ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"> <html> <head> <title>Arctic Glacier</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <script language="JavaScript" type="text/JavaScript"> <!-- overImage=0; function mouseDown(e) { var clickType=1; var tgt=""; if (parseInt(navigator.appVersion)>3) { if (navigator.appName=="Netscape") { clickType=e.which; tgt=""+e.target; if (tgt.length!=0 && tgt.charAt(tgt.length-1)=="#") overImage=1; } else { clickType=event.button; if (""+event.srcElement.className=="disabledMenu") overImage=1; } if (clickType!=1 && overImage) { alert ('Right-click menu is disabled for this image.') return false; } } return true; } if (parseInt(navigator.appVersion)>3) { document.onmousedown = mouseDown; if (navigator.appName=="Netscape") document.captureEvents(Event.MOUSEDOWN); } //--> </script> <script language="JavaScript" type="text/JavaScript"> <!-- function MM_swapImgRestore() { //v3.0 var i,x,a=document.MM_sr; for(i=0;a&&i<a.length&&(x=a[i])&&x.oSrc;i++) x.src=x.oSrc; } function MM_preloadImages() { //v3.0 var d=document; if(d.images){ if(!d.MM_p) d.MM_p=new Array(); var i,j=d.MM_p.length,a=MM_preloadImages.arguments; for(i=0; i<a.length; i++) if (a[i].indexOf("#")!=0){ d.MM_p[j]=new Image; d.MM_p[j++].src=a[i];}} } function MM_findObj(n, d) { //v4.01 var p,i,x; if(!d) d=document; if((p=n.indexOf("?"))>0&&parent.frames.length) { d=parent.frames[n.substring(p+1)].document; n=n.substring(0,p);} if(!(x=d[n])&&d.all) x=d.all[n]; for (i=0;!x&&i<d.forms.length;i++) x=d.forms[i][n]; for(i=0;!x&&d.layers&&i<d.layers.length;i++) x=MM_findObj(n,d.layers[i].document); if(!x && d.getElementById) x=d.getElementById(n); return x; } function MM_swapImage() { //v3.0 var i,j=0,x,a=MM_swapImage.arguments; document.MM_sr=new Array; for(i=0;i<(a.length-2);i+=3) if ((x=MM_findObj(a[i]))!=null){document.MM_sr[j++]=x; if(!x.oSrc) x.oSrc=x.src; x.src=a[i+2];} } function MM_openBrWindow(theURL,winName,features) { //v2.0 window.open(theURL,winName,features); } function MM_openBrWindow(theURL,winName,features) { //v2.0 window.open(theURL,winName,features); } //--> </script> <link href="style.css" rel="stylesheet" type="text/css"> </head> <body leftmargin="0" topmargin="0" marginwidth="00" marginheight="0" onLoad="MM_preloadImages('images/home.on.gif','images/people.on.gif','images/about.on.gif','images/income.on.gif','images/news.on.gif','images/investor.on.gif','images/corp.on.gif','images/career.on.gif','images/member.on.gif','images/investor.facts.on.gif','images/investor.quotes.on.gif','images/investor.summary.on.gif','images/investor.reports.on.gif','images/investor.prospectus.on.gif','images/investor.faq.on.gif','images/investor.contacts.on.gif','images/investor.request.on.gif','images/sitemap.on.gif','images/home.top.on.gif','images/contact.on.gif','images/investor.financials.on.gif','images/financial.data.units.on.gif','images/financial.data.quarterly.on.gif')"> <table border="0" cellspacing="0" cellpadding="0"> <tr bgcolor="CC3333"> <td height="9" colspan="3"><img src="images/clear.gif" width="1" height="1"></td> </tr> <tr> <td width="15"><img src="images/logobagleft.jpg" hspace="0" vspace="0" width="15" height="115" class="disabledMenu"></td> <td width="148"><img src="images/logobagright.jpg" hspace="0" vspace="0" width="148" height="115" class="disabledMenu"></td> <td><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="440" height="0"><img src="images/title.investor.jpg" width="440" height="115" class="disabledMenu"></td> <td valign="top"><table width="177" border="0" cellpadding="0" cellspacing="0"> <tr> <td><a href="sitemap.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Image141','','images/sitemap.on.gif',1)"> <img src="images/sitemap.off.gif" name="Image141" border="0" id="Image141" width="62" height="38"></a></td> <td><a href="index.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Image151','','images/home.top.on.gif',1)"> <img src="images/home.top.off.gif" name="Image151" border="0" id="Image151" width="50" height="38"></a></td> <td><a href="mailto:info@arcticglacier.com" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Image161','','images/contact.on.gif',1)"> <img src="images/contact.off.gif" name="Image161" border="0" id="Image161" width="65" height="38"></a></td> </tr> <tr> <td colspan="3" align="center"><img src="images/topswoosh.gif" width="177" height="24"></td> </tr> </table></td> </tr> </table></td> </tr> <tr> <td background="images/left.bg.jpg">&nbsp;</td> <td valign="top" background="images/navback.gif"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr><td> <a href='index.