ARCTIC GLACIER COMPLETES ACQUISITION IN NEBRASKA

WINNIPEG, March 7, 2003 - The Arctic Glacier Income Fund (TSX-AG.UN) announced today that its operating company, Arctic Glacier Inc. has completed a transaction to acquire the ice division assets of Ice Castles, Inc., a producer and distributor of packaged ice products with manufacturing and distribution facilities in central and western Nebraska.

Ice Castles, Inc., with annual sales of approximately CDN $1 million, services central and western Nebraska from production and distribution centers in Grand Island, North Platte and Gering. In keeping with its acquisition strategy, Arctic Glacier plans to integrate Ice Castles' market area with its existing Nebraska regional operations.

"The acquisition of Ice Castles creates operational and distribution efficiencies in the Nebraska market", said Robert Nagy, Chairman and CEO of Arctic Glacier Inc. "Ice Castles is an excellent fit geographically with our existing operations in that it broadens our distribution base and increases our market penetration. The purchase of Ice Castles is a continuation of our strategy of making acquisitions that are in markets contiguous to our existing operations and that are accretive to distributable cash."

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.arcticglacier.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.