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Cargojet Income Fund Announces Strong Third Quarter Results

November 8, 2007

Mississauga, ONT - Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) announced today financial results for the third quarter ended September 30, 2007.

For the Three Month Period Ended September 30, 2007:

 · Revenue increased to $35.0 million from $34.0 million for the three-month period ended September 30, 2006, translating into a 2.9% increase.

 · Net earnings remained strong at $1.2 million, up 9% from $1.1 million for the comparable three-month period in 2006.

 · EBITDA was $5.2 million as compared to $4.6 million for the comparable three-month period in 2006, an increase of 13%.

For the Nine Month Period Ended September 30, 2007:

 · Revenues increased to $102.7 million from $98.9 million for the nine-month period ended September 30, 2006, an increase of 3.8%.

 · Net earnings increased by 45.8% to $3.5 million from $2.4 million for the comparable nine month period in 2006;

 · EBITDA increased to $14.7 million from $13.4 million for the comparable nine-month period in 2006, an increase of 9.7%.

“We are extremely encouraged by our third quarter and year to date financial results. These positive results can be attributed to the dedication and commitment of over six hundred Cargojet professionals who provide our customers with value added services in a safe, reliable and cost effective manner.” says 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 across North America transporting over 840,000 pounds of time sensitive air cargo each business night.

The Fund’s consolidated interim financial statements and Management’s 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 on SEDAR.

Non-GAAP Measures

EBITDA is a non-GAAP measure, not recognized by GAAP and does not have a standardized meaning prescribed by GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other users. EBITDA should not be construed as an alternative to net earnings determined in accordance with GAAP as an indicator of the Fund’s performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. The calculation of EBITDA is shown in the MD&A of the Fund for the three month and nine month periods ended September 30, 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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