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('home','','images/home.on.gif',1)"> <img src='images/home.off.gif' alt='Home' name='home' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='about.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('about','','images/about.on.gif',1)"> <img src='images/about.off.gif' alt='About' name='about' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='people.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('people','','images/people.on.gif',1)"> <img src='images/people.off.gif' alt='People' name='people' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='fund.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('income','','images/income.on.gif',1)"> <img src='images/income.off.gif' alt='Income Fund' name='income' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='news.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('news','','images/news.on.gif',1)"> <img src='images/news.off.gif' alt='News' name='news' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='investor.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor','','images/investor.on.gif',1)"> <img src='images/investor.off.gif' alt='Investor' name='investor' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='factsheet.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.facts','','images/investor.facts.on.gif',1)"> <img src='images/investor.facts.off.gif' alt='Fact sheet' name='investor.facts' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='stockquotes.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.quotes','','images/investor.quotes.on.gif',1)"> <img src='images/investor.quotes.off.gif' alt='Stock quotes' name='investor.quotes' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='distribution_summary.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('distribution','','images/distribution.on.gif',1)"> <img src='images/distribution.off.gif' alt='Distributions' name='distribution' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='taxinfo2.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('income.tax','','images/income.tax.on.gif',1)"> <img src='images/income.tax.off.gif' alt='Tax information' name='income.tax' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <img src='images/investor.financials.on.gif' alt='Financial data' name='investor.financials' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='financial_reports.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.reports','','images/investor.reports.on.gif',1)"> <img src='images/investor.reports.off.gif' alt='Financial Reports' name='investor.reports' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='prospectus.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.prospectus','','images/investor.prospectus.on.gif',1)"> <img src='images/investor.prospectus.off.gif' alt='Prospectus' name='investor.prospectus' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='faq2.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.faq','','images/investor.faq.on.gif',1)"> <img src='images/investor.faq.off.gif' alt='Investor FAQ's' name='investor.faq' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='corporate_governance.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('corp_gover','','images/corp_gover.on.gif',1)"> <img src='images/corp_gover.off.gif' alt='Corporate governance' name='corp_gover' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='analyst.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('analyst.coverage','','images/analyst.coverage.on.gif',1)"> <img src='images/analyst.coverage.off.gif' alt='Analyst Coverage' name='analyst.coverage' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='webcast.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('webcast','','images/webcast.on.gif',1)"> <img src='images/webcast.off.gif' alt='Webcast' name='webcast' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='investor_contacts.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.contacts','','images/investor.contacts.on.gif',1)"> <img src='images/investor.contacts.off.gif' alt='Investor contacts' name='investor.contacts' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='inforequest.