Arctic Glacier Income Fund

On August 15, 2012, the Fund announced (the “Default Announcement”) that it would not be able to file an interim financial report and interim management's discussion and analysis for the period ended June 30, 2012, together with the related certification of filings under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Continuous Disclosure Documents”) by August 29, 2012, the deadline prescribed by securities legislation (the “Specified Requirement”). Except as discussed below, there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under National Policy 12-203. The Fund still intends to file the Continuous Disclosure Documents as soon as is commercially reasonable, or as required by the Manitoba Court of Queen's Bench pursuant to the Fund's Companies’ Creditors Arrangement Act (the “CCAA”) proceedings. More information about the Arctic Glacier Parties’ CCAA proceeding can be found on the website of its Court-appointed monitor at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-andsubsidiaries.