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Boeing 767-200ER Enters the Freighter Fleet

August 8, 2008

Cargojet Income Fund  (the “Fund”) (TSX: CJT.UN), Canada’s leading domestic premium overnight air cargo network operator, today announced today it’s first Boeing 767-200 Extended Range Freighter Aircraft has joined it’s fleet of thirty-four aircraft.

This aircraft has a maximum structural payload of 100,000 pounds, an increase of 67% as compared to the current B727-200 Advanced Freighter Aircraft and will allow further expansion with a maximum range of 5000 nautical miles.  The B767-200ER burns on average 13% more fuel per block hour versus the B727-200AF; however the B767-200, with the increased payload results in a net reduction in fuel consumed of 33% per gross payload pound.

“We are very excited to be the first Canadian air cargo operator to introduce these newer generation, longer range, and more fuel efficient and environmentally friendly aircraft to our fleet.  The addition of this aircraft will allow us to continue to meet the growing requirements of our domestic overnight network and continue to provide value added services to our customers.  This will also allow Cargojet to further expand into selected international markets,” says Ajay K. Virmani, President and CEO of the Fund.

This aircraft arrived at Hamilton International Airport on Thursday, August 7, 2008 and is planned to enter revenue service later this month. The addition of this aircraft type is a major step in Cargojet’s ongoing aircraft fleet renewal and cargo growth plans.

Cargojet is Canada’s leading provider of time sensitive overnight air cargo services.  Cargojet operates its network across North America transporting over 885,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirty-four all cargo aircraft.

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.