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Cargojet Income Fund Announces Record Volumes

October 12, 2005

MISSISSAUGA, ON - Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today that air cargo volumes continued to grow at a record pace during the month of September 2005 and the renewal of a major customer contract.

Total average pounds carried per operating day in September 2005 represented a 10.5% increase over the previous month and a 6.5% increase from the same month a year earlier.

"Strong customer demand for Cargojet's overnight air cargo services continues as we enter the traditional heavy volume period during the last quarter of the year, despite significantly increased fuel prices", said Jamie B. Porteous, Executive Vice President of the Fund.

Cargojet fully recovers increases in fuel operating costs via pass-through provisions in its customer contracts and has not seen any deterioration in volumes as a result of recent world fuel prices.

In addition, Cargojet also announces the recent renewal of one of its major national customer contracts on a multi-year basis on favourable terms and with a change to annual rate increases on the anniversary date of the agreement. This renewal is a strong indication of both customer satisfaction and commitment to Cargojet's continued market position as the most dominant and reliable overnight air cargo network in Canada today.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network from coast to coast to thirteen major Canadian cities each business night, on behalf of major couriers, freight forwarders and manufacturers.

For further information, please contact:

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501-7373 ext 135
pdhillon@cargojet.com