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Press release from CNW Group

Exchange Income Subsidiary Signs Three-Year Contract with AT&T to Provide Infrastructure Services for their Network

Thursday, November 24, 2011

Exchange Income Subsidiary Signs Three-Year Contract with AT&T to Provide Infrastructure Services for their Network07:00 EST Thursday, November 24, 2011WINNIPEG, Nov. 24, 2011 /CNW/ - Exchange Income Corporation (TSX:  EIF) (the "Corporation" or "EIC"), announced today that its subsidiary, WesTower Communications, was selected by AT&T Mobility LLC ("AT&T"), a North American provider of telecommunication services, in a competitive tendering process as either the primary or secondary provider of infrastructure services in five geographical regions in the United States. The award is for a three-year infrastructure service contract beginning immediately.AT&T recently completed a tendering process for its network infrastructure. This process involved selecting primary and secondary providers of infrastructure services for all its United States service areas, which have been divided into 11 geographical regions.There is no specific dollar amount that is guaranteed as part of the contract award. The total dollar amount of the award will depend on AT&T's infrastructure plan, which may vary significantly year to year, including the type, amount, and location of the work. As a result, it is difficult for Exchange Income Corporation to quantify the financial impact of this contract. However, based on the history of AT&T's infrastructure work over the past couple of years, EIC management believes that the additional revenue potential from this contract could be in excess of $500 million over the three-year term of the contract. This estimate is subject to a number of variables, including the fluid nature of the telecom environment and the ongoing introduction of new technology, both of which could significantly impact AT&T's infrastructure requirements. Accordingly, there can be no assurances of the revenues that will be generated from the contract."The contract significantly extends the work that WesTower currently performs for AT&T and provides WesTower with a solid base of work in multiple regions over the next three years," said Mr. Mike Pyle, CEO of Exchange Income Corporation. "We are very pleased that WesTower was successful in strengthening its relationship with a company that has the reputation and presence of AT&T. The award of this contract speaks volumes about the quality of service that WesTower provides and its growing presence in the industry."Mike Jarvis, the CEO of WesTower stated, "For the past number of years, WesTower has been positioning itself to have the resources, capabilities, and proven service record with AT&T to be awarded a contract of this scale. The capital and financial support that EIC provided to us was a key contributing factor to AT&T awarding us this significant contract."About Exchange Income CorporationExchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States.The Corporation is currently operating in two niche business segments: aviation and specialty manufacturing. The aviation segment consists of the operations by Perimeter Aviation, Keewatin Air, Calm Air International and Bearskin Lake Air Service and the specialty manufacturing segment consists of the operations by Jasper Tank, Overlanders Manufacturing, Water Blast Manufacturing, Stainless Fabrication and WesTower Communications. For more information on Exchange Income Corporation, please visit www.exchangeincomecorp.ca.Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).  For further information: Mike Pyle President and CEO Exchange Income Corporation (204) 982-1850 mpyle@eig.ca Joe Racanelli Investor Relations TMX Equicom Phone: (416) 815-0700 Ext. 243 jracanelli@equicomgroup.com