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('investor.request','','images/investor.request.on.gif',1)"> <img src='images/investor.request.off.gif' alt='Information request' name='investor.request' border='0' width='148' height='16' align='top'></a><br> </td></tr> <tr><td> <a href='locations2.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('corp','','images/corp.on.gif',1)"> <img src='images/corp.off.gif' alt='Corporate' name='corp' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='career.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('career','','images/career.on.gif',1)"> <img src='images/career.off.gif' alt='Career' name='career' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='member.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('member','','images/member.on.gif',1)"> <img src='images/member.off.gif' alt='Membership' name='member' border='0' width='148' height='24' align='top'></a><br> </td></tr> <tr><td> <a href='sculptures.htm' onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('sculptures','','images/sculptures.on.gif',1)"> <img src='images/sculptures.off.gif' alt='Ice Sculptures' name='sculptures' border='0' width='148' height='24' align='top'></a><br> </td></tr> </table></td> <td height="500" valign="top"> <table width="720" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="20"><img src="images/clear.gif" width="20" height="10"></td> <td valign="top" class="bodytext"><img src="images/clear.gif" width="588" height="10"></td> </tr> <tr> <td>&nbsp;</td> <td valign="top" class="bodytext"><p> <img src="images/financial.data.gif" width="99" height="17"></p> <table width="700" border="0" cellspacing="0" cellpadding="0"> <tr> <td> <img src="images/financial.data.annual.on.gif" name="annual" id="annual" width="235" height="20"></td> <td><a href="financial_data_quarterly.htm" onMouseOver="MM_swapImage('quarterly','','images/financial.data.quarterly.on.gif',1)" onMouseOut="MM_swapImgRestore()"> <img src="images/financial.data.quarterly.off.gif" name="quarterly" border="0" id="quarterly" width="235" height="20"></a></td> <td><a href="financial_data_units.htm" onMouseOver="MM_swapImage('units','','images/financial.data.units.on.gif',1)" onMouseOut="MM_swapImgRestore()"> <img src="images/financial.data.units.off.gif" name="units" border="0" id="units" width="230" height="20"></a></td> </tr> </table> <p>(in thousands of U.S. dollars, except per unit data)<br> Year ended December 31, except as noted</p> <table border='1' cellspacing='0' cellpadding='0' bordercolor='#364076'> <tr><td> <table width="691" border="0" cellspacing="0" cellpadding="3"> <th bgcolor='#364076' width='236' align='left' valign='center'>&nbsp;</th> <th bgcolor='#364076' width='65' align='right' valign='center'>2010 <sup>(2)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2009 <sup>(3)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2008 <sup>(3)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2007 <sup>(3)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2006 <sup>(3)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2005 <sup>(3)</sup></th> <th bgcolor='#364076' width='65' align='right' valign='center'>2004 <sup>(3)</sup></th> <tr><td align='left' ><div class='tabledata'>Sales</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>233,489</div></td><td align='right' ><div class='tabledata'>227,588</div></td><td align='right' ><div class='tabledata'>246,982</div></td><td align='right' ><div class='tabledata'>234,666</div></td><td align='right' ><div class='tabledata'>194,704</div></td><td align='right' ><div class='tabledata'>129,063</div></td><td align='right' ><div class='tabledata'>87,317</div></td></tr> <tr><td align='left' ><div class='tabledata'>EBITDA</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>50,589</div></td><td align='right' ><div class='tabledata'>54,497</div></td><td align='right' ><div class='tabledata'>60,698</div></td><td align='right' ><div class='tabledata'>64,067</div></td><td align='right' ><div class='tabledata'>52,985</div></td><td align='right' ><div class='tabledata'>33,785</div></td><td align='right' ><div class='tabledata'>21,253</div></td></tr> <tr><td align='left' ><div class='tabledata'>EBITDA margin (% of sales)</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>21.7%</div></td><td align='right' ><div class='tabledata'>23.9%</div></td><td align='right' ><div class='tabledata'>24.6%</div></td><td align='right' ><div class='tabledata'>27.3%</div></td><td align='right' ><div class='tabledata'>27.2%</div></td><td align='right' ><div