ARCTIC GLACIER SIGNS LICENSING AGREEMENT WITH PROMINENT NORTHEAST U.S. ICE COMPANY

WINNIPEG, February 24, 2003 - The Arctic Glacier Income Fund (TSX-AG.UN) announced today that Ice Perfection Systems Inc., a subsidiary of its operating company Arctic Glacier Inc., has signed a franchising agreement with Mr. Jim Creed, the President of Creed Ice Co., Inc. of Rutland, Vermont. Ice Perfection Systems Inc. is the subsidiary through which Arctic Glacier franchises the use of its trade mark Arctic Glacier® Premium Ice.

Established in 1927, Creed Ice is one of the largest independent packaged ice companies in the northeast United States, servicing markets in Vermont, New Hampshire, Massachusetts and New York.

"Arctic Glacier's franchising program is an excellent way to increase brand awareness and provide a financial return on our name," said Robert Nagy, President and CEO, Arctic Glacier Income Fund. "The wider geographic market coverage of our name is an important component of what Arctic is able to offer both our national account customers and potential franchise candidates. We are pleased to have the Creed Ice family involved with our company."

Under the agreement, Creed Ice will produce and market its branded ice products as Arctic Glacier® Premium Ice. Through its North American franchising program, Arctic is licensing qualified ice manufacturers that meet their quality standards to package their products under the brand name Arctic Glacier® Premium Ice.

"The Arctic Glacier franchise program is a great enhancement to our long term strategy and growth plans," said James Creed, President, Creed Ice Co., Inc. "With the changing dynamics and consolidation of our retail customers, partnering with Arctic increases our value and market opportunity in having a branded premium product recognized across North America. We are proud to be partners with Arctic and look forward to a long and profitable relationship."

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.

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.