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Cargojet Income Fund Announces Second Quarter Results Revenues Up 19.6%; EBITDA Up 112%

Mississauga, ONT, August 11, 2006 - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today strong financial results for the second quarter ended
June 30, 2006.

For the Three Month Period – Ended June 30, 2006:

 · Revenues increased to $33.6 million as compared to $28.1 million for the same three month period in
2005, an increase of 19.6%;
 · EBITDA increased by $2.9 million or 112%, over the comparable period in 2005, resulting in EBITDA of
$5.5 million for the quarter;
 · Direct expenses as a percentage of revenue decreased by 3.6% to 73.8% compared to the same three
month period in 2005;
 · Total cash distributions were $2.5 million, or $0.275 per unit representing a payout ratio of 57%.

“These strong financial results are directly attributable to the improvement in the gross margins from the overall network, including the international and domestic routes introduced in late 2005 and early 2006. There have been significant improvements with overnight revenues and load factors through increased utilization of the existing overnight network. Greater emphasis has been placed on day to day operational cost controls at all levels,” says Ajay K. Virmani, President and Chief Executive Officer of the Fund. “Our on-time performance and reliability have continued to exceed 98.5%. We have once again been selected by Canadian shippers as the “Best Cargo Airline of the Year”, and have been honoured with the prestigious Shipper’s Choice Award 2006,” adds Virmani.

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 additional information, please contact

Pauline Dhillon, VP Marketing, Public & Government Relations
905 501 7373 ext 135
or at pdhillon@cargojet.com