ARCTIC GLACIER INCOME FUND ANNOUNCES INITIAL CASH DISTRIBUTION

Winnipeg, Manitoba - The Arctic Glacier Income Fund today declared a cash distribution $0.115 per trust unit for the period March 22, 2002 (the date of closing of the initial public offering of Arctic Glacier Income Trust) to April 30, 2002. The distribution will be payable on May 15, 2002 to unitholders of record at the close of business on April 30, 2002.

Arctic Glacier Income Fund's policy is to pay monthly distributions to unitholders of record on the last business day of the month.

Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by Arctic Glacier Income Fund.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., 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 GlacierTM Premium Ice. Arctic Glacier operates 17 production plants and 32 distribution facilities across Canada and the central United States servicing 35,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 15.6 million trust units outstanding.

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

(Signed)
On behalf of the Board of Trustees of 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.