ARCTIC GLACIER ANNOUNCES CHANGES TO ITS BOARD OF TRUSTEES
Appointments position Fund for growth

WINNIPEG, June 3, 2003 - Arctic Glacier Income Fund (TSX:AG.UN) today announced several appointments to the Board of Trustees, effective immediately.

The Board of Trustees of the Fund appointed James E. Clark to the position of Chairman. Mr. Clark was formerly Vice Chairman and Lead Outside Trustee.

Mr. Clark is President and a director of Jecco Properties Ltd., a Vancouver based real estate investment and development company and is also President and director of Moray Channel Enterprises Ltd., a marina development and management company. Mr. Clark was a founder of The Arctic Group Inc. in 1996, and has been Vice Chairman and Lead Outside Trustee of the Fund since its inception in 2002.

Robert J. Nagy will continue in the role of President and Chief Executive Officer of the Fund. Mr. Nagy served as Chairman of the Board of Trustees of the Fund since its inception, and previously was Chairman of the Board of Directors of The Arctic Group Inc. since it was founded in 1996.

"Going forward, with our strong foundation in place, our strategy is to grow the business and increase value for unitholders," said Robert Nagy, President and CEO. "Separating the roles of Chairman and Chief Executive Officer will not only improve corporate governance, but will allow me to focus my efforts on the strategic direction and growth of the Fund."

The Fund also appointed Gary Filmon to the position of Vice Chairman. Mr. Filmon is currently Vice-Chairman of Wellington West Capital Inc. of Winnipeg. Mr. Filmon was Premier of the Province of Manitoba from 1988 to 1999. He has been a trustee of the Fund since its inception in 2002 and previously was a director of The Arctic Group Inc. from 2000 to 2002.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 16 production plants and 34 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.

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Contact Information

For further information, call Arctic Glacier Inc. TOLL FREE at 1-888-573-9237 or log on at www.arcticglacierinc.com

(Signed) On behalf of the Board of Trustees of Arctic Glacier Income Fund, Robert Nagy, President & CEO.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.