win­nipeg, Man­i­toba, is Pres­i­dent and CEO of Bison Trans­port Inc. Bison is one of Canada’s largest truck­load car­ri­ers of freight and has been rec­og­nized as one of Canada’s 50 best man­aged com­pa­nies for the last 9 years.  Mr. Streu­ber received his C.A. des­ig­na­tion in 1985 and has been a lec­turer and con­fer­ence speaker for the Cana­dian Insti­tute of Char­tered Accoun­tants and served on their Pro­fes­sional Devel­op­ment Com­mit­tee.  Mr. Streu­ber is also the Chair­man of Monarch Indus­tries Lim­ited and Chair­man of Prov­i­dence Col­lege and Sem­i­nary.  Mr. Streu­ber became a trustee on May 6, 2004.

Gary Buck­ley
Chair­man of Com­pen­sa­tion Committee

Mr. Buck­ley of Win­nipeg, Man­i­toba, holds a Bach­e­lor of Com­merce degree from the Uni­ver­sity of Alberta. Mr. Buck­ley has been involved in the hotel and hos­pi­tal­ity indus­try since 1983. Since 1998, Mr. Buck­ley has been the co-​​owner and oper­a­tor of the Elkhorn Resort & Con­fer­ence Cen­ter in Clear Lake, Man­i­toba. Mr. Buck­ley is also the largest share­holder of Gen­e­sis Hos­pi­tal­ity, which owns var­i­ous hotel prop­er­ties in Man­i­toba and Ontario. Mr. Buck­ley also owns other com­mer­cial and res­i­den­tial prop­er­ties.  Mr. Buck­ley became a trustee on May 6, 2004.

Michael Pyle
Pres­i­dent and Chief Exec­u­tive Offi­cer of the Company

Mr. Pyle of Win­nipeg, Man­i­toba holds an Arts degree (Eco­nom­ics) and a Mas­ters of Busi­ness Admin­is­tra­tion Degree (Finance) from the Uni­ver­sity of Man­i­toba.  He served in posi­tions of increas­ing senior­ity cul­mi­nat­ing as Pres­i­dent of The Arc­tic Glac­ier Income Fund (and its pre­de­ces­sor The Arc­tic Group Inc.) from 1998 to 2002.  He pre­vi­ously worked with Roy­Nat Cap­i­tal in Win­nipeg from 1990 to 1996 and from 1997 to 1998.  Mr. Pyle was employed as the Vice-​​President of Cor­po­rate Devel­op­ment for West­sun Inter­na­tional Inc. in Win­nipeg from 1996 to 1997.  Mr. Pyle has been a full time employee of the Fund and its pre­de­ces­sor Exchange Indus­trial Group Ltd. (EIG) since the incep­tion of EIG in 2002.  Mr. Pyle became a trustee on March 22, 2004.

Edward Warkentin, LL.B.

Mr. Warkentin holds an arts degree from the Uni­ver­sity of Win­nipeg, a law degree from the Uni­ver­sity of Man­i­toba and has been a mem­ber of the Bars of Ontario and Man­i­toba for more than 25 years.  Mr. Warkentin was for­merly a part­ner at Pit­blado & Hoskin before leav­ing in 1998 to join Aikins, MacAulay & Thor­vald­son LLP as a part­ner, where he prac­tices in the area of cor­po­rate and com­mer­cial law.  He is a for­mer direc­tor of Man­i­toba Min­eral Resources Ltd. and a direc­tor of sev­eral pri­vate cor­po­ra­tions and foun­da­tions.  Mr. Warkentin is cur­rently the Chair­per­son and a trustee of Artis Real Estate Invest­ment Trust, a real estate invest­ment trust listed on the Toronto Stock Exchange and is Cor­po­rate Sec­re­tary and a direc­tor of All in West! Cap­i­tal Cor­po­ra­tion, a cap­i­tal pool com­pany listed on the TSXV.  Mr. Warkentin became a direc­tor of EIIF Man­age­ment GP Inc. on May 14, 2008 and before that was the Sec­re­tary of EIIF since March 22, 2004.

