Winnipeg, Manitoba – The Arctic Glacier Income Fund today announced  that Mr. Michael Pyle, President and C.O.O. is leaving Arctic Glacier Inc. effective August 21, 2002 to pursue other career interests.  Over the past four years, Mike has contributed to the achievement of the Company’s growth strategy and the transition from a share capital corporation to an income trust fund.   We thank Mike for his contribution and wish him success in the future.

Mr. Robert Nagy, Chairman and C.E.O., will assume responsibility for the day to day operational leadership of Arctic Glacier Inc. while the Company reviews its leadership requirements for the next stage of its growth and development. Mr. Pyle has indicated his willingness to remain available to the Corporation in an advisory role as required during the next ninety days.

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 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.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 15.66 million trust units outstanding.

For further information, call Arctic Glacier Inc. TOLL FREE at 1-888-573-9237 or visit the Arctic Glacier 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.