ARCTIC GLACIER INCOME FUND ANNOUNCES INCREASED MONTHLY CASH DISTRIBUTION EFFECTIVE JANUARY 2003

WINNIPEG, January 20, 2003 - The Arctic Glacier Income Fund (TSX:AG.UN) today announced an increase to its monthly cash distribution from $0.0875 per trust unit to $0.0892 per trust unit, an increase of two per cent. On an annualized basis, the estimated cash distribution will increase from $1.05 per trust unit to $1.07 per trust unit.

The increase in distribution will take effect with the January 2003 distribution, which will be payable on February 14, 2003 to unitholders of record at the close of business on January 31, 2003. 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 required to pay all withholding taxes payable in respect of any distributions of income 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 to consumers in Canada and the United States under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 16 production plants and 33 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.

For further information, call the Arctic Glacier Income Fund TOLL FREE at 1-888-573-9237 or visit the Arctic Glacier Web Site 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.