ARCTIC GLACIER ACQUIRES ROSENBERGER ICE
Establishes Significant Presence in Pennsylvania, New Jersey and Delaware Markets

WINNIPEG, June 27, 2003 - The Arctic Glacier Income Fund (TSX-AG.UN) today announced its operating company, Arctic Glacier Inc., has completed a transaction to acquire the ice division assets of Rosenberger Companies, Ltd. of Blooming Glen, Pennsylvania.

Based in Hatfield, Pennsylvania, Rosenberger Ice is a large producer and distributor of packaged ice products servicing a market area of more than 10 million people in eastern Pennsylvania, western New Jersey, northern Delaware and northeastern Maryland.

"This is Arctic's first platform acquisition since 1999," said Robert Nagy, President and CEO of Arctic Glacier Inc. "The purchase of Rosenberger Ice is a key step in our strategy of building a strong market presence in the northeastern U.S. market and making investments that are accretive to distributable cash."

With annual sales of more than C$5 million, Rosenberger Ice operates a central production facility near Philadelphia in Hatfield, Pennsylvania, and satellite production facilities in Stroudsburg, Pennsylvania and Wilmington, Delaware. Arctic Glacier plans to build a new ice manufacturing facility in southeastern Pennsylvania for completion in March 2004. The existing Hatfield operations will be moved to the new location upon completion.

"Arctic Glacier has the leadership, product knowledge and capital to assist Rosenberger Ice in reaching new levels of performance," added Henry Rosenberger, President of Rosenberger Companies, Ltd. "We are pleased to be associated with a company that shares our vision and strategy to provide a superior product to customers and an ideal workplace environment."

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 19 production plants and 34 distribution facilities across Canada and the central and northeastern United States servicing more than 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 18.31 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.