MIKE PYLE, CEO

INVESTOR PRESENTATION
TSX: EIF
APRIL 2017
 FORWARD-LOOKING STATEMENTS

The statements contained in this presentation that are forward-looking are based on
current expectations and are subject to a number of uncertainties and risks, and actual
results may differ materially.
These uncertainties and risks include, but are not limited to, the dependence of Exchange
Income Corporation on the operations and assets currently owned by it, the degree to
which its subsidiaries are leveraged, the fact that cash distributions are not guaranteed
and will fluctuate with the Corporations financial performance, dilution, restrictions on
potential future growth, the risk of shareholder liability, competitive pressures (including
price competition), changes in market activity, the cyclicality of the industries, seasonality
of the businesses, poor weather conditions, and foreign currency fluctuations, legal
proceedings, commodity prices and raw material exposure, dependence on key
personnel, and environmental, health and safety and other regulatory requirements.
Further information about these and other risks and uncertainties can be found in the
disclosure documents filed by Exchange Income Corporation with the securities
regulatory authorities, available at www.sedar.com

EXCHANGE INCOME CORPORATION 2

 INVESTMENT HIGHLIGHTS

Proven strategy focused on

diversification
disciplined acquisitions
dividend growth
strategic investments

Segments operate in niche, defensible

markets
Record financial results for 2016
12 dividend increases since 2004
$525M in transactions since Q4 2014
Added to S&P TSX Composite Index in Q4
2016

EXCHANGE INCOME CORPORATION 3

 REVENUE
($MILLIONS)
EBITDA
($MILLIONS)
FREE CASHFLOW
LESS MAINTENANCE
FY2016 = YEAR OF
CAPEX
($MILLIONS)
RECORD RESULTS
891.0 91.6
212.6
807.4
179.2 74.4
SET NEW BENCHMARKS
486.2 509.1
542.5
FOR EACH OF OUR KEY
71.7
81.8
94.3
30.8
35.1 FINANCIAL METRICS
27.1

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Payout ratio
61%
16.3% 31.2% 31.3%
CAGR CAGR CAGR

EXCHANGE INCOME CORPORATION 4

 RECORD PER SHARE RESULTS
FREE CASHFLOW NET EARNINGS ADJUSTED
LESS MAINTENANCE (BASIC PER SHARE) NET EARNINGS
CAPEX (BASIC PER SHARE)
(BASIC PER SHARE)

$3.25 $2.18
$3.02 $2.56

$1.63 $2.12

$1.59

$0.67

-$0.53

2014 2015 2016

2014 2015 2016 2014 2015 2016

CAGR +$2.71 CAGR

+43% turnaround +95.5%
Significant improvements even with 28% increase in average
number of shares due to financings and acquisitions

EXCHANGE INCOME CORPORATION 5

 DIVIDEND
GROWTH
ANNUALIZED DIVIDEND DISTRIBUTIONS
(PER SHARE) $2.10

$2.10 PER SHARE

(ANNUALIZED BUT PAID $0.175/SHARE MONTHLY)

$1.08 3 DIVIDEND INCREASES

IN 24 MONTHS TOTALING
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
21% GROWTH

5.4% $ 2.10 61% 12 DIVIDEND INCREASES

NEW ANNUALIZED
YIELD* PAYOUT RATIO**
DIVIDENDS PER SHARE IN 12 YEARS

*As at March 31, 2017

** 12-month trailing average ending Q4 2016

EXCHANGE INCOME CORPORATION 6

 DIVERSIFICATION
MATTERS

IN GOOD TIMES AND BAD

The underlying engine of EICs
growth is a business model that
is focused on diversification
Diversification allows EIC to
mitigate economic risks and
fluctuations

15
CURRENT NUMBER
OF COMPANIES WITHIN
EICS PORTFOLIO

A STRATEGY BUILT FOR THE

LONG TERM
BUY HOLD INVEST

EXCHANGE INCOME CORPORATION 7

 DISCIPLINE
MATTERS

SINCE 2004, EIC HAS TAKEN A

VERY DISCIPLINED APPROACH
TO GROWING OPERATIONS VIA
ACQUISITIONS

What is required:
Must operate in niche markets with a
defensible position
Come with a strong management
team
Generate steady cash flow
Be immediately accretive to our
financial results

