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Cargojet Income Fund Announces Senior Appointments

June 7, 2007

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) is pleased to announce today the appointment of Wade Morrell as Chief Financial Officer of the Fund effective June 11, 2007. Mr. Morrell joined the company in 2002 as Director of Strategic and Financial Planning and for the last three years was Cargojet’s Vice President of Finance. Prior to joining Cargojet, Mr. Morrell enjoyed a career as the Chief Financial Officer for ICC, a Canadian air carrier specializing in the transborder movement of air cargo. Mr. Morrell has been a key member of the management team assisting in developing and executing the business strategy of Cargojet. The appointment of Mr. Morrell to the Chief Financial Officer’s position is consistent with Cargojet’s succession plan.

Dan Mills will relinquish his role as Chief Financial Officer of the Fund. Mr. Mills will assume the position of Executive Vice President Corporate Governance and continue to serve as a Director of the Fund. He will offer his support and guidance to the executive team and to the finance group in his new role. Mr. Mills, one of the Founders of Cargojet, will retain his holdings of the Fund, which amount to 3.3%.

Ajay Virmani, President and Chief Executive Officer said, “These appointments will further strengthen the financial area of the business and enhances the commitment that Cargojet has towards good corporate governance”.

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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