Directors

On July 29, 2009, Exchange Industrial Income Fund ("EIIF") was reorganized as Exchange Income Corporation. 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. Current directors are listed below and provide the necessary oversight and guidance to maintain proper corporate governance.

Brad Bennett, C.M., O.B.C.

Chair of Aerospace & Aviation Sector Advisory Committee

Mr. Bennett is Chairman of McIntosh Properties Ltd., a real estate and investment holding company and was previously President. Mr. Bennett has served on a number of public and private company boards and is currently a director of UBC Properties Trust and a trustee of the Fraser Institute.

Past public service positions include Chair of British Columbia Hydro, director of Powerex Inc., Chair of MITACS, Chair of the University of British Columbia Board of Governors, Chair of Okanagan University College, Chair of Kelowna General Hospital Foundation, Chair of Rotary Centre for the Arts Building Committee in Kelowna, Co-Chair of the Central Okanagan Hospice Campaign and a member of the Premier's Technology Council.

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 honorary Doctorate of Laws from the University of British Columbia in 2011. Mr. Bennett was awarded the Queen's Diamond Jubilee Medal in 2012 and became a member of the Order of Canada in 2019.

Gary Buckley

Chair of Compensation Committee

Mr. Buckley is the Chair of the Compensation Committee.

Mr. Buckley holds a Bachelor of Commerce degree from the University of Alberta and is currently President of Wellington Paige Group inc., a multifaceted holding company. 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 Inc., which owns various hotel properties in Alberta, Manitoba and Ontario. Mr. Buckley is also the owner of additional commercial and multi-family residential properties. Mr. Buckley is a past director of Pavilion Financial Corporation, and past director of Temple Hotels Inc. (formerly Temple Real Estate Investment Trust) and of the Cancer Care Manitoba Foundation as well as other non-profit organizations.

Polly Craik, ICD.D.

Ms. Craik is a corporate director. Ms. Craik is a graduate of the Advanced Business Executive Program at the Massachusetts Institute of Technology which she attended from 1999 to 2004. In 2010, Ms. Craik received an honorary diploma from Red River College and in 2016, received the Manitoba Chamber of Commerce, Lieutenant Governor's award for outstanding contribution by an individual to the community.

Ms. Craik owned and led the growth at Fine Line Communications Ltd., a private Canadian business for 30 years until its divestiture in 2015. Ms. Craik is a founding director of Vexxit Inc. She is also currently a Director Emeritus of the Business Council of Manitoba and Director of Lake of the Woods Water Sustainability Foundation. She is past Chair of the Board of Manitoba Liquor and Lotteries Corporation, past chair of the Business Council of Manitoba, past Chair of CentreVenture Development Corporation and past Board member of the Winnipeg Chapter of Entrepreneurs' Organization (EO). Ms. Craik is a member of the ICD and received the ICD.D. designation in 2022.

Ms. Craik was a non-Director member of the Aerospace & Aviation Sector Advisory Committee prior to her election as a Director.

Bruce Jack

Chair of the Audit Committee

Mr. Jack is a corporate director. Mr. Jack holds a Bachelor of Commerce (Honours) degree from the University of Manitoba, is a Chartered Professional Accountant and is a member of CPA Manitoba. In 2005, Mr. Jack was awarded the FCPA/FCA designation by CPA Manitoba for distinguished service to his profession and the community. Mr. Jack retired as a partner from Deloitte LLP after a distinguished 40-year career serving a variety of clients in the insurance, real estate, aviation, manufacturing, and health care sectors. During this time, he acted as a global lead audit partner for several global life insurance companies.

Mr. Jack has served as a director of Wawanesa Insurance since 2014 and currently is the Chair of its audit committee and a member of its risk committee. He also is currently a trustee of Apartment + Real Estate Investment Trust and a director of Vexxit Inc. and several other private companies. He is a member of the ICD, Manitoba Chapter. Mr. Jack is a former trustee of Artis Real Estate Investment Trust, a trust listed on the TSX. His past community involvement includes serving on the boards of Canadian Cancer Society of Manitoba, Manitoba Children's Museum, Prairie Theatre Exchange and Junior Achievement of Manitoba and, in addition, served in leadership roles for several years on the United Way's annual campaign. He also served in the past on the TSX Venture Exchange Winnipeg Local Advisory Committee and the Manitoba Securities Commission Local Advisory Committee.

Duncan Jessiman, Q.C.

Executive Vice-Chair

Mr. Jessiman is currently the Executive Vice-Chair in charge of special projects and chairs the Disclosure and Competition Committee.

Mr. Jessiman holds a Bachelor of Commerce degree and a Law degree from the University of Manitoba and developed the concept for the Corporation with Mr. Pyle and started it in 2002. Mr. Jessiman originally served as Chair and Chief Executive Officer of the Corporation, but gave up the Chair in 2005 in accordance with good governance practices at the time. He then gave up the position of CEO on August 1, 2006 for family reasons and became Executive Vice-Chair in charge of special projects.

Before starting the Corporation, Mr. Jessiman practiced law in Winnipeg in the areas of corporate, commercial and securities law. Mr. Jessiman was 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.; and a former director of Enerplus Energy Services Ltd., the management company for Enerplus Resources Fund. Mr. Jessiman devotes a significant amount of his working time to the business of the Corporation.

