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

ARCTIC GLACIER INCOME FUND COMPLETES INITIAL PUBLIC OFFERING

Winnipeg, Manitoba - Arctic Glacier Income Fund announced today that it has completed its initial public offering of $86,000,000 in trust units at a price of $9.50 per unit. The underwriting was led by TD Securities Inc. and Scotia Capital Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and Wellington West Capital Inc. Effective today, the units of the Arctic Glacier Income Fund were listed for trading on the Toronto Stock Exchange under the symbol AG.UN.

Arctic Glacier Income Fund is an unincorporated open-ended mutual fund trust created to invest in the packaged ice manufacturing and distribution business in Canada and the United States, initially through the acquisition of The Arctic Group Inc. by the Fund’s wholly owned subsidiary Arctic Glacier Inc. The conversion of The Arctic Group Inc. from a corporate entity into an income fund pursuant to a plan of arrangement was overwhelmingly approved by shareholders, option holders and holders of convertible debentures at its special meeting held on March 11, 2002. The conversion of The Arctic Group Inc. into an income fund was completed concurrently with the completion of the Fund's initial public offering.

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 The Arctic Group Inc. and for working capital.

The Fund will make monthly cash distributions to the maximum extent possible. The first distribution is expected to be paid on or about May 15, 2002 for the period covering from the closing of the offering on March 22, 2002 to April 30, 2002.

Arctic Glacier is a leading producer, marketer and distributor of high-quality packaged ice to consumers in Canada and the United States under the brand name of Arctic Glacier Premium Ice. Arctic Glacier operates 17 production plants and 32 distribution facilities across Canada and the Central United States servicing 35,000 retail accounts.

For further information, call Arctic Glacier Inc. TOLL FREE at 1-888-573-9237 or visit Arctic Glacier’s Web Site at www.arcticglacier.ca.

(Signed)
On behalf of the Board of Trustees of The Arctic Glacier Income Fund,
Robert Nagy, Chairman & CEO.

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