Dividend History

Dividend Policy

Exchange’s dividend policy is to pay cash dividends to Shareholders in each monthly period based on funds generated and received from the subsidiaries. In determining the amount to send to the Company the subsidiaries take into consideration their requirements for maintenance and growth capital.

The level of dividends is examined on an ongoing basis by the directors of the Company, and should the cash generated exceed the requirements for investment in maintenance and growth opportunities, the level of dividends will be reevaluated.

Cash dividends are made to the shareholders of record on the last day of each month (unless such day is not a business day, in which case the date of record shall be the prior business day) and shall be payable on the 15th day of the following month or, if such day is not a business day, the prior business day or such other date as determined from time to time by the directors of the Company.

Eligible Dividends

For the November 2009 dividend and unless stated otherwise, all dividends paid thereafter are designated as "eligible" dividends under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits which reduce income tax otherwise payable.

October 2009

The October 2009 dividend consists of two dividends:

"Eligible dividend"$0.06
Non-eligible dividend$0.07
Total payable to all common shareholders$0.13

For purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, the dividend in the amount of $0.06 and payable on November 13, 2009 to shareholders of record on October 31, 2009 to Canadian residents on all of our common shares, are designated as "eligible dividends".

Treatment of Dividends for US Tax Purposes

Exchange Income Corporation believes that its dividends are "Qualified Dividends" for U.S. tax purposes and therefore could be eligible for the reduced dividend rate of tax, unless the fact situation of a particular U.S. individual shareholder determines otherwise.

Refer to Page 22 of the IRS 2009 Form 1040 Instruction booklet for examples of individual situations where the dividends are not "Qualified Dividends". In the cases that the amount is not a "Qualified Dividend" due to individual situations, it should be reported on your U.S. federal income tax return as an Ordinary Dividend.

Dividend History

On July 29, 2009, Exchange was converted from an Income Trust to a corporation. As such, prior to July 29, 2009, cash payments to Unitholders were treated as income trust distributions, and subsequent to this date, the cash payments to Shareholders will be treated as dividends.

Below is the dividend history for 2016, 2015 and 2014 for Exchange. For Exchange’s dividend and distribution history since its inception on March 22, 2004 see the following link.

PeriodRecord DateDistribution DatePayment per share
August 2017Aug 31, 2017Sep 15, 2017$0.175
July 2017Jul 31, 2017Aug 15, 2017$0.175
June 2017Jun 30, 2017Jul 14, 2017$0.175
May 2017May 31, 2017Jun 15, 2017$0.175
April 2017Apr 28, 2017May 15, 2017$0.175
March 2017Mar 31, 2017Apr 14, 2017$0.175
February 2017Feb 28, 2017Mar15, 2017$0.175
January 2017Jan 31, 2017Feb 15, 2017$0.175
PeriodRecord DateDistribution DatePayment per share
December 2016December 30, 2016January 13, 2017$0.175
November 2016Novemer 30, 2016December 15, 2016$0.175
October 2016October 31, 2016November 15, 2016$0.1675
September 2016September 30, 2016October 14, 2016$0.1675
August 2016August 31, 2016September 15, 2016$0.1675
July 2016July 29, 2016August 15, 2016$0.1675
June 2016June 30, 2016July 15, 2016$0.1675
May 2016May 31, 2016June 15, 2016$0.1675
April 2016April 29, 2016May 13, 2016$0.16
March 2016March 31, 2016April 15, 2016$0.16
February 2016February 29, 2016March 15, 2016$0.16
January 2016January 29, 2016February 12, 2016$0.16
PeriodRecord DateDistribution DatePayment per share
December 2015December 31, 2015January 15, 2016$0.16
November 2015November 30, 2015December 15, 2015$0.16
October 2015October 30, 2015November 13, 2015$0.16
September 2015September 30, 2015October 15, 2015$0.16
August 2015August 31, 2015September 15, 2015$0.16
July 2015July 31, 2015August 14, 2015$0.145
June 2015June 30, 2015July 15, 2015$0.145
May 2015May 29, 2015June 15, 2015$0.145
April 2015April 30, 2015May 15, 2015$0.145
March 2015March 31, 2015April 15, 2015$0.145
February 2015February 27, 2015March 13, 2015$0.145
January 2015January 30, 2015February 13, 2015$0.145
PeriodRecord DateDistribution DatePayment per share
December 2014December 31, 2014January 15, 2015$0.145
November 2014November 28, 2014December 15, 2014$0.145
October 2014October 31, 2014November 14, 2014$0.14
September 2014September 30, 2014October 15, 2014$0.14
August 2014August 29, 2014September 15, 2014$0.14
July 2014July 31, 2014August 15, 2014$0.14
June 2014June 30, 2014July 15, 2014$0.14
May 2014May 30, 2014June 13, 2014$0.14
April 2014April 30, 2014May 15, 2014$0.14
March 2014March 31, 2014April 15, 2014$0.14
February 2014February 28, 2014March 14, 2014$0.14
January 2014January 31, 2014February 14, 2014$0.14