The game features four different gauges, for warmth, tiredness, nutrition and hydratation. When either of those gauges is empty, an icon (which is also depicted above the leftmost extremity of the relevant gauge - that's how I found that answer) is displayed in the bottom-left corner of the screen, along with a percentage. As long as the character suffers deprivation from the relevant need, that percentage decreases with time.
At ten percent, the game starts reflecting the effects of the deprivation, and the percentage turns red. As the percentage gets lower, the displayed effects worsen. If this percentage reaches zero, the character dies.
The significance of this specific icon is that the character has reached a frozen state, due to his (or her) low body temperature.
Best Answer
It seems the exclamation mark appears if you have been starving for a long amount of time. It means your stamina will drop faster than normal.
The red part of the meter represents a reduced maximum, it has the same cause but appears later and slowly grows.
Eating doesn't immediately fix this. Eating and then sleeping cures it.