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ARCTIC GLACIER INITIATES DISTRIBUTION REINVESTMENT PLAN WINNIPEG, September 25, 2003 - The Arctic Glacier Income Fund (TSX-AG.UN) today announced the commencement of a distribution reinvestment and optional unit purchase plan (DRIP). The plan enables unitholders of the Fund to automatically reinvest monthly cash distributions in additional units and to purchase additional units directly from the Fund, all without charge. "The DRIP is a convenient and no-cost way for Arctic Glacier unitholders to continue investing in the Fund on an incremental and affordable basis," said Robert Nagy, President and CEO of Arctic Glacier. "In addition to relieving the unitholder of the responsibility of manually making investments every 30 days, the DRIP embodies the important investment principle of dollar-cost averaging over time." Unitholders who elect to participate will see their monthly cash distributions automatically reinvested in units of the Fund at a price equal to 95% of the average TSX market price over the 10 business days preceding the monthly distribution date. Unitholders who wish to purchase units in addition to those acquired under dividend reinvestment can take advantage of the optional unit purchase component of the DRIP. The price will be based on 100% of the same average Toronto Stock Exchange (TSX) market price described above. Unitholders can contribute no less than $1,000 per month for this purpose, up to a maximum of $12,000 per calendar year. Details of the plan and downloadable registration forms can be found on Arctic Glacier's website at: www.arcticglacierinc.com. 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. -- 30 --
Contact Information (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.
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