ARCTIC GLACIER COMPLETES $25.2 MILLION EQUITY OFFERING

WINNIPEG, June 25, 2003 - Arctic Glacier Income Fund (TSX: AG.UN) announced today the closing of an offering of 2,650,000 trust units at a price of $9.50 per unit, for gross proceeds of $25,175,000. The trust units were offered to the public on a bought deal basis through a syndicate of underwriters led by TD Securities Inc.

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.

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 16 production plants and 34 distribution facilities across Canada and the central United States servicing 35,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 15.66 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.arcticglacier.com

(Signed) On behalf of the Board of Trustees of Arctic Glacier Income Fund, Robert Nagy, Chairman & CEO.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.