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Cargojet Income Fund CEO Acquires Additional Units

May 17, 2006

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today, that the Fund has executed amendments to existing agreements with certain major contract customers, which will result in increased annual revenues of approximately 1.6 million dollars. This additional business will be carried on the existing Cargojet domestic overnight network.

“Strong customer demand for Cargojet’s overnight air cargo services continues and we work very closely with our customers to meet their capacity demands and continue to provide them with value added service”, says Ajay Virmani, President and Chief Executive Officer 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.

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