class='tabledata'>26.2%</div></td><td align='right' ><div class='tabledata'>24.3%</div></td></tr> <tr><td align='left' ><div class='tabledata'>Net earnings (loss)</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(82,671)</div></td><td align='right' ><div class='tabledata'>(15,874)</div></td><td align='right' ><div class='tabledata'>(36,859)</div></td><td align='right' ><div class='tabledata'>19,852</div></td><td align='right' ><div class='tabledata'>15,687</div></td><td align='right' ><div class='tabledata'>13,171</div></td><td align='right' ><div class='tabledata'>10,808</div></td></tr> <tr><td align='left' ><div class='tabledata'>Adjusted earnings</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(18,904)</div></td><td align='right' ><div class='tabledata'>(4,621)</div></td><td align='right' ><div class='tabledata'>2,682</div></td><td align='right' ><div class='tabledata'>19,852</div></td><td align='right' ><div class='tabledata'>15,687</div></td><td align='right' ><div class='tabledata'>13,171</div></td><td align='right' ><div class='tabledata'>10,808</div></td></tr> <tr><td align='left' ><div class='tabledata'>Basic earnings (loss) per unit</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(2.12)</div></td><td align='right' ><div class='tabledata'>(0.41)</div></td><td align='right' ><div class='tabledata'>(0.95)</div></td><td align='right' ><div class='tabledata'>0.52</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.53</div></td><td align='right' ><div class='tabledata'>0.46</div></td></tr> <tr><td align='left' ><div class='tabledata'>Diluted earnings (loss) per unit</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(2.12)</div></td><td align='right' ><div class='tabledata'>(0.41)</div></td><td align='right' ><div class='tabledata'>(0.95)</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.53</div></td><td align='right' ><div class='tabledata'>0.46</div></td></tr> <tr><td align='left' ><div class='tabledata'>Adjusted basic earnings per unit</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(0.48)</div></td><td align='right' ><div class='tabledata'>(0.12)</div></td><td align='right' ><div class='tabledata'>0.07</div></td><td align='right' ><div class='tabledata'>0.52</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.53</div></td><td align='right' ><div class='tabledata'>0.46</div></td></tr> <tr><td align='left' ><div class='tabledata'>Adjusted diluted earnings per unit</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(0.48)</div></td><td align='right' ><div class='tabledata'>(0.12)</div></td><td align='right' ><div class='tabledata'>0.07</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.51</div></td><td align='right' ><div class='tabledata'>0.53</div></td><td align='right' ><div class='tabledata'>0.46</div></td></tr> <tr><td align='left' ><div class='tabledata'>&nbsp;</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td></tr> <tr><td align='left' ><div class='tabledata'>Funds from (used in) operations<sup>(1)</sup></div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>20,210</div></td><td align='right' ><div class='tabledata'>34,574</div></td><td align='right' ><div class='tabledata'>44,044</div></td><td align='right' ><div class='tabledata'>48,137</div></td><td align='right' ><div class='tabledata'>40,743</div></td><td align='right' ><div class='tabledata'>26,758</div></td><td align='right' ><div class='tabledata'>19,321</div></td></tr> <tr><td align='left' ><div class='tabledata'>&nbsp;</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td><td align='right' ><div class='tabledata'>&nbsp;</div></td></tr> <tr><td align='left' ><div class='tabledata'>Current assets</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>35,240</div></td><td align='right' ><div class='tabledata'>26,303</div></td><td align='right' ><div class='tabledata'>25,471</div></td><td align='right' ><div class='tabledata'>34,617</div></td><td align='right' ><div class='tabledata'>31,419</div></td><td align='right' ><div class='tabledata'>20,013</div></td><td align='right' ><div class='tabledata'>25,573</div></td></tr> <tr><td align='left' ><div class='tabledata'>Working capital</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>(76,874)</div></td><td align='right' ><div class='tabledata'>(57,965)</div></td><td align='right' ><div class='tabledata'>(1,109)</div></td><td align='right' ><div class='tabledata'>2,634</div></td><td align='right' ><div