ARCTIC GLACIER ANNOUNCES INCREASED MONTHLY CASH DISTRIBUTION EFFECTIVE MARCH 2005

WINNIPEG, March 1, 2005 – The Arctic Glacier Income Fund (TSX:AG) today announced an increase to its monthly cash distribution to $0.0917 per trust unit from $0.0892 per trust unit, an increase of three per cent. On an annualized basis, the cash distribution will increase to $1.10 per trust unit from $1.07 per trust unit.

"The increase in distributions is made possible by increased cash flow from acquisitions completed over the last 18 months" said Robert Nagy, President and CEO of Arctic Glacier Inc., the Fund’s operating company.

"In particular, we anticipate significantly higher cash flow from the acquisitions of the Losquadro Ice Group and the Party Time Ice group of companies, which were completed in December of 2004," said Keith McMahon, the Fund’s Executive Vice President and CFO. "Both acquisitions are accretive to distributable cash per unit and hold the prospect of further growth in the future."

The increase will take effect with the March 2005 distribution, which will be payable on April 15, 2005 to unitholders of record at the close of business on March 31, 2005. The 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 the 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 25 production plants and 41 distribution facilities across Canada and the central and northeastern United States servicing more than 50,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG. There are 23.4 million trust units outstanding.

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

-- 30 --

Contact Information

For further information please contact Robert Nagy, President & CEO or Keith McMahon, Executive VP & Chief Financial Officer at Arctic Glacier Inc.

Phone: Toll free: 1-888-573-9237 or logon at www.arcticglacier.com