Create an extra page in your website named"resources". Add the link of the websites you want to link exchange with but always remember: -
Don't put more than 25 links in a single page. If link are 20+ then create sub pages
Always put links in their specific category. For example you could create sports link pages, web design links pages, and SEO links pages and many more. This is an example of how you should set up your main links directory. You have to mention that there are many different categories.
Put an index of your categories on your main resource page.
Example: - Categories for link exchange :-
If we clicking on website development. It would then you to another page that would take you to each of your individual website development related pages.
Never include more than 25 links on each page. If you have more the extend pages to page 4 page 5___ etc.During sending mails you have to a little bit careful that always personalize each email by simple stating what you specially liked about their website. It may take some time, but will ensure that you don't get accused of spamming them.
After sending emails you have to do nothing, just wait for their response, stating that they have added your link to their website. Believe me this is a very powerful method for link exchange.