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Cargojet Income Fund CFO Acquires Additional Units

August 27, 2008

Cargojet Income Fund (the “Fund”) (TSX: CJT.UN) – Dan Mills, Chief Financial Officer of the Fund announced today that he has acquired control over an additional 41,700 units (“Units”) of the Fund since August 19, 2008 at an average price of $8.10 per Unit through the facilities of the Toronto Stock Exchange. These Units were acquired by the Mills Family Trust (the “Trust”) of which Mr. Mills is one of three trustees.

Together with the Trust, Dan Mills currently owns, controls or has securities exchangeable for 345,905 Units representing approximately 5.0% of the Units on a partially diluted basis. The Units were acquired for investment purposes only. Mr. Mills and/or the Trust intends to acquire additional Units in the future if available at appropriate prices.

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
Cargojet Income Fund,
350 Britannia Road East, Units 5 & 6,
Mississauga, Ontario, L4Z 1X9
(905) 501-7373 ext 135 or at
pdhillon@cargojet.com.