Advantex is a leader in the merchant cash advance and marketing services industry. As part of its merchant cash advance program the company provides merchants with working capital by the pre-purchase of their future sales/receivables. Marketing services is managing rewards accelerator programs for affinity groups through which their members earn bonus rewards on purchases at participating merchants.

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.

Armada Mercantile Ltd. has been a publicly-traded company in Canada since 1987. Armada is a advisory services, trade finance and relational FINRA broker dealer company. Armada Mercantile Ltd. provides specialized merchant banking, venture lending, factoring and corporate finance services internationally, as well as advising clients on corporate strategy, public markets entry, mergers and acquisitions, buy and sell side mandates and raising capital.