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Boeing 757-200ER Enters the Freighter Fleet

August 6, 2008

Cargojet Income Fund  (the “Fund”) (TSX: CJT.UN), Canada’s leading domestic premium overnight air cargo network, announced today that it’s first Boeing 757-200 Extended Range Freighter Aircraft has joined it’s fleet of thirty-three aircraft.

This aircraft is capable of uplifting a maximum cargo payload of 80,500 pounds. This represents an increase in payload of 33% with a 13% decrease in fuel burn, as compared to the current B727-200 Advanced Freighter Aircraft.

“We are very excited to be the first and only Canadian air cargo operator to introduce this newer generation, more fuel efficient environmentally friendly and long range aircraft to our fleet.  The addition of this aircraft type will allow us to maximize the efficient deployment of capacity on our core domestic overnight network and to further expand into selected international markets,” says Ajay K. Virmani, President and CEO of the Fund.

“We are an organization who continually improves our network capabilities by providing our customers with value added services,” says Jamie Porteous, Executive Vice President Sales and Service.

The aircraft arrived at Hamilton International Airport on Tuesday, August 5, 2008 and is planned to enter revenue service later this month.  This is a major step towards Cargojet’s ongoing aircraft fleet renewal and growth plans.

For further information, please contact:

Pauline Dhillon, VP Marketing, Public and Government Relations
(905) 501-7373 ext 135 or at
pdhillon@cargojet.com.

Notice on Forward Looking Statements:

Certain statements contained herein constitute "forward-looking statements".  Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business.  Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions.  These forward-looking statements are based on current expectations and entail various risks and uncertainties.  Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate.  The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.