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Cargojet Income Fund Announces Continued Strong First Quarter Results 7.6% Revenue Growth; EBITDA Up 20.6%

May 7, 2007

Mississauga, ONT, - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today continued strong financial results for the first quarter ended March 31, 2007.

For the Three Month Period Ended March 31, 2007:

 ·  Revenues increased to $33.8 million as compared to $31.4 million for the comparative period in 2006, an increase of 7.6%

 ·  Net earnings increased to $0.9 million as compared to a net loss of $0.05 million for the comparative period in 2006

 ·  EBITDA increased by $0.7 million or 20.6%, over the comparable period in 2006, resulting in EBITDA of $4.1 million for the quarter

 ·  Direct expenses as a percentage of revenue decreased to 76.3% compared to 80.9% for the three month period ended March 31, 2006

 ·  Total cash distributions were $2.6 million, or $0.2873 per unit, representing a payout ratio, or cash distributions as a percentage of distributable cash, of 82%.

“Our most recent financial results indicate Cargojet’s ongoing commitment to growing revenues profitably, keeping costs in line while delivering the most reliable and value added air cargo service in Canada. This commitment to continuous improvement has resulted in another consecutive quarter of strong year over year revenue and operating margin increases”, states Ajay Virmani, President and CEO 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 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’s Discussion and Analysis (“MD&A”) for the first quarter have been released today on the Fund’s website at www.cargojet.com and have also been filed on SEDAR.

Non-GAAP Measures

EBITDA, distributable cash and the payout ratio are non-GAAP measures, not recognized by GAAP and do not have standardized meanings prescribed by GAAP. Therefore, EBITDA, distributable cash and the payout ratio may not be comparable to similar measures presented by other users. EBITDA, distributable cash and the payout ratio should not be construed as an alternative to net earnings or loss determined in accordance with GAAP as indicators of the Fund’s performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows. The calculations of EBITDA, distributable cash and the payout ratio are shown in the MD&A of the Fund for the three month period ended March 31, 2007 released today on the Fund’s website and 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


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