ARCTIC GLACIER TO RAISE ADDITIONAL EQUITY FOR ACQUISITIONS
UNIT OFFERING OF $40.4 MILLION

Winnipeg, Manitoba, September 16, 2003 - Arctic Glacier Income Fund (the "Fund") announced today that it has entered into an agreement with a syndicate of investment dealers led by TD Securities Inc. under which the syndicate has agreed to purchase 4,000,000 Units of the Fund at a price of $10.10 per Unit, for gross proceeds of $40,400,000. In addition, the syndicate has the option, until closing, to purchase up to an additional 1,000,000 Units of the Fund which, if exercised, would increase the offering to $50,500,000. The offering is scheduled to close on or about October 8, 2003.

The net proceeds of the offering will be used to pursue near-term acquisition opportunities identified by management. The Fund is currently in discussions with respect to acquisitions of operators in the packaged ice industry in or near markets currently served by Arctic. Until so required, the net proceeds will be used to temporarily reduce indebtedness of the Fund.

The offered securities will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

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 more than 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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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

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.