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Cargojet Income Fund Files Preliminary Prospectus for IPO

Mississauga, Ontario, April 26, 2005 – Cargojet Income Fund (the “Fund”) and Cargojet Holdings Ltd. (“Cargojet”) announced today that the Fund has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for an initial public offering of units. The Fund will use the net proceeds of the offering to indirectly acquire the outstanding shares of Cargojet, from the current shareholders of Cargojet. The current shareholders and employees will continue to retain a significant interest in Cargojet following completion of the acquisition.

The underwriting syndicate to be formed in connection with the offering will be led by RBC Capital Markets and BMO Nesbitt Burns Inc.

These securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo service. Cargojet operates its network from coast to coast transporting over 500,000 pounds (226.8 tonnes) of volumetric time sensitive air cargo to thirteen major cities in Canada each business night.

For further information, please contact:

P. Dhillon, Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
pdhillon@cargojet.com