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Cargojet Announces New Trustee

November 30, 2007

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today the appointment of Mr. Jonathon Carroll as a Trustee. He will replace Mr. Craig Baxter, who will be retiring from the Board effective November 30, 2007. “It has been a pleasure working the Cargojet team as they continue to build their leadership position in the air cargo business. I regret that due to other demands, I will not be able to be part of the great future Cargojet is building, “ said Mr. Baxter.

“Craig’s commitment and valuable insights have been significant to Cargojet’s growth strategy over the years. He has been an extremely valuable and integral member of the Board of Trustees of the Fund. On behalf of the entire Cargojet family, I sincerely thank Craig for his past contributions to our organization, ” said Ajay Virmani President and CEO of the Fund. “We welcome Jonathan in his new role as Trustee and will seek his guidance and contributions to the continued growth of Cargojet,” adds Virmani.

"I am honoured to be joining the leaders of Cargojet in the capacity as its newest board member. The Cargojet name and the team that drives the organization has a proven success record that speaks for itself, with a solid commitment to achieving the highest standards of excellence in all that they deliver. It is fully my intention to contribute and assist with maintaining this mandate, and I am extremely grateful for this wonderful opportunity,” said Jonathan Carroll, President of Itravel 2000, Canada’s leading travel company.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 840,000 pounds of time sensitive air cargo each business night, utilizing a fleet of twenty all cargo aircraft.

For further information, please contact:

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373


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