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Cargojet Release

January 19, 2007

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today that they have received a statement of claim from the Ontario Supreme Court of Justice on behalf of Capital Sports and Entertainment Inc. against Cargojet Airways in the amount of $2,000,000.

Cargojet fully intends to defend this claim, as Cargojet Airways did not enter into any contractual agreement with Capital Sports and Entertainment Inc. Cargojet believes this claim does not have any merits, is completely unfounded and will aggressively defend.

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

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