AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) today announced that Ontario Superior
Court has approved the settlement of the class action lawsuit filed by
unitholders of the Fund. 


The settlement, announced on February 8, 2012, was subject to the approval by
the Court. The Court Order found the settlement of $13.75 million to be fair and
reasonable to the class members and approved the Settlement Agreement. The
settlement will be entirely funded by Arctic Glacier's insurers, without the
Fund making any admission of liability or making any monetary contribution to
the settlement.


The class action named the Fund, 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. 


The Court Order approving the settlement and the Settlement Agreement provides
for an opt-out period of 60 days for those class members who elect not to
participate in the settlement. The opt-out period will begin to run from the
date the Notice of Court Approval is published, which is expected to be June 13,
2012. The settlement is expected to become final and binding, including the
release of all parties from all claims advanced in the class action, at the
expiry of the opt-out period.


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.

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