Arctic Glacier Income Fund Provides Update on Claims Litigation

WINNIPEG, MB--(Marketwired - January 24, 2017) - Arctic Glacier Income Fund (CSE: AG.UN) ("Fund") announced that it has entered into a settlement agreement with Martin G. McNulty ("McNulty"). Under the terms of the settlement, the Fund and its subsidiaries (collectively, "Applicants") will pay $400,000 US ("Settlement Proceeds") in full satisfaction of all claims asserted by McNulty against the Applicants and their current and former officers, directors, employees, agents and attorneys ("Released Parties"). In the settlement, McNulty releases and forever discharges and covenants not to sue the Released Parties. Following payment of the Settlement Proceeds, McNulty will dismiss all proceedings against the Released Parties.

More information about the Applicants' proceedings under the Companies' Creditors Arrangement Act can be found on the website maintained by Alvarez & Marsal Canada Inc., in its capacity as Monitor of the Applicants at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries.

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 the forward-looking statements contained herein, which 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 the 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.