ARCTIC GLACIER TO RAISE ADDITIONAL EQUITY
Offering of $25.2 Million

Winnipeg, Manitoba, June 4, 2003 - Arctic Glacier Income Fund (the "Fund") announced today that it has entered into an agreement with a syndicate of investment dealers led by TD Securities Inc. under which the syndicate has agreed to purchase 2,650,000 Units of the Fund at a price of $9.50 per Unit, for gross proceeds of $25,175,000. The offering is scheduled to close on or about June 25, 2003.

The net proceeds of the offering will be used to pursue near-term acquisition opportunities identified by management. Until so required, the proceeds will be used to temporarily reduce indebtedness of the Fund.

The offered securities will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

For information, call:

Robert J. Nagy
President and Chief Executive Officer
Tel: 1-888-573-9237

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.