Michael Pyle, MBA, ICD.D.

Chief Executive Officer

Mr. Pyle is the Chief Executive Officer of the Corporation.

Together with Mr. Jessiman, Mr. Pyle developed the initial concept of the Corporation in 2002. Mr. Pyle has held the position of CEO since August 1, 2006.

Mr. Pyle holds a Bachelor of Arts degree (Economics) and a MBA (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 is currently the Chair of the Winnipeg Blue Bomber Football Club, the Vice-Chair of the Business Counsel of Manitoba, the Vice-Chair of CentrePort Canada Inc. and a Director of Next Hydrogen Solutions Inc. Mr. Pyle devotes the majority of his time to the Corporation. Mr. Pyle is a member of the ICD and received the ICD.D designation in 2017.

Grace Schalkwyk

Ms. Schalkwyk holds a Bachelor of Commerce (Finance) with Honours from the University of British Columbia, received executive education in general management from Columbia Business School in New York and INSEAD in France. She is a member of the Institute of Corporate Directors (Canada) and a Board Leadership Fellow of the National Association of Corporate Directors (U.S.).

Since 2009, Ms. Schalkwyk has been advising technology-based businesses on business models, growth strategy, scalability and positioning for significant transactions. Ms. Schalkwyk's previously held positions were Senior Vice President, Publisher at Standard & Poor's; Chief Financial Officer of Artnet.com AG; corporate development at Reuters America Holdings Inc.; and cross-border investment banking at Credit Suisse.

Ms. Schalkwyk is currently a director and Audit Committee Chair of NASDAQ listed Salisbury Bancorp, a director of Crescendo Inc. (a not-for-profit early music ensemble), and a member of the advisory board of Overbond Ltd. (a bond market fintech company).

Melissa Sonberg, B.Sc., M.H.A., ICD.D

Chair of the Governance Committee

Ms. Sonberg is Chair of the Governance Committee.

Ms. Sonberg is a corporate director and a Professor of Practice at McGill University's Desautel Faculty of Management where she focuses on compensation strategy, group dynamics and leadership development.

Ms. Sonberg spent the early part of her career in the health care industry before joining Air Canada in 1991. Over her ten years with the airline she held leadership positions in a range of customer facing, operational and corporate functions. In 2001, Ms. Sonberg became part of the founding executive team of Aeroplan and was a core member of the management of Aeroplan as it transitioned to a separate business entity, completed an initial public offering and expanded its global business, now known as AIMIA, through multiple international acquisitions and joint ventures. During her 12 years with AIMIA, Ms. Sonberg held the positions of Senior Vice President, Human Resources & Corporate Affairs and Senior Vice President, Global Brands, Communications and External Affairs.

Ms. Sonberg has a wealth of experience on corporate and advisory boards. She currently serves on the boards of Hydro One, Athennian, Canadian Professional Sales Association, the Montreal Children's Hospital Foundation, and Enghouse Systems Inc. Ms. Sonberg's past board experience includes MD Financial Holdings, VIA Rail Canada, Rideau Recongition Solutions Inc., Women in Capital Markets, Equitas - International Centre for Human Rights Education, the McGill University Health Centre and on the advisory board of a significant family-owned corporation based in Quebec.

Donald Streuber, FCPA, FCA

Chair

Mr. Streuber is currently the chair of the board.

Mr. Streuber is Executive Chairman of Bison Transport Inc. Bison is one of Canada's largest van truckload carriers of freight and has been recognized as one of Canada's 50 best managed companies for over 20 years. He is a Chartered Professional Accountant and is a member of the Institute of Chartered Professional Accountants of Manitoba. Prior to joining Bison in 1999, Mr. Streuber was a partner at Sill Streuber Fiske & Company, Chartered Accoutants. Mr. Streuber was elected a FCA by the Institute of Chartered Accountants of Manitoba in 2012.

Mr. Streuber is a director of James Richardson & Sons Limited and a member of the audit committee. Mr. Streuber is the past Chairman of CentrePort Canada Inc., past Chairman of the Canadian Trucking Alliance, past Chairman of the Business Council of Manitoba, past Chairman for Providence College and Seminary, a past member of the Business Council of Canada and Vice Chairman for the Assiniboine Park Conservancy.

Edward Warkentin, LL.B.

Chair of the Manufacturing Sector Advisory Committee.

Mr. Warkentin holds an undergraduate degree from the University of Winnipeg, a law degree from the University of Manitoba and was a member of the Bars of Ontario and Manitoba for more than 35 years. Mr. Warkentin is the former Managing Partner of Aikins, MacAulay & Thorvaldson LLP (now MLT Aikins LLP) where he practiced in the area of corporate and commercial law.

Mr. Warkentin is a former director and Chair of Youth for Christ (Winnipeg) Inc., a former director of Manitoba Mineral Resources Ltd. and a former director of Grace Hospital Board of Management and a former trustee and Chair of Artis Real Estate Investment Trust, a TSX listed issuer. He is also a director or officer of several private corporations and foundations and is a member of the ICD, Manitoba Chapter.