Arctic Glacier Settles Canadian Securities Class Action

WINNIPEG, MANITOBA--(Marketwire - Feb. 8, 2012) - Arctic Glacier Income Fund (CNSX:AG.UN) today announced it has reached an agreement to settle the class action lawsuit filed in Canada by unitholders of the Fund. The settlement of $13.75 million will be entirely funded by Arctic Glacier's insurers, without the Fund admitting liability or making any monetary contribution. The settlement remains subject to approval by the Ontario Court.

The class action named the Fund and its trustees, its operating company, Arctic Glacier Inc. and certain of its current and past senior officers and directors. The suit sought damages on behalf of all persons who acquired Arctic Glacier units between March 22, 2002 and September 16, 2008 and who held some or all of these units on September 16, 2008. All parties will be released from claims advanced in the class action when the settlement receives final approval.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier(R) Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Canadian National Stock Exchange under the trading symbol AG.UN. There are 350.3 million trust units outstanding.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.