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Cargojet Announces Major Expansion Of Its Aircraft Hangar Facilities At Hamilton International Airport

August 13, 2008

Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) – Cargojet is pleased to announce the expansion of its aircraft maintenance hangar facilities at John C. Munroe Airport in Hamilton, ON.

Construction is underway and will include a new 65,000 square feet hangar, 12,000 square feet of shop, offices and parts warehouse area as well as a 75,000 square foot apron area.  The new facility will accommodate a Boeing 767-200 Extended Range and a Boeing 757-200 Extended Range aircraft simultaneously and will provide apron parking for up to three widebody and narrowbody aircraft.

 “We are very excited with the investment and expansion of our maintenance hangar facilities at Hamilton Airport.  This will provide our new aircraft with a proper maintenance base create additional employment opportunities and is another milestone in Cargojet’s continued growth as Canada’s Cargo Airline, ” says Ajay Virmani, President & CEO of the Fund.

“Cargojet has been a key partner in Hamilton International Airport becoming the number one intermodal cargo airport in Canada.  This investment by Cargojet shows we are just scratching the surface of the opportunity in this market for local and international cargo,” says Richard Koroscil, President & CEO of Hamilton International Airport.

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.