AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) ("the Fund") announced today that a sale
and investor solicitation process ("SISP") has been initiated with respect to
the Fund and its subsidiaries ("Arctic Glacier").


TD Securities Inc., financial advisor to Arctic Glacier has commenced contacting
prospective strategic and financial partners interested in participating in the
SISP. A notice ("Notice") was published yesterday in The Globe & Mail, The Wall
Street Journal and The New York Times seeking expressions of interest in
connection with a potential sale of all property, assets and businesses of
Arctic Glacier, or an equity investment in and recapitalization of the Fund. The
Notice was issued pursuant to the terms of the initial order (the "Initial
Order") of the Winnipeg Court of Queen's Bench (the "Court"). The full text of
the Notice is set out below.




   TAKE NOTICE THAT pursuant to an order (the "Order") of the Court of      
   Queen's Bench (Winnipeg Centre) (the "Court") issued on February 22,     
   2012 under the Companies' Creditors Arrangement Act, the Arctic          
   Glacier Companies obtained Court approval to conduct a sale and          
   investor solicitation process (the "SISP"). Pursuant to the SISP, TD     
   Securities Inc. is soliciting proposals from prospective strategic and   
   financial parties to acquire the property, assets and business of, or    
   to invest in the Arctic Glacier Companies.                               
                                                                            
   The Arctic Glacier Companies are the largest producers and               
   distributors of packaged ice in Canada and the second largest in the     
   United States. The packaged ice is marketed under the "Arctic            
   Glacier(R) Premium Ice" brand. The companies service approximately       
   75,000 customer locations across 6 provinces in Canada and 23 states     
   in the United States, and operate a network of 39 production             
   facilities and 47 distribution centres which are centrally located       
   throughout Canada and the northeastern, central and western United       
   States.                                                                  
                                                                            
   The Order appointed Alvarez & Marsal Canada Inc. as the Monitor of the   
   Arctic Glacier Companies and confirmed TD Securities Inc. as their       
   financial advisor. Interested parties can obtain additional              
   information by contacting TD Securities Inc. at:                         
                                                                            
                             TD Securities Inc.                             
                       Attention Mr. Michael Arblaster                      
                                416-982-4720                                
                  Email: Michael.arblaster@tdsecurities.com                 



The timing and procedures governing the sale and investor solicitation process,
the terms of participation by prospective purchasers or prospective strategic or
financial investors, and the criteria for the submission, evaluation and
selection of bids are set out in the Initial Order. Alvarez & Marsal Canada
Inc., the Court-appointed monitor in the CCAA proceedings, will supervise the
SISP in accordance with the terms of the Initial Order. For further information,
please refer to the monitor's website at www.alvarezandmarsal.com/arcticglacier.


There can be no assurance that the SISP will lead to a transaction, or as to the
terms of any such transaction.


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 potential sale of all property, assets and businesses of, or an
equity investment in and recapitalization of the Fund, 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, 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, equity investment 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, as well as those risks and
uncertainties identified under the heading "Risks Management" in Arctic
Glacier's management's discussion and analysis for each of the year ended
December 31, 2010, and for the third quarter ended September 30, 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.

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