ARCTIC GLACIER TO HOLD FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Fund to release 2004 Q1 results May 14

WINNIPEG, May 13, 2004 – Arctic Glacier Income Fund (TSX:AG.UN) today announced it will hold a live webcast of a conference call on Monday, May 17, 2004, at 11 a.m. EDT to discuss the fund’s 2004 first quarter results.

The results will be released on Friday, May 14, 2004, after market close.

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.

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 22 production plants and 34 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 23.3 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.