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 – 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.

Allan McLeod

Allan McLeod is the President and Chief Executive Officer of Tribal Councils Investment Group of Manitoba Ltd. and its group of wholly owned subsidiaries, including Arctic Beverages Limited, First Canadian Health Management Corporation, Rupertsland Holdings Inc., and First Nations Financial Services Inc.  Allan also holds this position for the Radisson Hotel Winnipeg Downtown, First Canadian Fuels Ltd., and First Canadian Water & Infrastructure Inc.  He is also a Director of Big Freight Systems Inc. and Bieber Securities Inc.  Besides being a trustee of EIIF, Allan is also a trustee of Westfield Real Estate Investment Trust.  In 2004, Allan was the recipient of Canada’s Top 40 Under 40.  Mr. McLeod became 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

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