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Cargojet Income Fund Announces Increase In Distributions

Mississauga, ONT, August 11, 2006 - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced an increase in distributions.

The Fund is pleased to advise that in connection with the release of the Fund’s strong second quarter 2006 results, the Board of Trustees has determined that it will increase the Fund’s ongoing monthly distributions by 3%. On an annualized basis, this escalates the Fund’s distributions from a $1.10 per unit to a $1.133 per unit. The distribution of $0.0945 per unit will be payable on September 15, 2006 to unitholders of record on August 31, 2006.

“We are very excited to be providing this increase in distributions to our unitholders. Our cash distribution payout ratio for the second quarter 2006 was 57%. Year to date cash distributions have equaled $4.9 million, or $0.55 per unit representing a payout ratio of 80%. The Fund continues to build upon the exceptional support of its customers and dedication of its team, consisting of over 400 professionals across the country,” says Ajay K. Virmani, President and Chief Executive Officer of the Fund.

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