Cargojet Income Fund Announces Distribution

December 17, 2007

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.0964 per unit for the period from December 1, 2007 to December 31, 2007. The distribution will be paid to unitholders of record at the close of business on December 31, 2007 and will be payable on or before January 15, 2008.

For those unitholders holding units outside a tax deferred plan, the Fund estimates that 94% of the distributions made in 2007 will be treated as taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

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
pdhillon@cargojet.com