class='tabledata'>(5,901)</div></td><td align='right' ><div class='tabledata'>8,051</div></td><td align='right' ><div class='tabledata'>13,128</div></td></tr> <tr><td align='left' ><div class='tabledata'>Total assets</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>363,375</div></td><td align='right' ><div class='tabledata'>437,793</div></td><td align='right' ><div class='tabledata'>450,337</div></td><td align='right' ><div class='tabledata'>500,842</div></td><td align='right' ><div class='tabledata'>466,357</div></td><td align='right' ><div class='tabledata'>238,622</div></td><td align='right' ><div class='tabledata'>238,790</div></td></tr> <tr><td align='left' ><div class='tabledata'>Long-term debt</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>178,913</div></td><td align='right' ><div class='tabledata'>163,059</div></td><td align='right' ><div class='tabledata'>168,792</div></td><td align='right' ><div class='tabledata'>151,606</div></td><td align='right' ><div class='tabledata'>159,656</div></td><td align='right' ><div class='tabledata'>64,071</div></td><td align='right' ><div class='tabledata'>93,842</div></td></tr> <tr><td align='left' ><div class='tabledata'>Unitholders' equity</div></td><td align='right' bgcolor='#E5EAF1' ><div class='tabledata'>67,405</div></td><td align='right' ><div class='tabledata'>161,365</div></td><td align='right' ><div class='tabledata'>186,792</div></td><td align='right' ><div class='tabledata'>236,624</div></td><td align='right' ><div class='tabledata'>204,243</div></td><td align='right' ><div class='tabledata'>157,572</div></td><td align='right' ><div class='tabledata'>124,289</div></td></tr> </table> </td></tr> </table> <br> <br> <p>(1) Excludes after tax costs of antitrust investigations and related expenses, costs of review of financing and strategic alternatives, changes in non-cash working capital items and accrued interest.<br> (2) Restated using International Financial Reporting Standards.<br> (3) As previously presented using Canadian Generally Accepted Accounting Principles.</p> <p> EBITDA, adjusted earnings and distributable cash are not recognized measures under Canadian generally accepted accounting principles (GAAP) and do not have standardized meanings prescribed by GAAP. EBITDA is a performance measure used by management to provide an indication of cash available for distribution from ongoing operations prior to debt service, capital expenditures and income taxes and is often used to compare companies and income trusts on the basis of ability to generate cash from ongoing operations. Adjusted earnings is defined as earnings before one-time after tax costs of antitrust investigations and related expenses and goodwill impairment. Adjusted earnings is used by management to evaluate the ongoing profitablity of the Fund by eliminating the effect of these material non-operating costs. Distributable cash is a performance measure used by management as an indicator of funds available for distribution to unitholders in an income trust. Management believes that these are useful supplemental measures that may assist investors in assessing the Fund's financial results. </p> <p> Investors should be cautioned that EBITDA, adjusted earnings and distributable cash should not be construed as alternatives to earnings, cash from operations or other financial measures determined in accordance with GAAP as indicators of the Fund s performance. The Fund s method of calculating EBITDA, adjusted earnings and distributable cash may differ from other companies and income trusts and, accordingly, may not be comparable to measures used by them. </p> </td> </tr> <tr> <td>&nbsp;</td> <td align="center" valign="top" class="bodytext"><br>&copy;2012 Arctic Glacier Inc. All rights reserved.<br><a href="javascript:MM_openBrWindow('whistleblower.htm','Whistleblower','scrollbars=yes,width=726,height=400')"> whistleblower</a> | <a href="javascript:MM_openBrWindow('legal.htm','Legal','scrollbars=yes,width=726,height=400')">legal notice</a> | <a href="javascript:MM_openBrWindow('privacy.htm','Privacy','scrollbars=yes,width=726,height=400')">privacy policy</a> | <a href="javascript:MM_openBrWindow('socialresp.htm','socialresp','scrollbars=yes,width=726,height=400')"> corporate social responsibility</a> | <a href="javascript:MM_openBrWindow('whistleblower.htm','Whistleblower','scrollbars=yes,width=726,height=400')"> whistleblower</a></tr> </table> </td> </tr> </table> </body> </html>