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. These eleven directors, nine of which are independent and are not involved in the day-to-day management of the Corporation, provide the necessary oversight and guidance to maintain proper corporate governance.

Hon. Gary Filmon P.C., O.C., O.M. LLD., ICD.D.

Chair

Mr. Filmon is currently the Chair of the Board.

Mr. Filmon is a Corporate Director. Mr. Filmon holds a Master's degree in Civil Engineering from the University of Manitoba. He is a director of Canadian Natural Resources Limited and is and has been a business consultant since 2000. Prior to that he was Premier of the Province of Manitoba from 1988 to 1999. Mr. Filmon was previously a director of Manitoba Telecom Services Inc., Moffat Communications Ltd., Pollard Banknote Limited, director and Chair of FWS Construction Ltd., director and vice-chair of Wellington West Capital Inc., and chair of Canada's Security and Intelligence Review Committee. Mr. Filmon is a member of the Order of Manitoba and an Officer of the Order of Canada. Mr. Filmon is a member of the Board of the ICD and received the ICD.D designation in 2015.

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.

Donald Streuber, FCPA, FCA

Chair of the Audit Committee

Mr. Streuber currently chairs the Audit Committee and the Aerospace & Aviation Sector Advisory Committee.

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 Accountants. Mr. Streuber was elected an FCA by the Institute of Chartered Accountants of Manitoba in 2012.

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 member of the Business Council of Canada and Vice Chairman for the Assiniboine Park Conservancy.

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. 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 currently a 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.

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 a director of CentrePort Canada Inc. and a director of the Winnipeg Blue Bombers Football Club. 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.

Edward Warkentin, LL.B.

Mr. Warkentin is the 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 has been 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., former director of Manitoba Mineral Resources Ltd. and a former director of Grace Hospital Board of Management. Mr. Warkentin is currently a 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.

Brad Bennett, O.B.C.

Mr. Bennett has been the President of McIntosh Properties Ltd., a real estate and investment holding company, since 1990. Mr. Bennett has served on a number of public and private company boards and is currently a director of Kal Tire Holdings Ltd., a director of Quails' Gate Winery, a director of UBC Properties Trust and a trustee of the Fraser Institute.

Past public service positions include Chair of British Columbia Hydro, 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, director of Powerex Inc., 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.

During 2017, Mr. Bennett was involved in the provincial government election in British Columbia and this resulted in him missing some of the irregular Board meetings held by the Corporation. The Corporation and the Board was aware of the responsibilities Mr. Bennett had during the election timeline and feels that the experience gained and being politically active are beneficial to the Corporation.

Serena Kraayeveld, FCPA, FCA, ICD.D.

Chair of Governance Committee

Ms. Kraayeveld is the Chair of the Governance Committee.

Ms. Kraayeveld graduated with a Bachelor of Commerce (Honours) degree from the University of Manitoba and is a member of the Chartered Professional Accountants of Manitoba and Canada. Ms. Kraayeveld was elected an FCA by the Institute of Chartered Accountants of Manitoba in 1990. 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 public and private clients in a broad range of industries. In addition, Ms. Kraayeveld served terms as the Managing Partner of the Winnipeg Office of Coopers & Lybrand, as the Partner in Charge of the Winnipeg tax practice of PricewaterhouseCoopers LLP and as a member of the Partnership Board of each of these firms.

Ms. Kraayeveld is a member of the ICD and received the ICD.D designation in 2008. Other past board positions have included the boards of CAA Manitoba, Institute of Chartered Accountants of Manitoba, Canadian Tax Foundation, United Way of Winnipeg, Manitoba Theatre Centre, Ducks Unlimited Canada and YWCA of Winnipeg.

Allan Davis, CPA

Mr. Davis holds a Bachelor of Commerce (Honours) degree from the University of Manitoba. He is a Chartered Professional Accountant and is a member of the Chartered Professional Accountants of Manitoba. Mr. Davis is currently the President and director of AFD Investments Inc., a management consulting firm with extensive experience in transportation, distribution, and manufacturing. Mr. Davis is also the Independent Chair of the Board of Trustees and a member of the Audit Committee of the Boyd Group Income Fund.

Mr. Davis was a non-Director member of the Manufacturing Sector Advisory Committee prior to his election as a Director.

Polly Craik

Ms. Craik attended Advanced Business Executive Programs at the Massachusetts Institute of Technology from 1999 to 2004. In 2010, Ms. Craik received an honorary diploma from Red River College and in 2016, received the Manitoba Chambers of Commerce, Lieutenant Governor's award for outstanding contribution by an individual to the community.

Ms. Craik owned and successfully ran Fine Line Communications Ltd., a private Canadian business for 30 years until its sale in 2015. She is currently the Chair of the Board of Manitoba Liquor & Lotteries Corporation, Director Emeritus of Manitoba Business Council, Board Member of Lake of the Woods Water Sustainability Foundation. She is past chair of the Manitoba Business Council and past chair of CentreVenture Development Corporation.

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

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

Ms. Sonberg is a corporate director and an Adjunct Professor and Executive-in-Residence 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 MD Financial Holdings, Canadian Professional Sales Association, Women in Capital Markets, Equitas - International Centre for Human Rights Education and on the advisory board of a significant family-owned corporation based in Quebec. Past board experience includes Via Rail Canada, Rideau Recognition Solutions Inc. and the McGill University Health Centre.