ARCTIC GLACIER INCOME FUND ANNOUNCES Q4 AND YEAR END 2002 RESULTS
Record Earnings of $9.2 Million in 2002

WINNIPEG, March 24, 2003 - Arctic Glacier Income Fund (TSX:AG.UN) today announced financial results for the fourth quarter and year ended December 31, 2002.

Highlights

      •Sales for 2002 reach new high of $91.7 million
      •Record earnings of $9.2 million
      •Subsequent to year end, Fund acquires ice division assets of Ice Castles, Inc.

"Due to the seasonal nature of our business, our fourth quarter is characterized by relatively light fall demand which results in slow sales, slightly negative EBITDA, and losses," said Robert Nagy, Chairman and CEO, Arctic Glacier Income Fund. "Overall, we are pleased with our 2002 results and feel that we are in a strong position to continue organic growth and examine opportunities for accretive acquisitions."

Fourth Quarter Financial Review

Sales for the fourth quarter of 2002 totalled $11.4 million, a decrease of 14 per cent compared to sales of $13.2 million in the same period of 2001. Sales volumes were down in the fourth quarter due to poor weather in most markets during the fall of 2002 as well as the disposal of certain non-core business operations in western Canada and Texas in the first and second quarters of 2002, respectively.

Earnings before interest, taxes, depreciation, amortization (EBITDA) and non-recurring expenses for the fourth quarter of 2002 were negative $0.5 million compared to negative $0.2 million in the fourth quarter of 2001.

The decrease in EBITDA can be attributed to the decline in unit volumes resulting from the below normal temperatures in most regions. A larger proportion of the company's costs in the fourth quarter are fixed in nature and do not decline when sales volumes drop due to weather.

Net loss for the fourth quarter was $2.2 million, an improvement of $1.5 million compared to a loss of $3.6 million for the same period in 2001. On per unit basis, the loss for the fourth quarter was $0.14 per unit (basic and diluted) compared to a loss of $0.61 in the same period a year ago.

Loss from operations, comprised of loss before taxes, goodwill charges, gains or losses on disposal of assets and goodwill, and non-recurring charges, was $3.6 million in the fourth quarter of 2002. This represents a substantial reduction of 33% compared to a loss of $5.4 million for the fourth quarter of 2001. This improvement is directly attributable to reduced interest costs.

Cash and cash equivalents decreased by $0.8 million to $11.9 million in the fourth quarter of 2002. Cash proceeds drop off following the summer season as a result of seasonality.

The Fund declared distributions to unitholders totalling $4.1 million or $0.2625 per unit during the quarter ended December 31, 2002. Monthly distributions have been leveled to eliminate the impact of seasonal fluctuations on unitholders, and, as a result, distributions declared will not be directly comparable to distributable cash on an interim basis.

2002 Financial Review

For the year ended December 31, 2002, sales reached a new high of $91.7 million, compared to $91.4 million in 2001. Packaged ice sales were up approximately $3.6 million or 4 per cent as a result of increased unit volumes and higher average sales prices.

All of the sales growth occurred in the company's existing market areas as no acquisitions were made during the year. This organic growth more than offset the impact of the divestiture during the year of assets related to non-core business operations with annualized sales of $3.5 million.

EBITDA for the year ended December 31, 2002 totalled $25.0 million, a slight decrease compared to $25.1 million in 2001.

Net earnings were $9.2 million for 2002, compared to a net loss of $4.8 million in 2001. On a per unit basis, net earnings for 2002 were $0.67 per unit (basic) compared to a loss of $0.84 (basic) per unit in 2001.

For the year ended December 31, 2002, earnings from operations totaled $11.3 million, an increase of 200 per cent compared to $3.8 million in 2001. This increase was primarily due to lower interest costs.

Cash and cash equivalents increased by $10.0 million to $11.9 million at December 31, 2002 as a result of improved cash flow from operations along with proceeds from the Fund's initial public offering on March 22, 2002.

From March 22, 2002 to December 31, 2002, distributions totaled $12.8 million or $0.82 per unit, equivalent to $1.05 per unit on an annualized basis.

The Fund declared an initial distribution of 11.50 cents per unit for the 40-day period from March 22, 2002 to April 30, 2002 and regular monthly distributions of 8.75 cents per unit thereafter. Approximately $0.43 or 52.5 per cent of the distributions declared in 2002 are taxable as income in the hands of unitholders while $0.39 or 47.5 per cent represents a return of capital that reduces the adjusted cost base of unitholders Fund units.

Operational Review

Arctic Glacier Income Fund did not make any acquisitions during 2002. However, growth through geographically contiguous acquisitions of packaged ice manufacturers remains a key element of the Fund's long-term strategy.

Subsequent to year-end, Arctic Glacier Income Fund completed a transaction to acquire the ice division assets of Ice Castles, Inc., a producer and distributor of packaged ice products servicing central and western Nebraska from manufacturing and distribution facilities in Grand Island, North Platte and Gering.

"Ice Castles is an excellent fit geographically with our existing operations in that it broadens our distribution base and increases our market penetration," said Robert Nagy, Chairman and CEO of Arctic Glacier Inc. "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."

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.
In recognition of the strong operating results in 2002 and expected results in 2003, the Trustees of the Fund increased the monthly distributions to 8.92 cents per unit, equivalent to $1.07 per unit on an annualized basis.

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 16 production plants and 35 distribution facilities across Canada and the central United States servicing 35,000 retail, commercial and industrial 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.