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Cargojet Income Fund Announces Distribution

August 20, 2008

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.0675 per unit for the period from August 1, 2008 to August 31, 2008. The distribution will be paid to unitholders of record at the close of business on August 31, 2008 and will be payable on or before September 15, 2008. 
 
For those unit holders holding units outside a tax deferred plan, the Fund estimates that 96% of the distributions made in 2008 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 885,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirty-four all cargo aircraft.

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.