William Wehrle

Mr. Wehrle was one of the orig­i­nal founders of Perime­ter Avi­a­tion in 1960, and was for­merly Perimeter’s Pres­i­dent and Chief Exec­u­tive Offi­cer. Mr. Wehrle is also a com­mer­cial pilot with over 30,000 hours of fly­ing expe­ri­ence. Mr. Wehrle became a trustee on May 6, 2004.

Brad Ben­nett, O.B.C.

Mr. Ben­nett has been the Pres­i­dent of McIn­tosh Prop­er­ties Ltd., a real estate invest­ment and hold­ing com­pany, since 1990. Mr. Ben­nett has served on a num­ber of pub­lic and pri­vate com­pany boards and is cur­rently Chair of Quails’ Gate Win­ery, a direc­tor of BC Hydro and Power Author­ity, a direc­tor of Kal Tire Hold­ings Ltd., a direc­tor of Rack­force Net­works Inc., and a direc­tor of Exchange Income Corporation.

Mr. Ben­nett also cur­rently serves as Chair of MITACS, a direc­tor of the Premier’s Tech­nol­ogy Coun­cil and is Vice-​​Chair of the Fraser Insti­tute. Past pub­lic ser­vice posi­tions include Chair of Uni­ver­sity of British Colum­bia, Chair of Kelowna Gen­eral Hos­pi­tal Foun­da­tion, Co-​​Chair of the Cen­tral Okana­gan Hos­pice Cam­paign and Chair of Rotary Cen­tre for the Arts Build­ing Committee.

Mr. Ben­nett received an hon­orary Alumni Award from the Uni­ver­sity of British Colum­bia in 2007, was awarded the Order of British Colum­bia in 2010 and received an hon­ourary Doc­tor­ate of Laws from the Uni­ver­sity of British Colum­bia in 2011.

Ser­ena H. Kraayeveld, F.C.A., ICD.D

Ms. Kraayeveld grad­u­ated with a Bach­e­lor of Com­merce (Hons) from the Uni­ver­sity of Man­i­toba and is a mem­ber of the Insti­tute of Char­tered Accoun­tants of Man­i­toba, the Cana­dian Insti­tute of Char­tered Accoun­tants and the Insti­tute of Cor­po­rate Direc­tors. In 1990, she was elected an FCA by the Insti­tute of Char­tered Accoun­tants of Man­i­toba. Prior to her retire­ment from pub­lic prac­tice in 2008, Ms. Kraayeveld was a tax part­ner with Price­wa­ter­house­C­oop­ers LLP., pro­vid­ing tax and busi­ness advi­sory ser­vices to clients in a broad range of indus­tries and with a vari­ety of issues. In addi­tion, Ms. Kraayeveld served terms as the Man­ag­ing Part­ner of the Win­nipeg Office of Coop­ers & Lybrand and as the Part­ner in Charge of the Win­nipeg tax prac­tice of Price­wa­ter­house­C­oop­ers LLP.

Ms. Kraayeveld com­pleted the Direc­tors Edu­ca­tion Pro­gram offered by the Insti­tute of Cor­po­rate Direc­tors and received the ICD.D des­ig­na­tion in 2008. Ms. Kraayeveld cur­rently serves as a direc­tor of CAA Man­i­toba and Niakwa Coun­try Club. Past board posi­tions have included the boards of Price­wa­ter­house­C­oop­ers LLP, Coop­ers & Lybrand, Insti­tute of Char­tered Accoun­tants of Man­i­toba, Cana­dian Tax Foun­da­tion, United Way of Win­nipeg, Man­i­toba The­atre Cen­tre, Ducks Unlim­ited Canada and YWCA of Win­nipeg. Ms. Kraayeveld became a Direc­tor on Novem­ber 10, 2011.

Jeff Olin, B.Comm, MBA

Mr. Olin has been the Pres­i­dent and CEO of Vision Cap­i­tal Cor­po­ra­tion since 2007, an invest­ment coun­selling and port­fo­lio man­age­ment com­pany which man­ages the Vision Oppor­tu­nity Funds. Between 2003 and 2007, Mr. Olin served as the Man­ag­ing Part­ner, Ontario and Head of Invest­ment Bank­ing with Des­jardins Secu­ri­ties. Mr. Olin was pre­vi­ously a Man­ag­ing Direc­tor with HSBC Secu­ri­ties and a Vice Pres­i­dent with Canac­cord Capital.