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Cargojet Income Fund Announces Increased Contracted Revenue Guarantees

Wednesday, July 13, 2005

NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATED THROUGH U.S. NEWSWIRE SERVICES

MISSISSAUGA, ON, July 07 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today that it has secured Amendment Agreements with existing major contract customers that will result in new minimum daily revenue guarantees effective August 29, 2005. This new air cargo business is valued at approximately $5 million in annual revenue and is added to existing long-term customer contracts.

“Cargojet is extremely pleased at the confidence levels that our customers continue to show in our premium air cargo service products,” said Ajay Virmani, President and C.E.O. of Cargojet.

“These new revenues reflect Cargojet’s on-going commitment to provide the most consistent, reliable and cost-effective air cargo services in Canada today, for our customers”, added Jamie B. Porteous, Executive Vice President Sales & Service of Cargojet.

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:

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