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Cargojet Announces International Route Expansion

November 22, 2005

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today that they have recently begun operating their first scheduled international cargo route.

Cargojet has received permission from the U.S. Department of Transport to operate five prime time frequencies per week between Newark, NJ (New York) and Bermuda. This initiative is in keeping with the recently relaxed Fifth Freedom rights negotiated in the new Canada / USA Open Skies Agreement. The flight originates at Cargojet’s hub in Hamilton, ON and provides service to Newark and Bermuda. This new service will provide both Canadian and US based shippers direct air cargo service to and from Canada to Newark, New York and Bermuda, which will be serviced by our current fleet of Boeing 727-200 Advanced Freighters.

“This new routing will provide shippers with seamless air cargo movements from all across Canada to Bermuda. Projected additional annual revenues of six to eight million dollars are expected from this route expansion. We have patterned this route on the same successful model that we have built our domestic Canadian overnight air cargo network upon, with guaranteed block space revenue contracts and fuel cost increase pass-through provisions”, said Ajay K. Virmani, President & C.E.O. of the Fund.

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
pdhillon@cargojet.com