Boeing 757-200ER Enters the Freighter Fleet

July 10, 2007

Cargojet Income Fund (the “Fund”) (TSX: CJT.UN), Canada’s leading domestic premium overnight air cargo network, today announced it plans to add a Boeing 757-200 Extended Range Freighter Aircraft to its fleet.

This aircraft is capable of uplifting a cargo payload of 80,500 pounds, an increase of 33% as compared to the current B727-200 Advanced Freighter Aircraft and will allow further expansion globally with a maximum range of 3,900 nautical miles.

“We are very excited to be the first Canadian air cargo operator to introduce this new generation, fuel efficient and environmentally friendly aircraft to our fleet. The addition of this aircraft type will allow us to continue to meet the growing requirements of our customers and will allow us to further expand into selected international markets,” says Ajay K. Virmani, President and CEO of the Fund.

The aircraft is tentatively scheduled to be introduced into service in the Second Quarter of 2008 and is a major step towards Cargojet’s ongoing aircraft fleet renewal and growth plans.

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
pdhillon@cargojet.com