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Cargojet Income Fund Completes IPO for Gross Proceeds of $5,954,545

Toronto, Ontario, June 9, 2005 – Cargojet Income Fund (the “Fund”) is pleased to announce that it has completed its initial public offering of 5,954,545 units at a price of $10.00 per unit for gross proceeds of $59,545,450. The units of the Fund commenced trading today on the Toronto Stock Exchange under the symbol “CJT.UN”. The Fund used 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 continued to retain an approximate one-third interest in Cargojet following completion of the acquisition. The offering was underwritten by a syndicate co-led by RBC Dominion Securities Inc., as sole bookrunning manager, and BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., Scotia Capital Inc. and Genuity Capital Markets.

“We are extremely pleased that the Cargojet offering was well received by the capital markets. The Cargojet team is focused on delivering value to our unitholders by continuing to provide unparalleled value added service to our customers” said Ajay Virmani, President and Chief Executive Officer of Cargojet.

The Fund is a limited purpose open-ended trust established under the laws of Ontario. The Fund will make monthly distributions of its available cash to holders of units. The initial cash distribution for the period from the closing of the offering to June 30, 2005 is expected to be paid on or before July 15, 2005 and is estimated to be $0.0672 per unit. Subsequent regular distributions in the estimated amount of $0.0917 are anticipated to be paid in each month thereafter commencing on or about August 15, 2005.

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