ARCTIC GLACIER TO HOLD THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Fund to release 2004 Q3 results November 12

WINNIPEG, October 28, 2004 – Arctic Glacier Income Fund (TSX:AG.UN) today announced it will hold a live webcast of a conference call on Friday, November 12, 2004, at 2 p.m. EST to discuss the Fund’s 2004 third quarter results.

The results will be released on Friday, November 12, 2004, before markets open.

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

To listen to the webcast, visit the fund’s investor website at www.arcticglacierinc.com or dial 416-640-4127 or 1-800-814-4857.

An audio replay of the conference call will be available until midnight on Friday, November 19, 2004. To access it, dial 416-640-1917 or 877-289-8525 and enter passcode 21099118#.

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 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