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 2018, 2017, 2016, 2015 and 2014 for Exchange. For Exchange's dividend and distribution history since its inception on March 22, 2004 see the following link.

Period	Record Date	Payable Date	Payment per share
Oct 2024	Oct 31, 2024	Nov 15, 2024	$0.2200
666t	Sep 27, 2024	Oct 15, 2024	$0.2200
Aug 2024	Aug 30, 2024	Sep 13, 2024	$0.2200
Jul 2024	Jul 31, 2024	Aug 15, 2024	$0.2200
Jun 2024	Jun 28, 2024	Jul 15, 2024	$0.2200
May 2024	May 31, 2024	Jun 14, 2024	$0.2200
Apr 2024	Apr 30, 2024	May 15, 2024	$0.2200
Mar 2024	Mar 29, 2024	Apr 15, 2024	$0.2200
Feb 2024	Feb 29, 2024	Mar 15, 2024	$0.2200
Jan 2024	Jan 31, 2024	Feb 15, 2024	$0.2200
Period	Record Date	Payable Date	Payment per share
Dec 2023	Dec 29, 2023	Jan 15, 2024	$0.2200
Nov 2023	Nov 30, 2023	Dec 15, 2023	$0.2200
Oct 2023	Oct 31, 2023	Nov 15, 2023	$0.2100
Sep 2023	Sep 29, 2023	Oct 13, 2023	$0.2100
Aug 2023	Aug 31, 2023	Sep 15, 2023	$0.2100
Jul 2023	Jul 31, 2023	Aug 15, 2023	$0.2100
Jun 2023	Jun 30, 2023	Jul 14, 2023	$0.2100
May 2023	May 31, 2023	Jun 15, 2023	$0.2100
Apr 2023	Apr 28, 2023	May 15, 2023	$0.2100
Mar 2023	Mar 31, 2023	Apr 14, 2023	$0.2100
Feb 2023	Feb 28, 2023	Mar 15, 2023	$0.2100
Jan 2023	Jan 31, 2023	Feb 15, 2023	$0.2100
Period	Record Date	Payable Date	Payment per share
Dec 2022	Dec 30, 2022	Jan 13, 2023	$0.2100
Nov 2022	Nov 30, 2022	Dec 15, 2022	$0.2100
Oct 2022	Oct 31, 2022	Nov 15, 2022	$0.2100
Sep 2022	Sep 30, 2022	Oct 14, 2022	$0.2100
Aug 2022	Aug 31, 2022	Sep 15, 2022	$0.2100
Jul 2022	Jul 29, 2022	Aug 15, 2022	$0.2000
Jun 2022	Jun 30, 2022	Jul 15, 2022	$0.2000
May 2022	May 31, 2022	Jun 15, 2022	$0.2000
Apr 2022	Apr 29, 2022	May 13, 2022	$0.1900
Mar 2022	Mar 31, 2022	Apr 14, 2022	$0.1900
Feb 2022	Feb 28, 2022	Mar 15, 2022	$0.1900
Jan 2022	Jan 31, 2022	Feb 15, 2022	$0.1900
Period	Record Date	Payable Date	Payment per share
Dec 2021	Dec 31, 2021	Jan 14, 2022	$0.1900
Nov 2021	Nov 30, 2021	Dec 15, 2021	$0.1900
Oct 2021	Oct 29, 2021	Nov 15, 2021	$0.1900
Sep 2021	Sep 30, 2021	Oct 15, 2021	$0.1900
Aug 2021	Aug 31, 2021	Sep 15, 2021	$0.1900
Jul 2021	Jul 30, 2021	Aug 13, 2021	$0.1900
Jun 2021	Jun 30, 2021	Jul 15, 2021	$0.1900
May 2021	May 31, 2021	June 15, 2021	$0.1900
Apr 2021	Apr 30, 2021	May 14, 2021	$0.1900
Mar 2021	Mar 31, 2021	Apr 15, 2021	$0.1900
Feb 2021	Feb 26, 2021	Mar 15, 2021	$0.1900
Jan 2021	Jan 29, 2021	Feb 15, 2021	$0.1900
Period	Record Date	Payable Date	Payment per share
Dec 2020	Dec 31, 2020	Jan 15, 2021	$0.1900
Nov 2020	Nov 30, 2020	Dec 15, 2020	$0.1900
Oct 2020	Oct 30, 2020	Nov 13, 2020	$0.1900
Sep 2020	Sep 30, 2020	Oct 15, 2020	$0.1900
Aug 2020	Aug 31, 2020	Sep 15, 2020	$0.1900
July 2020	July 31, 2020	Aug 15, 2020	$0.1900
June 2020	June 30, 2020	July 15, 2020	$0.1900
May 2020	May 29, 2020	June 15, 2020	$0.1900
April 2020	April 30, 2020	May 15, 2020	$0.1900
March 2020	March 31, 2020	April 15, 2020	$0.1900
February 2020	February 28, 2020	March 13, 2020	$0.1900
January 2020	January 31, 2020	February 14, 2020	$0.1900
Period	Record Date	Payable Date	Payment per share
December 2019	December 31, 2019	January 15, 2020	$0.1900
November 2019	November 29, 2019	December 13, 2019	$0.1900
October 2019	October 31, 2019	November 15, 2019	$0.1900
September 2019	September 30, 2019	October 15, 2019	$0.1900
August 2019	August 30, 2019	Sept 13, 2019	$0.1900
July 2019	July 31, 2019	August 15, 2019	$0.1825
June 2019	June 28, 2019	July 15, 2019	$0.1825
May 2019	May 31, 2019	June 14, 2019	$0.1825
April 2019	April 30, 2019	May 15, 2019	$0.1825
