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Cargojet Income Fund Over-Allotment Option Closing

Mississauga, Ontario – June 30, 2005. Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today that the over-allotment option associated with the Fund’s recent initial public offering has been exercised in full, resulting in the issuance by the Fund of an additional 297,727 units at a price of $10.00 per unit for gross proceeds of $2,977,270. The underwriting syndicate was co-led by RBC Capital Markets, as sole bookrunning manager, and BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., Scotia Capital Inc. and Genuity Capital Markets.

The gross proceeds were used by the Fund to indirectly repurchase 297,727 exchangeable LP units of Cargojet Holdings Limited Partnership.

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