NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES

ARCTIC GLACIER INCOME FUND FILES PRELIMINARY PROSPECTUS

WINNIPEG, MANITOBA

The Arctic Group Inc ("Arctic") (AGP:TSE) and Arctic Glacier Income Fund (the "Fund") announced that the Fund filed a preliminary prospectus on February 8, 2002 with the securities regulatory authorities in each of the provinces and territories of Canada in connection with an initial public offering of trust units of the Fund. The net proceeds of the offering, together with funds drawn under a new credit facility, will be used to refinance the current credit facilities of Arctic.

The offering will be led by a syndicate of underwriters, led by TD Securities Inc. and Scotia Capital Inc.

The offering is being undertaken concurrently with the reorganization of Arctic into an income trust. The reorganization will be accomplished by way of a Plan of Arrangement that is subject to approval by shareholders and holders of convertible debentures at a meeting scheduled for March 11, 2002. An information circular detailing the Plan of Arrangement was mailed to Arctic security holders on February 8, 2002 and is available at www.sedar.com and www.arcticgroup.com.

Arctic has also arranged for a fully underwritten commitment for a $58 million revolving credit facility with the Toronto Dominion Bank that will be available to Arctic Glacier Inc. and its subsidiaries following the reorganization as an income trust and the closing of the initial public offering of the Fund.

Arctic is a leading North American producer, marketer and distributor of high-quality packaged ice products to consumers in Canada and the United States under the brand name of Arctic GlacierTM Premium Ice.

For further information, call The Arctic Group Inc. TOLL FREE at 1-888-573-9237 or visit The Arctic Group's Web Site at www.arcticgroup.com .

(Signed)
On behalf of the Management and the Board of Directors of The Arctic Group Inc.,
Robert Nagy, Chairman & CEO.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.