ARCTIC GLACIER ANNOUNCES MAY 2004 CASH DISTRIBUTION

WINNIPEG, May 17, 2004 – Arctic Glacier Income Fund (TSX-AG.UN) today announced a cash distribution for May 2004 of $0.0892 per trust unit. The distribution will be payable on June 15, 2004 to unitholders of record at the close of business on May 31, 2004.

Arctic Glacier Income Fund’s policy is to pay monthly distributions to unitholders of record on the last business day of the month.

Holders of units who are non-residents of Canada will be subject to withholding taxes in respect of any distributions by Arctic Glacier Income Fund.

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.

-- 30 --

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.