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Cargojet Income Fund Announces Distribution

May 23, 2006

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.0917 per unit for the period from May 1, 2006 to May 31, 2006. The distribution will be paid to unitholders of record at the close of business on May 31, 2006 and will be payable on or before June 15, 2006.

For those unitholders holding units outside a tax deferred plan, the Fund estimates that 86% of the distributions made in 2006 will be treated as taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

Cargojet Holdings Ltd. 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