SYS-CON MEDIA Authors: Bob Gourley, Sandi Mappic, Eric Brown, RealWire News Distribution, Kevin Benedict

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AG Recovery Limited Acquires Arctic Glacier Income Fund Units

TORONTO, ONTARIO -- (Marketwired) -- 05/16/14 -- AG Recovery Limited ("AG") announced that it has acquired ownership of 81,650,071 units (the "Units") of Arctic Glacier Income Fund ("Arctic"), representing approximately 23.14% of the outstanding units of Arctic, as part of the structuring of portfolio investments held by investment funds (the "Funds") advised by Solus Alternative Asset Management LP. The Units were acquired pursuant to private internal agreements for consideration of $0.22 per Unit, payable by the issuance of 81,650,071 shares of AG. The Units continue to be owned indirectly by the Funds.

Certain of the Units were transferred to AG in reliance upon Section 100.1 of the Securities Act (Ontario), and similar provisions of other provincial securities legislation, in connection with the transfer of certain of the Units and upon section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions in connection with the issuance of shares in its capital to the Funds, each of which is an accredited investor.

The Units are being held for investment purposes. Depending on market and other conditions, AG may from time to time in the future increase or decrease its ownership of, or control or direction over, units or other securities of Arctic through market transactions, private agreement or otherwise.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.

Contacts:
AG Recovery Limited
c/o Christopher Pucillo
P. O. Box 997
Halifax, NS
B3J 2X2
212-284-4300

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