ARCTIC GLACIER ANNOUNCES Q3 2002 RESULTS
Best Quarterly Results in Company's History

WINNIPEG, November 26, 2002 - Arctic Glacier Income Fund (TSX:AG.UN) today announced financial results for the third quarter and nine months ended September 30, 2002.

Third Quarter Highlights

· Sales increase by 6%, over record breaking Q3 2001 results
· EBITDA reaches new high of $19.6 million
· Net Earnings up 61% over same quarter in 2001

"We are pleased to report that we have set new records with our third quarter 2002 financial results," said Robert Nagy, Chairman and CEO, Arctic Glacier Income Fund. "This is the second full quarter of operations as an income fund, and our results reflect a number of benefits of the new structure."

Third Quarter and Nine Month Financial Review

Sales for the third quarter of 2002 totaled $44.6 million, an increase of 6% compared to record breaking sales of $42.0 million in the same period of 2001. This represents the highest level of quarterly sales in the company's history. The increase can be attributed to increased sales in existing markets, as no acquisitions were made since the third quarter of 2001.

For the first nine months of 2002, sales totaled $80.3 million, an increase of 3% compared to $78.2 million in the same period of 2001. Strong third quarter sales in 2002 has more than offset the effect of the unseasonably cool spring and the disposition of non-core operations earlier this year.

Earnings before interest, taxes, depreciation, amortization (EBITDA) and non-recurring expenses reached a new high of $19.6 million in the third quarter of 2002, an increase of 9% compared to $18.0 million in the third quarter of 2001. This was the combined result of increased unit volumes and cost savings from the company's improvements in efficiency and rationalization of operations. EBITDA for the nine months ended September 30, 2002 totaled $25.5 million, an increase of 1% compared to the record pace of $25.3 million for the same period last year.

Net earnings for the third quarter were $11.0 million, an improvement of $4.2 million or 61% compared to $6.9 million for the same period in 2001. On per unit basis, earnings for the third quarter were $0.70 per unit (basic) compared to $1.12 in 2001, as a result of the larger number of units outstanding in 2002 subsequent to the initial public offering of the Fund in March.

Net earnings for the nine months to date were $11.4 million, which represents an improvement of $12.6 million compared to a year ago. On a per unit basis, earnings for the first nine months of 2002 were $0.88 per unit (basic) compared to a loss of $0.23 per unit for the same period in 2001.

Earnings from operations, comprised of earnings before taxes, gains or losses on disposal of assets, and non-recurring charges, were $16.6 million in the third quarter of 2002. This represents an increase of 34% compared to $12.4 million for the third quarter of 2001. This increase is attributable to an improvement in EBITDA and a reduction in interest costs. For the nine months ended September 30, 2002, earnings from operations totaled $14.9 million, an increase of 62% compared to $9.2 million in the third quarter of 2001.

Cash on hand at the end of the third quarter was $12.7 million, an increase of $8.2 million compared to the same time last year.

The Fund declared distributions to unitholders totalling $4.1 million or $0.2625 per unit during the quarter ended September 30, 2002. From March 22, 2002 to September 30, 2002, distributions totaled $8.6 million or $0.5525 per unit, equivalent to $1.05 per unit on an annualized basis. Monthly distributions to the end of the third quarter have been $0.0875.

Operational Review

The company's Canadian and U.S. sales regions, with the exception of the southern U.S., enjoyed hot and dry weather during the month of July. August remained hot and dry in the company's eastern Canadian sales regions, although this was mitigated by unseasonably cooler conditions in most of the other sales regions.

"The third quarter finished with a surge as seasonal norms were restored in most sales regions in September, accompanied by a return to more normal consumer patterns compared to a year ago," said Mr. Nagy. "We continue to realize the benefits of the investments that we have made over the last several years in rationalizing operations and improving efficiency."

Outlook

Going forward, Arctic Glacier Income Fund is in an exceptionally strong position to continue organic growth and is examining opportunities for accretive acquisitions. The Fund's operating company, Arctic Glacier Inc., boasts efficient operations, well-established market share, a solid financial position and seasoned management team that make it a highly competitive player.

Forward Looking Statements

This document contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this document, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

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.

Contact Information
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.