TOTAL VALUE OF ACQISITIONS SINCE 2015

$300 Million
EXCHANGE INCOME CORPORATION 8
 12 YEARS OF DISCIPLINED ACQUISITIONS

2004 2006 2009 2012 2013

PERIMETER OVERLANDERS CALM AIR CUSTOM REGIONAL ONE

Scheduled passenger and
freight flight services into
northern Manitoba from
Winnipeg
MANUFACTURING Scheduled passenger and HELICOPTERS Global sales of
Sheet metal and freight flight services from Cargo shipment, forest fire aftermarket
tubular steel product Winnipeg into northern suppression, maintenance aircraft engines
manufacturing Manitoba and Nunavut overhaul and corporate and parts and leases of
transportation and Nunavut regional jets

KEEWATIN AIR STAINLESS WESTOWER PROVINCIAL CARTENAV

Medevac services from Stainless tanks, vessels
northern Manitoba and and processing
Nunavut into Winnipeg equipment
manufacturing
Communication tower
construction and
installation across
Canada
AEROSPACE Software solutions for
Scheduled flight services maritime surveillance
in Atlantic Canada and
Quebec; global maritime
surveillance solutions

JASPER TANK WATER BLAST BEARSKIN BEN MACHINE TEAM J.A.S.

Truck and trailer-mount High pressure washer Scheduled passenger PRODUCTS
After-market aviation
tanks used in the cleaning and steam and cargo flight services Manufacture of precision parts and aircraft.
transportation of fluids, systems manufacturing in Manitoba and parts for global defence Specialize in Twin Otter
such as oil and gas and distribution northwestern Ontario and aerospace sectors platform

2005 2008 2011 2015 2016

EXCHANGE INCOME CORPORATION 9

 AVIATION SERVICES
Essential services to communities in
Manitoba, Nunavut, northwestern Ontario
and Atlantic Canada

Legacy Airlines: Calm Air,

Perimeter, Keewatin, Bearskin,
Custom Helicopters

Services include:
Scheduled passenger & freight
services
Charter
Emergency Medical services
Rotary wing

Provincial Aerospace: diversified

operations with 3 divisions

NICHE MARKETS WITH

LIMITED COMPETITION

EXCHANGE INCOME CORPORATION 10

 AVIATION SEGMENT COVERAGE

2 4
NUNAVUT

NEWFOUNDLAND
6 & LABRADOR

2 4 5
6
SASKATCHEWAN
MANITOBA 1 5 6
3
1 3 ONTARIO QUEBEC

6 NOVA
SCOTIA

1 2 3 4 5 6

AVIATION BEARSKIN CALM CUSTOM KEEWATIN PERIMETER PROVINCIAL

SUBSIDIARY AIRLINES AIR HELICOPTERS AIR AEROSPACE

SERVICE Scheduled flight and Scheduled and chartered Cargo shipment; Medevac Scheduled and chartered Scheduled and chartered
cargo services passenger service fire suppression, passenger service passenger service
maintenance overhaul

AREA OF Manitoba Northern Manitoba Manitoba Nunavut Northern Manitoba Newfoundland & Labrador
COVERAGE
Northwestern Ontario Nunavut Saskatchewan Northern Manitoba Northwestern Ontario Nova Scotia
Nunavut Quebec

EXCHANGE INCOME CORPORATION 11

 AEROSPACE
SERVICES
PROVINCIAL AEROSPACE
Global leader in maritime surveillance
Aircraft overhaul & modification
on design
Servicing customer / governments around
the world
Fixed base operations
Added CarteNav in Q3 2016

Awarded Government of Canada Fixed

Wing Search and Rescue contract in Q4
2016 with consortium led by Airbus
REGIONAL ONE
After-market aircraft, engines and rotable
parts
Portfolio of assets covering multiple aircraft
types
Assets located strategically over several
regions
Sales worldwide
Added Team J.A.S. in Q4 2016

EXCHANGE INCOME CORPORATION 12

 MANUFACTURING SEGMENT

WesTower Stainless Alberta Ops Ben Machine Overlanders

Design, fabrication and Fabrication and installation Manufacture and sell a Manufacturer of precision Manufacture precision
installation of of stainless steel variety of products parts and components sheet metal and tubular
communication towers specialized tanks and primarily tied to the oil and used by the aerospace products used in a variety
across Canada and vessels in various gas industry including and defense sector in of industries within North
maintenance of those industries within the United pressure systems and North America. America.
towers for wireless States. transportation tanks.
carriers.

