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File: AG - Press Release re InitialUnitholder Distribution Value and Date - REVISED.docx

Arctic Glacier Income Fund Announces Distribution to Unitholders
WINNIPEG, January 21, 2015 - Arctic Glacier Income Fund (CNSX:AG.UN) (the "Fund") announced today that the Plan of Com
--->promise or Arrangement (the "Plan") of, inter alia, the Fund dated May 21, 2014, as amended will be implemented on Jan
--->uary 22, 2015 (the "Plan Implementation Date"). 
On the Plan Implementation Date, unitholders of the Fund as of December 18, 2014 (the "Record Date") will be entitled 
--->to receive an initial distribution from the Fund pursuant to the Plan of $0.155570 USD per unit of the Fund held on th
--->e Record Date. Pursuant to the Plan, the Monitor will transfer the aggregate value of the initial distribution, on beh
--->alf and for the account of the Fund, to the Fund's transfer agent (the "Transfer Agent") on the Plan Implementation Da
--->te. The Plan requires that the Transfer Agent distribute the initial distribution to each of the Fund's registered uni
--->tholders as soon as reasonably practicable and in no event later than five business days following the receipt of fund
--->s from the Monitor.
The amended Plan can be found on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Fund 
--->and its subsidiaries, at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiarie
--->s (the "Monitor's Website").
More information about the Fund's proceedings under the Companies' Creditors Arrangement Act can be found on the Monit
--->or's Website.
Forward-Looking Statements
Certain statements included herein constitute "forward-looking statements". All statements, other than statements of h
--->istorical fact, included in this release that address future activities, events, developments or financial performance
---> are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking word
--->s such as "may", "should", "will", "could", "expect", "intend", "plan", "estimate", "anticipate", "believe", "future" 
--->or "continue" or the negative thereof or similar variations. These forward-looking statements are based on certain ass
--->umptions and analyses made by the Fund and its management, in light of their experiences and their perception of histo
--->rical trends, current conditions and expected future developments, as well as other factors they believe are appropria
--->te in the circumstances. Investors are cautioned not to put undue reliance on such forward-looking statements, which a
--->re not a guarantee of performance and are subject to a number of uncertainties, assumptions and other factors, many of
---> which are outside the control of the Fund, which could cause actual results to differ materially from those expressed
---> or implied by such forward-looking statements. Important factors that could cause actual results to differ materially
---> from those expressed or implied by such forward-looking statements include, among other things, the CCAA process. Rea
--->ders are cautioned that the foregoing list is not exhaustive. Such forward-looking statements should, therefore, be co
--->nstrued in light of such factors. If any of these risks or uncertainties were to materialize, or if the factors and as
--->sumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially fro
--->m those that are expressed or implied by the forward-looking information contained herein. All forward-looking stateme
--->nts attributable to the Fund, or persons acting on its behalf, are expressly qualified in their entirety by the cautio
--->nary statements set forth above. Readers are cautioned not to place undue reliance on forward-looking statements conta
--->ined herein, which reflect the analysis of the management of the Fund, as appropriate, only as of the date of this rel
--->ease. For more information regarding these and other risks, readers should consult the Fund's reports on file with app
--->licable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com. The Fund is under no o
--->bligation, and the Fund expressly disclaims any intention or obligation, to update or revise any forward-looking state
--->ments, whether as a result of new information, future events or otherwise, except as required by applicable law.
About the Fund
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.


File: Jan 21 - AG PR.pdf

Arctic Glacier Income Fund Announces Distribution to
Unitholders
WINNIPEG, January 21, 2015 � Arctic Glacier Income Fund (CNSX:AG.UN) (the "Fund")
announced today that the Plan of Compromise or Arrangement (the "Plan") of, inter alia, the Fund
dated May 21, 2014, as amended will be implemented on January 22, 2015 (the "Plan
Implementation Date").

On the Plan Implementation Date, unitholders of the Fund as of December 18, 2014 (the "Record
Date") will be entitled to receive an initial distribution from the Fund pursuant to the Plan of
$0.155570 USD per unit of the Fund held on the Record Date. Pursuant to the Plan, the Monitor
will transfer the aggregate value of the initial distribution, on behalf and for the account of the
Fund, to the Fund's transfer agent (the "Transfer Agent") on the Plan Implementation Date. The
Plan requires that the Transfer Agent distribute the initial distribution to each of the Fund's
registered unitholders as soon as reasonably practicable and in no event later than five business
days following the receipt of funds from the Monitor.

The amended Plan can be found on the website of Alvarez & Marsal Canada Inc., the Court-
appointed monitor of the Fund and its subsidiaries, at http://www.alvarezandmarsal.com/arctic-
glacier-income-fund-arctic-glacier-inc-and-subsidiaries (the "Monitor's Website").

More information about the Fund's proceedings under the Companies' Creditors Arrangement Act
can be found on the Monitor's Website.

Forward-Looking Statements

Certain statements included herein constitute "forward-looking statements". All statements, other
than statements of historical fact, included in this release that address future activities, events,
developments or financial performance are forward-looking statements. These forward-looking
statements can be identified by the use of forward-looking words such as "may", "should", "will",
"could", "expect", "intend", "plan", "estimate", "anticipate", "believe", "future" or "continue" or
the negative thereof or similar variations. These forward-looking statements are based on certain
assumptions and analyses made by the Fund and its management, in light of their experiences and
their perception of historical trends, current conditions and expected future developments, as well
as other factors they believe are appropriate in the circumstances. Investors are cautioned not to
put undue reliance on such forward-looking statements, which are not a guarantee of performance
and are subject to a number of uncertainties, assumptions and other factors, many of which are
outside the control of the Fund, which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Important factors that could cause actual
results to differ materially from those expressed or implied by such forward-looking statements
include, among other things, the CCAA process. Readers are cautioned that the foregoing list is
not exhaustive. Such forward-looking statements should, therefore, be construed in light of such
factors. If any of these risks or uncertainties were to materialize, or if the factors and assumptions
underlying the forward-looking information were to prove incorrect, actual results could vary
materially from those that are expressed or implied by the forward-looking information contained
herein. All forward-looking statements attributable to the Fund, or persons acting on its behalf, are
expressly qualified in their entirety by the cautionary statements set forth above. Readers are
cautioned not to place undue reliance on forward-looking statements contained herein, which

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reflect the analysis of the management of the Fund, as appropriate, only as of the date of this
release. For more information regarding these and other risks, readers should consult the Fund's
reports on file with applicable securities regulatory authorities accessible online by going to
SEDAR at www.sedar.com. The Fund is under no obligation, and the Fund expressly disclaims
any intention or obligation, to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by applicable law.

About the Fund

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.




LEGAL_1:33510071.2