Exchange Income Corporation reported strong financial results for 2009 and the first quarter of 2010. In 2009, revenue grew 34% to $211 million, EBITDA grew 57% to $32 million, and net earnings grew 307% to $13 million. The company also completed the acquisition of Calm Air, effectively doubling its aviation segment. For the first quarter of 2010, revenue grew 43% to $53.3 million, EBITDA grew 70% to $7 million, and net earnings grew 71% to $2.4 million compared to the first quarter of 2009. The company aims to continue steady growth, add a third leg to its business, and pursue further acquisitions, while increasing its dividend.

1. Exchange Income Corporation
2009
Annual
General
Meeting

2. Forward Looking Statements
The statements contained in today’s 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 the 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 Corporation’s financial performance, dilution,
restrictions on potential future growth, 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 the
Corporation with the securities regulatory authorities, available at
www.sedar.com.
2

3. Our Objectives for 2009
1. Strengthen financial performance
2. Complete airline acquisition
3. Increase dividend payout
4. Improve share valuation
3

4. Our Results
• All key financial metrics
improved
• Conversion
Steady financial • Slow manufacturing
segment recovery
growth
• Recession resistant
business model
4

5. Revenue
250
200 34%
(C$ million)
150
growth to $211 Million
100
50
2005 2009
5

6. EBITDA
30
25 57%
(C$ million)
20
growth to $32 Million
15
10
5
2005 2009
6

7. Net Earnings
15
12 307%
(C$ million)
9
growth to $13 Million
6
3
2005 2009
7

8. Our Results
•$59 million
purchase price
•Effectively doubled
Calm Air aviation segment
Acquisition •Immediately
accretive
8

9. Our Results
• Dividend increased
to $1.56
• 6th consecutive year
Increase dividend of growth
payout • Completed
conversion without
dividend cut
9

10. Distributable Cash
25
20 67%
(C$ million)
15
growth to $25 Million
10
5
2005 2009
10

11. Distributable Cash Per Basic Share
3.0
2.5
2.0
1.5
1.0
10%
growth to $2.81
.5
2008 2009
11

12. Dividend Payout
2.0
1.5
1.0
3%
growth to $1.56 per share
0.5
0.0
2005 2009
12

13. Our Results
• EIF up 44%
• Extreme market
volatility
Fair market
• 3 financings
valuation completed
13

14. Total Return for 2009
80%
Exchange Income Corp.
60%
40% 66%
20%
S&P/TSX Composite Index
0%
-20%
January 09
December 09
14

15. Exchange Income Corporation
Reasons
for
Success

16. Reasons
1. Disciplined
Our core 2. Diversified
principles 3. Focused
4. Loyal
16

17. Disciplined Acquisitions
2004 2005 2006 2007 2008 2009

18. Diversified
- 3 airlines - 3 steel companies
- Serving remote - 1 water pressure
communities company
- Uniquely competitive - Serving multiple
industries
18

19. Building momentum
1. Exceptionally
strong
Q1 Results 2. Despite impacts:
• Seasonal factors
• Economic
conditions
19

20. Revenue
60
50
40
43%
(C$ million)
30
growth to $53.3 Million
20
10
Q1 2009 Q1 2010
20

21. EBITDA
8
6 70%
(C$ million)
4
growth to $7 Million
2
Q1 2009 Q1 2010
21

22. Net Earnings
2.5
2.0 71%
(C$ million)
1.5 growth to $2.4 Million
1.0
0.5
Q1 2009 Q1 2010
22

23. Earnings per Share (fully diluted)
0.25
0.20
0.15
$0.20
(C$)
Decrease by $0.04
0.10
0.05
Q1 2009 Q1 2010
23

24. Strengthened balance sheet
Total Debt to Equity Ratio Capacity for
0.62 $100M
acquisition
Prepared to be disciplined
24

25. Exchange Income Corporation
Looking
ahead

26. 2010 & Beyond
1. Add 3rd leg
2. Continued steady growth
3. Manufacturing segment recovery
4. Dividend increase

27. Exchange Income Corporation
Questions?

28. Contact information
www.exchangeincomecorp.com
1067 Sherwin Road
Winnipeg, MB R3H 0T8
204 982 1857
mpyle@eig.ca