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Cargojet Income Fund Announces Third Quarter Results Revenues Up 15.3%; Net Earnings Up 83.3%

Mississauga, ONT, November 3, 2006 - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today financial results for the third quarter ended September 30, 2006.

For the Three Month Period Ended September 30, 2006:

·Revenues increased to $34 million from $29.5 million for the comparative period in 2005, an increase
of 15.3%;
·Net earnings increased to $1.1 million from $0.6 million for the comparative period in 2005, an increase
of 83.3%;
·EBITDA increased by $0.3 million or 7%, from the comparable period in 2005, to $4.6 million;
·Direct expenses as a percentage of revenue decreased by 2.2% to 74.4% compared to the
three month period ended September 30, 2005;
·Total cash distributions were $2.5 million, or $0.2807 per unit representing a payout ratio of 66%,
bringing the year-to-date payout ratio to 75%.

“Our most recent financial results are further evidence of Cargojet’s ongoing commitment to growing revenues profitably while delivering the most reliable and value added air cargo service in Canada. This marks another quarter of strong year over year revenue and operating margin increases,” states Ajay Virmani, President and CEO of the Fund. “We have remained focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable and cost effective solution to their time sensitive cargo needs, hence being rewarded as Cargo Airline of the Year in Canada for the fourth time,” adds Mr. Virmani.

Cargojet is Canada's leading provider of time sensitive overnight air cargo service. Cargojet operates its network from coast to coast transporting well over 500,000 pounds (226.8 tonnes) of volumetric time sensitive air cargo to thirteen major cities in Canada each business night.

The Fund’s consolidated interim financial statements and Management Discussion and Analysis (“MD&A”) for the third quarter have been released today on the Fund’s website at www.cargojet.com and have also been filed with SEDAR.

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