ARCTIC GLACIER INCOME FUND ANNOUNCES TAX DEFERRAL RATE OF 47.5% for 2002

WINNIPEG, February 11, 2003 - The Arctic Glacier Income Fund (TSX:AG.UN) today announced the return of capital allocation for distributions in 2002 is 47.5 per cent, exceeding the original estimate of 40 per cent. The return of capital portion provides holders of trust units with significant tax deferral opportunities.

The estimate had been prepared on the basis that total distributions for the 285 day period from March 22, 2002 to December 31, 2002 were anticipated to consist of 60 per cent other taxable income and 40 per cent return of capital. Year end calculations determined that the actual tax allocation is 52.5 per cent other taxable income and 47.5 per cent return of capital. The detailed tax allocation of each distribution in 2002 is available on the Fund's website at www.arcticglacierinc.com.

The initial public offering of the fund closed on March 22, 2002. The Fund distributed 81.5 cents per trust unit for the 285 day period from March 22, 2002 to December 31, 2002. On January 20, 2003, the Fund announced an increase to its monthly cash distribution from $0.0875 per trust unit to $0.0892 per trust unit. On an annualized basis, the estimated cash distribution is now $1.07 per trust unit.

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 16 production plants and 33 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 Income Fund 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.