13
RECENT PROGRESS
Strategic relationship with Bombardier for
future aircraft purchases for Regional One
and delivery of CRJ900s recently acquired
Member of winning consortium for up to 20-
year Fixed Wing Search and Rescue contract
in Far North in Canada
Expanded passenger air service into
northwestern Ontario
Invested ~$160M in growth capital
Added to S&P TSX Composite Index
Expanded leasing business in Ireland

Provides momentum into 2017

14
 EIC EXECUTIVE MANAGEMENT

Duncan 40 years of experience in corporate, commercial and securities law, and formerly a partner at the law firm of Aikins,
Jessiman MacAulay & Thorvaldson LLP Joined EICs management team in 2005 as Chief Executive Officer. Continues to play a key
Executive Vice role in EICs strategy.
Chairman
Mike Pyle Has led EIC since 2014 and is responsible for monitoring the Companys operating companies and ensuring that they are
CEO running in accordance with their strategic and operating plans as well as within their financial budgets. Mr. Pyle is also
responsible for arranging financing for the Company and the subsidiaries. Previously served as a merchant banker for
almost 10 years, specializing in financing LBO, MBO and rapid growth companies.

Carmele Peter Joined EIC in 2012. Previously practiced law for more than 20 years focusing on mergers and acquisitions and tax at
President Aikins, MacAulay & Thorvaldson LLP. Was legal counsel and an advisor to EIC since its inception.

Tamara Schock Chief Financial Officer of EIC since 2015. Previously was a Partner at Deloitte LLP. Has more than 20 of experience
CFO advising and auditing multi-national public companies based in both Canada and the United States.

Adam Terwin Responsible for EICs acquisition activities and strategic growth initiatives for existing entities. Previously served as the
Chief Corporate Companys CFO from 2006 to 2014.
Development
Officer
Darwin Sparrow Has 30 years of experience in the manufacturing industry with a proven track record of managing companies to reach their
Chief Operating full potential. Currently responsible for the management of the Manufacturing segment and all entities.
Officer
Gary Beaurivage More than 40 years experience in the aviation industry. Previously President and CEO of Calm Air. Currently responsible
Chief Operating for all operations of EICs aviation segment.
Officer -
Aviation

EXCHANGE INCOME CORPORATION 15

 CAPITAL STRUCTURE
Ownership Structure
RECENT SHARE $39.04
PRICE (March 31, 2017 close)
52-WEEK LOW AND $25.50 - $45.28
HIGH Institutions, 15%

SHARES ISSUED 31.1 Million

AVERAGE DAILY 131,460

Insiders, 30% Retail, 55%
VOLUME
(3-MONTHS)
MARKET $1.2 Billion
CAPITALIZATION
ENTERPRISE VALUE $1.8 Billion (approx.)

ANALYST AltaCorp: C. Murray TOP INSTITUTIONAL Black Rock

COVERAGE Canaccord. R. Afzaal INVESTORS Fidelity
CIBC K. Chiang MD Financial
Laurentian M. Nazir Industrial Alliance
Macquarie K. Gupta Manulife
NBF T. Johnson
Raymond James S. Hansen
RBC D. Spronck
Scotia M. Neville
TD T. James
EXCHANGE INCOME CORPORATION 16
 WHY INVEST IN EIC

Reliable dividends
Strong Free Cash Flow
Diversified strategy
Limits exposure to risks and uncertainties
Ensures dividends are safe and sustainable

Consistent results
Unmatched track record of dividend
growth

PROVEN STRATEGY

EXCHANGE INCOME CORPORATION 17

 QUESTIONS?
MIKE PYLE, CEO JOE RACANELLI
MPYLE@EIG.CA JRACANELLI@NATIONAL.CA
204.982.1850 416 586 1943
EXCHANGEINCOMECORP.CA