ARCTIC GLACIER INCOME FUND TO HOLD Q2 FISCAL 2003 CONFERENCE CALL

WINNIPEG, August 22, 2003 - Arctic Glacier Income Fund (TSX: AG.UN) today announced it will hold a live webcast on Tuesday, August 26, 2003 at 11 a.m. EDT to discuss the fund's financial results for the second quarter of fiscal 2003.

The event will be hosted by Robert Nagy, President and Chief Executive Officer, and Keith McMahon, Executive Vice President and Chief Financial Officer.

To access the webcast, please visit the fund's investor website at www.arcticglacierinc.com, or go to www.ccnmatthews.com. Participants will require Windows Media PlayerTM, which can be downloaded prior to accessing the call.

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 20 production plants and 35 distribution facilities across Canada and the central and northeastern United States servicing approximately 40,000 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.