March 2019	March 29, 2019	April 15, 2019	$0.1825
February 2019	February 28, 2019	March 15, 2019	$0.1825
January 2019	January 31, 2019	February 15, 2019	$0.1825
Period	Record Date	Payable Date	Payment per share
December 2018	December 31, 2018	January 15, 2019	$0.1825
November 2018	November 30, 2018	December 14, 2018	$0.1825
October 2018	October 31, 2018	November 15, 2018	$0.1825
September 2018	September 28, 2018	October 15, 2018	$0.1825
August 2018	August 31, 2018	September 14, 2018	$0.1825
July 2018	July 31, 2018	August 15, 2018	$0.1825
June 2018	June 29, 2018	July 13, 2018	$0.1825
May 2018	May 31, 2018	June 15, 2018	$0.1825
April 2018	April 30, 2018	May 15, 2018	$0.1825
March 2018	March 29, 2018	April 13, 2018	$0.1825
February 2018	February 28, 2018	March 15, 2018	$0.175
January 2018	January 31, 2018	February 15, 2018	$0.175
Period	Record Date	Payable Date	Payment per share
December 2017	December 29, 2017	January 15, 2018	$0.175
November 2017	November 30, 2017	Dec 15, 2017	$0.175
October 2017	October 31, 2017	November 15, 2017	$0.175
September 2017	September 29, 2017	October 13, 2017	$0.175
August 2017	August 31, 2017	September 15, 2017	$0.175
July 2017	July 31, 2017	August 15, 2017	$0.175
June 2017	June 30, 2017	July 14, 2017	$0.175
May 2017	May 31, 2017	June 15, 2017	$0.175
April 2017	April 28, 2017	May 15, 2017	$0.175
March 2017	March 31, 2017	April 14, 2017	$0.175
February 2017	February 28, 2017	Mar15, 2017	$0.175
January 2017	January 31, 2017	February 15, 2017	$0.175
Period	Record Date	Payable Date	Payment per share
December 2016	December 30, 2016	January 13, 2017	$0.175
November 2016	Novemer 30, 2016	December 15, 2016	$0.175
October 2016	October 31, 2016	November 15, 2016	$0.1675
September 2016	September 30, 2016	October 14, 2016	$0.1675
August 2016	August 31, 2016	September 15, 2016	$0.1675
July 2016	July 29, 2016	August 15, 2016	$0.1675
June 2016	June 30, 2016	July 15, 2016	$0.1675
May 2016	May 31, 2016	June 15, 2016	$0.1675
April 2016	April 29, 2016	May 13, 2016	$0.16
March 2016	March 31, 2016	April 15, 2016	$0.16
February 2016	February 29, 2016	March 15, 2016	$0.16
January 2016	January 29, 2016	February 12, 2016	$0.16
Period	Record Date	Payable Date	Payment per share
December 2015	December 31, 2015	January 15, 2016	$0.16
November 2015	November 30, 2015	December 15, 2015	$0.16
October 2015	October 30, 2015	November 13, 2015	$0.16
September 2015	September 30, 2015	October 15, 2015	$0.16
August 2015	August 31, 2015	September 15, 2015	$0.16
July 2015	July 31, 2015	August 14, 2015	$0.145
June 2015	June 30, 2015	July 15, 2015	$0.145
May 2015	May 29, 2015	June 15, 2015	$0.145
April 2015	April 30, 2015	May 15, 2015	$0.145
March 2015	March 31, 2015	April 15, 2015	$0.145
February 2015	February 27, 2015	March 13, 2015	$0.145
January 2015	January 30, 2015	February 13, 2015	$0.145
Period	Record Date	Payable Date	Payment per share
December 2014	December 31, 2014	January 15, 2015	$0.145
November 2014	November 28, 2014	December 15, 2014	$0.145
October 2014	October 31, 2014	November 14, 2014	$0.14
September 2014	September 30, 2014	October 15, 2014	$0.14
August 2014	August 29, 2014	September 15, 2014	$0.14
July 2014	July 31, 2014	August 15, 2014	$0.14
June 2014	June 30, 2014	July 15, 2014	$0.14
May 2014	May 30, 2014	June 13, 2014	$0.14
April 2014	April 30, 2014	May 15, 2014	$0.14
March 2014	March 31, 2014	April 15, 2014	$0.14
February 2014	February 28, 2014	March 14, 2014	$0.14
January 2014	January 31, 2014	February 14, 2014	$0.14