Arctic Glacier Income Fund Provides Update on Sale and Investor Solicitation Process

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier" or the "Fund")
announced today that a special committee of its board of trustees (the "Special
Committee") has authorized commencement of Phase II of the Sale and Investor
Solicitation Process ("SISP"). 


During Phase I of the SISP, Arctic Glacier's financial advisor, TD Securities
Inc. ("TD Securities") solicited and received non-binding letters of intent
("LOIs") from several interested parties to acquire or to invest in Arctic
Glacier. Alvarez & Marsal Canada Inc, (the "Monitor"), in consultation with TD
Securities, the Chief Process Supervisor and Arctic Glacier, determined that
multiple LOIs were qualified for inclusion in Phase II. As a result, TD
Securities and the Monitor recommended that the Special Committee authorize the
commencement of Phase II of the SISP.


Arctic Glacier, with the assistance of TD Securities, will now make additional
information available to parties invited to Phase II and will then seek
submission of binding proposals regarding a transaction with the Fund. Phase II
is expected to require a period of several weeks to complete and there can be no
assurance that any transaction may occur. 


"We are very pleased with the level of interest that surfaced in Phase I," said
Keith McMahon, President and CEO of Arctic Glacier. "We received indications of
interest from a large group of prospective acquirers and investors, and are
optimistic about Phase II of the process. We will continue to work with these
parties and expect to conclude a transaction for the benefit of all Arctic
Glacier stakeholders." 


Commenting on today's news release from Reddy Ice Holdings, Inc. ("Reddy Ice")
in connection with their U.S. Chapter 11 bankruptcy proceedings and interest in
a combination with Arctic Glacier, Mr. McMahon said, "We have received a
non-binding letter of intent from Reddy Ice. Reddy Ice is one of many parties
that have expressed interest in our process and from whom a non-binding letter
of intent was received. We do not intend to disclose the identities of any of
our Phase II participants."


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 47 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.


Forward-Looking Information 

Certain matters set forth in this news release, including statements with
respect to the SISP are forward looking. These forward-looking statements
reflect management's current views and are based on certain assumptions
including assumptions as to future operating conditions and courses of action,
the Phase II process participants, the LOIs, sale or recapitalization
alternatives, economic conditions and other factors management believes are
appropriate. Such forward looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
contained in these statements, including the risk that sale or recapitalization
alternatives may not be available to Arctic Glacier or may not be available on
terms favourable to Arctic Glacier and its security holders or that any such
sale would yield proceeds sufficient for any distribution to Arctic Glacier's
unitholders, as well as those risks and uncertainties identified under the
heading "Risks Management" in Arctic Glacier's management's discussion and
analysis for the year ended December 31, 2011, available at www.sedar.com. These
forward-looking statements are made as at the date of this news release, and the
Fund assumes no obligation to update or revise them, either publicly or
otherwise, to reflect new events, information or circumstances.