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 nine directors, seven 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.

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 Institute of Corporate Directors 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 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 Manitoba and elsewhere. Mr. Buckley is also the owner of additional hotel and mobile home 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.

Michael Pyle

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 Manitoba Hydro. Mr. Pyle devotes the majority of his time to the Corporation.

Edward Warkentin, LL.B.

Mr. Warkentin is the Chair of the Manufacturing Sector Advisory Committee.

Mr. Warkentin holds a Bachelor of 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 35 years. Mr. Warkentin was a partner at Pitblado & Hoskin before leaving in 1998 to join Aikins, MacAulay & Thorvaldson LLP (now MLT Aikins LLP) as a partner, where he practiced in the area of corporate and commercial law and served as Managing Partner for 10 years after which he remained associated with that firm in a non-partner capacity.

Formerly he was a director of Manitoba Mineral Resources Ltd., the Chair and director of Youth for Christ (Winnipeg) Inc. and a director of Grace Hospital Board of Management. Mr. Warkentin is currently the Chair and a trustee of Artis Real Estate Investment Trust, a real estate investment trust listed on the TSX, a director of All in West Capital Corporation, a TSXV listed corporation, and a director of several private corporations, foundations and partnerships.

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 Chair of British Columbia Hydro and Power Authority, a director of Powerex Inc., a director of Kal Tire Holdings Ltd., and a director of Quails' Gate Winery.

Mr. Bennett also currently serves as a director of the University of British Columbia Property Trust and as a trustee of the Fraser Institute. Past public service positions include Chair of MITACS, Chair of the University of British Columbia Board of Governors, Chair of Okanagan University College, Chair of Kelowna General Hospital Foundation, Co-Chair of the Central Okanagan Hospice Campaign and Chair of Rotary Centre for the Arts Building Committee in Kelowna.

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.

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. 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 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 is a member of the Institute of Corporate Directors and received the ICD.D designation in 2008. Past board positions have included the boards of CAA Manitoba, 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.

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 Chair 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.