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Cargojet Income Fund Announces First Distribution

June 21, 2005

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.0672 per unit for the period from June 9, 2005 to June 30, 2005. The distribution will be paid to unitholders of record at the close of business on June 30, 2005 and will be payable on or before July 15, 2005. This is the first distribution for the Fund and reflects 22 days of operations. Subsequent regular distributions in the estimated amount of $0.0917 are anticipated to be paid in each month hereafter commencing on or about August 15, 2005.

For those unitholders holding units outside a tax deferred plan, the Fund estimates that 94.6% of the distributions made in 2005 will be treated as taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

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